Bitcoin wallets: What are they and what kinds could be found?
If the word “bitcoin” doesn’t sound like Chinese to you, it means that you know something about blockchain. As you already know, to save your cryptocurrencies you have to use a wallet. But, with all the possibilities offered by this technology, which wallet is the best one?
In this post, we tell you the different types that exist, so you can choose the one that suits you better.
Wallet, the bank of the 21st century
A Bitcoin wallet works like a bank. Actually, it is much less difficult that opening a bank account at any branch office. With this tool, we will save our cryptocurrencies online, on multiple devices and even on paper. Yes, on paper, although it may seem impossible.
So, are a bank and a wallet the same thing? Not really. The difference between them lies in the hole control that the cryptocurrency owner has, without intermediaries involved. Receiving money freely and autonomously within the reach of a click.
Our identity will be hidden behind a series of numbers that resemble what we commonly know as “username”. In our wallet, we have and address instead of an username.
Like any account, wallets will also have their own private password. But, be careful to whom you let know it. This password is the key that allows you to execute all the transactions and their verifications.
Bombproof security wallets
Once you have assumed the what was above explained, you should know that bitcoins doesn’t accumulate in, for example, an account. Cryptocurrencies are saved in the blockchain, specifically, in each of the computers that make up the network.
If you have went blank and have forgotten the blockchain operation system, refresh your mind here
This technology’s transparency is enormous, so much so that when an operation is carried out, it has to be validated by the rest of the users. Once approved, this transaction will be recorded in an account book with all the details. It cannot be modified or camouflaged in any way.
Kind of wallets
There are different kinds of wallets depending on the security presented. Currently, we can find online wallets, desktop wallets and wallets for tablets and smartphones.
Keep reading and you’ll find out their characteristics.
There’s no doubt that this is the “party animal.” It’s one of the most used due to its easy and intuitive use. You can access through a browser and conduct any kind of process. There are even platforms that will act as both exchange house and wallet.
However, one of the main hindrances of this method is security. The users haven’t got their private key so the platforms is the one validating any operation. For this reason, it’s advisable for the users who handle large amounts not to keep them in theses wallets.
The most used are: blockchain.info, binance, BitGo, Coinbase.
Wallets for smartphones and tablets
They most closely resemble an ordinary wallet. They are usually used to conduct micro-payments. Commonly, the users use this kind of wallets secondarily and they turn to other systems to collect the the biggest amount.
Just like with online wallets, we do not have our digital key. Platforms like Coinbase and Binance have applications designed for smartphones.
This applications set up in computers download completely or partially, by platform used, the blockchain. In other words, the ledger will be downloaded in your computer.
Besides, one of the main advantages of this kind of wallet is that the users have their digital key. Therefore, you’ll be the only responsible for security of the account and the cryptocoins. The most distinguished are Bitcoin Core, Exodus and Multibit. Each has got its own special features. You’ve got the last word.
These wallets will freeze you, not because we say it, but because they’re called cold wallets. These are, without doubts, the safest to collect our currencies.
With a hardware similar to a USB memory, we collect in it both our address and the digital key offline. However, despite the security the rapidity of the transactions are not their strength. The most used are Trezor, Ledger and KeepKey.
Neo Wallet and O3
A week ago, OneUP launched its Presale Round exclusively to the users who had signed up in both the AirDrop and the newsletter. If you didn’t notice the launch and you want to have more information about the available packages click here
To make the most of your OneUP Tokens, we recommend you Neo Wallet and O3. These will be certainly the final wallets.
OneUP launches its pre-sale public round
Written by OneUP Team
OneUP team is working and growing everyday to offer you the best content and to keep you updated.