Setting Up Your Bitcoin Wallet

[Sami balta 53]

By now you know that wallets are your encrypted storehouses that contain all the payouts and
rewards. Now, we are going to look a little deeper into their types.
There are two types of cryptocurrency wallet, which are: Cold or offline wallets and Hot or
online wallets. Let us learn how the two types vary from each other.
The most fundamental difference between the two is that the hot wallets are linked to the online
world, while the cold wallets restrict that connection. Most miners use both types of wallet,
which provide them with varying purposes.
Hot wallets are more like checking accounts that you use more often. On the other hand, a cold
account is like a savings account for keeping all your digital assets safe. Miners usually keep a
small amount of currency in the hot wallets for trading. And a significant amount of their digital
money is stored safely in the cold wallets.

[Raouf99 73]

21 minutes ago, Hashimi said:

Well I think you should mention 2FA wallets... and how they work... and how much they charge for service fees! 
a lot of new Electrum users setup 2FA wallets and don't read the disclaimer correctly... they miss the bit about the charges, and then scream scam when they get charged 0.001 in their first transaction for 20 credits....

nice guides. And also I love them.

[Zisan95 71]

There are a lot of application for trading cryptocurrency. Blockchain wallet is one of the best wallet in the market. I love Blockchain. It is safe, trusted and secured. It is also faster in trading.also we cam use coinbase, yobit etc.This is a great wallet. It is one of the popular cryptocurrency wallet. It is used by all over the world. It is faster, trusted and secured. I just love it. I have been using is for a long time and I am fully surprised with it service and facilities.

[aniksh001 40]

8 minutes ago, Ay rony said:

 I set up my wallet with The coinbase.I am hold Bitcoin in the online wallet. I have also some ltc, but its very low amount. 

What do you khow about ltc??

I wanna invest in ltc . What do you thik of it. Is it worthy  now to enter?? Please let me khow whats your thought . Thank you.

[Joni007 46]

in case you're getting started out with Bitcoin, there are a few stuff you should understand. Bitcoin helps you to alternate money and transact in a distinct way than you usually do. As such, you have to take time to inform yourself earlier than the usage of Bitcoin for any extreme transaction. Bitcoin should be treated with the equal care as your ordinary wallet, or maybe extra in a few cases!

[Sabba092 115]

On 1/27/2020 at 12:55 PM, Sami balta said:

By now you know that wallets are your encrypted storehouses that contain all the payouts and
rewards. Now, we are going to look a little deeper into their types.
There are two types of cryptocurrency wallet, which are: Cold or offline wallets and Hot or
online wallets. Let us learn how the two types vary from each other.
The most fundamental difference between the two is that the hot wallets are linked to the online
world, while the cold wallets restrict that connection. Most miners use both types of wallet,
which provide them with varying purposes.
Hot wallets are more like checking accounts that you use more often. On the other hand, a cold
account is like a savings account for keeping all your digital assets safe. Miners usually keep a
small amount of currency in the hot wallets for trading. And a significant amount of their digital
money is stored safely in the cold wallets.

This is a nice and easy talks.

[SHAKILZ 23]

This is a good topic on this site. If you can't set up, don't withdraw this money. After that we know the settings of each of these sites.

[Migo 7946]

I know the majority of the wallets but I prefer to use hardware wallets more than any kind of wallets, I know that there is other good wallets with good security level but buying hardware wallets is more good, to avoid anything suspicious, there is nothing secure 100% but ledger nano hardware wallet is the best for me

[Shahud 1319]

There are many web wallets and app wallets available in the playstore but hardware wallet will always be best becuase of ots security .in hardware wallets we can avoid any tyoe of suspicious activities done by any other party

[bentayebsalah 2280]

There are several differences between the types of these wallets, but the best among them in terms of security are the OFFLINE wallet and the cold storage wallet. For fast and daily dealing, it is better to use the online wallet.

[Brand1 1336]

Your participation is very useful and informative. As for me, I prefer cold wallets to store large amounts of money because they are very safe. As for hot wallets, I use them to store small amounts so that I do not experience large losses if the wallet is stolen and penetrated.

[Calvinpriva 17296]

I use hot wallets and web wallets mostly, i have four different wallets that i use to keep, trading, investing and making payments with them. Every wallet has its uses and they are very safe... I use yobit wallet, coinpot, faucetpay and localbitcoins wallets.

