What is a Bitcoin Wallet and How Can I Store Mine Securely

Image by Bastian Riccardi from Pixabay

A Bitcoin Wallet is a program that stores your Bitcoins. You can either store them on your computer or on an external storage device, such as a USB drive. If you store them on your computer, you will need to make sure your computer is secure and has a good antivirus program. If you store them on an external storage device, you will need to make sure that the device is also secure. It is up to you how you decide to store them, but if someone gets access to your Bitcoins they can take them. You will then need to find a new way of storing them securely.You can visit bitcoin-revolution.org/ for more details.

One popular Bitcoin Wallet which stores your coins on your computer (and therefore requires an antivirus program) is called MultiBit. If you are storing coins on an external drive, the best option is the official Bitcoin Wallet.

It’s important to know that there are many different types of wallets; some of them are more secure than others. All wallets come in two parts: private key and address (or public key). The private key is like a PIN number for your account, whereas the address allows people to send Bitcoins to it. It works a bit like an email address.

In this article we will teach you what a Bitcoin wallet is, show you five of the most commonly used ones and teach you how to use them.

Bitcoin Wallets We’ve prepared a short overview of the wallets which we recommend if you’re just starting out with Bitcoin. Multibit. The first wallet that we’ll take a look at is called Multibit. It’s free and it works on Windows, Raspbian (on the Raspberry Pi) as well as MacOS X and Linux systems. In order to create your wallet, all you need to do is select ‘create new wallet’, choose a password and write down the twelve words given to you in this process.

This sequence of 12 random words acts as your wallet. Once you click ‘ok’ your new wallet is created. Those words are the only way to get access to your Bitcoins, so keep them in a safe place (on paper). When someone wants to pay you in Bitcoin all they need to know is your Bitcoin address (that long string of numbers and letters) and how much money they want to send. Multibit is fast, easy to use, and doesn’t require setup; it’s great for beginners! Electrum.

Electrum was created by Thomas Voegtlin in 2011 and has since become one of the most popular pieces of software used with Bitcoin. It offers more features than Multibit but requires some extra steps when setting up. The software can be downloaded and installed on Mac, Windows, and Linux systems. Electrum offers a mnemonic seed that you can use to recover your wallet in case of data loss or if the wallet has been stolen. Electrum also lets you create secure offline wallets for increased security.

Blockchain

Blockchain is an online web-based Bitcoin Wallet that requires no software installation and enables anybody with access to the Internet and a web browser to send and receive Bitcoins instantly anywhere in the world. It’s free, anonymous, and accessible from anywhere!

However, this convenience comes at a cost: it’s less secure than many of the other options we’ve listed here because it’s held online (if you’re new to Bitcoin we’d suggest one of the others until you’re a little bit more confident). Blockchain doesn’t offer any desktop or mobile apps either (although they do have a pretty neat Android app) and you’ll need to create an account before you can get started.

Conclusion

If you are storing coins on an external drive, the best option is the official Bitcoin Wallet. The software can be downloaded and installed on Mac, Windows, and Linux systems. Electrum offers a mnemonic seed that you can use to recover your wallet in case of data loss or if the wallet has been stolen. Electrum also lets you create secure offline wallets for increased security. However, this convenience comes at a cost: it’s less secure than many of the other options we’ve listed here because it’s held online if you’re new to Bitcoin we’d suggest to learn about bitcoin before getting into the new technology