ALL ABOUT BITCOIN
In the case of classic cash money, it is known that most people will choose to keep some with them for daily spending, and store some in their banks. But how can you store your Bitcoins?
The easiest and most popular way is to have a digital wallet (electronic wallet). This is basically a program that can store, send and receive Bitcoins. There are many E-wallet providers that vary in their terms and conditions. It is always recommended that a Bitcoin user should have two different E-wallets, one for spending and another one for saving – pretty much the same as with normal bank accounts. Since Bitcoin does not depend on any banks or financial institutions, people have total control over their finances and transactions. Some consider this to be a big responsibility – so we’ll give you some cool tips here to help you become your “own private bank” controlling your money.
The first wallet for any Bitcoin users should be used in daily transactions – just as the wallet in your pocket. This type of wallet is usually referred to as a “Hot wallet”, because it is connected to the Internet, thus making it accessible from anywhere in the world, from any internet-connected device.
The second wallet is the savings one, which is similar to a savings account in a normal bank. Most users will want to have more protection over this one, since this is where they are keeping all their Bitcoin savings. In order to do this, you must make this wallet a “Cold wallet”, which means that it is not connected to the Internet. This makes it a lot less likely to be broken into by hackers.
Recently, a lot of new wallets have been created, some for phones and others for computers. We will mention some of the most important ones:
Armory: This advanced wallet that offers many hi-tech features for crypto-currency users who own many digital currencies. It offers secured backups and high-grade encryption, as well as storage as a cold wallet for devices that are not connected to the internet.
Bitcoin Core: This wallet is considered the backbone of the Bitcoin network, offering high levels of security, privacy and stability. However, it has fewer features and takes a lot of space and memory compared to others.
Bit-go: is a secure multi-wallet that protects your Bitcoins against loss and theft. It is very easy to use and provides advanced security features such as spending limits and access for multiple users.
Electrum: This wallet focuses on speed and simplicity, with very low usage of resources. It uses several servers that handle the most complex parts of the Bitcoin system.
How can you store your Bitcoins?
The easiest and most popular way is to have a digital wallet (electronic wallet). This is basically a program that can store, send and receive Bitcoins. There are many E-wallet providers that vary in their terms and conditions.