We store everything valuable and important to us in a safe place. Depending on your preferences and, at some point, trust issues, the safe place may look like a simple box, be a top-notch Swiss-based vault, or anything that works as protected storage.
Digital wallets are a crucial part of the blockchain ecosystem. They allow you to interact with distributed ledgers, make transactions, keep track of your digital assets, and many more.
Speaking about the number one cryptocurrency in the industry (in terms of price, market capitalization, accessibility, etc.), it is vital to know how to choose and set up a Bitcoin (BTC) wallet. We are going to provide you with different types of BTC wallets so that you can choose the one for you. Here we go.
Types of Bitcoin Wallets
While the crypto industry is developing rapidly, it also offers new ways to store cryptocurrency in a safe manner. The continuous upgrade of technological storage solutions and new types of encryption enable advanced options for cryptocurrency custody that are currently not available for conventional money.
Bitcoin (BTC) Mobile Wallet
Cryptocurrency mobile wallets are convenient for daily usage as they allow you to keep an eye on your cryptocurrency on the go. Most of BTC mobile wallets are available for both iOS and Android devices.
Mobile wallets can be multi-currency like Exodus, Jaxx, Freewallet, and single-use. The former type is applied more often as it enables storage for a range of cryptocurrencies. The latter type is quite rare and, to be fair, is not as secure as multi-currency wallets.
Pros: Portable. Enables storage for many digital assets within one application.
Cons: Can be deleted from an application marketplace.
How to Set Up a Bitcoin (BTC) Mobile Wallet?
Choose a BTC mobile wallet that seems to be right for you. Don’t forget to do your research and examine the wallet carefully;
Find the wallet in AppStore (for iOS devices) and GooglePlay (for Android devices);
Sign up an account;
Send, receive, and manage your BTC.
By the way, to store something, you have to obtain something. Changelly has been providing secure instant cryptocurrency swaps since 2015. Exchange, sell, and buy BTC at the best rates via Changelly.
Bitcoin (BTC) Desktop Wallet
Those who are into crypto know that staying updated on the latest Bitcoin and other cryptocurrency events is easier via laptop or PC. Bitcoin desktop wallets are more secure than, say, mobile BTC wallets. They are harder to be compromised or hacked while providing cold storage for digital assets. Some BTC desktop wallets serve as light clients, which means they require full node validation. Check all the wallet’s features before the download.
Pros: Hardware wallet support; enhanced UX and additional features.
Cons: A PC or a laptop might be affected by malware or viruses.
How to Set Up a Bitcoin (BTC) Desktop Wallet?
Choose a desktop wallet compatible with your operating system;
Start to manage your crypto safely via a desktop wallet.
Bitcoin (BTC) Web Wallet
Web wallets are highly available as anyone with an Internet connection has access to web browsers on both, mobile and PC devices. However, Bitcoin web wallets store your private keys online, which makes them vulnerable to hackers and malware programs. Some web wallets can operate within crypto exchanges thereby significantly facilitating the process of interaction with BTC and other crypto assets.
Pros: Accessible from any device.
Cons: Vulnerable to online attacks.
How to Set Up a Bitcoin (BTC) Web Wallet?
Select a suitable Bitcoin web wallet and download it from the web store of your browser;
Sign up an account;
Store your assets in the browser extension.
Bitcoin (BTC) Hardware Wallet
A hardware wallet is a small device that is considered to be one of the safest options to store Bitcoin (BTC) and altcoins. Most of the hardware wallets allow you to store a wide range of cryptocurrencies which is very convenient. The device is portable, so your BTC can literally always be with you.
Pros: High security standards; Suits for safe storage of a large BTC amount.
Cons: Can be lost so that access to cryptocurrencies can’t be recovered; the cost of a device.
How to Set Up a Bitcoin (BTC) Hardware Wallet?
The number of companies that issue hardware wallets is limited, so it will be easier to choose a hardware wallet that looks good for you;
Choose the pin code for your device, and don’t forget to write the recovery phrase. Keep it safe as it is a back up of your private key;
Install all the necessary applications on the device and add an account;
Interact with your cryptocurrencies that are stored safely.
Bitcoin (BTC) Paper Wallet
As can be seen from the name, the Bitcoin paper wallet is a piece of paper on which you write down your private and public keys. In this case, your keys just cannot be hacked. However, you have to store it carefully – once lost or stolen, you will not be able to access your funds. Many users prefer to laminate the BTC paper wallet to avoid any damages. Bitcoin paper wallet is a simple and efficient way to store BTC.
Pros: Ultra secure.
Cons: Can be lost or damaged.
How to Set up a Bitcoin (BTC) Paper Wallet?
Scan your computer with antivirus software and antimalware program. Be sure your computer is clean;
Download a paper wallet generator and repeat step 1;
Once downloaded, disconnect the internet connection;
Generate a BTC paper wallet (your public and private keys); write them down or print;
Clean up your browser cash and repeat step 1 once again;
Look at the precious piece of paper that stores your BTC! Well now, protect it well and never share it with anyone.
We’ve provided a brief guide on setting up a BTC wallet. There are multiple ways to store your BTC, but remember the golden rule that works for any cryptocurrency: do not share, expose, or talk about your private keys. Keep it safe and do the research before trust your funds to any wallet.
Changelly is a secure instant crypto exchange that has 150+ cryptocurrencies available to be swapped and bought at market-best rates. Operating since 2015, the platform and its mobile application attract over a million visitors monthly, who all enjoy quick and simple exchanges, low transparent fees, and 24/7 live support.