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Friday, July 19, 2019

Bitcoin Wallet for Beginners

The software program, which stores the Bitcoin, is coined as the Bitcoin wallet. In a more concise term Bitcoin wallet can be defined as the storage place of private Key.

The private key is the secret key and is also coined as the Seed. This is to access the public address.

The wallet provides the mathematic proof that the Bitcoin came in the wallet.

The private key and recipient public key combination are vital in making the account secure. 

Bitcoin Wallet Address

A bitcoin address is an alphanumeric address, which mainly starts with 1 or 3. The Bitcoin address looks like 37DrYVG7qXccU7efc4TJmi4uhZf8FPwwXy.

Every wallet in existence automatically generates the wallet Address.  After each transaction, the wallet address changes. Transection can be processed to the old address.

Best Bitcoin Wallet

There are various Bitcoin wallets in existence. Some of the high rated are Coinbase, Trezor, Blockchain info, Robinhood, and others.

Coinbase Bitcoin Wallet

Coinbase is the currency exchange platform. This platform has a double step authentication process. It also provides a wallet for storing Bitcoin and other cryptocurrencies.

Bitcoin Wallet App           

Due to the surge in the use of smartphone the popularity of Bitcoin Mobile wallet is gaining immense height.

There is various wallet app available for the transaction of Bitcoin. Mobile Application is exposed to the hacker that is not suitable for storing large Bitcoin.

Types of Bitcoin Wallet

There are various types of Bitcoin Wallet

Hardware Wallet

The hardware device is used to store the private key. This is the secure and bit expensive ways to store the Bitcoin. This is the most suitable method for storing large Bitcoin.

Desktop Wallet

The wallet can be downloaded and install on the computer. This is used in storing a small amount of Bitcoin.

Web Wallet

Web wallets are used in storing the Private key. As web wallets are always online which poses a risk of losing coins.

Mobile Wallet

The application in the smartphone is used in storing the Bitcoin.

Physical Bitcoin

In this type of wallet fixed amount of BTC is stored.

Paper Wallet

Paper is used in the string the pubic address that is vital to receive Bitcoin. Further, The Private key that allows transferring coins is stored.

This is considered as the secure means of storing the Bitcoin.

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