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What is a bitcoin wallet and what is it for?

Bitcoin — кошелек

What is a bitcoin wallet and what is it for?

Bitcoin, as an electronic payment system, appeared in 2009, if we consider its “age” in relation to other systems, then relatively recently. With her, many people got rich by investing their money in it. In order for Bitcoin trading to be orderly, it must be protected and simultaneously accessible to the user at any time. If Bitcoin is an electronic currency, then it, like everything, needs to be stored somewhere, and the Bitcoin wallet helps us in this.

Bitcoin wallet as a physical coin is an interesting fact

Not everyone knows that Bitcoin has its limited circulation. It is 21 million, such a sum, incorporated into the software algorithm of the system. To date, produced about 12 million rubles. There have been attempts to create the physical equivalent of bitcoin in the form of a coin. Casascius are “cold wallets” with a holographic code printed on them. It is them that we can observe in all the pictures, reading information about cryptocurrency. These are the coins that may be in your wallet. In the meantime, it is much safer to have a Bitcoin e-wallet.

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The main types of bitcoin wallets

There are several types of electronic cash storage. Each variation of a Bitcoin wallet has its pros and cons. We will talk about the main ways to store e-currency, always noting the security of storage.

Bitcoin Wallet for PC

PC purses are stored on your computer, it looks like a file with certain keys. They can also be called a discount or local. Just as a subspecies, it can be distinguished as “heavy” or “light” Bitcoin – a wallet. “Heavy downloads the entire Blockchain, and has huge storage reserves. As it is not difficult to guess, “Easy” refers to the blockchain via third-party services and does not require downloading and storage. Bitcoin Core is one of the “thickest wallets” that helps to carry out fast transactions, and also creates a Bitcoin address for sending and receiving Bitcoin.

Mobile Wallet

There is also a mobile wallet. This is a Bitcoin wallet that is directly in your smartphone. Since it is already possible to pay with Bitcoin in some restaurants, it is very convenient to carry this type of payment system with you.

Online wallets

Online wallets have long been popular and delight us with its accessibility. They store certain keys that store certain keys on the server and can be controlled by the user. The advantage of such storage is general accessibility, and the main disadvantage is insecurity. Anyone can take possession of secret keys and use them.

Hardware wallet and USB flash drive

Of course, this device is designed for Bitcoiners, with huge reserves of cryptocurrency. Since the advantage is that you do not need to contact various services. He is always with you. Also, in September 2015, KipKay wallets went on sale, which is a great alternative to software.

And which Bitcoin wallet will you use?

So, we brought you the most common types of storage of our cryptocurrency. A bitcoin wallet is the first thing you have to worry about, as Bitcoin increased in price, and it would be unpleasant to lose money. Even worse, if you just steal the money. How to secure your Bitcoin wallet from scammers and what to choose in the end, read our article about a secure Bitcoin wallet. To earn thanks to Bitcoin, open an online wallet, please contact us for a free consultation.

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