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September 13, 2019
A Guide to Bitcoin Wallets
What is a bitcoin wallet? While real wallets contain our money, bitcoin wallets do not actually contain bitcoins. Since bitcoins are stored in blockchain shared records, you don’t have to open your bitcoin wallet to gain coins.
Signing your bitcoin transaction with your private key gets your bitcoin stored in your wallet. Address is created for you by your bitcoin wallet so that you have your own security key to use for your bitcoin transactions. Bitcoins are not actually stored in a wallet but if you use a wallet then your bitcoin is protected. You can find different kinds of bitcoin wallets offered but you need to find the right one for your needs.
If you are going to choose a bitcoin wallet, then you could choose from a mobile bitcoin wallet, bitcoin paper wallet, online bitcoin wallet, and desktop bitcoin wallet.
If you use bitcoins and already have a bitcoin client installed, then you have access in creating a bitcoin wallet and complete transactions. The security levels of desktop bitcoin wallets are known to be advanced. The desktop bitcoin wallet is for you if you want high levels of security and you are happy with the physical limitations of having to use your desktop.
If you want to have access to bitcoins on the move, then a mobile bitcoin wallet is ideal for you. If you have a mobile bitcoin wallet, then you can simply use your smartphone to pay for your transactions. Another way to pay is to tap your smartphone against a reader. You benefit from easy access with a mobile bitcoin wallet.
If you don’t want a digital bitcoin wallet, then you don’t have to. You can go for bitcoin paper wallets which are relatively secure and also becoming popular today. There are two QR codes for owners of bitcoin paper wallets or offline bitcoin wallets. One code is associated with the bitcoin address and the other codes is associated with your private key. But with offline bitcoin wallets the chances of losing your QR codes is high.
An internet-based bitcoin wallet or an online bitcoin wallet is a digital bitcoin wallet that is not associated with your desktop. An online bitcoin wallet is mostly controlled by third party providers. The third party can control your bitcoin funds. This kind of bitcoin wallet will have your private key stored online. If there is internet connection, then if you have an online bitcoin wallet, you can access your fund anywhere. There are online bitcoin wallets that can be linked with mobile and desktop bitcoin wallets. Because of the involvement of third-party handling, online bitcoin wallets is really a problem. With internet connection, online bitcoin wallets work well and you can easily get funds anywhere.
There is merit in all of the bitcoin wallets and it is important that you consider all the options in detail before deciding on which one is best suited for your own personal needs.
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