Welcome to the CryptoTimes.TV channel
🔥Wanna get free Bitcoin? 🔥
Visit our website for more info 👉 http://bit.ly/wwwCRYPTOTIMEStv
✅Subscribe to our channel: http://bit.ly/CCTVYT
📣 How to choose bitcoin wallet? 📣
Choosing a bitcoin wallet has become a real challenge, as there are a large number of apps today that can store your coins. When opting for a particular type of wallet, you need to realize what exactly you want it for, as every type is best used for a set number of tasks.
A crypto wallet is basically a pair of two large and complex numbers, one of which is your public key and the other one is your private key. The public key is given to other people who then use it to send you bitcoin. The private key must not be shared with anybody, because it
provides access to the funds associated with your wallet. You also use it to verify your transactions on the blockchain.
There are two commonly recognized types of Bitcoin wallet – hot wallets that require Internet connection to operate, and cold wallets that don’t have to be connected to the Net to function. Now we’re going to go into more detail on their subtypes.
Hot Bitcoin Wallets
Hot storage is undoubtedly the most common kind of keeping digital assets. With hot wallets you don’t have to download the entire blockchain and they are very easy to use. However, these wallets often become the target of cyberattacks. In addition, you will not be able to use a hot wallet if there is no access to the Internet.
Hot wallets are represented, for example, by desktop apps, mobile apps and web wallets. Desktop wallets are downloaded and installed on your computer, storing your private keys on your hard drive. By definition, they are more secure than online and mobile wallets, as they don’t rely on third parties for their data and are harder to steal.
They are still connected to the Internet, which makes them inherently insecure. However, desktop bitcoin wallets are a great solution for those trading small amount of Bitcoin from their computers. There is a variety of different options of desktop wallets that cater for different needs. Some focus on security, some on anonymity and so on.
For those actively using Bitcoins on a daily basis, paying for goods in shops or trading them face-to-face, a mobile BTC wallet is an essential tool. It runs as an app on your smartphone, storing your private keys and allowing you to pay for things directly from your phone. Moreover, some apps enable users to use their smartphones’ near-field communication feature, which means they can simply tap their phone against the reader, without having to provide any
information at all. Despite being a convenient on-the-go solution for Bitcoin storage, mobile wallets are very prone to hacker attacks. Moreover, you can lose control of your wallet ifsomeone simply gains access to your mobile device. (Pictures of Airbitz,
Web wallets store your private keys on a server of a company providing such services. The server is constantly online and is controlled by someone else. Different services offer different
features, with some of them linking to mobile and desktop wallets, replicating your addresses across the devices you own. Much like mobile wallets, e-wallets enable their users to access their
funds on-the-go from any device connected to the Internet. But unless implemented correctly, the organizations running the website might gain access to your private keys, thus getting total
control of your funds.
Moreover, some e-wallets are operating on the base of exchanges, and there have been instances of exchanges shutting down and running away with their users’ funds. (Pictures of Blockchain, Coinbase, Xapo).
Cold Bitcoin Wallets
Cold wallets also come in different forms such as paper wallets, hardware wallets and actual physical coins.
A paper wallet is essentially a document which contains a public address that can be used to receive Bitcoins and a private key, which allows you to spend or transfer Bitcoins stored at that
address. Those are often printed in a form of QR-codes so that you can quickly scan them and add the keys to a software wallet to make a transaction. A paper wallet can be generated using services like BitAddress or Bitcoinpaperwallet that allow users to create a completely random.
Bitcoin address and a private key to it. The generated document can then be printed, with some services offering a tamper-resistant design or even an option of ordering holographic labels, and
it is ready for use. The main advantage of a paper wallet is that the keys are not stored digitally anywhere, which makes it completely immune to hacker attacks...
Read full story How to choose bitcoin wallet?
🍒 Our contacts
Follow Us on Twitter: http://bit.ly/2LD0E7j
✅Check more interesting content on website: https://cryptotimes.tv