Friday, March 1, 2019

What Are The Different Types Of Bitcoin Wallets?


The way you manage and store your Bitcoins is totally different. It is not a traditional way of currency and is a digital way. You could buy anything from pizzas to a car with the help of your Bitcoins. It is a very easy process and technically speaking, you could not store them everywhere. Though you could use it anywhere in the country or internationally, there are different types of wallet available. You would have private keys to access your Bitcoin. 

You have to sign in every time you want to do any kind of transaction. A Bitcoin transaction is only possible when the recipient key and private key are combined. There are different forms of wallet as mentioned before catering to different purposes. These wallets are extremely safe, secure, convenience and accessibility. 

Paper: This kind of wallet has a public address and access to your private passcode or key. Thus, by using this kind of wallet, you could get access to your bitcoin and private key. Mostly QR-codes are used so that the keys could be immediately used to make the transaction through the software. This kind of wallet could be created using services like BitAddress and others. The paper could be generated and it would definitely have a tamper proof design. 

Physical Bitcoin: Usually present with a fixed amount of BTC, this is usually pre-loaded. As long as the private key remains hidden, you cannot use it. For obtaining the private key, the security method that is used is the tamper-evident seal. It is shaped like a round metal and has recently been brought to the market. 

The private key is usually hidden inside the peelable hologram. It is a very strong and secure method of storing funds and you could even use it when trading or doing any kind of transaction offline. 

Mobile: People who use Bitcoin on a daily basis, you must know that using Bitcoin through your mobile app is the easiest way you could make transactions. You have to download an app on your phone and with the help of that you could store your private key and pay or sell directly. 

In fact, some phones have this feature where you could take the reader and thus you do not have to provide any kind of extra information. But you have to make sure that your phone is secure with the help of various anti-virus and anti-hacking features available in the market.  

Be sure that you first understand what kind of bitcoin wallet suits all your needs and then make the right decision.