Bitcoin Wallet (Bitcoin Wallet) – is a fairly common term in the cryptocurrency market, if you do not know what a Bitcoin wallet is? What is a bitcoin wallet address? What types of BTC wallets are there? Create a safe, reputable, and best bitcoin wallet today that you should use, then this article will help you. I Love Bitcoin will share with you popular Bitcoin wallets that are being used by many investors to safely store BTC, ETH and Altcoins. Start…
What is a Bitcoin wallet?
You imagine Bitcoin (BTC) like paper money you use every day, and to store money, you need a wallet or you deposit it into a bank account, and there are many banks for you to choose from to deposit money such as Vietcombank, Techcombank, Vietinbank, ACB ,.. Bitcoin too, it also needs a wallet to store it, but Bitcoin differs from paper money in that it exists in an electronic form that cannot be held or grasped, so it can only be sent to cryptocurrency wallet, this e-wallet also has many types like banks. I will list the names of the wallets below.
What is a Bitcoin wallet address?
Simply Bitcoin wallet address (Bitcoin Address) is like Bank account number so it is, it also has the form of a sequence of characters and numbers, this wallet address will be used for your BTC deposit/withdrawal transaction. You can also use the wallet address to check your transaction details such as time, BTC amount, transaction confirmation status, receiving/sending wallet address, ..
And you note, each e-wallet service will give you a different BTC wallet address, and also a wallet that allows you to create multiple BTC wallet difference. Just like a bank, each bank will be a different account number and one bank will allow you to open multiple accounts.
Example of a BTC wallet address: 3LMdcJnPVsojSGJQBbq1NFaXw24XVgGztp
What are Bitcoin Hot and Cold Wallets?
Maybe you rarely hear about the two terms “Hot wallet” (online wallet or web wallet) and “Cold wallet” (offline wallet or hardware wallet), but these are the two most popular forms of wallets that store Bitcoin as well as other coins today, each of which will have its own advantages and disadvantages.
1. Bitcoin Hot Wallet
A wallet used to transact your Bitcoin whenever it needs to be connected to the internet to connect to the Bitcoin network. Usually online Bitcoin wallets, so an internet connection is required.
- Advantage: Hot wallet has the advantage of registering to create a free Bitcoin wallet, easy to set up, convenient to use when trading, buying or selling.
- Defect: The level of security is not high, not as high as cold wallets, but many hot wallets are still very secure and reputable.
2. Bitcoin Cold Wallet
Bitcoin Cold Wallet It is also a wallet used for Bitcoin transactions, but you do not need to be connected to the internet to still be able to trade, because it is used to store Bitcoins offline (Offline).
- Advantage: Hardware wallet is the best secure wallet where you can store Bitcoins, because there is no connection to the Internet, hackers cannot hack your money. Of course, there is still a risk, for example, if you lose your wallet and forget the recovery code, you will lose money.
- Defect: The cost to buy a cold wallet is quite high from 2.5 million to 3.5 million VND, if you are a retail investor, the purchase fee is not small. In addition, setting up a Bitcoin cold wallet is a bit complicated if you are a newbie, sending/receiving transactions is not as convenient as a hot wallet.
Many of you still ask me “Should I use a cold wallet or a hot wallet to store Bitcoin, Ethereum and Altcoins?As I mentioned above, you choose depending on your needs and compare the pros and cons of these two wallets. For me personally, I have long been using mainly online wallets for convenience, some online wallets are very reputable and have high security. Here are the TOP 4 types Reputable Bitcoin walletthe most popular today.
Top 4 cold wallets, hot wallets storing prestigious and best Bitcoin, Ethereum and Altcoins
1. Online Web Wallet (hot wallet)
Online web wallet – a type of wallet that can be said to be the most popular today, you can Bitcoin wallet registration and completely free Altcoins and quick setup to trade coins. Web wallets are divided into two types of wallets:
- Service web wallet: That is, a web wallet platform dedicated only to storing Bitcoin or some other Altcoins, created and supported by a certain company. With web wallets Coinbase and Blockchain are two types Reputable bitcoin wallet Currently the most that you can use to store Bitcoin and Ethereum, these two wallets also have wallet applications on phones. See instructions for creating and using Blockchain and Coinbase wallets below:
- Exchange wallet: the international coin exchange Usually when you create an account to buy and sell coins, they will also provide you with wallet addresses to store coins, with Bitcoin, almost every exchange has a wallet. But exchange wallets usually only store for a short time to facilitate trading, you should withdraw to your own wallet to be safer, when you want to transact, move up later.
2. Software wallet on computer (hot wallet)
Software wallet (Software Wallet) is a hot wallet, you can download the wallet software to install it directly on your computer to manage money. In addition, some wallet software supports both mobile applications, which are convenient and safe. Bitcoin wallet The software has the advantage that you can always keep the Private key, that is, your money is controlled by you, the wallet service only provides a platform for you to manage, not to keep your money.
Some of the best and most reputable software wallets for storing BTC today are: Exodus, Jaxx, Bitcoin.com, Electrum, Bitcoin Core,..I will have a tutorial to install, create a Bitcoin wallet and use these wallets later.
3. Bitcoin cold wallet or hardware wallet
Bitcoin cold wallet is shaped like a USB, it is completely separate from the internet environment, when you want to transact, you can connect the cold wallet to your computer via the USB port. So hackers are completely helpless if they want to steal money in your Bitcoin hardware wallet. With this wallet, I can list some of the best Bitcoin wallets today such as: Ledger Nano WILL, Trezor and KeepKey. If you don’t know Where is Bitcoin safe? then cold wallet is a good choice for you. I have a very detailed guide on Ledger wallet, you can see below:
4. Bitcoin Paper Wallet (Paper Wallet)
Bitcoin Paper Wallet nice Paper Wallet As the name implies, a Bitcoin paper wallet is a piece of paper, on which is printed your Private key, BTC wallet address information and your QR-code to use when needed. The advantage of a paper wallet is that it does not need to be connected to the Internet to still be able to conduct normal transactions, so it can avoid threats from hackers, but the disadvantage is that it is easy to tear and break and if you lose it, you will not be able to get your money back. .
Some websites allow you to create a Bitcoin paper wallet like Some services allow to create a paper wallet like , BitcoinAddressUtility, BitcoinpaperWallet.com, BitAddress.org, OfflineAddress.com and SafePaperWallet.com. I will also have instructions to create and use a paper wallet later.
5. Some of the Best Bitcoin Mobile Wallet Apps
Safest Bitcoin Wallet Among the hot wallets that I see that are mobile wallets, there are many types of Bitcoin wallets on the phone for you to choose from. Below I will list some reputable wallet applications that support the safest Bitcoin currency storage.
And much more Bitcoin wallet app on phone More, but perhaps the above wallets are enough for you to choose. Most of the above wallet services fully support the version for IOS and Android.
Here is my entire share on the topic What is a Bitcoin wallet? and introduce Prestigious, safe and best Bitcoin wallets which you should use to store your BTC coins. In general, depending on your needs, you choose the appropriate wallet, if you invest in Bitcoin for a long time without much need for transactions, you should use a cold wallet or a paper wallet and then put them in the safe. Using a hot wallet is convenient, the wallets I mentioned above are all reputable and very safe, so you don’t need to worry too much about security.
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