What Bitcoin wallets are?


A Bitcoin wallet is extremely important if you are going to deal with this cryptocurrency. Like anything else, each of them obtains strengths as well as weaknesses. Before you pick one, you should know what Bitcoin is.


What is Bitcoin?

It is the first cryptocurrency which was launched in the far 2009. It is also known as a decentralized digital asset which requires no traditional intermediaries for financial transactions such as banks and governments. The digital currency makes use of peer-to-peer technology which happens to be a network of individuals and cryptography. This means that the information which passes between the sender and receiver remains secret making the process safer.

What kinds of digital wallets are there?

Basically, there are two kinds of Bitcoin wallets:

  • Hot wallet where the digital asset is stored in the cloud on a trusted provider or exchange. The users can access it with the help of a smartphone or desktop app and a computer browser.

  • Cold wallet which is an encrypted portable device that is like a thumb drive. Using it, people can download and carry their cryptocurrency.

Generally speaking, a hot wallet is always connected to the internet which differs it from a cold wallet. The thing you should consider is that you can download Bitcoin into a cold wallet only with the help of a hot wallet.

The seven best Bitcoin wallets

There are several wallets you can use, so here is a list of the best Bitcoin wallets:

  1. Coinbase. This wallet is regarded as the best overall. It is one of the easiest means of purchasing, selling and holding cryptocurrencies. With its help, people can connect to their bank accounts and transfer money with minimum effort. They can make use of the money or transfer it. One the one hand, it is extremely user-friendly. On the other hand, Coinbase is a safe wallet as it obtains firm security. Moreover, the wallet is updated and improved regularly. 

  2. Trezor. This one is one of the best Bitcoin wallets due to its security. It fails to provide the users with a full selling and buying service like the above wallet because it is just for storing Bitcoin. Trezor happens to be a physical device to plug into a PC, smartphone or tablet to access Bitcoin. This wallet operates with many different cryptocurrencies working like a password manager. 

  3. Electrum. It happens to be a software wallet. This implies that Bitcoins are kept in a set of encrypted files on a user`s PC. currently, it is available for Linux, Windows, Android, Mac OS x and Python. The Bitcoin wallet can operate with some physical wallets. The major advantage of this one is that the users are able to store the cryptocurrency right one their computer. The drawback is that the coins can be lost if the computer crashes or is hacked. There is a recovery process allowing the customers to create cold storage with a handwritten or printed set of keys.

  4. Blockchain. This technology, in fact, allows all the cryptocurrencies to exist. This wallet is similar to Coinbase in terms of being an online wallet. The users can also sell and buy with its help in over 35 countries worldwide. Another good thing about it is that there are very small fees for sending and receiving cryptocurrencies with its help. You should keep the wallet safe by completing the three main security features – two-factor authentication, email verification and back-up security phrase. 

  5. Robinhood. Originally, Robinhood was a free stock trading platform which now includes other investments such as cryptocurrencies. This one is considered to be one of the best Bitcoin wallets because it combines a wallet and an exchange. Despite that, it is impossible to transfer money to and from Robinhood with a different wallet. Although it was mainly developed for mobile phones, there is a desktop version as well. The best part about this wallet is that it is free of charge. The users pay no commissions when they sell or buy Bitcoin. 

  6. Exodus. This one is a software wallet which is similar to Electrum, but it is more intuitive. Its security benefits are similar. The same time, it looks different. The wallet was developed for desktop only and allows the users to exchange and store Bitcoin right in the application. Although it requires no account setup, there is still private key encryption along with other security tools. 

  7. Mycelium. This wallet is meant to be used on mobile phones only. It is compatible with iPhone and Android versions. It is considered to be a more complicated Bitcoin if comparing to the mentioned ones. if you are an experienced user, though, you should manage it. 

What can I buy with Bitcoin?

When people find out what Bitcoin is and where they can store it, the next question is – what can you buy with Bitcoin? In fact, there are many things you can do with the cryptocurrency. Here are the major ways of using Bitcoin:

  • Travel. There is a number of travel platforms where you can use Bitcoins to book flights, hotels and more. CheapAir and Expedia are just two of them. 

  • Online products and applications. The biggest online retailers that accept Bitcoin are Bic Camera and Overstock. There are also Gyft and eGifter where you can buy gift cards in the cryptocurrency that can be redeemed at Amazon and other big retailers. 

  • Silver and gold. This is what else you can buy with Bitcoin. There is a number of companies such as GramGold, JM Bullion and APMEX which accept Bitcoin. the users can buy gold from APMEX for a price under 250,000 USD. JM Bullion even provides its customers with a four per cent discount on silver and gold purchases.

  • Real estate. This is about luxury real estate especially. There is Bitcoin Realm Estate with the help of which any user can sell or buy a house directly on Bitcoin. 

  • Charities. This is one more way you can make use of Bitcoin. this is thanks to the transparent and direct nature of Bitcoin. 

The mentioned above are not all the available options. If you want to know what else you can buy with Bitcoin, you can find more information on the internet. Generally speaking, Bitcoin wallets are convenient for those using this cryptocurrency. Get one and make your life easier.

 


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