Introduction
A bitcoin wallet is a software application in which bitcoins are kept. Bitcoin wallets help us to send and receive payments all over the world.
There are several types of wallets to keep bitcoin, and some of the typical bitcoin wallets are hardware, web, mobile, and desktop. The wallets contain a private key for safety purposes.
A bitcoin wallet is a digital wallet; you can use it to buy goods and services online. Some various stores and institutions accept bitcoin payments. This wallet manages the private keys for you.
After purchasing bitcoins, you need a wallet to store it, and you can choose any wallets according to your convenience. The combination of public and private keys makes the bitcoin transaction possible. The physical wallet is entirely different from the digital wallet and has its unique features.
Bitcoin investment can be your best investment because the transactions are rapid and easy as there is no need for any third parties to proceed with the transactions. Only a sender and a receiver are involved in the process. Without the need of any physical barriers, you can make transactions at any time to anyone all over the world.
Different Types of Bitcoin Wallets
You got a brief idea of bitcoin wallets discussed above. Different types of bitcoin wallets make your transaction a lot quicker and easier. It is because the transaction eliminates the need for any physical barriers. You can also visit the official trading software for bitcoin to know about cryptocurrency in detail.
Therefore, let’s not make you wait any further; here are the different types of bitcoin wallets that will hold all your attention for a while with its unique features.
- Hardware Wallets:
The hardware wallet is a bitcoin wallet that is used to store bitcoins. This wallet is one of the most secure wallets that you will find on the internet.
In a secure hardware drive, it stores the private keys of users. Moreover, you can store any amount of bitcoin in this particular wallet. Their software is open source, and the funds cannot be transferred out of the device, they are immune to computer viruses.
On the other hand, keep in mind that hardware wallets are not free to use. You need to pay some dollars to use it, but it is worth the expenses because of its various unique features.
- Web Wallets:
Web wallets are another type of digital wallet that is used to store cryptocurrencies such as bitcoin. These wallets store your private keys that are always online and managed by a third party.
By using this wallet, you can get access to bitcoins from anywhere at any place and on any mobile browser. The popular web wallet providers are Blockchain and Coinbase. On the other hand, web wallets are referred to as hot wallets.
- Mobile Wallets:
Mobile wallets and desktop wallets have somewhat the same features. But keep in mind that mobile wallets are very likely to hacker intrusions.
Furthermore, you can lose charge of your wallet if hackers gain access to your device. This wallet is usually not preferred. However, if you want to use this wallet, then you must read the reviews of it properly so that you don’t regret later after choosing this wallet.
The Mobile Wallet is compatible with both Andriod and iOS, and you can use this at any time according to your convenience.
- Desktop Wallets:
Desktop Wallets are another type of wallet where you can store your bitcoins efficiently. The name of the wallet itself signifies that it is a desktop wallet.
You can install this digital wallet on your desktop, and you can gain complete access to your wallet. This way, it will be effortless for you to manage your bitcoins.
You can easily send and receive bitcoins globally. Some of the few desktop wallets are Electrum, Hive OS X, Armory, MultiBit, and Bitcoin Core.
The Final Thoughts
Therefore, these are the top digital wallets to store bitcoins. You can read the reviews of each wallet if you want to invest in bitcoins. The above-listed wallets can be your best choice in 2020 if you are searching for the best bitcoin wallet.
