You need a bank account for you to be able to receive, save and send money. Same way a “Bitcoin Wallets” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, save or store them, and then send them to others.
Just the way banks have different types of account, like Savings account, current accounts etc. Same way there are different types of “Bitcoin Wallets”. There are two main types of wallets. There is A “bitcoin wallet” that you can install on your own computer or mobile device.
Person using this is in complete control over the security of his own coins, but since they are on a device that is connected to the internet they are less secure. Many persons consider this as a less option. This is due to the fear of security this wallet is called online wallet.
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What Are Bitcoin Wallets
A Bitcoin Wallet is any medium or means used to Receive, Store and Send Bitcoin. It means that Bitcoin wallet should be able to perform three major jobs. One Receive Bitcoin, two Store the Bitcoins and lastly Send or Transfer Bitcoin.
Bitcoin Wallets is having multiple Bitcoin Wallet. This means that if a person has more than one bitcoin wallet then he/she is having bitcoin wallets. Bitcoin Wallets are very easy to create. In most cases it only requires an Email to create a bitcoin wallet.
Types Of Online Bitcoin Wallet
The online bitcoin wallets can be divided into two major types. We have the Exchange Online Bitcoin wallet and Non-exchange online Bitcoin wallet.
Exchange online bitcoin wallet are the wallets created by exchange, gambling and investment platforms. These wallets makes t easier for the exchange, gambling or investment platforms to easily manage your bitcoin transactions.
A good example of Exchange Bitcoin wallet is the Paxful Wallet. Paxful allows you to have a bitcoin wallet when you create an account with them.This makes trading in the platform fast and easy to track.
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Another example of Online Wallet is the Freebitco.in Wallet. This platform is a gambling site that gives out free bitcoin at max $200 every 60 minutes. You can also multiply your BTC by playing the multiply fair game available on the website.
The second type of wallet is called a Hardware Bitcoin Wallet. They maintain high levels of security to protect your bitcoins/coins by storing your bitcoins/coins offline. Offline storage keeps your coins out of reach from hackers.
Bitcoin Hardware Wallets are Hard drives(usually flash) than can be carried anywhere. These drives can be inserted into a computer system and bitcoin can be sent, stored and received with the Hard drives.
Now that you know what bitcoin wallet is, are you ready to know the various type of hardware wallet, Subscribe to our newsletter below, and also follow us on Twitter and Facebook.