Congratulations! You’ve acquired some bitcoin, whether by mining or perhaps by buying them. Now it’s time to get down to business and store your hard-earned money in a wallet that is safe, secure, and easy to use. However, with hundreds of bitcoin wallets to choose from, where do you start? Never fear! Check out our guide to choosing the best bitcoin wallet.
1. What is a bitcoin wallet
A bitcoin wallet is simply a place to store your bitcoins. It’s much like an ordinary wallet, except it stores money instead of credit cards, gift cards, and coupons. A bitcoin wallet can be stored on your smartphone, tablet, desktop computer, or laptop computer. There are many wallets available to choose from. So how do you go about choosing the right one for you?
2. How to choose a bitcoin wallet
Many wallets exist, and there are hundreds more to be released in the future. The first step is to determine what you want from a bitcoin wallet. Do you want an app? Do you need your wallet to be secure? Do you need access from anywhere at any time? This will shape the type of bitcoin wallet that will best suit your needs.
Once you have a clear idea of what you need from your wallet, the next thing to do is search for wallets that match your requirements. There are all sorts of different bitcoin wallets available, and it’s important to consider the pros and cons of each type before deciding which wallet is right for you. You can find a full list of bitcoin wallets on bitcoin.org, but you should note that not all wallets are available for iOS or Android devices.
3. Types of wallets available
An online bitcoin wallet will be a perfect fit for your needs if you need access to your bitcoins from anywhere at any time. The issue with an online bitcoin wallet is that since it’s controlled by a third party, the provider has total control over your bitcoins. This means that they could go down or stop working at any given moment, potentially leaving you without your bitcoins.
4. Security considerations with wallets
All bitcoin wallets will come with the option to create a backup, and it’s highly recommended that you do so. Different wallets have different levels of security. For example, some offer 2-factor authentication. Also, bitcoin hardware wallets add an extra layer of security to your bitcoins so you don’t have to worry about someone getting a hold of access to your bitcoins without the physical device in hand.
5. The best type of wallet for you and your needs
Choosing your wallet can be made much easier by asking yourself which features are the most important to you. Here’s a list of things to consider when choosing your bitcoin wallet:
– Ease of use (can you use it on your mobile phone? Is it compatible with the OS you use?)
– Aesthetics (do you want a basic wallet or one that comes in colors or has cute graphics)…. though we beg this isn’t your number one priority.
– Security (how much security will you need in your wallet?)
– Privacy (does this wallet allow you to spend and move your bitcoins anonymously?)
– Control (can you always control the private keys needed to access your coins?)
– Advanced features (do you want a wallet that can create multi-signature transactions, be used as a physical bitcoin debit card, etc.?)
In short, research your options before choosing a wallet!
- How to transfer money to your wallet
After you have securely downloaded a wallet to your phone, computer, or tablet, it’s time to transfer some money into that wallet. There are many ways to purchase bitcoins from those who already own them (see the list of websites below). However, be careful when transferring money directly from a website as there is a chance they will not send the bitcoins.
Using your wallet’s address is the best way to exchange bitcoins. If you own a wallet, it likely came with an address. If not, there are many apps and websites that can generate one for you. Once generated (or obtained), anyone who wants to send you bitcoins must know your Bitcoin address in order to successfully transfer them to your account.
In summary, choose the wallet most suited for your needs, be aware of your security options, and take advantage of the many options above.
Thanks for reading!