Bitcoin has become increasingly popular as its value appreciates by the day. Although there is some volatility in the crypto market, Bitcoin (BTC) has proven itself beyond any doubt. Currently, its value is USD $13,794 and it is expected to increase in value over the coming days.
If you own BTC, you store them in a Bitcoin wallet. This is a software where the digital coins are stored. The owner is also given a secret key to the wallet that works like a password to protect the digital money. Whether you are new in the crypto world or not, there is a lot that you need to know about a Bitcoin wallet. Otherwise, you might expose your investment to malicious people.
Types of Bitcoin Wallets
- Web Bitcoin wallet – As one of the most common wallets, users can access it from anywhere with internet access. Usually, they are hosted by third party companies who ensure that they are secure and they can offer users other services such as crypto exchange services.
- Mobile Bitcoin wallet – This comes in the form of an app made and managed by third parties that are installed on Android and iOS mobile phones. They also allow users to access them on the go as long as they have internet access. Some use NFC and other wireless connectivity to make and receive payments to your Bitcoin address.
- Desktop Bitcoin wallet – This is installed on a computer and may work just like the mobile wallet. The user is in full control and the wallet works as the address to receive or send money.
Bitcoin Wallet Security
Your first concern is securing your Bitcoin wallet, which is done in a couple of ways. Keeping the secret key to yourself is a great line of defense. The other one is making sure that you have the right wallet such as the ones that we have discussed above. Additionally, let a reputable third party host manage the platform where you run your wallet.
Every time you use your Bitcoin wallet, make sure that the internet is safe and that your device has an antivirus system. Most of the attacks in the blockchain come as malware with the ability to steal your information and access your Bitcoin.
Lastly, it is worth taking care of the physical device on which the Bitcoin wallet is installed or accessed. In the case of mobile and desktop wallets, others might access it if you are already logged in. So, keep the device secured as well.
Bitcoin Wallet Hosts
The web is flooded with different Bitcoin wallet hosts. Some platforms are good for beginners while others are good for experienced users. Some are free while others are charged. While choosing a host of your choice, security and reliability are the two key points. As mentioned above, the crypto world is very unsafe. Reliable Bitcoin wallet hosts offer their clients enough support to successfully run their wallets in a conducive environment.
Paid Bitcoin wallet hosts offer premium services to their customers such as security and support. On the flip side, the free ones might have a drawback that compromises your security. It is better to pay, especially if you want to use Bitcoin to transact a lot. Fortunately, they give value for money and you will not regret it. Make the right decision now.
Conclusion
A Bitcoin wallet is crucial for you to invest in Bitcoins. As mentioned, it will work as the address to send and receive coins during a transaction via the use of secret keys. With all the above insights, then you are good to start off.
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