Bitcoin wallet is a virtual space where you can store bitcoins safely. It is also used to make easy online transactions all over the world. There are several types of bitcoin wallets in the market, and each one of them has a different structure, features and functions. You can click on BitIQ to learn about the best bitcoin trading platform. So, you must have knowledge about all of them so that you can compare them easily and choose the best one. Some of the best types of bitcoin wallets are as follows.
Mobile bitcoin wallets – Easy to access
There is a wide range of bitcoin wallets, but one of the most popular and commonly used wallets is mobile bitcoin wallets. As understood from the name itself, these wallets can be stored and accessible on your mobile phone. Mobile wallets are the most accessible wallets as everyone has a mobile phone with an Internet connection, and that’s all that is needed to use a mobile wallet. Mobile bitcoin wallets make it easier to make bitcoin transactions as you can do it from anywhere through your mobile phone.
If you are selecting a mobile wallet, there are some crucial points you need to focus on, and one of them is compatibility. There are many operating systems such as Android, iOS used in varying mobile phones. So, before picking a mobile wallet, you need to ensure that it suits the Operating system of your device. Most of the top bitcoin wallets have their mobile version launches for both Android as well as iOS, whereas some of the mobile bitcoin wallets that are less popular can only use on an android smartphone. A mobile wallet is a highly secure way to store bitcoins, but only if you check all the necessary factors before selecting one.
Paper wallets – Important to know about
Now, if we are talking about different types of bitcoin wallets, it is important to learn about each one of them, even if any of them is not relevant in the present scenario. A paper wallet is the oldest form of a bitcoin wallet as it was launched with the launch of bitcoin in the year 2008. A Paper bitcoin wallet is a piece of paper in which you can store bitcoins in the form of a QR code. Now, there are numerous digital bitcoin wallets out there, but even if you are using them, you must know about paper bitcoin wallets.
Paper wallets are a bit difficult to use as you need to be highly cautious while using them as they can get damaged easily. With a paper bitcoin wallet, you can simply print the private and public keys on the paper and start making bitcoin transactions. A paper wallet is one of the most secure bitcoin wallets, but you need to a bit extra careful while using it. Otherwise, you may lose all your bitcoins.
Hardware wallet – The best bitcoin wallet
If you are confused about which bitcoin wallet is most suitable for you, you can trust a hardware bitcoin wallet with closed eyes. A hardware wallet is a cold wallet that offers maximum security for your bitcoins against all the cyber risks such as hacking, phishing, etc. These wallets are offline USB devices in which public addresses and private keys are stored. These wallets have a small screen on them, which you can use to access all the features. If you want to make a transaction with a hardware bitcoin wallet, you can simply connect it to any computer system or mobile phone.
The best thing about a hardware wallet is that it is immune to all kinds of malware and viruses, so you can connect it to any device, even if it’s protected with an antivirus or not. All the private keys are stored in the hardware wallet itself, which makes it more secure and minimizes the risk of theft or cyberattack.
Web wallets – online but insecure
If you are looking for great accessibility while making bitcoin transactions, a web wallet is a great option, but you must keep one thing in mind that it is not secure. These are online wallets that exposes them to certain online risks such as hacking. So, if you are using a web bitcoin wallet, you must check its security features and pick the most reliable option.