How To Store Bitcoins

How To Store Bitcoins

Before getting a hold of your own bitcoins, you need a place to safely store them to utilize its different uses That is why we share with you a comprehensive guide that covers what is Bitcoin and all the essential information that goes with learning how to store bitcoins. First and foremost, you need to obtain a Bitcoin wallet. Just like actual wallets, this serves as a storage for your bitcoins. And since you cannot actually hold bitcoins, you store your digital cash inside these digital. A Bitcoin wallet holds the private key that lets you access your Bitcoin address, which is also your public key.

Take note that Bitcoin wallets come in different forms. Each wallet has its own set of advantages. Make sure that your requirements are all satisfied before settling on one. For starters, here’s an overview of the different types of wallets you can choose from:

Hardware Wallets – If security is what you’re after, then look no more. Hardware wallets offer the tightest security among all of the available storage units for bitcoins. This type of wallet typically resembles flash drives, which you also plug into your device to be able to access your bitcoins. You can store it nearby or in a safe place to keep it away from any online threat that may arise if not in use. You can purchase Bitcoin wallets online from leading brands such as Trezor and Ledger.

Software Wallets – Software wallets are installed directly on your computer. Most are easy to use and are free to download. While this type of wallet may require more maintenance such as securing backups, you get the security that lets you control your keys. Just make sure that you perform the necessary steps to keep your bitcoins protected at all times. If you opt to buy bitcoins and sell bitcoins through this type of wallet, be sure you select a reliable software.

Online Wallets – Also referred to as web-based or cloud-based wallets, these are storage units you can access from any device. Just like software wallets, online wallets are free and easy to set up. It’s available on both desktop and mobile devices, making it easy to send and receive bitcoins. Take note that the cloud stores all of the private keys. So, remember to to choose a host that has the best security measures available.

Paper Wallets – Paper wallets give bitcoins its closes physical representation. As the name suggests, paper wallets are made from paper on which the private and public keys of a bitcoin address are printed on. This is a great alternative to hardware wallets and is ideal for long-term storage of Bitcoin. You can get your own paper wallet through various services today. Some of the notable names include BitcoinPaperWallet and WalletGenerator where anyone can create a new address and print the wallet on your printer.