4 Types of Bitcoin Wallet you need to know

[xBDT Script 4371]

Just now, hexwin said:

@xBDT Script What do you think about Armory  desktop bitcoin wallet?
I see it is rated very good on bitcoin.org website, but I never used it so far.

I have never used an Armory wallet though, it's another kind of software wallet. Don't know much about it to be honest. Since it is rated very good at bitcoin.org, it will definitely a good one. You can check the Armory board in bitcointalk.

Just now, tisuacon said:

I didn't know thеrе werе so numеrоus wallets. I as it wеrе utilizе еleсtroniс wallеts on my phone. аnd I соunselеd on thе nеws site. Much оbliged for sharing.

It's not electronic wallet. You are using software wallet probably on your electronic device 😄 Each of this wallet type has different wallet as well. 

[dana33 302]

14 hours ago, xBDT Script said:

Appreciate the feedback but I will not recommend anyone to use web wallets at least not when you have good amount of BTC.

Think like that - Web wallet is the wallet which you keep with you, I mean the money bag. But do you keep all your money in the money bag that you carry? NO. Your savings and everything you keep them in a Bank.

So a hardware wallet or a MultiSig wallet will work as a bank for you and for daily expense you can keep some in the web wallet or in the mobile wallet.

I know what are you talking about but i think it's better for newbie use the simple wallet first like web wallet for example blockchain, easy to registrate and easy to use too. Also i'm sure most of newbie don't have a big amount of bitcoin, so it's fine to use blockchain.

[xBDT Script 4371]

6 minutes ago, dana33 said:

I know what are you talking about but i think it's better for newbie use the simple wallet first like web wallet for example blockchain, easy to registrate and easy to use too. Also i'm sure most of newbie don't have a big amount of bitcoin, so it's fine to use blockchain.

Why blockchain, you have Electrum mobile wallet as well. It's much easy than blockchain.com, It's very much needed for the newbie because most newbies don't know any technical side of BTC. With using a software wallet, they can learn the basic easily. As long as you are not trying something, you can't learn it properly.

[xBDT Script 4371]

Just now, Reviola100 said:

I prefer web wallet, than others. not too difficult to backup and on average only use keystore or private key. that's what I like about web wallet

In web wallet, most don't provide you any private key. You only hold the account credential, not any info on the coin. Your coins are hold by someone else. If you think it technically, you don't have access to your fund. If you want to send 0.01 BTC to your friend from your own wallet, you can send it instantly while it's not possible in web wallet.

[Naga 1250]

So many types of wallet but we still store our bitcoin on exchanges..lol.

I personally haven't used any wallet other than coinpayment back in 2017 but its useles to keep moving your funds back and forth like that every time. 

[Lobachevsky 9]

The cheapest method to store bitcoin is to use online wallet but they are risky to use while the more expensive to buy is hardware wallet but it is the most secure method then we have paper wallets and then software wallets in between 

[xBDT Script 4371]

Just now, merbackten said:

i prеsсribe tо select web wallet sincе it's simpler to gеt it аnd simplе tо utilize аs wеll fоr nеwbiеs. 

Let me show you a comparison-

Web wallet

1. You don't have access to your fund technically.

2. You have deposited your fund to 3rd party (like bank IRL)

3. You are depending on 3rd party for sending/recieving fund.

4. You can access from anywhere.

5. You have to give personal information most of the times.

Software Wallet

1. You have direct access to your fund(it's your wallet).

2. You are the own bank, no need to deposit anywhere else.

3. See 2

4. You can still access from anywhere.

5. No personal information is needed.

Now you compare the both and let me know which one is better to use.

[starwalkerz 164]

In fact, this post has one awesome point that is rarely spoken about, which of course is the mentioning of paper wallets. Paper wallets are built in the protocol itself, therefore they're the true wallet on the background of services.

[Luciferludz 1442]

There have different type of bitcoin or cryptocurrency wallet! I will mention them from best security to low security.

1: hardware wallets

2: paper wallets

3: offline wallets

4: mobile applications wallets 

5: extension wallets

6: online webs wallets

This is my opinion if I'm not correct you can arranges them correctly.

[helloworld 32]

1 minute ago, Luciferludz said:

There have different type of bitcoin or cryptocurrency wallet! I will mention them from best security to low security.

1: hardware wallets

2: paper wallets

3: offline wallets

4: mobile applications wallets 

5: extension wallets

6: online webs wallets

This is my opinion if I'm not correct you can arranges them correctly.

Mobile app, extension are form of software wallet. These are not different category. Topic creator have already shared the 4 types of wallet which is correct.

[Luciferludz 1442]

10 minutes ago, bilucom said:

Соinbаsе, yobit thеsе аrе а fеw sоrts оf wеb wаllеt аnd you nееd tо currently nоt utilize wеb wаllet fоr sеtting аwаy bitсоin. Mаke utilizе оf Pаpеr wаllеt fоr lоng time, mаtе. It's frее of tаkеn а tоll.

Coin base and yobit them are not wallet actually but you can use them to store on cryptocurrency for trading and not to store currency for long hold.

[Congli18 154]

for now I only know 2 types of wallets, namely Luno and Blockchain. that's all I have because both of them are wallets that I often use for transaction tools, maybe there are other wallets that I don't know about

[scorpiali 5626]

I use the first and the second one,web wallet like blockchain and coinpayment and software like TrustWallet with the phone Application, correct me is i was wrong

I would like to use the third one, Hard wallet like ledger but it about 50$ i will see later if i bought one.

