Bitcoin wallet: Things that the 'newcomers' need to know

Similar to paper progress, in the electronic money world, we need wallets to store electronic money.So what is Bitcoin wallet?Bitcoin wallets are like a bank account, you can receive Bitcoin, store them and then send them to others.

Bitcoin is one of the most popular and widely used electronic currencies in the world, and it also requires miners a safe wallet to keep.Unlike traditional physical wallet, Bitcoin wallet has many different types.

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To understand more Bitcoin wallets, let's take a look at some email accounts.

Understand what Bitcoin wallet is through examples

You own an email address based on the service you are using, for exampleemailaddress@service.com.

This is a public email address (meaning everyone can see the address and you can share it with anyone to receive email).And you have a software or service like Gmail or Hotmail through which you send and receive your mail.

And you have a password to log in to your email service to send mail to someone else's email ID (someone else's public email address).But your password is confidential and private, for your own use and their password (the person you send the mail to) is the same.

And the software or service owner knows both the public email address ( emailaddress@service.com) and the password for you to successfully login and send, receive and store email.

Similarly, for sending, receiving and storing Bitcoin, we need to secure a wallet on Bitcoin network, including a public address to receive Bitcoin and a private address to send and spend Bitcoin.

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So, in short, the place that gives you both a public address to receive Bitcoin and a private address for serving and spending Bitcoin is called a Bitcoin wallet.A simpler way to understand it, a safe wallet is a digital file that stores your Bitcoin.

Bitcoin Address (Bitcoin Address) + Personal Key (Private Key) = Bitcoin Wallet (Bitcoin Wallet)

So what kind of Bitcoin wallets are there in the market?

Types of Bitcoin wallets in the market

There are many safe wallets available in the Bitcoin world.To make it easier for you to understand, this article will classify them based on certain criteria such as online connectivity, monitoring rights, and device availability.

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Hard Bitcoin wallet - Hardware Bitcoin Wallets (also called cold storage - Cold Storage)

This is the safest and safest way to store your Bitcoin because they are now stored in an offline environment.

Until now, there have been no reports of theft or loss of Bitcoin from a hard wallet.The Private Key and the digital signature required for use in the Bitcoin spending authentication are created through these wallets.

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Some popular hard wallets on the market today:

1. Ledger Nano S
2. Trezor

Mobile Bitcoin wallet (Mobile Bitcoin Wallets).

Bitcoin wallet applications that can be installed on mobile phones are called mobile wallets.For each mobile operating system, such as iOS, Android, Windows and Blackberry, compatible wallet types are available for users to download.India's mobile Bitcoin wallet apps like Zebpay, Unocoin, are the leading platforms today.

Here are the various mobile Bitcoin wallet applications and compatible with each operating system on smartphones today.One of my favorite types is MyCelium on Android.They have integrated a lot of security measures and are generally quite safe.At the same time, there are many other mobile wallets that you can choose depending on the smartphone operating system you are using.

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Bitcoin wallet on Android

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Bitcoin wallet on Windows Phone

Bitcoin wallet on Android:

1. Coinomi
2. SamouraiWallet
3. Edge
4. MyCelium
5. Jaxx

Bitcoin wallet on iOS:

1. Breadwallet
2. CoPay
3. Edge
4. Jaxx
5. Bitpie
6. Blockchain

Bitcoin wallet on desktop (Desktop Bitcoin Wallets)

Desktop wallet is a type of Bitcoin wallet that can be installed on different desktops and according to users' needs, compatible with the current popular operating systems such as Windows, Mac and Linux.

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Below are the types of Bitcoin wallets that are compatible with all the above operating systems:

1. Exodus
2. Jaxx
3. Electrum
4. Armory
5. Copay
6. Bitcoin Core

Bitcoin Web Wallet - Web Bitcoin Wallets (aka Hot Wallets, Online wallets)

Bitcoin wallet is basically web services and can be accessed via internet-based browsers such as Google Chrome, Firefox and IE called web-based Bitcoin wallets.

Private Keys are stored online in hot wallets.They are accessible via an internet address likehttps://xyz.com.

They are also called hosted wallets because you will store your Bitcoin on the provider servers that you have chosen to be your online wallet.

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Types of popular Web wallets today:

1. CoinBase
2. Xapo
3. Binance

Bitcoin paper wallet (also called Cold Storage Wallet)

A paper wallet is a piece of paper with your public address and your own address on it.You can use the public address to send any amount of Bitcoin.You can then save the pieces of paper as it also contains the private key that can be used to transfer as well as Bitcoin spending or scan Bitcoin paper wallets completely for another type of safe wallet.

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Because the keys are offline, and printed and secured by the owner, there will be no electronic damage to the bitcoin unless the keys printed on the paper are lost.

Classify Bitcoin wallets based on connectivity

Hot Bitcoin Wallet (Online)

The safe wallet type in which Bitcoin is stored online and connected 24/7 to the internet is called a hot wallets.Bitcoin platforms and services help users to receive or withdraw their Bitcoin as hot wallets.They are very similar to the traditional wallet you have in your pocket.However, keep in mind that your Bitcoin will always be threatened when placed online and connected 24/7.

Cold Bitcoin wallet (Offline)

When you store your Bitcoin coins hidden in a hard drive or USB drive or paper, not connected to the internet, these storage devices are called cold wallets.

Bitcoin wallet works based on the monitoring of keys

E-wallet (3rd party service)

When you entrust your Bitcoin numbers to a service, a platform for them to host on your behalf, that means you are putting your trust in them, allowing them to store your bitcoins on the server. of them, thereby giving them the right to retain their bitcoin, which is the type of third-party service wallet.

What type of bitcoin wallet should you use?

This is indeed a difficult question.The type of safe wallet you should use really depends on the level of activity and the level of security you want to apply in storing your Bitcoin.

In addition, it also depends on how often you use Bitcoin to trade and the amount you want to store on any particular type of wallet.In addition, you must determine that this Bitcoin number is used for savings, investment or for daily transactions.

Many people like to use hard wallets like Ledger Nano S to store a significant amount of their Bitcoin because of their high security.Some people prefer to use wallets for storing Bitcoin that they don't use for everyday transactions.So, whenever necessary, they can still quickly connect to their desktop wallet with Bitcoin network and conduct transactions.

However, if you expect an absolute safety, or use a paper wallet, because the keys will now be offline and kept by the owner, there will be no threat. Electronic damage or malicious infection of your Bitcoin.

As for web wallets, there is not much talk about the convenience of this type of wallet, but its security level is also the worst, so you should only use the web wallet to keep a small amount of Bitcoin, similar. Self as a traditional wallet, to use for everyday transactions.

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Wishing you all the safe wallet suitable for you!

see more

1. How to dig Bitcoin on Android and iOS phones
2. What do you need to know when buying Bitcoin or selling Bitcoin?
3. What is Bitcoin faucet? What is Bitcoin faucet?