The software program, which
stores the Bitcoin, is coined as the Bitcoin wallet. In a more concise term
Bitcoin wallet can be defined as the storage place of private Key.
The private key is the secret key
and is also coined as the Seed. This is to access the public address.
The wallet provides the
mathematic proof that the Bitcoin came in the wallet.
The private key and recipient
public key combination are vital in making the account secure.
Bitcoin
Wallet Address
A bitcoin address is an alphanumeric address, which mainly starts with 1 or 3. The Bitcoin address looks
like 37DrYVG7qXccU7efc4TJmi4uhZf8FPwwXy.
Every wallet in existence
automatically generates the wallet Address. After each transaction, the wallet address
changes. Transection can be processed to the old address.
Best
Bitcoin Wallet
There are various Bitcoin
wallets in existence. Some of the high rated are Coinbase, Trezor, Blockchain
info, Robinhood, and others.
Coinbase
Bitcoin Wallet
Coinbase is the currency exchange
platform. This platform has a double step authentication process. It also
provides a wallet for storing Bitcoin and other cryptocurrencies.
Bitcoin
Wallet App
Due to
the surge in the use of smartphone the popularity of Bitcoin Mobile wallet is gaining
immense height.
There
is various wallet app available for the transaction of Bitcoin. Mobile
Application is exposed to the hacker that is not suitable for storing large
Bitcoin.
Types
of Bitcoin Wallet
There are various types of
Bitcoin Wallet
Hardware
Wallet
The hardware device is used to
store the private key. This is the secure and bit expensive ways to store the
Bitcoin. This is the most suitable method for storing large Bitcoin.
Desktop
Wallet
The wallet can be downloaded
and install on the computer. This is used in storing a small amount of Bitcoin.
Web
Wallet
Web wallets are used in storing
the Private key. As web wallets are always online which poses a risk of losing coins.
Mobile
Wallet
The application in the smartphone is
used in storing the Bitcoin.
Physical
Bitcoin
In this type of wallet fixed amount of BTC is stored.
Paper
Wallet
Paper is used in the string the
pubic address that is vital to receive Bitcoin. Further, The Private key that
allows transferring coins is stored.
This is considered as the
secure means of storing the Bitcoin.
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