What is a Bitcoin wallet?
- You can think of a wallet as your personal interface to the Bitcoin network, similar to how your online bank account is an interface to the regular monetary system.
- Bitcoin wallets contain private keys (secret codes) that allow you to spend your bitcoins.
- In reality, it’s not bitcoins that need to be stored and secured, but the private keys that give you access to them.
- In short, a Bitcoin wallet is simply an app, website, or device that manages Bitcoin private keys for you.
BITIreland does NOT keep your funds, coins, or private keys! We offer a true blockchain-friendly exchange. Your Keys, Your Coins.
That's why we have a list of good 3rd party wallets to keep your coins.
Bitcoin Web Wallet (Online Wallet)
Web wallets store your private keys online, where they are encrypted with a user-selected password. Although they offer the lowest level of security, online bitcoin wallets have the advantage of being accessible from any internet connected device.
PROS:
- Easiest way to store small amounts of bitcoin
- Convenient; spending and receiving payments is easy and fast
- Some web wallets allow access to funds across multiple devices
CONS:
- Not safe for the secure storage of large amounts of bitcoins.
REFERENCES:
How to set up GreenAddress:
Laptop & Desktop PC (Linux, Mac, Windows)
open:
Configure Computer Laptop
Mobile & Tablet (Android, iPhone, iPad, iPod Touch)
open:
Configure Mobile Wallet
Bitcoin Desktop Wallet
Desktop wallets are downloaded and installed on your computer. If privacy is your main concern, the Bitcoin core wallet is a good option since it does not rely on third parties for data.
PROS:
- Blockstream Green is a light weight Bitcoin wallet for Mac, Linux, and Windows.
- The main features of Blockstream Green are, support for hardware wallets (Ledger Nano S), and secure Bitcoin storage using an online computer.
- Blockstream Green is a good option for both beginners and advanced users.
CONS:
- Better than Online Wallet but still has the risk of virus attack or hard disk failure.
REFERENCES:
Bitcoin Hardware Wallet
A hardware wallet is a physical electronic device, built for the sole purpose of securing bitcoins. The core innovation is that the hardware wallet must be connected to your computer, phone, or tablet before bitcoins may be spent. Hardware wallets are a good choice if you’re serious about security and convenient, reliable Bitcoin storage.
PROS:
- Your all-important private keys are maintained in a secure online environment on the hardware wallet, fully protected even should the device be plugged into a malware-infected computer.
- Generating and storing private keys online using a hardware wallet ensures that hackers have no way to reach your bitcoins.
- Easiest way to securely store bitcoins
- Easy to backup and secure
- Less margin for error, setup is easy even for less technical users
CONS:
- They're not free!