Bitcoin Wallet Overview
What is a wallet? Why do I need a wallet? Which are the best wallets? etc.
What is a Wallet?
A Bitcoin Wallet is like a wallet in which you can store your Bitcoins (or other crypto currencies). You can also receive your Bitcoins and send them to other wallets.
Your wallet is connected to the Blockchain and can be identified by the PrivateKey and PublicKey (comparable with password or PIN for bank card). With the PrivateKey (often in the form of twelve randomly generated words) you can use any wallet where you can enter the PrivateKey. There are platforms and especially exchanges where you have a wallet but not the PrivateKey, so you are dependent on the operator of the platform. You are not in control of your Bitcoins and your Bitcoins can be lost if the platform closes down, so you should only entrust your coins to trusted providers.
Which wallets exists?
There are different types of wallets. There are Cold Wallets and Hot Wallets. The former are not always connected to the Internet. On the one hand there are hardware wallets, which look like a USB stick and where your Bitcoins and Co. are stored. This wallet only has access to the internet when you send or check the status. This includes paper wallets, because you have the PrivateKey printed on them and you are only on the Internet when you send or check the status.
Hot wallets are always connected to the Internet. There are desktop versions, or apps on the cell phone. Some providers offer both solutions and some have only one app version. I use a hardware wallet for my Bitcoins, which I just hold. I use the Wallet App to make my daily transactions. I recommend you to use both versions. I don’t like a desktop wallet that much because it seems less secure than the mobile app version.
Cold, hot or platforms?
There are also several platformswhere you have a wallet but do not have the PrivateKey. These platforms offer you a wallet so you can trade and buy Bitcoin and Co. Especially at Krypto Exchanges, where you can buy and trade Bitcoin and Co., you should have as many coins as you need to trade. But there are also people who do not want to manage the PrivateKey and then trust a platform like Bitpanda Wallet. I give you under “Buy Bitcoin” the platforms which are on the market for years and the coins are also insured and they keep the coins on cold wallets.
In the following section I will introduce you to some anonymous wallets where you have the Private Key (also called Seed). Only through this seed you can get your coins. You can also use a platform to manage your private key and access your wallet via email and 2FA. I would like to introduce you to some of these trusted providers, which I have been using for years with good experience. These platforms usually also offer buying and selling of crypto currencies. I show you the best ones like Bitpanda.
Anonymous Bitcoin&Co. Wallets
Lumi Wallet
The Lumi Wallet is very easy to use and guarantees complete anonymity. You don’t have to enter an email, but determine the PIN and then write down the PrivateKey (twelve words), or you open an existing wallet with the PrivateKey. There are not many coins to choose from, but certain ERC20 tokens and just BTC, ETH and soon EOS. There is an app and desktop version.
Jaxx Liberty
Jaxx Liberty Wallet offers the most famous coins besides Bitcoin for coin storage. Again, no email or other personal information is needed from you. You can easily create a new wallet and make a backup of the twelve words, or you can import an existing wallet with the twelve words. There is a desktop, app and chrome extension version. A very easy to use wallet.
Exodus
Exodus offers the most popular coins besides Bitcoin for coin storage. Again, no email or other personal information is needed from you. You can easily create a new wallet and make a backup of the twelve words, or you can import an existing wallet with the twelve words. There is a desktop, app and hardware wallet. A very easy to use wallet.
Guarda
The Guarda Wallet creates a new wallet where you get the PrivateKey in the form of 12 words, or you can create an existing wallet with the 12 words. There is a desktop and app version. It has the best known coins besides Bitcoin and is user friendly. You do not have to leave an email or anything else. So completely anonymous.
Bitcoin&Co. Wallets
Blockchain.com
This is probably one of the first and most famous wallets in the block chain scene. Formerly the page was called Blockchain Info and besides the wallet you also offer a blockchain explorer and other statistics about the Bitcoin blockchain and now also other blockchains. You have to store your email so that you can have a desktop or app wallet. With this wallet you also have the PrivateKey and can manage your Bitcoins and other coins (ETH, Bitcoin Cash; Stellar, USDT).
MyEtherWallet
MyEtherWallet (MEW) is also completely anonymous, but is not a Bitcoin Wallet. In addition to Ethereum (ETH), practically all tokens created by a Smart Contract can be stored there and that means hundreds of tokens. Ethereum is the second largest crypto currency and several DAPPS (decentralized apps) run over this block chain. There is a desktop version and an app, and it can be linked to a hardware wallet, so your coins are even more secure.
Coinbase Wallet
Coinbase is one of the most well-known Bitcoin dealers and you have there not only a Wallet, can also buy Kryptos. At Coinbase Wallet you have the PrivateKey and can link it to your normal Coinbase account. At Coinbase you have to register and give personal information like email. Your Bitcoins and Co. are managed by Coinbase. But with Coinbase Wallet you have the Private Key (Seed) and this wallet is coupled with many other DeFi (decentralized finance) projects.
Bitpanda
Bitpanda is also a wallet for Bitcoin and Co., where you don’t have the private key either. This Austrian company is very reliable and has been on the crypto market for a long time. It is easy to use and there is a desktop and app version available. You have to deposit your email and you can also do 2FA. You can also buy and trade your cryptos there. I recommend every beginner to start with Bitpanda, because the service is very good and you don’t have to pay attention to the private keys.
Conclusion Wallet
A wallet is thus a tool or electronic wallet where you can send, receive and manage Bitcoin and Co. With most Wallets is also a purchase and trade meanwhile of Bitcoin and CO. possible, whereby the fees are often very high. In the next section I will show you the best platforms where you can buy Bitcoins and Co. and where you have integrated a wallet.
Which wallet you choose is up to you. I would send small amounts of money from one wallet to another and then you get a feeling which wallet is right for you. Of course you can have several wallets at the same time. For example, I have my Bitcoins, which I only hold, on a hardware wallet. These Bitcoins are particularly well protected, unless you lose your seed (twelve words) and thus lose access to the wallet. So you have no chance to get your coins. Therefore lock your seeds on paper in a safe. Better still, secure your seeds in a second place in case your house is burned down or you have a water damage etc.
Bitcoin Halving 2024
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