When you start your journey into cryptocurrency you will need to get a bitcoin wallet. Since bitcoin is the number crypto currency and could be the only one you use(that’s if you are not interested in other crypto currencies).
You will need to open a bitcoin wallet so that you can store your bitcoin safely.
What is a bitcoin wallet?
A bitcoin wallet is like a bank account used in regular fiat currency banks that store your finances. But a bitcoin wallet is a cryptocurrency version that can be use to store bitcoin. It also help you to send and receive bitcoin to and from other user.
Each bitcoin wallet comes with a unique bitcoin address. A bitcoin address is a generated string of both lower case, upper case letters and numbers. All bitcoin addresses are unique and a wallet can only be used by a single user on the network.
Here’s an example of a bitcoin wallet:
You can even send other altcoins who use the same standards of bitcoin, like Litecoin and Dogecoin to a bitcoin wallet. The altcoins are easily converted to bitcoin when they reach your wallet.
What are different types of bitcoin wallets?
You can find web hosted bitcoin wallets, software or desktop wallets, mobile wallets and hardware wallets. Each and every type of bitcoin wallets have their pros and cons. But is always to choose the ones that suite your needs
Each bitcoin wallet also comes with a private key. A private key is a secret key that hold your transaction information. This key should only be known by you. If anyone else knows it, they can access your bitcoins with ease.
How do you get a bitcoin wallet?
There are many ways to get a bitcoin wallet, you can either buy it, downloading for free, or open a free hosted wallet. Is up to you which one on you prefer, but based on bitcoin user’s experience, you will choose the most secured bitcoin wallets.
Several ways to buy bitcoin
Bitcoin hardware wallets
The hardware wallets are the physical devices, the ones that can store your bitcoins in a hard sealed device. This devices can store your private key securely and can be connected and disconnected to your computer at any time.
The most inconvenient part of hardware wallets is that the can be easily be lost or damaged. So you need to put them in safe environment in order to secure them.
Here are the most well know bitcoin hardware wallets:
- Ledger Nano S
The Ledger nano S bitcoin wallet is potable device built like a flash drive, it can fit in your pocket. It can help you store bitcoin and other altcoins. To get a bitcoin wallet for ledger nano s you can buy it at their website.
Go to Ledger Website
The Trezor bitcoin wallet is most affordable hardware wallet on the market. Is also a potable device that can store many other altcoins other than bitcoin.
Keepkey is bitcoin wallet design to serve all cryptocurrency enthusiast. It supports multiple altcoins and can be bought via amazon.
Mobile bitcoin wallets
The mobile wallets are designed to store your bitcoins in your mobile device. Most of this wallets run on iOS and Android mobile operating systems.
This types of wallets are also good for people who want to scan the QR Code with their mobile device when making transactions.
Since this wallets are stored on a mobile phones it means your phone should always be in a secured area and be handled with care.
In case your mobile phone or device gets misplaced or damaged you might loose your coins.
Here are the most used mobile wallets:
Mycelium bitcoin wallet is the most trusted mobile wallet. It runs on both iOS and Android OS. It can be installed in your device and can be used to send and receive bitcoins.
With this wallet you get to secure your private key which is the most important part of any wallet.
Copay supports iOS, Android, Windows Phones, and desktop operating systems. It supports two types of crypto currencies, Bitcoin(BTC) and Bitcoin Cash(BCH).
One of the most trusted bitcoin wallets by Edge apps. AirBitz is a free mobile app that runs on iOS and Android, with easy a friendly user interface.
Web hosted bitcoin wallets:
This are the most common wallets, a web hosted bitcoin wallet is wallet that is stored on some companies web server like a bitcoin exchange site.
They help you store your bitcoins for free at no cost to you. The only charges you might have to pay is when you do a transaction.
The drawback of web hosted bitcoin wallets is that they keep the private key to themselves.
This makes them the most unsecured wallets in the industry even though they are the most used.
This are good for new bitcoin users, but as you gain experience in the crypto industry you might want to use a different type of bitcoin wallet.
The advantage with web bitcoin wallets is that you can access them from any location where’s internet access and a web browser.
Here are some of the web hosted wallets:
Specrocoin is a bitcoin business that offers several services including bitcoin wallets, buying bitcoin, bitcoin cards and crypto trading.
You can store multiple currencies including fiat currency.
They offer their services worldwide and among-st the older bitcoin businesses. Is been in business since 2015, you can just visit spectrocoin to get a bitcoin wallet with them.
Go to Spectrocoin Website
This is a American based company that you can use to open a bitcoin wallet and buy bitcoins. Opening a bitcoin wallet at coinbase is easy you only need.
Go to Coinbase Website
Blockchain can be considered the most trusted of all web wallets due to the fact that it give the login authentication key. This is one of the old wallets and one of the most popular bitcoin wallets, is has over 29Million wallets in 140 countries.
You can store both bitcoin and entherium and will also be able to
Go to Blockchain Website
As the name says, this types of wallets run on your desktop computer. The bitcoin desktop wallets can run on various operating systems. You can choose the ones that suit your operating system.
When it comes to security desktop wallet are some of the best wallets to use.
Even though we all know nothing is super safe, so you need to take precaution measures. You need to make sure that you computer is free of viruses.
And you also need to protect it from easy damage, that can set you back, and you can loose your bitcoin.
All in all desktop wallets are trusted and one of their major drawbacks is that you have to be on you computer to access it.
Here are some of the bitcoin desktop wallets:
Bitpay can be installed on your computer for almost any operating system. It is also used by many major online businesses to make payments.
Bitpay has a simple user interface and you can download it for free. I personally prefer this one in all the desktop wallets. It does not matter which mobile phone or desktop operating system you use, you can download bitpay for your OS.
Exodus supports over 90 blockchain assets. If you really looking for a desktop wallet then Exedus is the one.
This wallet was created to meet all the desktop user needs. You can store, trade and secure your bitcoin.
It was launched in 2015 by two guys who are passionate about crypto and the blockchain technology. You can download Exodus for either one of this operating systems, windows, Linux or Mac OS.
Jaxx is one od the popular desktop wallets, you can support up to 6 OS including Android and iOS.
It also allows multiple crypocurrencies and is easy to use with a friendly interface. It gives an option to choose transactional fees, from low fees to high fees.
Low means fees mean a slower confirmation, while high fees mean faster conformation.