You have options to consider with respect to a Bitcoin wallet, and this guide will help you decide which Bitcoin is best for your needs.
Many Bitcoin users use an electronic wallet
An electronic Bitcoin wallet can be downloaded as software onto your PC or laptop or you access the wallet in the cloud. An electronic wallet is a formatted file which allows transactions to take place. Many people find that electronic wallets hosted in the cloud are easier to use but this system means you will be trusting a third party with your Bitcoin keys.
Therefore, there is often a need to choose between security and ease-of-use in selecting the electronic wallet that is best for your needs.
A software wallet is suitable for many people
It is possible to install a software wallet straight on to your computer. With respect to security, this allows you complete control of your keys, but you should be prepared to back up your wallet regularly.
Also, if your computer is hacked, stolen or corrupted, you run the risk of losing your currency. There is also the fact that this style of wallet takes up a lot of memory, so it may not be suitable for most users. There is however a growing number of options that come in a “light” format which takes up less memory but does rely on your syncing to a real wallet online.
A cloud-based wallet is the most convenient option, but you are reliant on the security measures implemented by the wallet host. If something happens with the company or they decide to run off with your money, there may not be a lot you can do to retrieve your currency.
Perhaps a mobile app is best for you to access your Bitcoin?
With more and more people accessing the internet via their smartphone, a mobile wallet in the form of an app makes sense. This is an option that allows payments to be made in stores and you will often find that many mobile wallet apps are variations of desktop Bitcoin currency wallets.
If you are looking for the most secure Bitcoin wallet, a hardware wallet may be the best option for you. Your wallet is contained on a device that allows you to, via the web, carry out Bitcoin transactions. Bear in mind though, if the device is lost, stolen or compromised, you may lose the ability to access and use your Bitcoin.
A paper wallet contains your private and public keys of your Bitcoin address and these are secure but also, easy to lose or misplace.
You have plenty of options to store your Bitcoin, so choose the option that is most convenient, safe and secure for you.
Date Published: Monday December 17, 2018
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