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The Several Types of Bitcoin Wallets – Which One Is Best to Use?

by Rohan Mathew
The Several Types of Bitcoin Wallets – Which One Is Best to Use

You might have heard people talking about bitcoin, or you might be aware of the fact that bitcoin is the digital currency. It means that bitcoin doesn’t have any physical existence. But the thing is that people are making a lot of profits from the bitcoin and trading and making a bitcoin investment. Suppose you are also thinking of volunteering into the investment of bitcoin. Now you may be wondering that how is it possible to trade bitcoin if they don’t even exist in the physical form? 

Well, the answer to this question is that you need to purchase a bitcoin wallet for buying, selling as well as storing the bitcoin. You might not be aware that some of the bitcoin exchange platforms are allowing people to keep their bitcoin in their account on these platforms. But you need to make sure that the platform is safe to use before you store your bitcoin in it. If you choose 1G Profit System for trading bitcoin, you will not have to worry about anything because it is a very safe and secure platform. However, storing your bitcoin in the bitcoin exchange is not at all an easy task which means that it is essential for you to make use of a bitcoin wallet for storing your bitcoin safely.

 In the present times, there are basically five kinds of bitcoin wallets available in the market. All of this bitcoin wallet is different from each other. The user interface, security, customer support, privacy level, etc., everything varies from one bitcoin wallet to another. If you are not aware of these bitcoin wallets, then you should go through the points listed below to know about them in brief.

Desktop wallet

The desktop wallet is the wallet that is stored by the user on their laptop or pc. You might not be aware that people call this wallet a hot wallet because it is always connected to the internet. It is the kind of wallet that is secure, and it doesn’t have many revelations to the viruses that are linked with the computers and the malware attacks.

Mobile wallets

These wallets are a lot more like the desktop wallet. Mobile wallets are straightforward to make use of. However, the thing is that mobile wallets are very effortless and straightforward to use. They are the best and the most convenient way of storing your bitcoin. It is because this wallet is a kind of go-to bitcoin wallet that you can use whenever you want. The people who are using bitcoin daily always prefer to make use of mobile wallets. 

Web wallets

The web wallets are found online, which we can know by reading its name itself. However, these wallets are less safe if we compare them to the other kind of bitcoin wallet. But the thing is that web wallets are very convenient. The one thing that you need to keep in your mind is that you should not keep a significant amount of bitcoin in the web wallet because of security issues.

Hardware wallet

The hardware wallet is the only bitcoin wallet that has a physical appearance. It stores the private keys in itself, and it looks similar to that of USB sticks. They are one of the most secure bitcoin wallets, and they are cold wallets also. However, the thing is that the hardware wallet is quite expensive to buy if we compare it to the other bitcoin wallet. You will be stunned to know that people are making use of a hardware wallet for storing the bitcoin of more than 1000 dollars in it for an extended time.

Paper wallets

It is the type of wallet which is cold. The name of this wallet is a paper bitcoin wallet because the private keys of this wallet and the public key are both printed on the piece of paper. The paper wallet can also be stated to the software which is used for generating the form of private keys and files of digital printing. There is no doubt in the fact that paper wallets are highly secure because they are not connected to the internet. But the only issue is that these wallets are not durable, which means that they are not the ideal option for storing bitcoin for a long period of time.

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