Since, the news about bitcoins is everywhere you would probably have got the slightest idea about what it is and if you have further looked up to make your mind up to invest in it because of its high ending profits and its market value? or Would you have thought of having bitcoins? Here’s the way to get a “Bitcoin Wallet”.
Clueless? Oh come on its easy, let’s get started-
The “Wallet” is basically a bitcoin equivalent of a bank account. Just like depositing money in your account you need a bank account. We will firstly have to create a bitcoin account which would take only a few minutes. The next step after you create your account is to have money in it either to store or to trade. It’s the same case with bitcoins where we create a bitcoin account and get a wallet to put your money in it which is called digital currency. We have different types of accounts, different types of shares, why not have different types of wallets to suit diverse people.
The two main types of wallets are software wallet and web wallet/hosted wallet.
A software wallet is one that you install on your computer or mobile and would have a complete control over it, but to maintain and install it, could be a tricky task. Whereas a hosted wallet or web wallet is one which is maintained by a third party and the party should be trustworthy to maintain your hard earned bitcoins safely. There are also various types of hardware bitcoin wallets introduced called trezor and coolBitx which are also very simple and efficient to use.
For a beginner there are 4 main ways in which you could get a bitcoin wallet:
- Electrum – This is a software wallet which helps you set up a strong security system against the hackers and the computer fails. During your installation process you would be given a 12 word phrase which can be used to recover all the bitcoins, if the computer fails to function. Moreover the software is encrypted, which is why you don’t have to worry about the hackers. Electrum is available for windows, LINUX and OSX. It is one of the most recommended wallets for beginners. Go get it- https://electrum.org/#download.
- Wallet on Phone – To make it convenient and handy android and blackberry os users can download the app titled “Bitcoin Wallet Mobile App”. This software wallet lets you have a complete control over your bitcoins and makes transfer easier than writing a cheque, since it works well with QR codes and NCF. Be sure to back up your wallet with the “Backup Wallet” feature or risk losing all your coins.
- Coinbase – This is a type of web wallet which has excellent features and simple design which makes it convenient for beginners. Selling and buying of bitcoins can be done through the coinbase and sending and receiving bitcoins can be done through email. Their android app helps access all accounts in one go. Being one of the world’s largest bitcoins company it has raised funds from its prominent investors like New York Stock Exchange, USAA Bank and Spanish banking group BBVA. They are one of the biggest companies to never have suffered a hack which is one of the convincing points to for you to invest in bitcoins.
- Blockchain.info – It is a web wallet, the easiest way to get a bitcoin wallet is to go on blockchain.info page and set up your wallet by filling in their brief requirements which is then available on our android phones thereby providing simple access to your account. Blockchain also provides other facilities to the bitcoin community like; the use of blockchains promises to bring significant efficiencies to global supply chains, financial transactions, and asset ledgers and decentralized social networking. Few other wallets, but not for the beginning Bitcoin user. If you are up for a challenge, wallets like-
- Armory is a good choice for those requiring the highest possible security, and the original.
- Bitcoin-Qt client is also trusted and worth learning how to use.
- Multi bit is a lightweight desktop bitcoin wallet.
- Wirex is a secure bitcoin wallet service provider that offers both online and offline security.
- Mycelium is one of the most safest and recommended for secure bitcoin storage on phone
- Trezor is a hardware bitcoin wallet which is simple to use. TREZOR is a small, key-sized device which connects to your computer with a USB cable. It stores your Bitcoin private keys offline and signs transactions. It can be safely used on a malware infected computer.
So, it’s time to get your hands and your bitcoins into these wallets for the safest online transaction.