[BTC Future 3946]

 

On 5/11/2020 at 12:52 PM, nayon89 said:

Thanksgiving for describing the comparison between these two. My question is , How a cold wallet can receive the fund? Is it possible to receive the fund without internet connection? If not then how can we receive fund in cold wallet?

A cold wallet can recieve funds while being online. When someone is senting funds there is no action needed by the receiver to accept them. I understand that in e-commerce some businesses have to accept the transaction ( as in cases where they want to check their stock and see if they actually have available the product they buyer wanted). This case is rare though even in e-commerce, and in cryptocurrencies there is no need for the cold wallet to go online to accept the funds. The funds will reach the address and will be added after the demanded confirmations. The owner of the cold wallet can check his address through a block-explorer and check that the funds had been added.

[gourav789 2834]

online wallet as well offline wallet both are good , I used offline wallet for store high amount in Bitcoin because security is amazing in hardware Wallet . online wallet like coinbase , blockchain , Trust Wallet also good and trusted to used .

[Raqeebzy 6456]

Large amount of cryptocurrency are not adviced to be stored in a software wallet or a cold wallet has they say mainly because of hacks. There is no way a hardware wallet can be hacked because it stores its funds outside the internet. Coinbase also adopted the same by storing more than 98% of customer's cryptocurrency in a cold storage(offline).

[BitcryptoHan 2557]

9 hours ago, Soaib khan said:

my favorite cryptocurrency wallet is trust wallet because in this you can store more than 200 cryptocurrency and one of the important thing is that this wallet is totally secure 

There are some coins I want to store on the wallet but I did not see them, that was why I prefer atomic wallet. My first wallet was coinomi. I have trust wallet but emptied till now. Also, trust wallet is not used friendly.

[Whited35 15285]

There are different sort of cryptocurrency wallets which are available in the cryptocurrency markets. Notably, hot wallets are online wallets and cold wallets like Ledger nano , Trezor are cold wallet. While setting up the Bitcoin wallet, we should be first familiar with nature and security of wallets. 

[BitcryptoHan 2557]

9 hours ago, scorpiali said:

Now all use the hot wallet his coin is connected to the in internet all the time it's very risky way but if you trade or use different exchange you have to use it 

Some claims that the private keys of their hot wallet is stored on computers and phone and can not be connected online, such like the coinomi wallet but I get your point that it is safe to use cold wallet for more security. 

[scorpiali 5626]

47 minutes ago, BitcryptoHan said:

Some claims that the private keys of their hot wallet is stored on computers and phone and can not be connected online, such like the coinomi wallet but I get your point that it is safe to use cold wallet for more security. 

All wallet say that your keys is stored in your phone dont worry about them they dont connect to internet but really who can know that,it's very complicated .The phone and computer is all the time connected to internet 

[BitcryptoHan 2557]

14 hours ago, scorpiali said:

All wallet say that your keys is stored in your phone dont worry about them they dont connect to internet but really who can know that,it's very complicated .The phone and computer is all the time connected to internet 

@scorpiali you are right, any online wallet should be treated like online walkers, the private key could be leaked to hackers. Only offline keys can not be leaked because it is totally offline. 

[scorpiali 5626]

26 minutes ago, BitcryptoHan said:

@scorpiali you are right, any online wallet should be treated like online walkers, the private key could be leaked to hackers. Only offline keys can not be leaked because it is totally offline. 

When you are offline you are safe all the time ,but you cant be offline all time because you coins if off they dont have any value you need to put then online to get them the value ,and the risk is begging 

[muzammil381 64]

The most ideal alternative for putting away a lot of cash is equipment wallets, as they can infrequently be hacked. These wallets don't deal with the web. Your subject will be helpful for apprentices.

[Cryptokool 14]

Im considering taking a metamask wallet, is it safe? Or better go for hardware wallet? 

[bladexx 63]

I use both types of wallets, depending on the activity you are going to do, but usually I use the cold wallets more. They give me a little more confidence.

[simo07 40]

there are a number of utility for trading cryptocurrency. blockchain wallet is one of the great wallet inside the market. i like blockchain. it's miles safe, trusted and secured. it's also quicker in buying and selling.additionally we cam use coinbase, yobit and so forth.this is a super wallet. it is one of the famous cryptocurrency wallet. it is utilized by everywhere in the global. it's far faster, trusted and secured. i just like it. i have been the usage of is for a long term and i'm absolutely surprised with it service and centers