Bitcoin wallet is a digital vault in which you keep your bitcoins and make quick online transactions. There is a massive variety of bitcoin wallets available in the market. You can use the original software to make big profits with bitcoin trading. Each type of bitcoin wallet has different functions, so you need to have knowledge about each one of them before you pick the best one. Some of the top bitcoin wallets that you can use are as follows.
Online wallets
One of the most trending bitcoin wallets is the online wallet, also known as the web wallet. Web wallets are hot wallets that you can access anytime through an internet connection. These wallets have a unique URL that you can visit through your browser to access the funds you stored in them. Web bitcoin wallets are considered to be one of the most convenient and accessible wallets. You can access them 24×7 through the Internet.
It is irrefutably highly accessible, but when it comes to the security of funds, it may not be the best option. Web wallets store the private keys with third parties, which increases the risk of losing them. It doesn’t offer control over the private keys to the users, which means if anything goes wrong, you may lose the private keys and all your cryptocurrencies forever. So, if you are using a web wallet, you better store minimum funds in it so that you get exposed to minimum risks. Web wallets are of two types; Hosted and non-hosted. You must try to use non-hosted wallets as they offer you control over the private keys.
Hardware crypto wallets
If you a long-term investor and trade bitcoins regularly, you must use a hardware bitcoin wallet. It is a physical device in which you can store private keys and keep them safe from online thefts and other risks such as hacking, phishing, malware, etc. Hardware wallets are like a USB flash drive in which you can store the private keys, and if you want to gain access to your wallet, you can simply connect the hardware wallet to any PC or mobile device. One of the top benefits of using a hardware wallet is that you can connect it to any device, no matter if it’s infected or not. It is immune to all kinds of viruses which is why it is considered to be the safest method to store bitcoins.
Hardware wallets have a small OLED screen and some side buttons for navigation. You can use the buttons to use all the features displayed on the screen. A hardware wallet is irrefutably the safest wallet, but it also the most expensive one. The cost of a hardware bitcoin wallet hovers around $39-$450, which is a bit costly. Hardware wallets allow you to store numerous cryptocurrencies other than bitcoin. So, if you don’t mind paying some extra cost for better safety, a hardware wallet is a great option.
Paper wallets
When it comes to a unique bitcoin wallet, the paper wallet is the first word that comes to mind. Paper wallets were the first digital wallets that were used to store bitcoins when it was newly launched. It is a piece of paper that has a QR code printed on it. In the era when bitcoins were stored in paper wallets, users had to scan the QR code to gain access to the funds stored in the wallet.
Now when everything has become so digital advanced, paper wallets are not much efficient. First of all, you need to be highly careful while using paper wallets, as if they get damaged, you may lose access to your bitcoins forever. Moreover, if anyone else gains access to your paper wallet, he can easily steal the bitcoins using the QR code.
Mobile app wallet
Another type of bitcoin wallet is the mobile app that you can install on your device. Mobile bitcoin wallets are highly convenient to use as you can access the bitcoin from your mobile phone through the Internet. If you are choosing a mobile bitcoin wallet, you must pick the one that is compatible with the OS of your mobile phone. There are mainly two types of OS on which mobile phones work, and they are iOS and Android.
