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Know about Types of bitcoin wallets

Just like normal wallets that hold physical money, the main job of bitcoin wallets is to hold any crypto currency including bit coins which is digital money. It is a virtual storage space that is used to store digital currency and there are several types of digital wallet to store crypto currency. If you are thinking to use them, get familiar with all types and choose one that is best for you.

The wallet destination is known as bitcoin address commonly referred as public key and anyone who knows this address can send bit coins to the respected wallet. All the transactions that are taking place are recorded in the blockchain, a public ledger and this wallet is having a partnership with bitpay which is a crypto currency payment processor.

Different Types of Wallets

  1. Hardware – It is the most common type of bitcoin wallet that uses internet connection and is a secure way of storing crypto currencies.
  2. Mobile – This type is good for those who use wallets on a daily basis to pay for goods and services in stores.
  3. Web – This wallet stores your private keys on server and is controlled or managed by a third party service. It is easy to use and no one can steal them physically.
  4. Desktop – One has to install and download this type in to their devices and private keys are stored on the hard drive. In addition to that, it is not relied on any third party.

So, it is up to you to choose a wallet that suits you well.

  • Published On : 4 weeks ago on November 12, 2019
  • Author By :
  • Last Updated : November 20, 2019 @ 12:04 pm
  • In The Categories Of : Finance

About the author

Sarah hollie - a fashion designer who is having lot of excitement in exploring different model dresses. From kids to women I like to design in different model costumes and digging many new ideas. I am having the habit to upload all the new designs in social site so follow my twitter page.

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