A bitcoin wallet is a device and a physical medium which stores the private and/or public keys.
There is a bitcoin wallet suited to the needs of each user. Choosing one is the first step to start interacting with the world of digital money. Although there are many choices of wallets, it is difficult to choose which is the most suitable for each user. Here we guide you explaining what the best bitcoin wallets are, how they work, and how you can get one?
What is a digital wallet for bitcoin?
It is also called a wallet, portfolio or wallet. That represents a virtual location where digital currency is stored, in this case, the bitcoin (BTC). There may be hundreds of thousands of purses in a cryptocurrency network and each identifies its owner unequivocally. It is used to store, receive and send bitcoin or other cryptocurrencies such as Ethereum, Bitcoin cash etc. What is difference between bitcoin and bitcoin cash?
How to get a Bitcoin wallet?
How does a wallet work?
A purse works in conjunction with the bitcoin blockchain. A wallet is composed of a pair of keys and the graphical user interface is presented to the user in software. The key pair concept is a typical solution of asymmetric cryptography.
In this way, each purse belonging to a user is unambiguously identified in the chain of blocks. The private key is used to access the wallet and manage your funds. In addition, it is the element used to sign a transaction issued to the blockchain. You must not share your private key for any reason.
On the other hand, the public key is the address that a user uses to receive funds. It works as an account number which can be shared with other users who wish to send you funds. We usually refer to the public key as our Bitcoin address.
How to get a Bitcoin Wallet?
Bitcoin Wallet is an essential piece to be able to operate with this cryptocurrency. If you do not have one, you cannot send, store or receive bitcoins. However, you could invest without needing a purse, using a broker that operates with derivative contracts.
What kind of Bitcoin wallets exists and which ones are the best?
1. Bitcoin wallets online or with web access:
These bitcoin portfolios are the easiest to use because it is enough to register in a company or exchange as Coinbase or localbitcoins. We can access them through an app on our mobile or web browser. Learn more about the wallets here.
Generally, the control of private keys is shared, something that does not have to be negative or less secure but we always recommend moving your funds to a bitcoin wallet in which only you have control.
2. Bitcoin software purses:
Software wallets include all programs that are installed natively on a device. They can be oriented to a specific cryptocurrency but there are some applications that allow creating purses for several cryptocurrencies simultaneously.
In general terms, they are more secure than an online wallet. But depending on the program, they can also present some vulnerability.
One of the advantages is that you will have access to your private keys which opens up new possibilities, such as access to bifurcations or airdrops. You will find purses for computer, mobile or tablet.
3. Hardware purses:
Hardware purses are one of the safest alternatives in the market. They are small devices, which you can connect to your computer via USB. System allows you to operate like any purse but they provide advanced security features.
They use what we call the main seed: a random combination of words, which serve as unique access to each wallet. The way to secure capital has caused many to call them the safes of the future. The best known are Ledger and TREZOR.
4. Paper purses:
For the most paranoid, there are some programs that allow you to create your key pair, generating a printable page, which will never touch the Internet.
In this way, your keys will not be available to viruses, malware or hackers. Although it is a good option, at some point you will have to use the information in your paper purse to access your funds. Very used in bitcoin ATMs and in some online purses. They usually include a QR code for public and private keys.
How to get or create a Bitcoin wallet? Tutorial:
We have decided to use Coinbase as a classic example to open a Bitcoin wallet. However, you can explore the rest of the options listed in our list by visiting our reviews for more information.
1. Open an account in Coinbase:
This is one of the best platforms for the exchange of bitcoins and also provides a bitcoin wallet to store your funds safely.
You can use this wallet from your web browser or download the mobile application. For this you only have to register and open an account, as in any other service they ask you to enter your email and that you follow the steps to fill in all the fields with your personal data.
2. Account registration and verification:
Once you enter the website, you must fill out a form with basic information to register. Once registration is complete, activate your account using the link received in the specified email. In order to start using the service, Coinbase will ask you to fill in additional forms indicating: name, address of residence and uploading a digital copy of an identity document (driver’s license, ID or passport).
3. Start using Coinbase:
You can use the platform to buy digital currencies using fiat currencies like the Dollar. In this case, we are interested in accessing digital wallets. To do this, simply go to the “Accounts” option in which you will find the Bitcoin wallet with its corresponding public address.
In addition, you will receive a QR code so that others can identify your address easily and without any possibility of error. Once you have funds, you can also make transfers to other users easily.
You can use your bitcoins in many ways. One of the purposes is online betting with bitcoins, which is very popular lately. At Coinbet24.com – a bitcoin gambling website, you can find big bitcoin sportsbook offer and also different slots and casino games.