Wallets come in different sizes, shapes, and designs. Wallets are convenient companions that keep banknotes clean, crisp, and usable. They remove the need to always go to the bank to withdraw legal tender for day to day use.
Wallets keep money safe that buys us luxuries and necessities alike.
What if I told you that you don’t need banknotes anymore to buy.
Electronic money is the new banknote but I’m not talking about credit card money.
Do you know this new form of money exchanged in seconds, that is borderless and traded online?
It can buy you as much as a credit or debit card but the fees are unbelievably low.
Bitcoin is the new form of money; electronic money.
So how is Bitcoin, digital cash, stored in a wallet?
Learn some bitcoin wallet basics.
Bitcoin is stored in wallets, just like money, though it’s not tangible nor can it be seen.
A bitcoin wallet is a software program that stores your bitcoin. So, what is actually kept in this wallet if not bitcoin?
Your private and public address keys are secured in your bitcoin wallet. The Bitcoin you own is a transaction recorded in the bitcoin distributed ledger or public blockchain. What are these keys?
Public address keys enable you to receive bitcoin from other addresses while the private address keys enable you to spend your bitcoin.
Come with me. I want to show you the types of bitcoin wallets.
These are physical devices that enable you to store your private address keys with the utmost security. Let’s study them.
Ledger Nano X
This is a Bluetooth enabled wallet that has a built-in battery and enough memory to install as many as 100 applications. This wallet is secure for your private keys with the ability to interact with other software wallets and Dapps.
The standout merits are;
• Its mobility enables you to manage bitcoin no matter where you are because you need not plug it to your computer.
• The Ledger Live and Bluetooth apps enable you to receive and send bitcoin no matter where you are.
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A small car-key sized device launched in August 2014 as the first bitcoin wallet.
Trezor is a secure, offline, cold storage medium that spends tokens with the same convenience as a hot wallet.
The beauty with this wallet is that you can use it with a computer infected with malware. This gives you the confidence to spend bitcoin knowing no harmful program can siphon your assets.
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Touted as the ‘everyday wallet’, CoolWalletS is waterproof, flexible, and temperature resistant. It’s also tamperproof and has a rechargeable battery.
This wallet combines hot and cold storage solutions, it’s as mobile as a software wallet and secure as a hardware wallet.
Like the Ledger Nano X, it is used on the go and enables the exchange of currency through Bluetooth.
Get this CoolWalletS and enjoy its convenience with your Android or iOS phone every day.
Opolo is a secure and user-friendly hardware wallet.
Opolo has the highest rated secure element of EAL6+ making it a highly safe hardware wallet from cyber attacks. It’s easy to backup, recover, and utilizes longer passwords. You can readily exchange coins on the Opolo platform without the need to externally exchange one coin/token for another.
Software Wallets provide you the best bitcoin wallets for android phones and PCs. These are programs that enable you to store your private keys on your device.
Exodus is a secure, easy to use, and beautiful desktop interface. It supports 100 different cryptocurrencies apart from bitcoin.
It is useful for beginning users that don’t have large sums of bitcoin owing. It’s available for Windows, Linux, and OSX.
This wallet is as secure as the computer installed. This means you need to ensure your PC has the latest anti-virus to keep a check on the web malware.
This is an easy-to-use desktop interface with an awesome design and has multiple coins. It is available on Android, IOS, OSX, Chrome, Windows, and Linux.
It is easy to switch between coins and cross-platform pairing is enabled. Like the Exodus wallet, you enjoy securing your private keys on the device installed with Jaxx.
Additionally, you can back up the wallet using a unique mnemonic seed that you write and keep safe. This will be used to restore your wallet to a new device.
This a multi-currency desktop wallet built with security and anonymity in mind of the end client.
It is simple to use, enables adding custom ERC-20 tokens, and allows trading of coins peer-to-peer through the wallet.
This wallet gives you the freedom to hold your own private keys on your PC in an encrypted form. The most unique feature is the ability to swap tokens without the need of a centralized exchange. Atomic swaps.
This is a mobile wallet formed in 2008 that combines innovation and convenience. It stores, trades and sends bitcoin.
It has a fast connection to the bitcoin network and enables you to store your private keys on your smartphone.
It’s secure because the backup is by enterprise-level security features including HD security and extensive options for securing your private keys.
This is a mobile wallet that has similar features as Mycelium though it’s superior in its ability to exchange coins, its user-friendly interface, and the privacy of transactions on the internet.
It’s also vital to mention that Coinomi
is a secure multi-currency wallet.
This is a cold storage and offline wallet that has two key addresses printed in QR form; a public key address and a private key address.
Paper Wallets are among the most secure wallets because you keep the private keys. Unlike the online wallets that are always at risk of hacking, paper wallets are offline and erased from the computer for safety reasons.
Your bitcoin is as secure as the place of storage of the paper wallet. You can increase the durability of the paper and writing by laminating the printed copy. Reduce the risk of use of your private keys without your knowledge by using tamper-proof seals.
I believe the reading journey through these types of wallets is informative.
Hardware and paper wallets are ideal for you if you have large amounts of bitcoin that need a trustworthy medium of storage.
Software wallets are ideal for traders and frequent shoppers. Traders choose wallets like Exodus that offers privacy and security of private keys. Shoppers always prefer the mobility of the Android app wallets like Coinomi.
Many like easy movement, security, and exchange or swapping of coins one-stop-shop. The atomic wallet combines these benefits well.
Make the best bitcoin wallet decision today.