Bitcoin wallet - is a fairly common term in the cryptocurrency market, if you do not know what a Bitcoin wallet is? What is the bitcoin wallet address? What types of BTC wallets are there? Where to create a safe, reputable, best bitcoin wallet today that you should use, this article will help you. I Love Bitcoin will share with you the popular Bitcoin wallets that are used by many investors to store BTC, ETH and Altcoins safely. Start…
What is a Bitcoin wallet?
You imagine Bitcoin (BTC) Just like the paper money you use every day, and to store money, you need a wallet or deposit into your bank account, and there are many banks for you to choose to send money like Vietcombank, Techcombank, Vietinbank, ACB. ... Bitcoin too, it also needs a wallet to store, but Bitcoin is different from paper money that it exists in a physical form that cannot be held and held, so it can only be deposited into Electronic wallet, there are many kinds of electronic wallets like banks. I will list the types of wallets below.
What is the Bitcoin wallet address?
Simple then Bitcoin wallet address (Bitcoin Address) is the same as Bank account number So, it also has the form of a sequence of characters and numbers, this wallet address will be used to deposit / withdraw your BTC. You can also use the wallet address to check details of your transaction information such as time, number of BTC, status of transaction confirmation, address of receiving / sending wallet, etc.
And note, each e-wallet service will give you a different BTC wallet address, and also a wallet that allows you to create multiple BTC wallet different. Like a bank, each bank will be a different account number and one bank will allow you to open multiple accounts.
For example an BTC wallet address: 3LMdcJnPVsojSGJQBbq1NFaXw24XVgGztp
What are hot and cold wallets?
You may not hear about the term “Hot wallet”(Online wallet or web wallet) and“Cold wallet”(Offline or hardware wallets), but these are the two most popular Bitcoin storage wallets as well as the other most popular coins today, each with its own advantages and disadvantages.
1. Bitcoin hot storage wallet
The wallet used for trading your Bitcoin whenever you need to connect to the internet to connect to the Bitcoin network. Bitcoin online wallets are usually online, so an internet connection is required.
- Advantages: Hot wallets have the advantage of registering to create a free Bitcoin wallet, easy setup, convenient to use when trading, buying or selling.
- Defect: The level of security is not high, not as high as cold wallets, but many hot wallets are still very good security and credibility.
2. Bitcoin cold storage wallet
Bitcoin cold wallet It is also a wallet for trading Bitcoin but you do not need to be connected to the internet to still be able to trade, because it is used to store Bitcoin offline.
- Advantages: Hard wallets are the best type of secure wallet you can store Bitcoin for, since there's no connection to the Internet, hackers can't hack your money. Of course, there is still a risk, for example if you lose your wallet and forget the recovery code, you will lose money.
- Defect: The cost to buy a cold wallet is quite high from 2.5 million to 3.5 million VND, if you are a small investor, the purchase fee is not small. In addition, Bitcoin cold wallet setup is a bit complicated if you are new, sending / receiving transactions are not as convenient as hot wallets.
Many still ask me "Should you use a cold wallet or hot wallet to store Bitcoin, Ethereum and Altcoin?”As I mentioned above, you depend on the needs and compare the pros and cons of these two types of wallets to choose from. For me, I have used mostly online wallets for convenience, some online wallets are very reputable and have high security. Below will be TOP 4 categories Bitcoin wallet reputation, the most popular today.
Top 4 best cold wallets, hot wallets for storing Bitcoin, Ethereum and Altcoin
1. Web wallet online (hot wallet)
Online web wallet - a wallet that can be said to be the most popular today, you can Sign up for Bitcoin wallet and altcoins are completely free and set up quickly to trade coins. With web wallet is divided into two types of wallets are:
- Service web wallet: That is, a web wallet platform dedicated to storing Bitcoin or even some other altcoins, created and supported by a certain company. With web wallets Coinbase and Blockchain are two types reputable bitcoin wallet Most of the current you can use to store Bitcoin and Ethereum, these two wallets also have a mobile wallet. See instructions for creating and using Blockchain and Coinbase wallets below:
- Wallet trading floor: The international coin exchange usually when you create an account to buy and sell coins they will also give you wallet addresses to store coins, with Bitcoin almost every floor has a wallet. But wallets usually only store for a short time to facilitate the purchase, you should withdraw to separate wallets will be safer, when you want to trade, then transfer later.
2. Software wallet on computer (hot wallet)
Software wallet (Software Wallet) is a hot wallet, you can download wallet software to install directly on your computer to manage money. In addition, some wallet software that supports both applications on the phone is very convenient and safe. Bitcoin wallet The software has the advantage that you can always keep the Private key, that is, your money is controlled by you, their wallet service only provides the platform for you to manage, not keep your money.
Some types of software wallets that help store BTC prestige and best today such as: Exodus, Jaxx, Bitcoin.com, Electrum, Bitcoin Core, .. I will have instructions for installing, creating Bitcoin wallets and using these wallets later.
3. A cold storage wallet or Bitcoin hardware wallet
Bitcoin cold storage wall is shaped like a USB, it is completely separated from the internet environment, when you want to trade, you can connect the cold wallet to your computer via USB. So hackers completely give up if you want to steal money in your Bitcoin hardware wallet. With this type of wallet, I can list some of the best Bitcoin wallets today: Ledger Nano S, Trezor and KeepKey. If you do not know Where is Bitcoin stored? cold wallets are a good choice for you. I have had a tutorial on Ledger wallet extremely detailed, you see below:
4. Paper Wallet Bitcoin (Paper Wallet)
Bitcoin paper wallet good Paper Wallet is a cold storage wallet, as the name implies, Bitcoin paper wallet is a paper, on which the Private key is printed, the address of the BTC wallet and your QR-code code to use when needed. The advantage of paper wallets is that they do not need to be connected to the Internet to be able to trade normally, avoiding the threats from hackers, but the disadvantage is that they are easy to tear, break and if lost, you will not be able to get your money back. .
Some websites allow you to create Bitcoin paper wallets. I will also have instructions for creating and using paper wallets later.
5. Some of the best Bitcoin wallet apps on mobile
The safest Bitcoin wallet Among the hot wallets that I see are mobile wallets, there are many types of Bitcoin wallets on your phone to choose from. Below I will list some reputable wallet applications that support the safest Bitcoin coin storage.
And much more Bitcoin wallet application on the phone Other, but maybe the above wallets are enough for you to choose already. Most of the wallet services above fully support the version for IOS and Android.
Above is his whole share on the topic What is a Bitcoin wallet? and introduction The most reliable, secure and best Bitcoin wallet that you should use to store your BTC coins. In general, depending on the needs you choose the appropriate type of wallet, if you invest in Bitcoin long-term and do not need much transactions, you should use a cold wallet or paper wallet and then put them in a safe, and often buy and sell. Use hot wallets for convenience, the ones I mentioned above are reputable and very safe, so you do not need to worry too much about security.
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