Top 5 Best Cryptocurrency Wallets
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What are the different types of Cryptocurrency wallets?
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.
Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.
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This video will show you how to create a free online bitcoin wallet, where you can send, receive and store bitcoins in.
AN IMPORTANT NOTE: Treat this the same as a bank account, but even then much more securely than that. If a hacker gained access to your account, or you gave out your password, your bitcoins could be stolen, and there is ABSOLUTELY nothing you can do in that event. There are no charge backs, and no one will reimburse you. Authorities would not even be able to track down the person who stole them. So be careful!
With that said, these bitcoin wallets are very secure, and can be accessed from your internet browser, or from an app on your phone (blockchain app). The site uses a very cool authentication system that means that even they don’t have access to your bitcoins, only the person with the password does.
Just please read up on the security information of the wallet before you store a large amount of bitcoins there, as I don’t take any responsibility for any coins you might lose. I have used this wallet for a while with no issues.
The site to go to is blockchain.info. Then click the wallet option at the top right.
Then, choose the create wallet option at the top left.
Here you can enter an email if you choose (I would recommend entering one, but if you want to remain completely anonymous then you can).
Then, enter a password that is at least 10 characters long, has an uppercase letter, and a number.
After this, hit continue. It should then pop up with a page with a pneumonic device that can be used for password recovery. WRITE THIS DOWN OR PRINT IT OUT! It is your only option in the case of a lost/forgotten password.
After this hit continue, and then just type in your password to log into your wallet. Here you can do all the things you would do with any other bitcoin wallet, such as receive and send coins.
You can also set up two factor authentication in the settings here, so that it requires a second password for more protection.
Your bitcoin address that you can receive bitcoins on will be on the front page of your wallet in the form of a long string of letters and numbers, as well as a QR code (that can be scanned by a phone). This is the address you can paste into a site such as http://www.bitvisitor.com/?ref=1H4v3X6Yf4SjUndU4r18ybvzzFfdwfoVk8 which will then send you bitcoins. This is also the bitcoin address you would input to a mining pool to receive the bitcoins you have mined.
You can also send bitcoins from this wallet. All you have to do is copy and paste the address you want to send bitcoins to in the send address box. (For instance my address is 1H4v3X6Yf4SjUndU4r18ybvzzFfdwfoVk8 so you could copy and paste that in to send me bitcoins.
Keep in mind that there is a “Miner’s fee” for sending bitcoins. This fee supports the bitcoin network and keep it operating well. Currently the fee is .0001 bitcoins (about 10 cents) per transaction.
If you have any issues just leave a comment below and I will get back to you!
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