Thanks to the bitcoin virtual currency, we now have the opportunity to perform purchases or sale items online in an anonymous manner, and this is an astonishing think, showing us the true potential that we can harness from the virtual currencies. However, in order to use the bitcoins we need to use a wallet, and there are a few types that we can use in order to store our bitcoins and perform these payments.
You have the opportunity to choose from multiple types of wallets, you can either opt for a mobile wallet, a desktop one, a hardware based wallet or one that stores all data on the web. All of them come with upsides and downsides, as follows:
Mobile Wallet
The best thing about this type of wallet is definitely the convenience that it brings. A mobile wallet is very easy to install on your mobile phone and you have multiple wallet types depending on the OS that your mobile phone has. You can pay whenever you want and the transfer is made quickly, even if you are on the road. The only requirement is that you have an internet connection, which can be seen as a major downside, because if you don’t connect to the web you can store the bitcoins, but you won’t have where to use them. On top of that, mobile wallets are prone to be infected by mobile viruses and other security threats, and thus you need to be very careful when it comes to choosing the proper wallet.
Desktop Wallets
These are very popular and they allow you to store your money on your PC. Accessing them is very easy via a key and if you want you can encrypt the wallet to make it even harder for hackers to reach it. Of course, since this is located on your computer, it’s easy to be found and be hacked, which can be a major downside for a lot of people.
Hardware Wallets
Having a hardware wallet is a great idea because this is one of the most secure options when it comes to dealing with and handling Bitcoins. Of course, there is a downside and it comes from the fact that you have to carry the hardware with you everywhere you go in order to make the payments, which might be very inconvenient for some people.
Web Wallets
The web based bitcoin wallets are easy to use, and you need an account to access them. The best part about them is that they are very convenient, easy to reach from whatever computer or device you want, and the transactions are performed quickly. The only downside here is that browser is quite easy to hack and thus unwanted persons can gain access to your account quickly.
These are the bitcoin wallet types you can choose nowadays. As you can see, all of them have different ups and downs, but the reality is that they successfully manage to provide you with the ability of holding bitcoins in a secure place and harnessing their power by purchasing the items you need!