Bitcoin wallets are the online available storage software which helps in keeping the track of the Bitcoin transactions taken too and forth. In simple they are the virtual wallet which tracks and informs about one’s Bitcoin usage. Even the free Bitcoins earned will be shown in here with the details.
What do they have?
Any Bitcoin wallet, in general, will have:
- A key and
- An address.
As said before the Bitcoins are the cryptocurrency and their wallets a virtual storage. A key is similar to that, it is a combination of numbers which gives access to view the transaction details done using the Bitcoin. And there are two different keys,
- The private key and
- Public key.
The private key:-
As the name suggests this is a one-man usage only well unless you are using pool method. It usually comprises of the 256-bit number which includes hexadecimal and alphabets.
The private key varies from wallet to wallet. As there is software which is created to prevent the hackings.
A public key in Bitcoin is often referred as the address of the Bitcoin. It usually comprises of random numbers and in large rows. This again is for the security purposes in which authentication and encryption are required.
How to find one?
There are a lot of software being developed by a number of leading companies for the wallets. The most procedure will be simple like downloading the software from the play store or app store, enter the details that are required add the keys to the same. Now you are ready to use the app.
Some examples of wallet:-
There are a lot of wallets available in the market for the Bitcoins. Most of them which will fall under these categories:-
- A software Bitcoin wallet.
- Paper Wallet.
- Web wallets and
- Hardware wallets.
A software Bitcoin wallet:-
This is one of the most widely used wallets in this industry. They are the software applications which one can install on their computers and use as much as to their heart’s content.
This is more like an alternative for the private key and close to the physical key. If the information needed is stored in the computer there will be no need for the keys to hang on every time. One can add any number of Bitcoins even the free Bitcoin the account using this wallet buy will need the private key for the withdrawal.
These web wallets are one of the merchandised wallets which includes bank account details and credit card or debit card details.
This is one of the most advanced yet backward inventions in the wallet. They are just like the USB stored wallets for the security purposes.