Just as important as buying Bitcoin is, choosing where to store it, also is. Storing bitcoin or other cryptocurrencies safe is as crucial as buying through a secure exchange. As you would maintain a savings account for long-term money storage and an account for daily debit card purchases, Bitcoin wallet, seemingly would involve at least two wallets.
First of, the word “wallet” may not represent its use in the actual sense, as they don’t actually store funds. Rather, each wallet stores one or more private cryptographic keys, which are necessary for passing through cryptocurrency funds that are stored in different bits on a decentralized system which is the blockchain.
As it is, using the right bitcoin wallet for you comes down to a series with security on one end and ease of use on the other.
So, what’s the best bitcoin wallet in 2020? How can I store my Cryptocurrency after buying it? What is the best way to keep Bitcoin? This article seeks to answer these and many more. Here are the best bitcoin wallets in 2020.
Best Bitcoin Wallets In 2020
There are diverse Bitcoin wallets, however, the wallets can be divided into two main categories; Cold Storage Wallet and Hot Wallet.
Hot Wallet & Cold Storage Bitcoin Wallet
Hot wallet refers to any cryptocurrency wallet that is connected to the internet. Generally hot wallets are easier to set up, access, and accept more tokens. But, hot wallets are also more prone to hackers, possible regulation, and other technical issues.
Cold storage refers to bitcoins kept offline. Cold storage is often seen as even more secure than a traditional wallet. It involves storing bitcoins offline—that is, entirely separate from any Internet access. Keeping bitcoins offline substantially reduces the threat from hackers. There is no need to worry about a hacker gaining digital access to a wallet when the wallet itself is not online.
Here are the four different types of Bitcoin wallets that you need to know about.
A software wallet is a computer program designed device to secure your cryptocurrency while allowing only you to access it. A wallet is software that interacts with the network of recordings (blockchain) and lets users receive, store, and send their digital money.
Online wallets are the easiest to use among all different types of Hot Wallets. Creating an online wallet is as simple as signing up for a new account on BlockChain. This wallet can be accessed from any computing device connected to the Internet.
A paper wallet is a piece of paper containing both the private and public keys to a single bitcoin address. Paper wallets are a cheap and secure way to store bitcoin savings, having been around since the earliest days of Bitcoin.
A hardware wallet is a rather unique type of Bitcoin wallet that stores the user’s private keys in a secure hardware device. It is the most secure way of storing any amount of Bitcoin. There have been no verifiable incidents of money being stolen from a hardware wallet.
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