Learn about Bitcoin Wallets

Last updated 13 June 2020
Learn about Bitcoin Wallets

Before buying bitcoin currency, you need a place to store it and in the world of digital currencies in general, this place is called a wallet, and it comes in a variety of forms and different types of portfolios provide Bitcoin owners with different types of security, storage, and access options and that your portfolio does not technically store Bitcoin currencies Rather, it contains private keys, necessary to access the bitcoin address and to be able to spend money and those numeric keys are required to sign any transaction, and if the user loses it, he essentially has lost access to his bitcoins

The bitcoin wallet is a folder containing a list of encrypted keys, which are used to create addresses. Each address is linked to a specific credit evaluated with bitcoin, for example for a bitcoin wallet is your private money wallet in which you keep your money.

There are a lot of bitcoin wallets and in this article; we will look at five main types of bitcoin wallets:

Computer Wallet

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The computer wallet is installed on the user’s computer, and it provides complete control of funds and the relative safety of the budget. There are thick computer wallets, which allow users to download network blocks and control their health, as well as provide independent security management for their money. On the other hand, there are thin wallets that do not require users to download blocks and can easily download them to a mobile device.

Mobile Governorate

The main feature of the mobile wallet is that user money is always on hand and is a very convenient way to pay for goods by scanning the QR codes and in some cases, users can take advantage of the feature “Near Field Communication” on smartphones, which allows them to simply benefit From the phone versus a reader and never enter any information

One common feature of all mobile wallets is that they are not fully Bitcoin clients because the full Bitcoin client has to download the entire blockchain network, which is constantly growing and requires many gigabytes of storage.

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Internet Wallet

In the case of using a wallet on the Internet, the private keys of users are stored on the Internet, on a server controlled by another person and connected to the Internet and while it allows people to easily access their money from any device anywhere in the world, there is always a risk of penetration of the server or Until the organization that manages the service takes over your Bitcoin currencies, this risk can be greatly reduced by implementing a variety of security measures.

Hardware Wallets

Portfolio devices are custom portable devices that can contain private keys and help facilitate payments and there are many different types of wallet devices, but each of them basically allows users to carry any amount of money in their pockets.

Paper Wallet

This is perhaps one of the safest options for storing Bitcoin, the paper wallet is basically two QR codes, which are generated using a specific service.

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