Keep Your Coins Safe: The Ultimate Guide to Bitcoin Wallet Apps
These days it seems like everyone is investing in cryptocurrencies. If you are a complete cryptocurrency newbie, don’t worry. It’s not too late to invest in these new currencies.
The first thing everyone needs before they purchase Bitcoin or any other cryptocurrency is one of the many Bitcoin Wallet Apps. A Bitcoin wallet app is like your digital bank where you keep your cryptocurrency.
This guide to Bitcoin Wallet Apps will walk you through some of the more popular options and help you get started with your Bitcoin investment.
Bitcoin Wallet Apps
A crypto wallet is a Bitcoin software that allows users to store, send, and receive payments of bitcoin or other cryptocurrencies. Wallet programs store the users’ private and public keys and interact with blockchain platforms on your behalf to process cryptocurrency purchases.
If you want to invest in cryptocurrency, you need to get a Bitcoin wallet. There are a lot of different types of wallets for you to choose from. Each wallet has its own specific features.
Online wallets, mobile wallets, hybrid wallets, desktop wallets, and hardware wallets are all common cryptocurrency wallets used.
It is important to choose the right wallet because this will ensure smooth cryptocurrencies trading experiences and your wallet keeps your Bitcoin safe. Some wallets are easier to use and are perfect for beginner investors while other wallets require a degree of technical skill.
There isn’t a one-size-fits-all option when it comes to wallet programs. Let’s take a look at each type of wallet more closely so you can choose which wallet is right for you.
Online wallets can be used on your web browser. They are a popular choice because they are easy to set up and use. Anyone can register an online wallet with your blockchain information ad then purchase or trade Bitcoin.
The main drawback of an online wallet is some wallet providers hold onto your private keys. That means you don’t have total control over your cryptocurrency holdings. This leaves your wallet more likely to be hacked.
It is good practice to only use an online wallet if you are holding small amounts of Bitcoin or if you need temporary storage for your currency. Some popular examples of online wallets include Coinspace, Blockchain, and BTC.
If you are looking for a convenient storage method a mobile wallet is right for you. Mobile wallets like Electrum, Greenspace, and BTC offer quick and easy access to your digital money.
If you regularly pay for goods using cryptocurrency this is the way to go. Users can scan the QR code to make payment at merchants that accept cryptocurrency. It’s fast and easy.
Download a mobile wallet from the Andriod or Apple app store, enter your blockchain information and you are good to go. You can even hold multiple types of cryptocurrencies in some mobile wallets.
These mobile wallets are safer to use than online wallets however, it is a good idea not to store large sums of money on them. Smartphones are also susceptible to hackers.
And if you lose your phone or if your phone becomes damaged to where it can’t be used anymore, you lose your money too. You can access your mobile wallet via backup access codes but it is a very difficult process.
A hybrid wallet combines everything you love about a mobile wallet with everything you love about an online wallet. These wallets allow users to access their cash on their phones and through a web browser.
Hybrid wallets are convenient and great bitcoin apps for beginners. Keep in mind these are not the safest ways to store your cryptocurrency so if you are going to be investing in a lot of Bitcoin choose a different way to store your coins.
The desktop wallet is the OG of the cryptocurrency wallets. It was first created when Bitcoin launched back in 2009 and many investors still use them today.
A desktop wallet is a software application that is downloaded onto your computer. With this application, you can safely store coins on your desktop. Desktop wallets are unique because they download the entire blockchain of a cryptocurrency.
There are also light versions available if you do not need to download the entire chain. These light versions take up less space on your computer’s hard drive.
Investors choose desktop wallets because they are much safer than a browser and mobile wallets. However, they take much more skill to operate and they need regular maintenance to keep in proper working order.
Desktop wallets can be challenging for less technically savvy investors. Make sure you read up fully on your desktop wallet and know how to operate it before you choose this method to store your coins.
If you are looking to store large sums of bitcoin and you want to make sure your coins are 100% safe, you need a hardware wallet. A hardware wallet cannot be accessed by hackers.
Hardware wallets are USB devices and they contain your wallets private keys. They hold your investments off line making them a much safer option.
A hardware wallet requires some setup. You will always need to make sure your hardware wallet is backed up too just in case it gets damaged or lost. Install the wallet’s software on your computer so that you can receive bitcoin or other cryptocurrencies to your wallet’s public address.
Once you have completed your transactions online you disconnect the hardware wallet from your computer and put it somewhere safe. Two popular choices for hardware wallets are Trezor and Ledger Nano S.
If you are going to be investing in large amounts of coins invest and purchase a hardware wallet. You’ll be so glad you did when you don’t lose your coins to hackers as other investors do.
Choose the Wallet That Is Right for You
We all have different reasons for getting into Bitcoin and cryptocurrency trading. That’s why there are so many different types of Bitcoin Wallet Apps.
Use this guide to choose a wallet app that fits your needs whether you use bitcoin to purchase your coffee at a local shop or trade thousands of Bitcoin online. If you enjoyed this article read our latest cryptocurrency articles now or study up on blockchain with our blockchain articles.