Bitcoin is a popular crypto currency and unlike normal currencies, it does not have a central authority to control. It is not a physical currency and is stored in the digital form. Bit coin wallets are used to store them are it is also used to send, and receive crypto currencies from other users.
You have to know what a bitcoin wallet is. It is a software program that is to be downloaded or installed on any of your device such as personal computer or mobile phones. In which your digital money are safely stored. It is a virtual bank from which one can transact crypto currencies from one bitcoin user to another.
If you own a bitcoin wallet blockchain, then you will be provided with two keys, public and private and using them, you can do transactions. A public key is nothing but a bitcoin address and for every address there should be a private key which is similar to password and without this a transaction is not at all possible. It is recommended to change public address over time and do not share your private key to any one in order to save your bitcoins.
Different types of wallets
- Mobile wallet – Designed as Smartphone applications.
- Web wallet – Browser interface and no need to be installed
- Desktop wallet – Software downloaded on computers
- Hardware wallet – physical, electronic devices
- Paper wallet – a piece of paper on which a crypto address and its private key are physically printed