When you take paper money out of a bank machine, you need to put it somewhere — usually your wallet or your purse. Bitcoins also need to be stored somewhere, too, allowing you to access them when you want. Several variations of bitcoin wallets are available, such as software wallets, hardware wallets, paper wallets, and web wallets. You can think of your bitcoin wallet just like your physical purse or wallet, although you can’t keep a photo of your kids in it.
Bitcoin wallets are one of the most actively developed applications in the bitcoin ecosystem. There is intense competition, and while a new wallet is probably being developed right now, several wallets from last year are no longer actively maintained. Many wallets focus on specific platforms or specific uses and some are more suitable for beginners while others are filled with features for advanced users. Choosing a wallet is highly subjective and depends on the use and user expertise. It is therefore impossible to recommend a specific brand or project of wallet. However, we can categorize bitcoin wallets according to their platform and function and provide some clarity about all the different types of wallets that exist. Better yet, moving money between bitcoin wallets is easy, cheap, and fast,so it is worth trying out several different wallets until you find one that fits your needs.
There are four main types of Bitcoin wallet:
- Online or web wallets: An online or web bitcoin wallet will store all of your private keys on the Internet, allowing you to access your coins any time, any place.
The most reputable are Coinbase, which is a worldwide storage. Strongcoin is a hybrid wallet system. Xapo offers users an online bitcoin wallet backed by a coldstorage vault.
The biggest concern of the online wallet system is security and safety.
- Online or web wallets: An online or web bitcoin wallet will store all of your private keys on the Internet, allowing you to access your coins any time, any place.
The most reputable are Coinbase, which is a worldwide storage. Strongcoin is a hybrid wallet system. Xapo offers users an online bitcoin wallet backed by a coldstorage vault.
The biggest concern of the online wallet system is security and safety.
- Desktop wallets: It is possible to set up a bitcoin wallet on your desktop computer with Bitcoin Core. This software can be used to create a bitcoin address through which you can make transactions.
There are other providers of desktop wallets; Multibit is designed to be fast and easy to use, so if you’re non-tech savvy this could be the one for you. Armory is as strong a wallet as its name suggests. It has a number of back-up and encryption options, as well as offering cold-storage for computers that sit offline. If anonymity is key for you then give Dark Wallet a try.
There are other providers of desktop wallets; Multibit is designed to be fast and easy to use, so if you’re non-tech savvy this could be the one for you. Armory is as strong a wallet as its name suggests. It has a number of back-up and encryption options, as well as offering cold-storage for computers that sit offline. If anonymity is key for you then give Dark Wallet a try.
- Mobile wallets: Mobile wallets are perfect if you intend to undertaketransactions on the go.
Mobile bitcoin wallet apps run on a smaller scale to other forms because they simply cannot handle the entire block chain.
Popular android wallets include the hybrid Blockchain, Mycelium - which offers cold storage - and Hive - which offers payments via Bluetooth. Some of the most frequently used iOS platforms include Blockchain, Hive, Green Address and Breadwallet.
Mobile bitcoin wallet apps run on a smaller scale to other forms because they simply cannot handle the entire block chain.
Popular android wallets include the hybrid Blockchain, Mycelium - which offers cold storage - and Hive - which offers payments via Bluetooth. Some of the most frequently used iOS platforms include Blockchain, Hive, Green Address and Breadwallet.
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