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Types of Bitcoin Wallets

Posted: Mon Jul 22, 2019 9:31 am
by RobertZ
There are 5 types of bitcoin wallets:

1) Mobile wallets;
2) Internet wallets;
3) Paper wallets;
4) Desktop wallets;
5) Hardware wallets.

Each of these wallets works well. The situation and the need for a wallet determine the correct wallet to use.
Understanding your personal needs and use in each case is absolutely necessary to choose the right bitcoin wallet.

Mobile Wallets
These are applications downloaded to your phone.
Best used on the go. A good use is the purchase of coffee. Great for travel. Not suitable for storing large amounts due to safety and continuity.
Mobile wallet example - https://bitcoin.org/en/wallets/mobile/a ... oinwallet/

Online Wallets
These are online wallets where only a login is required. No apps or downloads.
It is best to use when sending cryptocurrency to the exchange for buying or selling. Not the best way to store any amount when you do not trade, since most exchanges do not allow you to access your private keys. If you do not own your private keys, you do not own Bitcoin.
Online wallet example - https://bitcoinofficial.org

Paper Wallets

Printed on paper and stored physically.
Best used for cold and long-term storage. Not suitable for daily use and transactions.
Paper Wallet Example - https://www.bitaddress.org

Desk Wallets

Download to your computer.
It is best used as intermediate storage and can be used for longer periods.
Table wallet example - https://electrum.org

Hardware wallets
These are small physical devices that are purchased and connected to a laptop, Mac or PC to store private keys.
Best used for short, medium and long term storage. Offers maximum security for cryptocurrency storage. A large number of digital assets are best stored on hardware wallets.
Hardware wallet example - https://trezor.io