A bitcoin wallet is not a physical wallet but a software program that holds or keeps Bitcoins. The BC wallet comes with a private key for security, the key makes the wallet secure from prying eyes. It’s only a response to the wallet-allocated address.
However, if an individual has a balance in their BC wallet, you must use your private key or secret number that matches their BC wallet. With a BC wallet, you can receive and send Bitcoin. BC wallets are of four different types and they include web, hardware, mobile, and desktop.
BC wallet as we understand is a digital wallet where Bitcoin is stored. For anyone to trade in Bitcoins, you must first have a digital wallet. The wallet stores your Bitcoin and will require the right combination of its secret number or private key to open it.
In addition, you need your private number to access your BC wallet. Each time you want to carry out any transaction using your Bitcoin, you’ll need to get to your wallet for full access to your coin.
How Does a Bitcoin Wallet Work?
The way a bitcoin wallet works is not very easy to explain because a bitcoin operates on a digital Ledger that is called a blockchain. This is why we can think of a bitcoin wallet as an email address that holds emails. This is because to access your email to send or to receive an email you need to log into your email account which is similar to what is done in a bitcoin wallet.
To access your bitcoin you need to log into your bitcoin wallet after passing through a series of security tests to log in. Once you now have access to your bitcoin wallet you now have the power to send bitcoins and also check if you have received any Bitcoin. This is basically how a bitcoin wallet works itself as a place to hold bitcoins so that they can be sent and received.
Types of Bitcoin Wallets
BC wallet comes in various kinds such as the web, mobile, desktop, and hardware.
The Web Wallet
A web wallet allows you to access your Bitcoin from any point. It may be from a browser or mobile device. To use your web wallet you have to be careful since your private keys are stored there online. Popular web wallet providers are Blockchain and Coinbase.
The mobile wallet enhances payments in physical stores through “Touch-to-pay” and Near field communication (NFC) scanning of a QR code. The mobile wallet is compatible with iOS and Android devices or systems.
Also, Hive Android, Mycelium Bitcoin, and BC wallets are all examples of mobile wallets. However, when you want to use any of the mobile wallets, it’s advisable that you research your options to avoid malware that poses as Bitcoin wallets.
Hardware wallets seem so far to be the most secure kind of BC wallet. Here Bitcoin is stored in a physical piece that is plugged into a computer by using a USB port. They are so immune to attacks by viruses and it has recorded a few theft incidents. When you used this device it’s not free it cost from $100 to $200 rates.
Desktop wallet operates as an address for its users to receive and send Bitcoins. With it, you may store your private key. A desktop wallet is installed into the desktop computer and its users can take full control of the wallet.
Some desktop wallets are Hive OSX, MultiBit, Armory, Bitcoin Core, and Electrum.
Bitcoin Wallet Security
BC wallet demands high-security protection as there are at high risk for hackers. You must not disclose your secret number under any circumstances to anyone or leave it in unsafe places. Encrypt your wallet by choosing a strong password and a cold storage option when storing Bitcoin offline. Carry out a frequent routine of backing up your desktop and mobile wallets. This will enable you to still have your wallet in case of any issues with your wallet software that’s in terms of erasing your holdings.
How To Download Bitcoin Wallet
To download a BCwallet is not difficult. The bitcoin wallet app is designed to be compatible with Android and iOS devices.
- Go to Google Play Store for Android devices and App Store for iOS devices.
- On the platform, use the search bar and search for the “Bitcoin Wallet” app.
- Next, select the right one for your device
- Move down and click on the “Install” button
Immediately the app will be downloaded into your mobile phone device, you can then set it up and create your Bitcoin wallet account.
Bitcoin Wallet Account
Getting a BC Account is not difficult it’s fast and easy. Follow the steps below:
- Use the app store for iOS or Google Play store for Android.
- Search and download Coinomi
- Launch open the app and write down your 2-Words recovery phrase
- Set a very strong password with numerics, etc.
- Add your Bitcoin to the wallet
- Then you can use your receiving address to receive Bitcoin
Follow these steps above to create your Bitcoin account successfully
Once your account is created then login is quick and easy. Use these steps to login into your account
- Get to bitcoinwallet.com
- Move to the right and click on the “Login” widget
- Enter your Email address and Password
- Verify your password by clicking on the eye symbol to be sure you enter the right one.
- Click on the ‘I’m not a robot box
- Then click on the Login button
- Go check your email and enter your security code
- Open the email you’ve just received
- Copy the code and go to your Bitcoin to the wallet page
- Paste the code you have received and click on the “
In case you forgot your password move down the screen and click on the “Reset Password” widget. Next, follow the instructions to retrieve your password
What is a Bitcoin wallet used for?
A bitcoin wallet is similar to an ordinary wallet that you carry around in your pocket which is used to store Money. But in this case, a bitcoin wallet is an electronic application that is used to store bitcoins by giving you a real-time display of your blockchain. The wallet can also be used to send and receive bitcoins.
Why do I need a wallet for bitcoin?
Just as I have explained above on how a bitcoin wallet works without a bitcoin wallet it will be impossible for you to access the cryptographic information needed for your bitcoin addresses and transactions. What this means is that without a bitcoin wallet you will not be able to send and receive bitcoins or use bitcoin for any form of transaction.
How do I get a Bitcoin wallet?
Getting a bitcoin wallet is easy in fact it is as easy as downloading a bitcoin wallet application. In this article, I have listed the various types of Bitcoin wallets that are available no matter what platform you are using. All you need to do is simply download the application for the platform that you are using so that you can access your bitcoins.