Before you start buying or even mining Bitcoin (BTC), you need a wallet. It is required for managing your Bitcoins. Whether you want to receive, send or simply keep your Bitcoins, you need a reliable wallet. Think of it as your internet banking account, where you money is not physically stored but resides digitally and you need it transfer to your money to another account or use it to pay for any service or get money from someone. Unlike normal internet banking accounts, the Bitcoin Wallet have a private key or a seed, and not username or passwords. Some wallets do added additionally security options like passwords or PINs. It is the private key that gives you access to your Bitcoins. If anyone else gets access to your private key or seed, he or she can steal your Bitcoins. In reality, with these wallets you are securing your private key or seed. A wallet is simply managing your Bitcoin private keys for you.
There are different types of wallets that you can use depending on your needs for security and convenience. In this post, I will detail some of most common types of wallets and which of them you can use. Let’s start with the types of Bitcoin wallets. Continue reading “Best Bitcoin wallets: Hardware, software, web and app”