What is a Bitcoin Wallet? What Are The Options?

April 22nd, 2021

What is a Bitcoin Wallet? What Are The Options?

Bitcoins wallets have emerged as the safest means of carrying out bitcoin transactions. But exactly are they? And how to get a bitcoin wallet? If you are looking to find an answer to these questions, you are just at the right place. In this post, we will be talking about everything related to bitcoin wallets. So, let us begin.

What is a bitcoin wallet?

In the most basic words, a bitcoin wallet is a portal that lets you send, receive, and store this form of cryptocurrency. You can compare it to a digital bank account.

Now, these wallets are available in various forms like apps, websites, or devices as well. You will be getting to know about them in later sections of this post. These digital wallets have emerged as the most important part of digital transactions using cryptocurrency. Typically, these bitcoin wallets contain private as well as public keys to allow their users to spend their digital currency. The private keys are the ones that are used to give users access to their bitcoins and stored in these wallets securely.

What are the different types of Bitcoin Wallets?

There are three common types of bitcoin wallets. Let’s take a look at them one by one:

  1. Hot Wallets

Bitcoin wallets that run through internet-connected devices such laptops, computers, and smartphones/tablets are referred to as hot wallets. Although they are pretty easy and straightforward to use, these types of wallets are generally not free. Since these wallets generate private keys online through an internet-connected device, they are not considered to be 100% secure.

Hot wallets are generally not recommended to store large volumes of bitcoins. Just like your regular pocket wallet, it is best if you use it for regular transactions instead of storing large sums for longer durations.

This is the reason that they are considered for bitcoin enthusiasts who make frequent transactions.

  1. Hardware Wallets  

The second common type of bitcoin wallet is the hardware wallet. These are generally a much safer option since they are not vulnerable to any internet security threats. With hardware wallets, you maintain your important bitcoin keys in an offline environment, hence the safety concerns are minimized.

Hardware wallets are generally considered to be the quickest way to store your bitcoins. They are available free of cost, and hence are a preferred option when compared to hot wallets.

  1. Cold Storage or Paper Wallets

The third, and the last, form of a bitcoin wallet is a paper wallet. As you might have guessed from its name, this type of wallet is nothing but a document containing all the important information one might require to generate bitcoins.

The information is generally printed on paper in the form of a scan-able QR code. It is generally recommended by bitcoin experts to use paper wallets, as they have a physical backup of the private key used for bitcoin transactions.

Just like hot wallets, you need to pay a certain amount to use these paper wallets.

How to get a bitcoin wallet?

Now that we have an idea of what bitcoin wallets are and how they function, let us move to the most important question – how to get a bitcoin wallet?

There are quite a number of online bitcoin wallets available in the market that you can check out. However, we advise you to only go with a reliable and secure bitcoin wallet, someone like  Bitcoin of America that is completely secure and one of the best wallets available out there. You can download the mobile wallet by simply going to the App Store or Google Play Store on your mobile. It lets you transact not only bitcoins but other popular cryptocurrencies like Litecoin and more.

You know what’s the best thing about Bitcoin of America? The app is free to download and use. You don’t have to pay anything for using this wallet. Can you beat that? Our advice – if you want to carry out bitcoin transactions in a secure way, and at a lightning-quick speed, then go for the Bitcoin of America bitcoin wallet.

On A Concluding Note

As already mentioned, your key is the most important thing for storing and transacting your cryptocurrency, be it bitcoin or any other. Don’t forget to store it in a safe and secure place. It is also advisable to not store large amounts of cryptocurrency in digital wallets for long time periods that’s because they are prone to cybersecurity threats.

Remember, it’s okay to share the public key of your bitcoin when receiving cryptocurrency but you must never share your private key with anyone at any cost. Or, you may end up losing your bitcoins.

So, are you set to start using bitcoin wallets and carry out your cryptocurrency transactions with the utmost ease?

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