Bitcoin Wallet

Bitcoin Wallet

A Bitcoin wallet stores the private key that you need to access the Bitcoin address and spend your funds. They come in various forms, designed for different devices.

You can even use paper storage to avoid having your keys on a computer at all.

Technically speaking, you don’t store your bitcoin anywhere. What you store are the secure digital keys used to access your Bitcoin address and sign transactions.

This information is stored in Bitcoin wallet.

Mobile Wallets

The most used wallet is the mobile wallet, running as an app on your smartphone, the wallet can store the private keys for your Bitcoin addresses and enable you to pay for things directly with your phone.

Examples of mobile wallet include android based Bitcoin Wallet, Mycelium, Xapo and Blockchain.

These keep your Bitcoin keys encrypted on your phone and backed up on a web-base server.

You can choose your wallet from app store on your phone and easily download it.

You will supplied a series of words, usually 12 or 24 words, these are called private keys, it is imperative that you physical write this words down and store them safely in a safe box or anywhere else that you feel is a secure place. You will need some of this words, that will be randomly chosen by you digital wallet, to make a Bitcoin transaction. Don’t worry, it will not be the whole series of words, usually 4 only.

It is advisable NOT to store these word in your phone memory, if you unfortunately lose or destroy your phone, these important words will be lost, possibly resulting in the loss of your Bitcoins.

Hardware Wallets

Hardware Wallets enable you to store Bitcoins offline, therefore virtually impossible to be hacked, we strongly recommend this form of storage.

Hardware Wallets in the long term, Bitcoin security increasingly will take the form of hardware tamperproof wallets. Unlike a smartphone or desktop computer, a Bitcoin hardware wallets has just one purpose: to hold bitcoin securely. Without general-purpose software to compromise and with limited interfaces, hardware wallets can deliver an almost foolproof level of security to non-expert users. Expect to see hardware wallets become the predominant method of Bitcoin storage.

The leader in hardware wallets are Trezor, Ledger and Keepkey.

Paper Wallets

The other option for keeping your Bitcoin safe is Paper Wallet, there are several sites offering Paper Bitcoin Wallet services.

They will generate a Bitcoin address for you and create an image containing two QR codes, one is for receiving Bitcoins, the other is the private key which you can be used to spend Bitcoins at that address

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