Bitcoin wallets are going to be similar to bank accounts because this will be where you store, receive, and send out Bitcoins. Keep in mind that just like your bank account, you are going to want to make sure that your wallet is secure so that no one is able to take away your coins!
There are several kinds of wallets that you are going to be able to pick from when it comes to Bitcoin. Software wallets, web wallets and various other ones. There are going to be pros and cons to each wallet, and you are going to be required to make sure that you are doing your research to discover the wallet that is going to be the best for you and what you are going to be doing with Bitcoins. It does not matter what wallet you choose; you will have to make sure that you keep your wallet secure as we just mentioned – and are going to continue to mention because this is extremely important!
Look at all of your options. Software wallets are one of the original Bitcoin wallets that were created. You will have all kinds of options to pick from when you are looking at using a software wallet. But make sure that you are picking one that is going to allow you to be in complete control of the security of your Bitcoin because of how the software is set up. But, you are going to come across a huge hassle that is going to make it to where you have to install the software while making sure to maintain it properly.
Being that blockchain is a public database, any negotiation that moves through the server is not going to be stored but will be verified as well.
The Bitcoin core wallet is the original Bitcoin wallet and has evolved as Bitcoin has evolved. There are a lot of people that are going to say good things about the Bitcoin core wallet while others are going to say dreadful things, but this is how it goes with everything that you are going to use. Going with the original wallet is sometimes going to be the best way for you to go. In order to download this wallet, you are going to need to go to www.Bitcoin.org and download the wallet application. Once the software has been installed on your computer, the portfolio’s client is going to attempt to establish a network that way that it can begin to download the blockchain to the appliance.
You will be required to have all of the blocks in the chain before you are going to be able to complete any negotiations with Bitcoin.
There are some other wallets that you can download if you do not want to use Bitcoin core. Every wallet is going to have good points and bad ones that are going to determine how the wallet functions not only on your computer but how it is going to interact with the blockchain. For example, there are going to be some wallets that are going to only be available on Mac computers and it is going to have an app in the app store that will allow you to tie it to the wallet so that you can have access to your wallet and other Bitcoin services on your phone as well as your computer. The armory wallet is a wallet that is going to focus on security over other functions that other wallets may have.
Each wallet will also have its own installation quirk.
The hive wallet will be a wallet that is going to be geared towards beginners. Therefore, you may want to start with this wallet and move on to a different wallet once you have gotten the hang of using Bitcoin.
A lightweight wallet is not going to take up much space on your computer’s hard drive as most other wallets will. These thin wallets are going to work faster since they will not be required to download the entire blockchain. If you want to use a lightweight wallet, you may want to consider using Electrum or MultiBit.
You need to think about the fact that thin wallets are not going to be as secure as the wallets that are going to download the entire blockchain. So, if you do not want to lose losing your Bitcoins, you may want to stay away from a lightweight wallet unless you do not have enough room on your hard drive and this is the only way that you can get a portfolio for your Bitcoin.