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Bitcoin Wallets for Beginners: Everything You Need to Know

Bitcoin Wallets for Beginners: Everything You Need to Know

Launched around 2009 by the presumed pseudonymous Satoshi Nakamoto, Bitcoin (BTC) is the market-leading crypto-currency. It's a form of digital currency that's based on a public ledger book known as the blockchain.  

Before you can trade in bitcoins on a Bitcoin website, you first need to have a BTC wallet. Since bitcoin is a digital currency, it isn't stored the same way as fiat currencies. You need to have what's called a private key to access bitcoins. Private keys allow buyers and sellers to carry out transactions in BTC. 

Depending on the purpose, there are different forms of BTC wallets for Bitcoin investors. If you are a crypto freak who is just getting started with BTC — here is everything you need to know about BTC wallets.

Paper Wallet

A BTC paper wallet is believed to be resistant to hackers. In fact, a BTC paper wallet is nothing but a piece of a paper forming a document that contains the private and public keys associated with a BTC address. These wallets come with Quick Response codes (QR codes printed on them). 

They can be scanned and added to a software wallet when the user wants to make a transaction. The cool thing about BTC paper wallets is that they are stored offline.

So, security depends on how safely the user is able to store the wallet. When you are printing your wallet from a computer, you need to take extra precautions to ensure that you don't reveal your private keys to anyone else. For example, some people decide to laminate their wallets and store them in safety deposit boxes.

Mobile Wallet

Unlike a paper-based wallet, a mobile wallet is quite within the reach of hackers. Mobile wallets are used by active BTC traders who deal with BTC transfers frequently. It comes with a mobile app on your phone which allows you to save your private keys and pay for goods right from your smartphone. 

Although they're convenient for day-to-day shopping, mobile wallets aren't very safe. If a third-party gains access to your device, they may be able to steal your coins.

Desktop wallets

These are wallets that you can download and install on your PC hard drive. Security is a little better since they don't depend on third-party apps for their data. However, because they have an active connection with the internet, security is not always 100-percent guaranteed. Nevertheless, if you're someone who trades in small volumes of BTC, a desktop wallet could be for you.

Hardware Wallets

Hardware wallets, such as a Ledger Nano, are secure hardware devices that safely store a user's bitcoins. So far, so good. As long as you protect your hardware storage device, your bitcoins will always be safe from bad actors.

In summary, Bitcoin wallets for beginners come in several different forms. If you intend to trade in Bitcoins, you simply need to create an account with a reliable cryptocurrency exchange such as Binance or Coinbase, and the like. For long-term storage, you can also use the above wallets to store your BTC.

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