You’re probably here because you searched the net for info on how to choose a new bitcoin wallet. Well, you’ve come to the right place!
This guide will walk you through everything you need to know to get started with Bitcoin. We explain about the selection of a Bitcoin wallet, for managing and storing your Bitcoins (BTC).
Choosing a Bitcoin Wallet
you might be wondering why you even need a Bitcoin wallet? Well, using our service is a bit like using a vending machine. You put your money in and Bitcoin comes out – but now you need a way to receive and store your dispensed Bitcoins. This is what a Bitcoin wallet does – it lets you receive and store BTC, as well as spend it.
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There are 4 types of wallet to choose between, listed in order of decreasing security:
1) Hardware Wallets
This is a specialized electronic device you plug into your computer or phone. Hardware wallets greatly improve the security of your Bitcoin storage but cost around $100, whereas other wallet types are free. Hardware wallets can be combined with compatible models from the other wallet types listed below.
2) Software Wallets
Also known as desktop wallet, these run on your laptop or desktop computer. With proper computer security practices and a good password, these are quite secure. There are two main varieties of software wallet; full or light.
Full software wallets download and sync the entire blockchain, which takes time and hard drive space but requires less trust. Light software wallets require no extra space or delays but rely on third-party servers for information.
3) Mobile Wallets
This kind of wallet runs on your smartphone or tablet. Such wallets are convenient for making in-person transactions but not very secure, due to the low-security nature of mobile operating environment.
4) Web wallets
Web wallets run on a third-party websites, which you log into for access. Web wallets are the riskiest type of wallet, as they depend on the site staying online and resisting the efforts of hackers or evil insiders to steal your coins. The better ones allow shared control over your coins.
Here’s a tip; choose your wallet type according to the level of security which you feel is appropriate to the amount of Bitcoin you intend to purchase.
Once you’ve decided on your wallet type, it’s very important to choose a trustworthy wallet from that category. Any wallet listed on the Bitcoin.org site should be safe to use. Some research conducted into the proper use of your wallet would be a very wise investment of your time.
Using Your Wallet to Receive BTC
Once your Bitcoin wallet is running, it will generate a list of receiving addresses. These are long, random strings of characters which begin with a “1” or “3” (or, more rarely, with “bc1”). Here’s an example of a Bitcoin address: 32GkcondGCH9Etj4VLBb873DymJd2iRvdP
You’ll need to select an address from your own Bitcoin wallet in order to receive the BTC you buy from Coinmama.