Bitcoin is a crypto- currency, it is a form of digital money that can be transferred globally. It enables the exchange of values in the digital realm through cryptography to achieve global consensus of the state of transaction ledger updated periodically called a blockchain.
Creating a bitcoin wallet is so easy, it is as easy as installing a software on your PC or app on your phone. When you install the Bitcoin app, your bitcoin wallet is created automatically. You can then receive bitcoins, store it and use it as you want.
In this article, I will tell you the types of wallet that can be created. So keep reading on.
Download Bitcoin Wallet App For Android And iPhone.
When you install the app, your Bitcoin Wallet has been created automatically.
So download the Bitcoin Wallet app for Android | download for iPhone.
Features Of Bitcoin Wallet App.
Every feature you need for a world of economic freedom is in one digital wallet.
- Buy: You can buy with your bank account, credit card and even payment apps.
- Sell: You can also sell your bitcoins.
- Trade: You can instantly swap between crypto- currencies.
- Security: You can protect your money with biometrics security and passcodes.
Types Of Bitcoin Wallet.
Software Wallet.
The software wallet allows you to conveniently buy, sell, trade and store. It is the Bitcoin Wallet app that is download into your phone. You can open the app and start making bitcoin transactions.
There are small chances of your wallet being hacked, because it is connected to the internet so it is better if you don’t store large amount of bitcoin in your wallet. And it is also be good if you backup your wallet.
Hardware Wallet.
It offers you long term storage for large amount of bitcoins. It is also known as cold wallet, it is physically created for the purpose of storing crypto- currencies.
It is impossible to hack this wallet because you are insulated from the internet thereby giving you the best security. The hardware wallet is not ideal for making frequent transactions because they take more time to access. So it will be better to use it for long term storage.
Hardware wallets are really worth the cost, especially if you have a lot of bitcoins, only buy from a company you can trust. Hardware wallet allows you store bitcoin offline.
Centralized Exchange Wallet.
It offers you convenient buying, selling and trading. it was made for newcomers buy their first bitcoin, it makes the buying process so easy.
The Centralized Exchange Wallet (CEX) retains control over the fund in your account. When using this wallet, you need to ask for permission before you can withdraw your bitcoin and it also exposes you to the risk of exchange getting hacked. And you also pay higher fee transaction fee to withdraw.
So I will recommend if you use the Centralized Exchange Wallet for trading and not for storing your bitcoin.
Paper Wallet.
It offers you a unique way of gifting bitcoin. Paper wallets are created by downloading a software package then running the software package to generate a private/ public which you print out on a piece of paper. For security, it will be recommended if you run it in an offline environment
After you have created your paper wallet, you can send any amount of bitcoin to a wallet address. To send, use a private key that is written on the piece of paper.
The paper wallet allows you store bitcoin offline. Since the private/ public key is written on a piece of paper, if you hand over the paper to someone else is like giving the person a cash note.
Related Article:
Has this been helpful, leave a question or contribution in the comment section below.
