Bitcoin, the king of cryptocurrencies by market cap, is extremely popular nowadays. However, it is not the currency that we can put inside our wallets or just give to a bank. The way of its storage is completely different.
Bitcoin wallet is a tool that helps the user to manage Bitcoins easier. It is an optimal solution for people who deal with Bitcoin operations every day be it storage, transactions or withdrawals.
The wallet itself does not hold the virtual currency. It is usually used to store private keys (secret number) that provide the user access to his Bitcoin address.
The great advantage of Bitcoin wallet is that you have access to your account at any place of the world. However, it is impossible to give 100% insurance for their safety, as almost all the wallets (despite what their producers claim) may become victims of hack or fraud. Be careful not to lose your devices with wallet installed, watch out virus programs and try to avoid using wallets that require internet connection (these are most often become subject to hacks).
There are different types of Bitcoin wallets each having its own requirements. They vary in their approaches to security and convenience. All in all, they can be divided into following sections:
- overall (daily usage);
- multicoin (crypto-portfolio management);
- only for Bitcoin;
- for ICO participation;
- online (for web access);
- multiplatform availability;
- hardware.
In the following infographics by BTCPlayMania, you may find the main characteristics, advantages, main purposes of each wallet, that will help you to choose the most suitable option for you.
