Bitcoin is one of the most popular cryptocurrencies right now, and it’s understandable that a lot of newbie investors want to learn more about its blockchain technology and start trading online. But regardless of your intentions, whether you want to use BTC later on or you want to safely store your BTC, it is important to find a secure Bitcoin wallet. In this article, we have chosen some important things everyone should know about Bitcoin wallets, especially as a beginner in the crypto world.
Bitcoin wallets are essentially software programs required to make BTC payments and receive BTC. Every Bitcoin wallet has a corresponding Bitcoin address, private and public keys. You use your private key to authorize the BTC transaction, while you need a public key to receive BTC payments.
That said, you need a Bitcoin wallet in order to access your funds and use your BTC. Since the security of the provider of the wallet is of paramount importance, you need to make sure you carry out due diligence and get a safe wallet. There are many types of Bitcoin wallets, including paper, hardware, mobile, web, and desktop wallets.
If you want to access your BTC on any device, then this is the perfect choice for you. Furthermore, web wallets are a very appropriate option when it comes to trading online because you can open your account from your mobile or computer device; as long as you have an internet connection, you can access your BTC.
But, because the keys are stored online, on a third-party server, you need to choose a reliable wallet and trading site. Crypto Engine UK is a great trading site that collaborates with tier-one trustworthy brokers and provides a safe trading experience to its members. If you’re a beginner, you can read the 7-page trading guide and get ready to trade online. The minimum deposit you need to make is $250 before you start trading here.
This was more popular during the early years of Bitcoin trading, but today, there are actually lots of other options that you can check out. Otherwise, the software randomly generates your private and public keys, and you have them printed out on a piece of paper, along with a QR code. Because very valuable data is available on paper, you need to make sure your sensitive information is kept safe.
Your desktop wallet will be installed on your personal computer, and it is safer than the other mobile and web wallets. You don’t need to be connected to the internet in order to access your BTC, but you need an internet connection if you want to trade online, or make a purchase online, for example. Hence, you need to make sure your computer is protected from computer viruses and malware.
When it comes to hardware wallets, they are high-security wallets that store your funds offline. This is a very safe type of wallet, as the BTC is stored on separate equipment from your mobile or desktop devices. You can connect it to your computer through a USB port, though. When you’re looking for a long-term storage solution, then a hardware wallet is a top choice.
With the explosion of offline stores that accept BTC payments, a lot of people want to have a mobile wallet that allows them to shop safely and quickly in brick-and-mortar businesses. A mobile wallet is an app on your mobile device, and it is offered from a specific provider, and there are different features, from one provider to another. But again, you are able to make payments online as well as offline. The main vulnerability of mobile wallets is malware.