The digital currency which can be transferred from one person to other person without the involvement of government or bank is the bitcoin. You can use bitcoins for purchasing as well as earn bitcoin with bitcoin mining. You can store the coins in a digital wallet through which you actually perform the transactions. You can acquire bitcoins in three types of ways by selling the things for exchange of bitcoins, purchasing through your personal computer, or buying them with genuine cash.
The manner of storing your bitcoins in different wallets
You have to understand about bitcoin and its working before purchasing or having them. You can be able to store them in a location called a digital wallet. It will handle the private key which allows you accessing the bitcoin address. These types of wallets are available on a mobile device, system, or storage. Let’s discuss about the various types of wallets where you can send and receive your bitcoins.
Download this programming wallet which is like a normal file which is formatted and located on your computer. This will facilitate the transactions to happen from one person to another person.
You can install this software on your system where the password is encrypted with the keys. It offers the protection to the wallet directly.
The mobile wallet is the wallet which can be installed as an application on your smartphone. You can perform buying or selling of the bitcoins through the mobile wallet easily.
This is the wallet which offers convenience to store bitcoins and use it whenever you wish to while you have the right password.
It is actually a document which comprises of public address for acquiring the bitcoin and a secured key. This enables you to send or receive bitcoins stored in that address. These are often printed in QR code forms which you can scan and add the keys to wallet of software for performing a transaction. The actual advantage of this wallet is that the keys are actually stored in offline which creates the immune to the attacks of hackers incorporating malware which can log the keystrokes of user. Make sure no one are watching you while you create the paper wallet.
This is the wallet which stores your keys that are private on a server. This is actually controlled by a third party which offer you various highlights.
Thus, these are some of the types of bitcoin wallets used to store bitcoins.