What is a Bitcoin wallet?

Bitcoin Wallet

Bitcoin Wallet

A Bitcoin wallet is a software that acts as a digital wallet that allows you to store send and receive bitcoins. The wallet works on a private key that is more like a digital signature that allows you to make secure transactions. You can create multiple keys to protect your balance. These keys are used to move money by solving mathematical problems that are validated by the Bitcoin mining network. After your purchase of best bitcoin mining hardware its time to open a wallet.

Kinds of Bitcoin wallets

There are different and commonly used types of Bitcoin wallets. Choose the one that suits you the best in order to carry out transactions smoothly.

  1. Online Bitcoin wallet

Online wallets are those wallets that can be accessed from any device that is connected to the internet.

  1. Bitcoin hardware wallet

A hardware bitcoin wallet is a physical device that is used to store bitcoins. It is the most secure way to store your bitcoins.

  1. Software wallet

There is downloadable software such as applications designed for your mobiles, tablets and laptops that have the ability to store your bitcoins. Such applications are called software wallets.

  1. Paper wallet

The private key printed from an offline wallet that has never been connected to the internet is known as the paper bitcoin wallet.

Bitcoin Wallets for different operating systems 

The Bitcoin network has created different wallets for different operating systems to ensure compatibility. Each wallet is designed according to the requirements of the operating systems to make the process easy and user-friendly.

Android

Bitcoin wallets for devices working on Android are;

  • Lykke
  • Bitcoin wallet for android
  • Airbitz
  • GreenBits

IOS

Bitcoin wallets for Apple device are;

Desktop

Bitcoin wallets that are compatible with desktops are;

  • Armoury
  • Bitcoin core
  • Electrum
  • Multi-bit HD