bitcoin

Know about different types of bitcoin wallets

Bitcoins are a type of digital money and is the first ever created crypto currency in the world whose value is greater than any other currencies out there. If you wish to get this type of money, you should have a few things and the first most important one is a digital wallet.

A crypto wallet is a software program which can be installed in any of your device and using this only you can send, receive as well as store bit coins. In order to do any of these jobs, a blockchain wallet is used. There are different types of wallet and whatever wallet you use, you will be offered with two keys namely private and public key.

Types of cryptocurrency wallets

There are five major types wallets and they are as follows:

  • Web – This type of wallet stores your both public and private keys on the server and is controlled by third party services and they essentially need an internet connection to access them
  • Mobile – It is nothing but a software application that can be downloaded on your mobile phones and it is extremely useful when you are buying and paying goods on a daily basis.
  • Paper – In this wallet, both key are printed in the form of QR code and one has to san in this code if he wants to transact crypto currencies.
  • Desktop – It is also a software application like mobile wallets but is designed particularly for desktop devices.
  • Hardware – This wallet stores the keys of users in a separate hardware device and is the safest way to store any amount of digital money.