A Comprehensive Look at Bitcoin Wallets

You can go anywhere around the world and ask a stranger if they are familiar with bitcoins, and you will most likely hear them say yes.  Bitcoins are a form of digital currency that you can accumulate and invest in online and has been proven to be a worthy investment. Lots of individuals and major companies invest in bitcoins, and it made a lot of profit because of it. In fact, investing through bitcoins have also earned some people a millionaire status.

Now, if you are looking to get into bitcoins, you have to familiarize yourself with the different concepts and things surrounding it, and one of them happens to be bitcoin wallets. Since bitcoins are digital and there is no way to physically store them, you can keep track of and store your bitcoins through a bitcoin wallet. You can find a number of different types of bitcoin wallets that cater to different needs like:

  • A bitcoin paper wallet is a software/application/website that allows you to generate a public address that allows you to be able to receive bitcoins, and a private key through which you can spend and exchange bitcoins. They are often created as QR codes that you can scan in order to gain access to them.
  • Physical bitcoins exist and they require you to remove the hologram which would contain the private key. Physical bitcoins have been evolving and are great to use offline. However, you do have to be careful with them.
  • You can access a bitcoin wallet through your smartphone as well through various applications. The application will store your private key and other important information, and allow you to be able to access your bitcoin account anywhere and while on the go. However, caution is again advised since it can be prone to hacker attacks.