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Lesson 4: Bitcoin Wallets

Thu Jun 21, 2018 4:49 pm

Lesson 4: Bitcoin Wallets
We looked at wallets and the wide range of options available. Bitcoin wallets do not store bitcoins, but rather hold secret and public keys used to handle bitcoins, which are stored in the blockchain ledger.

The main types of wallets are:

Software wallets connect to the network and allow you to spend bitcoins in addition to holding the credentials (the keys) that prove ownership. They usually come in the form of desktop or mobile applications downloaded from app stores.

Online wallets offer similar functionality but may be easier to use. In this case, credentials to access the money are stored with the online wallet provider rather than on the user's hardware, and it can be accessed across your devices.

Physical wallets store the credentials offline; which could just be the keys printed on a piece of paper in your pocket, or remembered in your head. One type of physical wallet is the hardware wallet. This is a wallet that is typically used for long-term storage. It is one of the safest wallets because they usually come with encryption keys and may not connect to a computer often, protecting the keys from nefarious entities and hackers. There are many retailers who now sell a variety of hardware wallets at affordable prices.

If you own a lot of bitcoin, it is a good practice to divide them among several different wallets. Never put all your eggs in one basket.

If you have any questions regarding this lesson, please post below and one of our helpful staff or community members should be able to assist you.
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Nickel Bitcoiner
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Re: Lesson 4: Bitcoin Wallets

Thu Feb 28, 2019 4:50 pm

Often heard about how wallets break open. How can they be as secure as possible? :twisted:

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