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How to store your bitcoins: Everything you need to know

Just like any other currencies, bitcoins also need a wallet to store. But you don’t need to worry because you don’t have to get yourself a Gucci wallet to store cryptocurrency. If you know nothing about bitcoin wallets and where you can store bitcoins wisely, this article can be helpful to you.

What is a bitcoin wallet?

Like you keep your traditional currencies in your physical wallet, the bitcoin can be kept in an electronic wallet that is called the bitcoin wallet. The bitcoin comes with a wallet address that consists of a private key. The wallet address is stored in a ledger form, and it is in shorter form. The bitcoin wallet consists of a public key which includes 26 and 35 random alphanumeric keys. Every letter and number included in a bitcoin wallet is important, and you can’t keep even a single digit if you want to get access to your bitcoin wallet.

Types of bitcoin wallet

A bitcoin wallet is of different types, and you can use any of these options as per your needs and requirements:

Cloud wallet

A cloud bitcoin wallet is stored in an online format, and the keys are stored by a third party who runs the server. The cloud-based bitcoin wallets come up with better user interface and more ease of use. But the only thing that makes it a more sceptical form of payment is that you have to trust a third party for the storage of your private eyes. One of the best platforms that you can choose to store your bitcoins. You can read  more here feedster.com

Software wallets

The software wallets can be installed directly on your computers, and you can easily use it with maximum convenience. The best part about the software wallet is that it is pretty easy to configure and use. The only disadvantage associated with the software wallets is that you may face certain security issues while using the software wallets. Before downloading any software wallet, you need to be sure that you are downloading it from a credible source.

Mobile wallet

If you are using bitcoins on a day to day basis, nothing can be better than using a mobile wallet. These wallets are available as all other apps on your mobile phone. These wallets are especially useful if you want to buy, sell, or send bitcoins to anyone. Today every business and stores are accepting payments in bitcoin, and in this case, the use of mobile wallets can be pretty useful. If you don’t pay much attention to the safety and security of your mobile phone, you may lose the bitcoins stored inside it.

Hardware wallet

The hardware wallets are the safest of all wallets for storing bitcoins. The best part about the hardware wallet is that it is not connected to the internet, and thus, it is not prone to any hacking or spamming activity. The hardware wallets are like small devices like a USB cable that are attached to your digital device. Most people these days use hardware wallets as they are stored in an offline mode, and thus, no one can steal or hack the wallet and bitcoins stored inside it. Some large investors even store their hardware in safe locations like bank vaults so that no one can get access to the wallet.

Paper wallets

Paper wallets are not considered to be too safe, but many people like the convenience of using paper wallets to store bitcoins. These wallets are the simplest choice of all types of wallets. The wallets are simply a piece of paper that stores the key to get access to your bitcoin wallet. The only problem associated with a paper wallet is that you have to make sure that you keep the paper at a secure and safe location. Thus, the paper wallet needs to be stored in a waterproof and fireproof location for maximum safety.

People all over the world are excited about using bitcoins. But, if you are planning to make an investment in bitcoin, you need to be very careful about keeping the bitcoins at a safe location. Bitcoins wallet are available with different technology and features. Use any of these wallets as per your choice. Let us know which one of these bitcoin wallets worked best for you.

 

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