If you wanted to buy bitcoin then you will need to store bitcoin somewhere that place is known as a bitcoin wallet.
A Bitcoin wallet is a software program that enables you to send or receive and store bitcoin.
In actual, bitcoin is stored on the private keys and these private keys used by wallets to spend the bitcoin on the bitcoin network.
Mean if someone has no access to the private key then he/she can never spend the bitcoin stored on that private key.
You can run a bitcoin wallet online, on your pc or laptop, in your mobile device, on some physical storage gadget and even on a piece of paper to store bitcoin.
On the basis of the security level, the Wallets to store bitcoin are divided into two categories named as Hot Wallet and Cold Wallet.
Hot wallets are mostly used when you need to spend your bitcoin regularly from the wallet. It is very easy to spend bitcoin from hot wallets.
Cold wallets are mostly used when you do not need to spend your bitcoin for a long time. It is very difficult to spend bitcoin from cold wallets. Using a cold wallet is the most secure way to store bitcoin.
Bitamp Bitcoin Wallet
Bitamp is an open-source, client-side, non-custodial web wallet of Bitcoin that allows you to send, receive, and store your bitcoins securely on the blockchain.
This wallet provides you the full control of your funds by providing you the private keys or wallet seed.
The Bitamp wallet has a good User Interface and is very easy to get started where it doesn’t take any personal information from users in order to use its services.
Bitamp wallet is created by using the latest technology and with the best security practices available. Basically, Bitamp wallet operations are normally performed locally in your web browser by using the javascript. The Bitamp wallet technology is designed to keep Your wallet seed or private key safe and secure from any type of hacking attack where it never transmitted, stored, or saved the seed anywhere that provides you the full control of your Bitcoin. You are the only one who responsible to securely store your wallet seed or private key with offline backup. Hence it is not possible for Bitamp to recover any lost seed or private key for any user.
Features:
- Anonymous: Bitamp wallet doesn’t store your wallet seed, private key, IP address or browser details, and any other private information. There is no email address and any private information required to use the Bitamp wallet services. It also allows you to access your account from your home where you can also use VPN or Tor to use this wallet.
- Instant: The Bitamp wallet allows you to transfer your funds instantly to any location in the world. It allows you to transfer money very easily and very fast while banks usually take several days for the same amount of money transfer.
- Worldwide: You can send your money anywhere in the world using Bitamp wallet. There are no border restrictions to use or send money using this wallet. It just costs you a little amount for sending money throughout the world disregard distance dependency.
- Self-sovereignty: You are the only one who controls your wallet keys, and Bitamp company does not hold or access your keys that means if you lose your keys then your bitcoin won’t be recovered. Bitamp wallet provides your financial independence by giving control of your funds directly in your hands. Your Bitcoins Your keys.
- 24h Active Support: Bitamp Bitcoin wallet provide 24h live support to its users.
Advantages
- Good User Interface
- Easy to use,
- Very good privacy
- good company reputation,
- feature-rich,
- beginner-friendly,
- Open-source
- Good customer support
Official Website: Bitamp.com
Onion Site (Tor): bitamptortcbtgit.onion
Source Code: GitHub
Contact: support@bitamp.com
HOT WALLET
Security Level: Weak
User Interface: Good
Online Wallet or Web Wallet
Online bitcoin wallets stored your private keys online and can be accessed easily from anywhere else through your password on the web.
These wallets always store bitcoin on their servers so they can be accessed through the internet anywhere.
The most popular online bitcoin wallets to store bitcoin are Bitamp Bitcoin Wallet, Guarda Web Wallet, BlockchainWallet, GreenAddress, and SpectroCoin.
Advantages: Easy to use, beginner-friendly, free.
Disadvantages: Weak security, weak privacy, third-party trust required.
Software Wallet or Desktop Wallet
These Wallets required the software to be installed into your computer then you can store bitcoin there.
A Software wallet is an application program that runs on your computer.
These wallets can be run on any computer device and provide you the backup words and Passphrase of your wallet to restore them in the future on a different computer.
The most popular software wallets to store bitcoin are Bitcoin Core (Bitcoin original software wallet), Electrum, Guarda Desktop Wallet.
Advantages: Easy to use, beginner friendly, feature rich, free.
Disadvantages: Medium security, weak privacy (if you don’t use open source), third-party trust required (if you don’t use open source).
Mobile Wallet
Mobile wallets are normally mobile apps that have to be installed on your mobile device.
Mobile wallets enable you to send/receive and store bitcoin or watch your bitcoin balance on their mobile app interface.
The most popular mobile wallets to store bitcoin are Electrum, Guarda Mobile Wallet, Bread, Bitpay, BitcoinWallet (created by bitcoin developers)
Advantages: Easy to use, beginner-friendly, feature-rich, some supports multiple currencies, simple & clean, free.
Disadvantages: Medium security, weak privacy (if you don’t use open source), the third-party trust required (if you don’t use open source).
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COLD WALLET
Security Level: Strong
User Interface: Poor
Hardware Wallet
Hardware wallets are the tiny computers or smartcards that generate the private keys in the offline secure environment.
In hardware wallets, the offline generated private keys never leave the device.
Hardware wallets always sign the transactions offline in a secure protected mode.
Hardware wallets provide much better protection from malware and other hacking attacks that make it the most secure way to store bitcoin.
The most popular hardware wallets to store bitcoin are Trezor, Ledger.
Advantages: High security, Strong Privacy, Easy to use, beginner friendly, feature rich, some supports multiple currencies.
Disadvantages: Not Free, device can be lost or stolen, have to use the device to send bitcoins, have to keep the device safe by yourself.
Paper Wallet
Paper wallet refers to the private keys printed on a piece of paper.
A Paper wallet is the best method of cold storage in order to store bitcoin securely for a long time.
A paper wallet is easy to create to store bitcoin and easy to use to spend your bitcoin from it.
For Paper wallet you need to create many backups as there are more chances of paper damaged and lost.
Advantages: Very High security, Very Strong Privacy, Easy to use, Free
Disadvantages: paper can be lost, paper can be burned, low-quality paper can be damaged after a long time, have to use that paper to send bitcoins, have to keep that paper safe from others.
Important Precautions to Store Bitcoin?
- Avoid the use of Exchanges to store bitcoin there. Exchange can be hacked easily and you will be lost your money as it happened many times in history.
- Create multiple secure backups of your wallet or private keys to store bitcoin securely. A single backup may be lost, corrupted or destroyed after that you have no way to restore your wallet.
- Use multiple wallets to store bitcoin as if you lost a single one then you will not lose all your money. Divide your bitcoin fund into multiple wallets.
- Don’t reuse addresses: Do not use an address again to store bitcoin after using it already or after spending the bitcoin from it because it decreases your security level.
- Update software: Keep your wallet software updated to the latest version.
- Add addition security layer: Use a strong password for your wallet with an additional security layer like two-factor authentication (2FA) and additional pin code requirements to access your wallet funds.
- Keep your Privacy Safe: Do not reveal any sensitive information regarding your bitcoin storage and bitcoin ownership between your friends, relatives and on social media.
- Use Anti-Virus and Anti-Malware for your computer or mobile and keep them updated to the latest version. Also, keep your operating system updated to the latest version of your computer, mobile and hardware wallet device you are using to store bitcoin.
Also Read the following topics:
Best Wallet for Bitcoin | Most trusted Bitcoin Wallet
What is Bitcoin? All you need to know about Bitcoin
What is Cryptocurrency Mining? Is Bitcoin Mining Profitable?