Bitcoins are stored in
the wallets which acts a digital storage. It stores the private key which would
be required to access a bitcoin address and to initiate payment transactions.
Wallets usually come in various forms and each one is designed for specific
types of devices. You could even use the paper in traditional way for storing
the private key and avoid the use of computer at all. It is extremely important
to secure and back your bitcoin wallet from time to time.
Bitcoins had emerged as
a modern alternative for the cash; it is also regarded as a digital currency.
Now many merchants and companies had started accepting payment in bitcoins.
Bitcoins as they digital in nature they are stored in the digital wallets.
Types of Bitcoins Wallets
Bitcoin wallets mainly
are of four types:
a.
Desktop Wallets
b.
Mobile Wallets
c.
Web Or Online
Wallets
d.
Hardware Wallets
Desktop Wallets Features
The bitcoin client
popularly known as Bitcoin Qt is a desktop based wallet. This allows in
relaying the transaction on the Bitcoin network and this software also enables
the user to create bitcoin address for sending and receiving the digital
currency. Your private key is securely stored on this wallet as well.
The desktop wallet
comes in different varieties which work fluidly on specific operating systems.
Mutlibit bitcoin client runs on Windows and Mac OSX and Linux. Hive is another
desktop wallet which an OSX based wallet and posses some unique feature which
allows the users to connect to an app store that directly connects to the
bitcoin services.
Mobile Wallets Features
Mobile wallets assist
you making the transaction while you are away from home. Mobile wallets are as
simple as running an app on the smartphone, this wallet stores the private keys
for your bitcoin address and allows you pay directly from your phone.
Mobile wallets for the
Android based OS are Myceliu, Xapo, Bitcoin Wallet and Blockchain. Blockchain has
a special feature which keeps the bitcpoins encrypted on your phone and backed
it upon a web-server.
Online Wallets Features
Web based wallets
simply store your private keys online. They also have a special feature which
allows them to link it to your mobile and desktop wallets by replicating your
addresses between the different owned by you. Web wallets give you the
advantage of accessing them from anywhere in the world as well as regardless of
the device you is using. Coinbase and Circle are the example of some widely
used web wallets for storing bitcoins.
Hardware Wallets Features
Currently hardware
wallets are extremely limited in numbers. Hardware wallets are dedicated
devices which can hold your private keys electronically and allows the
payments. Trezor and Mycelium both are having the wallets in development but
they had been introduced in the market yet.
Bitcoin Wallets Safety Depends Upon You
Bitcoins wallets safety
essentially depends upon the users management skills. If you use it to buy bitcoins but you lose your wallet
due to hard disk crash, cyber theft or misplacing your private keys, then you
would simply lose all your bitcoins. Bitcoins are safe as long as your wallet
is not accessed by someone else or you lose it.
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