The last one i never use this way because i don't know anything about it

[myaccount1 584]

Thanks a lot for sharing us this good type of knowledge about the multiple wallet and i think everyone need to gain knowledge firstly that which type of wallet is safe for him then after that they need to take a decision. 

[Lucifer 134]

On 10/28/2019 at 2:22 PM, xBDT Script said:

We often talk much about which wallet to use, which one is convenient to use, which one is secure, etc. I am going to share 4 types of bitcoin wallet and their features shortly.

1. Web Wallet
This is very well known to use- Coinbase, blockchain.com etc. Web wallets are very risky to use. They can be hacked any time.

2. Software Wallet
Software wallets are like bitcoin core, Electrum, Mycelium etc. These are also connected online but not web wallet. These wallets have benefits of holding seed key or private keys, These are better for daily using of BTC. Not much better for long term though.

3. Hardware Wallet
Hardware wallets are cold storage where you can hold the private key safely. This is very much recommended for long term holding of bitcoins. Example like- Ledger Nano, Keepkey etc.

4. Paper Wallet
Paper wallets are very cheapest methods for having the been fits of cold storage. It's holding the private key in a paper. This is very easier method of storing bitcoin.

Please share you thoughts.

I usually use the wallets of exchanges and web wallets, I know they are not the safest but I am very lazy to have wallets installed on my computer.

[doriahailee 643]

I'm currently using Web wallet (Coinbase, Blockchain.info) And Software Wallet (Electrum Client) So far i'm satisfied especially using electrum, Maybe you guys still didn't know you can make custom address on this website with max 6 Characters free, Example like https://bitcoinvanitygen.com/ 1DoriaLmzFVj8ALj6mfBsbifRoD4miY36v

Use at your own risk

Edited November 8, 2019 by doriahailee
Typo

[scorpiali 5626]

2 hours ago, bichou1584 said:

The best option to save your currencies is the hardware wallet.  All other portfolios cannot be trusted in their degree of safety.  The bad option is to keep your cryptocurrencies on the exchange

Why to pay for wallet wher you have a free and secure wallet ,leave your coin on exchange it's a bad idea i remember cryptopia, it's gone with the wind

[Keith700 1885]

On 10/28/2019 at 10:22 AM, xBDT Script said:

We often talk much about which wallet to use, which one is convenient to use, which one is secure, etc. I am going to share 4 types of bitcoin wallet and their features shortly.

1. Web Wallet
This is very well known to use- Coinbase, blockchain.com etc. Web wallets are very risky to use. They can be hacked any time.

2. Software Wallet
Software wallets are like bitcoin core, Electrum, Mycelium etc. These are also connected online but not web wallet. These wallets have benefits of holding seed key or private keys, These are better for daily using of BTC. Not much better for long term though.

3. Hardware Wallet
Hardware wallets are cold storage where you can hold the private key safely. This is very much recommended for long term holding of bitcoins. Example like- Ledger Nano, Keepkey etc.

4. Paper Wallet
Paper wallets are very cheapest methods for having the been fits of cold storage. It's holding the private key in a paper. This is very easier method of storing bitcoin.

Please share you thoughts.

The simplest and most powerful, paper wallet, who would say that it would be the safest method.. even the cold wallets are still my favorite because of their versatility and brutal way of protecting cryptocurrencies, practical, simple, safe and original.

[mo.mirzaeipour 227]

On 10/28/2019 at 5:52 PM, xBDT Script said:

We often talk much about which wallet to use, which one is convenient to use, which one is secure, etc. I am going to share 4 types of bitcoin wallet and their features shortly.

1. Web Wallet
This is very well known to use- Coinbase, blockchain.com etc. Web wallets are very risky to use. They can be hacked any time.

2. Software Wallet
Software wallets are like bitcoin core, Electrum, Mycelium etc. These are also connected online but not web wallet. These wallets have benefits of holding seed key or private keys, These are better for daily using of BTC. Not much better for long term though.

3. Hardware Wallet
Hardware wallets are cold storage where you can hold the private key safely. This is very much recommended for long term holding of bitcoins. Example like- Ledger Nano, Keepkey etc.

4. Paper Wallet
Paper wallets are very cheapest methods for having the been fits of cold storage. It's holding the private key in a paper. This is very easier method of storing bitcoin.

Please share you thoughts.

for small amounts of BTC i trust yobit web wallet at this time. because of high fee of transferring i prefer hold it for future trades. but if some one has more than 1 bitcoin must hold them at hardware wallet.

[bliznec 22267]

11 minutes ago, Nuraini said:

But please is it recommendable for me to use it to because I am so affraid with now days wallet

Of course, it is recommended to open a crypto wallet and it is completely safe and you should not worry, your funds are protected. 

[Marsellous 934]

That is, as I understand it, if the funds will not be on my wallet for long, it is better to use the Web wallet, the Software wallet will be more secure. I think, for the sake of security, if the money in your wallet is kept for some time, it is better to use the Software wallet.

[Aceventura 208]

Out of four types, I always prefer hardware wallet. its by far the safest. 

Edited November 23, 2019 by Aceventura

[bappy1234 39]

4 type biycoin wallet is 1st COINBASE , coinbase is a high strong system wallet, 2nd is blockchain , 3rd btc wallet and 4th xapo, xapo is a instant payment wallet.

[rakib7970 217]

There are four types wallet we are seeing here. But which wallet we should to use? I am using web wallet at this moment I don't know how safe it is. If you tell us what wallet we should use it will be then it will be easier to select for. Thank you for sharing these.

[Aceventura 208]

A very good technical post on the various types of cryptocurrency wallets. I always prefer software wallet. My favourite wallet is Electrum. I also use online wallets but only for a reason.