Are you planning to buy Bitcoin? If affirmative, you must try to buy it from an open source from which you will not feel cheated for buying your Bitcoin. After buying the Bitcoin, you need to make proper arrangements for storing the Bitcoin in the digital wallet.
Now, you need to understand why you need to keep the Bitcoin in the Bitcoin wallet? You cannot take things for granted. You must clearly understand the importance of the Bitcoin wallet while making your transaction through Bitcoin. You cannot keep the Bitcoin safe unless you place it in a Bitcoin wallet.
Why Do You Need A Bitcoin Wallet?
We all know that Bitcoin is a digital currency like fiat currencies; Bitcoin does not exist in any physical form. Bitcoin cannot be stored anywhere as per your wish, just like that of the fiat currencies. Here, the private keys are used to access the transaction of the Bitcoin and its signatures. The Bitcoin wallet can store your Bitcoins safely as per your requirements. Hackers cannot get access to it.
If you want to make the Bitcoin transaction, you have to use the combination of the Public and Private keys of the Bitcoin.
Different Types Of Bitcoin Wallets
Several types of Bitcoin wallets are there that you can use to keep your Bitcoins safe from the clutches of hackers. Make sure that you select the best wallet as per your choice.
1. Paper Wallets
The paper wallets are considered as the complete immune system against any cyber-attacks. A paper wallet is a document that comprises the public address that can help you to receive the Bitcoins. On the other hand, the private keys allow you to transfer the Bitcoin to the required address mentioned in the public key.
The best thing about the paper wallet is it is available in the printed form, and you can scan them. You can add the keys to the software wallet. It will help you to make a better and smooth transaction.
2. Mobile Wallets
If you are using Bitcoins daily, then mobile wallets are the best option for you. The reason is as you require to shop daily and face-to-face trading through a Bitcoin wallet is an essential aspect of your life, so mobile wallets can prove to be very handy for your daily transaction of your Bitcoin.
The mobile wallets will provide you access to the full Blockchain ledger to make your transaction quickly. You must keep in mind that Bitcoin’s mobile wallet is not very safe as it is prone to cyber-attacks.
3. Web Wallets
Some of the web wallets’ fundamental aspects are it stores your Bitcoin private keys on the server. Hence, the private keys are always in the online mode, and a third party controls it.
Almost like mobile wallets, e-wallets allow you to make your Bitcoin transaction smoothly and quickly. If you want to do Bitcoin’s daily transaction, then the e-wallets can be the best choice for you.
E-wallets can make your transaction smooth and faster. The only thing that you must consider here is that it is not hack-proof like that of the other wallets.
4. Safe Desktop Wallet
The desktop wallet you can install and download on the computer for your further usage. The safest among all the Bitcoin wallets is a desktop wallet. Another critical aspect of the desktop wallet is that no third party controls it.
Therefore the desktop wallet is more secure and safe than that of the mobile wallet or the E-wallet. You need to make your choice in the right direction wheeler you are planning to use the Bitcoin for making the transactions from your end.
From the discussion above, it has become evident that these are some of the prime Bitcoin wallets that you can use to store your Bitcoin and keep it safe from the hackers’ clutches. There are several other aspects too that you can consider here. For getting more information, you can visit here to know everything about bitcoin.