What’s up CryptoPeeps it’s your girl, Kyla, here to deliver your daily dose of Bitcoin news!
By now you should know that bitcoin is not like most traditional currencies
so the approach of acquiring and storing this digital currency is
completely different. Like physical money, where you use a bank account to store it, you also need a place to store your bitcoin-
this is called a ‘Wallet’. A bitcoin wallet resembles, as what I said, your bank account
and it lets you send, receive and store bitcoins.
It holds the private key that allows you to access your bitcoin address.
There are different types of Bitcoin wallets that caters for different requirements. In this video
we'll discuss these wallets and their features and hopefully you can choose one that suits you.
It is important to remember the Bitcoin wallets can be classified as either hot or cold
What's the difference? A hot wallet is online and connected to the Internet while a cold wallet is offline and
disconnected from the internet
Generally hot wallets are easier to set up and access
however
this makes them more susceptible to hackers and other technical vulnerabilities
A ‘cold’ wallet being not connected to the internet is more secure thus is recommended for storing large amounts of bitcoin.
Think of it this way, a hot wallet is your pocket wallet that you can bring anywhere.
While you're cold wallet is like your bank vault that is too valuable that you can actually bring everywhere
So there are several different types of Bitcoin wallets catering for different needs in terms of security, convenience,
accessibility and so on. One is a paper wallet
These are printed documents which contain a public address and a private key. The public address is used to receive bitcoins
The private key on the other hand allows you to spend or transfer bitcoins stored at that address
The main advantage of a paper wallet is that the keys are not stored digitally.
anywhere, which makes it immune to hacker attacks
malware and basically any form of digital theft
Hardware wallet is a unique cold storage type of Bitcoin wallet that stores the users
private keys in a storage hardware device
It is the most secure way of storing any amount of Bitcoin
Since they are offline and it generate the keys on the device
Another is a desktop wallet
This is designed to be downloaded and installed on laptops and personal computers for storing your private keys on your hard drive
The desktop software gives you complete control over your coins
Meaning you don't have to trust a third party to lose or steal them if you are actively using bitcoins on a daily basis
Then the mobile wallet might be for you. A mobile
Bitcoin wallet is an essential tool that runs as an app on your smartphone
Storing your private keys and allowing you to pay for things directly in your smartphone, but take note
Despite being on the go solution for Bitcoin storage, mobile wallets are very prone to hacker attacks online
Wallets are the easiest to use among all different types of hot wallets
Generally, you can access your Bitcoin from any device
If you have the right passwords and internet connection
There are third-party wallet service companies that lets you store your private keys
The wallets on these platforms allow their users to access their funds on the go. One of the leading
Online wallet provider is Paxful. It is a peer-to-peer marketplace with over
300 ways to buy Bitcoin. When you create a Paxful account
You also enable your free Paxful wallet. That's everything you need to know about bitcoin wallets
Did you find a wallet that would suit you? Let us know in the comments section below. Follow us on our social media
Once more this is Kyla and this is WeTheCyrptos
