If you have plan to buy Bitcoin, the first step is to have a wallet. In fact, Bitcoin wallet is kind of software, which you can use in order to store your Bitcoins in. A Bitcoin wallet stores your private key and public key. It’s notable that you can have and use multiple wallets at the same time. Each wallet has its own features and provide its own unique services. There are many wallets out there, which support multiple cryptocurrencies. There are different types of wallets. Generally, they divide into two main categories. The hot wallets and cold wallets. In fact, it depends to your needs that which wallet suits you better. Everyone chooses a wallet depend on their use cases.
Cold wallets provide more safety compared to hot wallets. On the other hand, hot wallets are easier to use and you can have access to them any-time, any-where.
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Are the wallets safe to store Bitcoin?
It totally depends on what type of wallet you choose. As we mentioned before, cold wallets, which consist of hardware and paper wallets are the safest way to store Bitcoin. By using the cold wallets, the hackers don’t have any chance to hack your wallet and steal your asset. As a result, if, you choose any kind of cold wallets make sure you are keeping it in a safe place and always take a back-up from your wallet.
If you are willing to use online wallets (hot wallets), it recommended using the eligible and most reputable wallets. Use the online wallets, which provide different layers of security. In fact, a reliable wallet is, which provide 2FA (two-factor authentication) and also use one-time password for each transaction. In addition, choose strong password for your wallet. A strong password consists of capital and small letter along with digit numbers and special characters. In fact, the most important feature of online wallets is that you can access to them, as long as you have internet connection with a device, which can connect to the internet.
Most of the investors in cryptocurrency world, use a hybrid method. In this method, they use cold wallets to store their assets for long period and if they want to store a high amount of cryptocurrency. They also store some small amount of cryptocurrency in their hot wallets in order to have access to it all the time. As we mentioned before, always take a back-up from your wallet whether you use a cold or hot wallet.