Home cryptocurency bitcoin Bitcoin Wallets: Understanding The Different Types of Bitcoin Wallets

Bitcoin Wallets: Understanding The Different Types of Bitcoin Wallets

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Bitcoin Wallets are like the bank account that holds your money. Bitcoin wallats holds your bitcoin and keep it secure. CLICK HERE to read our previous post about what is Bitcoin wallet. There are my different types of bitcoin Wallets and they can be grouped into three

TYPES OF BITCOIN WALLETS

1. EXCHANGE PLATFORM WALLETS: This is the type of wallet provided to user by exchange platforms. These type of wallet is refer to as the most insecure Wallets as they are prone to attacks. Exchange platforms like Remitano, Luno and Paxful provide bitcoin wallet to keep your bitcoin after purchase.

Read Also: How to Know a Fake Bitcoin Wallet Provider

But these type of wallet is not secure as someone can easily get access to your password or log in details due to your frequent use of the information. Also an attack on this exchange platform is also an attack to on your wallet. And been web base platforms, there are very prone to attacks.

2. STATIC BITCOIN WALLETS: This refer to Wallets you have from real wallet providers like Blockchain, Coinomi and Trust. These Wallets are not exchange platforms Wallets, they are used when you need them. They are less prone to to attack as they are not exchange platforms and most are not web base.

Read Also: Important Features of a Secure Bitcoin Wallet

3. HARDWARE WALLET: These bitcoin Wallets are like your personal gadget. Some come in form of a USB flash that you can carry everywhere you go. A good example is the Ledger wallet. These are the most secure wallet as they are always with you and not online. No second party have access to your wallet. You are in control of this wallet.

From the above types of bitcoin Wallets, the hardware wallet is Most expensive and safest. Static and Exchange platforms wallet are very easy to get at no cost(cost of your mobile data). But the good news is you can have all three types of Wallets.

You can have an exchange wallet and after making good profit you can decide to move the bitcoin to your Static wallet and eventually if you need more control over your bitcoin you can move to the hardware Bitcoin Wallets.

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