From coins to paper notes and from paper notes to digital currencies, the world has taken a drastic change in the field of currencies. Like other currencies, Bitcoins are used for online transactions to buy or sell things using cryptocurrencies. Bitcoins are stored as a private key or a secret key in a wallet known as Bitcoin Wallet. It is like the other digital money wallet, but it does not store any physical money. All it stores is a private key which is in the hexadecimal form.
How to use a bitcoin wallet?
If you are totally new to the world of bitcoins, then this is solely for you. So, from above we now know what a bitcoin is. So, now you must be curious to know how it can be used, right? Follow the step-by-step guide below on how to use a bitcoin wallet.
- Bitcoin wallet is available for desktop as well as for phone. Hence, your first step will be to download a bitcoin wallet software or application.
- After downloading software, sign up with your email address and strong password, like you do for all your various accounts.
- After signing up, you will receive a Bitcoin Address which will be your address to receive and send payments to other merchants or other people who use bitcoin wallet.
- You can add even more addresses later depending upon how many accounts you are using.
I hope above steps are useful for you to create a bitcoin wallet account and use it.
Different types of bitcoin wallets
The bitcoin wallets are of four different types viz. Desktop bitcoin wallet, Phone bitcoin wallet, Web bitcoin wallet, and Hardware bitcoin wallet.
Desktop Wallet
The bitcoin wallet software is present for desktop as an application. On desktop wallet you can create an account using your email and password. After creating account, you will get your bitcoin address which will be used to buy or sell bitcoins.
Phone Wallet
The bitcoin wallet for phone comes as an application which overcomes one of the hindrances of desktop wallet which is, you can carry your phone bitcoin wallet any where and pay using QR code or NFC – tap to pay.
Web wallet
With web you can use your bitcoin wallet from any browser whether it be on your phone or on your desktop.
Hardware Wallet
One of the safest ways to keep your bitcoin wallet secure. These hardware’s can be HDD’s, Pendrives, or some other physical device. They are safe but also immune to viruses.
Apart from these, you should always keep your bitcoin wallet encrypted to keep it safe from hackers.