All you Need to know for Understanding Bitcoin Wallet
Now, it has been decades since Bitcoin made a remarkable mark in the financial world. All kudos to its founder, Satoshi Nakamoto who came up with the idea of digital currency that would become an alternative to traditional currencies. And it came true with the emergence of Bitcoin on 3rd January 2009. Since then this cryptocurrency has been gaining much importance among many crypto lovers, worldwide. But today, I am not going to dwell on the topic of Bitcoin as we all know about it. Rather, I would tell you about what is Bitcoin wallet. So do read this blog, if you don’t have much idea about it.
What Do You Know About Bitcoin Wallet?
You cannot put your cash anywhere around, as it might become uneasy to locate it. That is why there is a provision of wallets on which you can keep your money safely into it. Similarly, the Bitcoin wallet is also like this. If you want to store your Bitcoins safely, then you need a Bitcoin wallet for it. These wallets comprise a private key which is akin to anonymous number means, it can’t be revealed to an unknown person. In short, it is a secret number that is attached to your Bitcoin wallet address.
If a user wants to send Bitcoins or to get it, then this task is facilitated by a Bitcoin wallet. Ownership is given to users regarding the Bitcoin balance. A Bitcoin wallet is not like your solo pocket wallet. It comprises four different forms – Mobile, hardware, desktop, and web.
Mobile wallets are another type of Bitcoin wallet. Here payments are done via using QR code and touching technique. If you follow the Cryptoknowmics website, then you will come to know about the best Bitcoin wallet for Android. However, one such example is the Mycelium wallet. These wallets are possible supporters of systems like Android. But better be aware of malware risks. It is good to do some research before making any final move. Beware of it.
Among the four types of wallets, hardware wallets are the one which provides security to its users. Being one of the types of Bitcoin wallets, these wallets are linked with a USB port that can be plugged to your laptop or desktop computer. However, there is a big problem, which is they are vulnerable to viruses. There have been cases of theft taken place before. Don’t think Bitcoin hardware wallets will cost you free, no they are not. They can vary in prices.
Desktop wallets are also another form of Bitcoin wallet. With the name, you can very well understand that they are related to desktop. You can download these wallets on your computer system. These wallets give the user to monitor their wallet. Sending of address for receiving and sending Bitcoins is the main function of the desktop wallets.
Next comes web wallets. They are also the form of a Bitcoin wallet. You need to be very much careful while choosing a web wallet since the storage of private keys online is done by it. Blockchain is the best example of providing web wallets. Another name is Coinbase.
Best Bitcoin Mobile Wallets To Know
After knowing a lot about the Bitcoin wallet and its four types, now let me introduce you with best Bitcoin mobile wallets as an example.
Jaxx Liberty is not a custodial mobile wallet. Here private keys are stored on your phone. There is no role of any third party to trust upon. Getting freezy in the middle while acting is a big demerit of this mobile wallet.
Abra is also another Bitcoin wallet (mobile) that enables exchanging and trading of digital currencies for fiat currencies. Abra not only lets the storing of major cryptocurrencies like Bitcoin but is also open to other options including Litecoin or Bitcoin Cash.
Atomic wallet is supportive of atomic swaps. This decentralized wallet is known for storing multiple currencies. That is why it is known as a multi-currency wallet. This wallet came 3 years back and has good reviews.