4 Types of Bitcoin Wallets

Written by on January 1, 2017 in Bitcoin Information, Featured

 

 

bitcoin wallet

If you want to be in the Bitcoin game you are going to need someplace to store and keep all your Bitcoins.  You are going to need a Bitcoin Wallet.

A Bitcoin Wallet acts in a lot of ways the same as your regular bank account. The Wallet keeps your Bitcoin safe and secure and it is also where you receive your bitcoin deposits and send bitcoin from.

There are 4 main types of Bitcoin Wallets.

 

  1. Desktop Wallet
  2. Mobile Wallet
  3. Online Wallet
  4. Hardware Wallet

 

Desktop wallets, as you may have guessed, are installed on your computer. They are full-featured Bitcoin clients, with very high security and a wide variety of features.  
Like all wallets, your desktop wallet, stores the private keys that you need to access your bitcoins.  Desktop wallets use a lot of space on your computer as it holds the entire blockchain and can chew up some resources.

Some of the best desktop wallets are:  Multibit , Armory and Electrum.

Desktop Wallets are not for everyone and usually only more seasoned bitcoiners with substantial holdings go this route.

 

Mobile Wallets, as you may have guessed, are installed on your mobile phone.  One of the main benefits of a mobile wallet is the QR capture/reader which allows for instant payments right from your phone with bitcoin.  A downside is that since cellphones can not run a full bitcoin client they use Simplified Payment Verification (SPV) and this brings some security questions with it.

Mobile Wallets are great for everyday use, much the same as your bank debit card is. Normally I keep what I will need for the week available on my debit card and I do the same thing with my Bitcoin Mobile Wallet.  Couple of hundred bucks and if I need more I can transfer from one of my more secure wallets to my mobile one.

If you are looking for a great Bitcoin Mobile Wallet consider one of these:  Mycelium, Blockchain, Bitcoin Wallet or XAPO.  Check Google Play or the iTunes for any of these.

 

For Online Wallets and Hardware Wallets –  CLICK HERE!!!!

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