Understanding Bitcoin Wallet, It’s Types With Features

Digital currency has appeared life-changing for investors, economies, and businesses. Bitcoin is the most real example of it. To store your virtual coins, a software program is being used, which is called Bitcoin Wallet. Just like you use Gmail to manage your emails. Now the question arises how do Bitcoin Wallets work?

We are going to talk about bitcoins wallets. Just like any bank account, this wallet also has a unique address. To run your bitcoin wallet, you need two keys, Public and Private. The public key will act like your wallet's address, and the Private Key will prove your ownership. A private key will let you spend your money. It works like a password to your bitcoin wallet. You can drive your public key from a private key but cannot generate a private key from a public key.

How many types of wallets available?

Let's discuss the availability of different bitcoin wallets.

Hot Wallet: Connected to internet.

Web Wallets: Deposit funds on other's online wallets to perform any activity. Highly convenient, offers multi-factor authentication, no access to a private key, and danger of hacking.
Desktop Wallets: Requires a pc free from malware.
Mobile Wallets: Store private key on phones by enabling multi-factor authentication, password protection, and private key backup.

Cold storage Wallets: Secured, free from hacking, and independent of any internet connection.

Paper Wallet: Secure your wallet by keeping multiple printouts of a private key.
Hardware Wallet: Offers optimal mix between security and ease of use.
Brain Wallets: Generate a private key from a chosen set of words.

Multi-Sig Wallets: Some bitcoin wallet approves transaction only with enough private keys, i.e., Couples, friends, business partners can use one wallet.

For your convenience btcofficialwallet.org the safest and secure platform for trading bitcoins. Now choose your wallet wisely. It has all the required information of the most reliable Bitcoin wallet.