If you have planned to invest in the cryptocurrencies like bitcoin, then it is mandatory to choose a secure place that can be used to store the bitcoins. The best alternative that cannot be replaced from the top spot is the bitcoin wallet. It is a special wallet that has been designed for the safe and easy storage of bitcoins. As you know that the bitcoin is a digital currency, the wallet is also available in digital form and has a very high-end encrypted system. Below mentioned are the different types of bitcoin wallet that you should access for the once. You will surely be able to make a wise decision fo choosing the best kind of bitcoin wallet.
From the name of the wallet, you would have got a clear idea that it is the most basic type of wallet. It is the perfect wallet for people who want to become Bitcoin Billionaire in a very short time. It is the simplest form of the wallet where the key and public added is printed for your use. You can own this wallet at the least possible prices, but you should be aware of its risk level.
The paper wallet is the riskiest type of wallet as these can easily be lost or stolen by any inappropriate wallet. But the pro of this wallet is that it has not even a zero risk of any malware attack. If you ever plan to use this wallet, you should be responsible for keeping it safe. Mostly beginner users of cryptocurrency often choose this wallet in the beginning.
As the era changed, every task was possible to conduct the online mode. This is why the developers focused on developing the bitcoin wallet, which can be easily operated through the smartphone. The emergence of the mobile wallet leads to a rise in the enormous use of bitcoins as individuals found this wallet very easy to access and manage.
The users are just required to install the wallet application on their smartphone. These wallets are considered very relevant for those who use bitcoins for making regular payments. But one needs to be aware that without the proper internet availability, it is impossible to operate mobile wallets. Before choosing any mobile wallet, you should thoroughly check the level of security offered by them. It is because there is a high risk if the mobile wallet you have chosen has a weak security system.
The hardware wallets are the portable form of bitcoin wallets that have got an unexpected response from the users. The people who were not even having minimal interest in bitcoin got admired by listening about this wallet. These wallets are designed in the appearance of a USB drive, and you can use them anywhere by carrying them along with you.
There is no fixed system that can be used to operate the bitcoins available in this wallet. With proud, this wallet has become the most secured wallet with zero risks of any fraud, even if you will lose this wallet. It will be impossible for any inappropriate person to steal the digital currency present in your wallet. You should avoid bringing the hardware wallet in reach of anyone whom you do not trust.
If you want to use the specific computer system for having access to your wallet, then there is no better option than choosing the desktop wallets. Desktop wallets are also termed as the best type of cold wallet because of their impressive user interface. The only issue is that you cannot access the same wallet on any other device. Within a very short time of development, these wallets have made a good space in the mind of users.
There are several risk associate with this wallet and the major on his risk of getting hacked. If some hacker is able to hack your computer system, then there are chances that he will access your desktop-based bitcoin wallet. The worst one is the technical crash which can wipe out the wallet permanently from your site. It is impossible to restore the wallet until you have a proper backup on any other device.