When you invest in a cryptocurrency like Bitcoin, you handle everything on your own. It becomes your responsibility to store and secure your digital currency, and for that, the essential thing that you must have is a bitcoin wallet.
Bitcoin wallet is one of the most important aspects of investment and trading of Bitcoin, and in this article, you will get to know everything that you need to know about Bitcoin wallet and how you can get one.
So, without any further chit-chat, let’s start!
What is the Meaning of the Bitcoin Wallet?
Just like you have your everyday wallet where you keep your money, take your money out and pay somebody, and so on, a bitcoin wallet also has similar functions.
The only difference is that it is digital. Every wallet comes with an address that you use to transact Bitcoin. With a bitcoin address, you can also store your Bitcoin amount and invest your money in it as well.
How Many Bitcoin Wallets Are There? Which One Should You Use?
To manage your Bitcoin, you can choose various wallets because you get a lot of choices. There is an abundance of wallets that work on your phone, and you can use them on your laptop or PC.
A Bitcoin wallet comes in the form of an application or a hard drive, and some of the wallets can even be used as physical hardware wallets that you can keep around with you all the time.
Since there are many choices, there are also advantages and disadvantages of each Bitcoin wallet type.
However, the most accessible Bitcoin wallet type is considered mobile wallets because, in them, you get convenient and fast access to every transaction; however, mobile wallets are also not considered 100% secured.
If you want to keep a small amount of Bitcoin in the wallet, you can undoubtedly choose mobile or web-based wallets. Another white category of Bitcoin wallets is software wallets that you install on your computer.
They are considered to be highly secured compared to mobile or web-based wallets. However, the negative point about software wallets is that they are not as convenient as mobile wallets.
It might get difficult for you to access your Bitcoin amount when you are not around your PC.
The last type of Bitcoin wallet is hardware wallets that are the most convenient and secured type of Bitcoin wallet. Your cryptocurrency remains perfectly safe from hackers and other complications.
Let’s see how you can get a bitcoin wallet of your own.
How to Get a Bitcoin Wallet?
Since you know there are various types of Bitcoin wallets, you can choose whichever suits you the best.
To give you a reference in this article, we will be sharing a guide primarily for web-based wallets; however, getting a bitcoin wallet is similar to other wallets.
You may find many web-based Wallace that are considered to be highly trusted, and since they are growing extremely fast, they have taken over in the Bitcoin area as well.
Some web-based wallets, such as blockchain.com, also provide users with a mobile app, so it becomes highly convenient.
Even though mobile-based and web-based wallets are not considered entirely safe, as beginners, you can choose these wallets if you want to store a limited amount of Bitcoin.
Suppose you are using blockchain.com, which is a web-based Bitcoin wallet.
- Firstly you will have to go to its website, where you will see a massive box in which you will see the words “Get a Free Wallet.” Click on that option.
- After that, you will be redirected to a new page to sign up to get a free Bitcoin wallet. You will have to enter your email address in the form, and you will set up a strong password.
- After clicking on the box of terms of services, click on create my wallet button. Right after you click on that button, you will see a message “Wallet Successfully created.”
- After that, you don’t have to do anything. You will be redirected to your wallet on its own. And here it is done. You have created your Bitcoin wallet, and now you can make transactions of your cryptocurrency.
Most of the Bitcoin wallets you will find will have a similar wallet creation method, so you don’t have to go to the extra lengths or worry about getting your wallet on different platforms.
Blockchain.com is considered one of the most popular web-based Bitcoin wallets, and as per the statistics, 44 million people are using this Bitcoin wallet for cryptocurrency exchanges.
Top Bitcoin Wallet That You Can Choose
Some of the other best Bitcoin wallets that you can choose for storing your digital currency are as follows.
1. Ledger Nano – Hardware Wallet
2. CoinBase- Web-Bases Wallet
3. Trezor- Hardware Wallet
4. Exodus- Desktop Wallet
5. Electrum- Desktop Wallet
These Bitcoin wallets are considered the best in their categories, and you can, without any second thought, use them to store your Bitcoin amount. You can get started with Yuan pay for trading and if you are new, you can learn trading at Coinlib Academy.
Every Bitcoin wallet runs a slight risk when it comes to hacking and cybercrimes, so it is essential that whichever wallet you choose, you consider all the factors before doing that.
Most important is to avoid using mobile or web-based Bitcoin wallets for storing a large amount of cryptocurrency as there will be more considerable risks involved in it.
All the wallets that we have mentioned above, including Blockchain, provide extra security of 2FA, which is considered an essential part of the security feature.
When you have a bitcoin wallet with you, you can conveniently transfer your assets from one wallet to another.
The last tip related to the Bitcoin wallet we would like to give is never to store your cryptocurrencies in one wallet.