Bitcoin Wallet App and Types of Bitcoin Wallet Guide for beginners
Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance.
A wallet is basically the bitcoin same like a bank account, You can receive bitcoins, send them to other and store them. A software Wallet is one that you can install on your mobile device or your PC. You have control over the security of your coins but sometimes they can install or maintain it. A Web wallet or hosted wallet is one that is hosted by the third party. It is easy to use it and you can trust the providers to maintain a high level of security. There is four bitcoin wallet that we recommend it for beginners.
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Coin base is a web wallet with a simple design and a number of very useful features that make it easy for a beginner. You can receive or send bitcoins via email and you can sell or buy bitcoins though coin base.
Coinbase’s founder has the proven startup track record and has raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space.
Electrum is a software wallet that enables you to set up a strong level of security very quickly. During the simple installation process, you are given twelve words phrase that will allow you to recover all your bitcoins in the events that your computer fails. Your wallet is also encrypted by default which helps protect your coins against hackers. Electrum is available for Windows, OSX, and Linux and is our recommended software wallet for beginners.
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Types of Bitcoin Wallet
1. Web Wallet
It allows you to send, receive, and store bitcoin all through your web browser. They are typically hosted by a provider that manages the security of the private keys associated with your account, although some types of web wallets provide ways for you to remain in control your private keys. Web wallets are generally more convenient than other types of wallets since you don’t have to worry about accidentally deleting a wallet from your computer (and losing your bitcoins).
2. Desktop Wallets
It’s also possible to install wallet software directly on your computer. This allows an individual to have full control (and responsibility) over their wallet.
In a desktop wallet, the private keys are stored on a hard drive so it’s only possible to access the funds using the computer the wallet is installed on. If the wallet file were to become corrupted with no backup available, the bitcoins stored in that wallet would be lost forever. For this reason, it’s extremely important that strong passwords are used and reliable backups are made of any desktop wallet. It’s equally important that the wallet and any backups are kept safely out of reach of malicious individuals.
3. Mobile Wallets
Mobile wallets are simply bitcoin wallets designed for a mobile device. This means they can easily scan QR codes, are easy to navigate with a touchscreen, and are accessible while on the move. The Coinbase mobile wallet for iOS and Android allows you to access your Coinbase account to send, receive, buy, and sell bitcoin.
Mobile wallets are almost always “light” clients in that they do not store a full copy of the blockchain.
4. Hardware Wallet
A hardware wallet is a specialized type of device designed specifically to store bitcoins. The advantage is that hardware wallets are much more difficult for a malicious user to compromise when compared to a desktop or mobile wallet since they use the bare minimum amount of software required to safely store bitcoins.
5. Paper Wallet
Paper wallets are a way to embody bitcoins in a physical medium such as paper or metal. Like a printed banknote, if a paper wallet is lost or destroyed, then the bitcoin stored on it is gone forever.
6. Brain Wallets
A brain wallet is a Bitcoin wallet that is generated from a passphrase. It’s similar to a paper wallet in that if the passphrase is lost, so are the bitcoins stored in that brain wallet. While it may be appealing to store bitcoins entirely within your memory, it should be cautioned against due to the challenge of using a sufficiently secure passphrase.
Bitcoin wallet is a software program where Bitcoins are stored and there are many types of bitcoin wallet which you can use when you have bitcoin like web wallet, Desktop wallet, Mobile wallet, Hardware wallet, Paper wallet, and Brain wallet, I have told you about each of them you can read it.
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