Store Your Bitcoin Safely With The Help of Any Bitcoin Wallet

Bitcoin is the new-age digital currency. It is not a traditional currency but you need a storage place to store them. When you buy Bitcoins, you need to have a crypto wallet to store them safely. From the wallet, you will be able to make transactions, purchases, and investments. Bitcoin wallet has the safest storage facilities as you will not be able to make any transactions without the code or the PIN. It has a private key address that works like a password, and you can store the private key online or offline according to your wallet type and convenience. ALso you may want to know why Bitcoin Price could keep rising.

The need for A Bitcoin wallet

Bitcoin works on blockchain principles, a secure digital ledger. Whenever you are willing to make any bitcoin transaction, you have to input the private key or the password to get access to your bitcoin holdings. The private key is the way to your bitcoins. So, if your private key is lost, you can’t access your cryptocurrency. And, if it gets to the notice of the hackers; you will lose everything with a single click. Hence, it is necessary to keep the secret key safely and that is why you need a safe bitcoin wallet.

Since Bitcoin is decentralized, you will not have any option to call any customer support for help. Hence, if you are new to any bitcoin exchanges, you must be cautious while handling your private key.

Types of Bitcoin Wallets

Just as you store or invest your money safely in various ways, Bitcoin wallets also give you a wide range of different storage facilities. Hence, you can keep your private key in the best device where you are comfortable.

• Mobile wallets

You can store your Bitcoins on Mobiles with the help of some of the popular mobile apps like Wazir-X multi-cryptocurrency wallet or Exodus Bitcoin wallet. It comes in handy, especially for those who do a lot of traveling because you only need your mobile and an internet connection. 

• Web-based wallets

Web-based Bitcoin wallets are widely used Bitcoin wallets. It is simple and easy to use as you can make any transactions by just logging on to the internet. Most web-based applications are provided by a third party, ensuring smooth transactions in less time. So, there can be a few charges involved in these types of wallets. You can make purchases at your convenience and even make investments. Since most web-based wallets have their connections with crypto exchanges, you can store all the cryptocurrencies in one place. 

However, these two types of wallets are good for convenience but since these applications are online, your private key can become prone to hacking. Hence, keeping the private key safe and secure would be best. These wallets are known as hot wallets.

• Desktop

One of the safest options to store your cryptocurrency is the hard disk because the hard disks don’t need an internet connection to store data. You can download desktop wallets on your computer, store the keys and break the internet connectivity. It will help you keep your Bitcoin safely away from the eyeballs of hackers. The interesting part is, that whenever you need to make a transaction through your Bitcoin wallet, you can connect your computer online and complete the process.

• Hardware Wallets

Hardware wallets are secondary storage like USBs where you can safely store your private key. Since it is not online, you can keep your private key safely. However, if you want to make any transaction, you need to connect the USB or other secondary storage devices to the internet. These wallets also called cold wallets are safer than hot wallets that are mobile or web-based.

• Paper Wallet

You print the private key in a paper wallet, usually the QR code. It is the safest way to store your key safely as it makes life difficult for hackers. However, you must be cautious with the physical document as. If you lose it, everything is gone.

Pick the Most Appropriate Wallet

There are various types of wallets. However, before choosing a Bitcoin wallet, it should have all the security features.

• Decide the method you want to store your money and the level of security you want. You can decide on either a hot or cold wallet.
• It would be best if you did a thorough research about the different types of wallet and their roles.
• You must also ensure that the wallet is safe to store the private key.
• The Bitcoin wallet must have a commendable backup option so that even if your physical device crashes, you will be able to access your private key.
• You must check the reviews of the wallet that you have chosen.
• If you choose a third-party providing a wallet , surely check the company’s reputation too.

Conclusion

Though Bitcoin wallets are the safest ways to store your private key, you must keep track of it. Moreover, since a Bitcoin wallet does not function without a secret key or password, you must store it safely.