With the advent of technology and changing times, people are getting open to taking risks and it’s also becoming easier to purchase, sell and transact bitcoins on the network.
Once your purchase is completed, the next thing you would want is to ensure that your bitcoins are safe and their address remains hidden from public view. Not to leave any traces of your transactions on the network.
Probably the question you must be getting in your mind is, where to keep your digital money safe and how to store it?
Bitcoin wallets are the answer.
A bitcoin wallet app is an app that makes use of a private key automatically, to verify and sign outgoing transactions and generate addresses for you.
To trade on the blockchain network, you would need private keys, only then your transactions would get authorized to make bitcoin transfers to other wallets.
Pretty convincing and easy, right?
There are numerous kinds of wallets in the market, with different features that match the requirements of customers. Security, Convenience, and Accessibility are the common features of all bitcoin wallets.
The question is, How to decide on a bitcoin wallet?
We will give you a few things other than security and convenience to think about while deciding on a wallet for yourself.
These are the two steps, important ones, that you can follow to decide on a
user-friendly Bitcoin wallet for yourself.
- The first step is to look for full-node wallets. The reason we are saying this is because they facilitate decentralization and support the bitcoin network on the blockchain.
- They facilitate in-built cryptocurrency exchange and QR code scanners. Making it a lot easier and user-friendly to access and trade.
- The second important step is to choose a wallet that is compatible with the bitcoin currency that you’re storing in the wallet.
This blog is going to talk about how to help you sell, purchase and store bitcoin on the riskiest network.
Let’s see how this works:
It is not hidden that conducting bitcoin transactions requires key pairs. A private and a public key make a key pair.
To send bitcoins, you would need to make use of private keys, which have to be kept secure.
And when you want to receive bitcoins, you would need to make use of public keys. Public keys can be shared with anyone, as it is created by taking out a private key from them.
Whereas, you’d be required to make use of a public key, to receive bitcoins. These can be shared with anyone, as these are created by taking out a private key from them.
Your wallet can be restored, as long as you have or know the recovery seeds, which you will get when you create a wallet and activate the same. The recovery seeds are generally a 12 or, a 24-word list which is given while the wallet is initialized.
Is there any cost of setting up bitcoin wallets?
Anyone would think, so many features are there, are they for free?
It depends upon various factors, is the answer I can give.
If your requirement is just storing your bitcoin currency, you won’t have to spend any penny for that purpose.
But if you require to conduct transactions, send and receive bitcoins, then different wallets have different charges like transaction fees for the same.
So, the cost of setting up a bitcoin wallet depends upon your purpose of setting up a wallet.
How to create a bitcoin hot storage wallet, in simple words, A Software wallet:
Software wallets for bitcoin can be created, by either installing a free software wallet app or client.
Go to a wallet’s website and download desktop software wallets, and then you would be asked to follow the instructions to install, create and use the wallet for bitcoins. you can go to wallet’s websites and download desktop software wallets
Another alternative you can choose is to sign up for a CoinBase account.
Sign-in to CoinBase account helps you to create a wallet for your own.
Last but not the least, an alternative here is also hardware wallets from the manufacturer.
Especially when you don’t want to hand over control of your bitcoin wallet to a third party.