Bitcoin wallet – Different types you must know!

Bitcoin ATM

Bitcoin is a cryptocurrency that allows people to make anonymous transactions throughout the world. It is a decentralized currency, so you can use it to make transactions without revealing your identity. Bitcoins have no physical appearance, so they are stores in virtual lockers known as bitcoin wallets. If you are interested in bitcoin trading, you must visit the QProfit System. You need to be careful while choosing a bitcoin wallet as there are several types of them, and you need to pick the most suitable one. Some of the most popular types of bitcoin wallets are mentioned below.

Hardware bitcoin wallet

Bitcoin wallets are mainly used for security purposes as bitcoins are highly prone to online frauds, thefts, and hacking. So, the bitcoin wallet protected your assets from all threats, and if we talk about safety, there is no better option than hardware wallets. A hardware wallet is a type of cold bitcoin wallet that you can use to store private keys and public addresses offline. A hardware wallet is a type of USB device in which you can store bitcoins.

This USB device has a screen and buttons on the side, which you can use to navigate through different options and use all the functions. Hardware wallets are quite easy to use as you only need to insert them into a computer to gain access to your bitcoins and make transactions. The best thing about it is that you can take it with you anywhere and it offers maximum security. It costs around $70 to $160, but the features offered by it make it completely worth it.

Desktop bitcoin wallet

Most of the well-reputed bitcoin wallets have launched their desktop versions too. A desktop wallet is a bitcoin wallet that you can install on your computer like software and access it via the Internet. If you are using a desktop wallet, you must ensure that you have the latest antivirus and firewall, as it is important to safeguard it from viruses and malware. There are several desktop bitcoin wallets available in the market, and you can easily choose the best one after doing some research.

Desktop wallets offer excellent features, but there are drawbacks too. You can only use them if you have your computer with them, which makes them less portable. Moreover, they are always connected to the Internet, which increases the risks of cyberattacks. If you spend most of your time using a computer, you must use desktop bitcoin wallets.

Mobile wallets

If we talk about the most trending bitcoin wallets, mobile wallets will surely top the list. Mobile wallets are the wallet which you can access over your mobile phone anytime and anywhere. These wallets can be used on any smartphone, which makes them highly convenient to use. If you are looking for excellent accessibility, you must try mobile wallets once. It allows you to make quick and smooth transactions through your mobile phone.

There are different operating systems used in mobile phones such as iOS, Android, etc. you must choose a mobile wallet that is compatible with your mobile phone. Before you choose a mobile bitcoin, wallet there are few important factors you need to consider, such as backups, user interface, compatibility, etc. You must keep all these factors in mind and choose the most suitable option accordingly.

Web wallets

Web wallets are online wallets that you can access from anywhere. These wallets are like a website that you can visits anytime to access your bitcoins and make transactions. Web wallets have a particular URL that you need to use to access them. Such wallets store private keys on the server, which makes them a bit unsafe as hackers can easily attack them and steal the bitcoins. If you are using a web wallet, you must ensure that there is a padlock sign at the beginning of the URL as it indicates that your connection is secure.

There are two types of web wallets; hosted and non-hosted wallets. You must try to use non-hosted wallets as hosted wallets are controlled by third parties, which doesn’t provide you complete control over your funds. Moreover, hosted wallets are highly prone to DDOS attacks, so if you want to ensure full protection for your private keys, you must use non-hosted web wallets.

Jennifer Thomas
Jennifer Thomas is the Co-founder and Chief Business Development Officer at Cybers Guards. Prior to that, She was responsible for leading its Cyber Security Practice and Cyber Security Operations Center, which provided managed security services.