Wallets

This page shows information and articles about cryptocurrency wallets

If you’ve made the decision to buy some bitcoins or any alt coin, you may now be asking yourself how to store the digital currency. One way is to store your cryptocurrencies in an exchange like Bittrex, Binance, Kucoin, Yobit, Poloniex, or Coinbase. In a way this is a unsafe way to store your cryptocurrencies as exchanges can be shut down or hacked. One of the most infamous stories about this is Mt Gox. There is also a positive side on holding your cryptocurrencies on an exchange as you can trade it more quickly once the price rises or falls.

Another way is to store your cryptocurrencies in a wallet. 

The private keys (note: they are private, don’t share it…..no, don’t share it) that are necessary for accessing a cryptocurrency addresses are stored on a “wallet” In general, wallets grant you access to your public address and allow you to sign off on transactions, but they differ based on how you choose to access them. Factors to consider when choosing the best bitcoin wallet for you include security, anonymity and control.

Desktop wallets allow users to create an address for sending and receiving cryptocurrencies and provide a place to store the private key for doing so. This can be done by downloading software to an individual computer.

Mobile wallets, accessed through apps, allow users to transact on the go. While “full Bitcoin” clients download the entire Bitcoin blockchain, mobile wallets are designed to utilize only a small fraction of the blockchain and rely on other nodes within that network to access the remaining necessary information.

Custodial wallets, which store Bitcoin keys on the internet through a third-party website, also allow users to access their bitcoins from almost anywhere. There is, however, the potential danger associated with entrusting someone else with that information.

There are also wallets that store private keys on physical devices, like USB sticks, external hard drives and hardware wallets.

Ultimately, the choice of a cryptocurrency wallet will come down to an individual user’s preferences. Whatever you decide, it will be a crucial aspect of their experience with the digital currency.

Source: Bitcoinmagazine

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