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Tuesday, 13 February 2018

What is a Bitcoin wallet? And different types of Bitcoin wallet

You need a bank account for you to be able to receive, save and send money. Same way A “wallet” 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 "Wallets". There are two main types of wallets. 

Read Also: Panic as Bitcoin value drops drastically

There is A "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 hot wallet

The last type of wallet is called a hardware wallet. They maintain high levels of security to protect your coins by storing your coins offline. Offline storage keeps your coins out of reach from hackers.

Read Also: Digital currency: See Why New Jersey Ban ‘Bitstrade’ from Operation

Now that you know what bitcoin wallet is, are you ready to know the various type of hardware wallet? 

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