If you are using or trading bitcoin, you need to store them somewhere, right? For that, you need a bitcoin wallet where you can securely save your digital wealth. If you search for a bitcoin wallet on the internet, you will find many online wallets that can store your bitcoins on their platform. But are they safe? Or is it the only way to store your bitcoin.
In this article, you will explore five different ways in which you can store your bitcoin. Well, you can also store other crypto coins in these ways. So let’s dive in.
Five Ways to Store Bitcoin
Many people only know about some mobile applications where they store their bitcoins. However, there are other wallets where you can store bitcoin. Although mobile wallets are extensively used for convenience, they are not the safest options. Here you will find the list of five different wallets and choose according to your requirements.
- Hardware Wallets
- Paper Wallets
- Desktop Wallets
- Mobile Wallets
- Web Wallets
Now let’s take a closer look at each type of wallet to know which wallets best suit your needs. For bitcoin trading and investment purposes, you can learn about profitable strategies bitcoin rush app.
Hardware Wallets
Hardware wallets are specially designed for storing bitcoins and other crypto coins. These are like USB devices, which can be connected to a computer or mobile device that can be used for transferring bitcoins.
Hardware wallets are suitable if you are not using bitcoin transactions frequently. There are different types of hardware wallets, such as with battery, without battery, with a screen, without a screen, etc.
Pros:
- Hardware wallets with a screen are best because you don’t have to worry about the computer or mobile viruses.
- These are secure wallets for the long term.
Cons:
- It can be costly and not user-friendly.
Paper Wallets
These are simple paper documents that store private keys and information. You will feel like these are physical bitcoin notes or coins as similar to banknotes.
Pros:
- It is not stored on a computer and one of the most secure.
Cons:
- The paper wallets may deteriorate or worn out.
Desktop Wallets
As the name suggests, desktop wallets are applications installed on a laptop or desktop, and you can access your wallet through a private key. It is more secure than other online wallets such as mobile and web wallets.
Pros:
- Desktop wallets are very easy to use.
- It stores your private keys offline in your hard-disk when not in use.
- Private keys are not stored on a third-party server like mobile and web wallets.
Cons:
- If your system crashes or is lost, you lose your bitcoins.
- The wallet can be affected by viruses and malware attacks.
Mobile Wallets
Mobile wallets are mobile applications that allow you to access your bitcoin private key. These wallets are extensively used because you can use your bitcoins on the go. You can pay your bills at bars and restaurants easily. Along with that, mobile wallets offer many features. However, they also come with additional risks. Here are the pros and cons of mobile wallets that will help you decide whether they are right for you or not.
Pros:
- Easy to use and accessible from any location from your mobile.
- You can pay your bills at different stores that accept bitcoin easily.
Cons:
- Mobile wallets involve many security vulnerabilities.
Web Wallets
You can also store your bitcoins in a web wallet. Web wallets can be accessed through a website using your username and password. You can access these wallets from any device (mobile, desktop, or laptop) and from anywhere. You just need a browser to log in to your web wallet account. Here are the pros and cons of web wallets:
Pros:
- Web wallets are easy to access from any device and location.
- You can buy and sell bitcoins in advance.
Cons:
- You don’t have full control of your private keys.
- Your digital wealth is stored on a third-party server, which is vulnerable to cyber-attacks.
Conclusion
I hope the above information will help you to choose your bitcoin wallet easily. If you are planning to invest a large amount in bitcoin and store them for a long time, then go for a hardware wallet. On the other hand, if you are regularly using bitcoin for shopping or for trading purposes, you can choose a secure mobile wallet. Finally, if you have any queries, please ask and leave your comments below.
