Just like paper money you’d need a wallet to store your bitcoins. In this guide you’ll find out about five types of Bitcoin wallets you should use for your favorite cryptocurrencies.
Each type of wallet will have its own share of pros and cons, so bear this in mind when choosing the right wallet for your coins.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
The first one on the list is a paper wallet
Probably the safest type of wallet, as it’s going to be, obviously hack proof. Your public and private keys are stored on a physical piece of paper and not stored digitally, so there is no way for hackers to have access to your keys. Of course, you’d have to store your paper wallet in a safe place where no one else has access to it.
The second one on the list is a hardware wallet
Basically, it is a USB dongle type of hardware. Hardware wallets can be used to make online transactions but you store your keys offline when you unplug the wallet from your computer. This type of wallet is another very secure method of storing your bitcoins. You can just plug it into your PC when you want to send some bitcoins and then unplug it again when you’re done. One of the best hardware wallets is Ledger Nano S.
The third one is a desktop wallet
This is a relatively secure and reliable method of storing your digital currencies. This way your money would only be available on that particular computer. The downside is you can lose all your funds if your computer gets hacked infected with a virus or destroyed.
The fourth one is a mobile wallet
This is an app on your smartphone which means you can bring this anywhere with you. It’s highly portable and you can easily and quickly make Bitcoin transactions while on the go. The downside is your wallet will be extremely limited by your mobile phone storage size, so you’ll have to consider this when using this type of wallet.
The Fifth and the last and least secured one is an online wallet
It’s great that you can easily access your wallet anywhere there’s an active internet connection. But this is also the same reason why it’s not secure, your private keys are stored online, which means that if anyone gains access to your account you can say goodbye to all your bitcoins.
Now that you know how to store your Bitcoins it is time to learn how to get some bitcoins.