You may be thinking about how an individual can buy and sell this cryptocurrency even when it doesn’t have any physical form? The answer is you need to have a bitcoin wallet for buying, selling, and even storing this digital currency. You can’t hold on to your bitcoin in your bank account. Some bitcoin exchanges also allow people to keep their digital currency in their accounts with the help of this platform. However, the thing is that safety is not the priority of the bitcoin wallet.
Spending your bitcoin from one exchange account to another is not an easy task, and this is why you should always have a digital wallet before you invest in bitcoin. At present, there are five kinds of bitcoin wallets available in the market. These bitcoin wallets are different in terms of security, customer support, fees, user interface, services, anonymity, and privacy levels. Here are the main kind of bitcoin wallets.
Hardware bitcoin wallet
The hardware bitcoin wallet is the one that stores your private keys in a USB-like device. They are the safest ad certain kinds of bitcoin wallets as they are cold. However, the thing is that the hardware bitcoin wallet is quite expensive if we compare it to the other kind of bitcoin wallets. But given its security level, the price of this bitcoin wallet looks pretty appropriate. So if you choose to buy this bitcoin wallet, you will have to worry about anything.
Desktop bitcoin wallet
You must know that the user stores the desktop wallet on their personal computer or laptop. People think that the desktop bitcoin wallet is hot if the device you are using is always online. The desktop bitcoin wallet is more secure; however, they have more threat of computer viruses, so you should make sure that you have a powerful anti-virus in your device.
Mobile bitcoin wallet
The mobile bitcoin wallet is very similar to the desktop bitcoin wallet. These are easy to use, and you will never face any issues while using this bitcoin wallet. However, you need to know that mobile wallets are significantly smaller and straightforward when using them. They are remarkably more convenient, and you can use them even when you are on the go. People who have to make use of bitcoin daily prefer to make use of the mobile bitcoin wallet. You must make sure that you are securing your mobile bitcoin wallet with the help of a two-factor authentication feature.
Web bitcoin wallet
The web bitcoin wallets are the online wallets that are less secure than the other bitcoin wallets. However, when it comes to convenience, then the web wallet tops the list. It is not advisable to keep a large sum of bitcoin in the web bitcoin wallet because they are not very secure. You should make sure that you are using the web wallet of a reputed and reliable platform.
Paper bitcoin wallet
The paper bitcoin wallet is the cold storage wallet. The private and public keys are on paper, so it is known as the paper bitcoin wallet. However, you should know that the paper wallet refers to the software for generating public and private keys in the form of a digital printing file. There is no doubt in the fact that the paper wallet is more secure. But the thing is that the paper wallets are not very much durable. Therefore, you cannot keep your bitcoin in them for a more extended period.
The wallet is the digital interface for the bitcoin user by which they can buy, sell and hold the bitcoin. Therefore, it is the reason that you should choose your bitcoin wallet wisely.
