December 6, 2022

How to choose a bitcoin wallet

BTC wallet, Crypto wallet by  SENBTC Automated Trade Marketplace

London, United Kingdom, 17th Oct 2022, The storage of cryptocurrencies does not seem to be a simple matter, highlighting that choosing a cryptocurrency wallet is also very important. When you are going to buy a bitcoin wallet, you need to consider factors such as convenience, simple operation, and security of the wallet. The most important thing is that you need to know whether you need an online wallet or an offline wallet, or both online and offline. Once you know what you need, you can find the wallet that you feel best meets your needs. (SENBTC Automated Trade Marketplace)

There are two types of cryptocurrency wallets: online and offline. The two methods are mainly different from storage security issues and transaction convenience. Generally, most people choose to store online, which is convenient for transactions but has a low safety factor. Fewer people store offline, which is not convenient for transactions but has a high safety factor. (SENBTC Automated Trade Marketplace)

How to choose an online or offline bitcoin wallet

Online Bitcoin wallet, also known as “hot wallet”, is an application software that can be connected to the Internet PC or mobile phone (Android system/iOS system).

If you are comfortable letting a third-party platform keep your bitcoins, an online bitcoin wallet is a good choice. Online wallet does not require additional fees, and is a more convenient payment experience. You can pay with a computer or mobile phone. You can also share the same wallet with others, and you can recharge a relatively small amount of Bitcoin. Since the amount is relatively small, the loss from theft will not be too large. One disadvantage of online wallets is that users’ privacy may not be well protected.

The offline bitcoin wallet is also called “cold wallet”. The offline wallet does not use the Internet at all. The offline wallet uses a physical medium to store the password key offline. This storage method can protect account from hackers, and there is no risk of theft. Offline wallet storage is more secure than online. (SENBTC Automated Trade Marketplace)

If you want your privacy to be well protected, you can choose an offline bitcoin wallet. The offline bitcoin wallet has a relatively high security factor. Generally, people who store a large amount of bitcoin will prefer an offline bitcoin wallet. Offline bitcoin wallet is managed by oneself, and there will be no third-party intervention. The disadvantages of offline wallets are that the purchase of offline wallets requires product fees, and it is not very convenient to use. If you need to use them frequently, it will be very troublesome to use offline bitcoin wallets. (SENBTC Automated Trade Marketplace)

The hot wallet is easy to use, but it is more dangerous to put all the money in the hot wallet. The cold wallet is safe but very inconvenient to use. For cryptocurrency exchanges, never store too much money in one hot wallet. We recommend you open both hot wallets and cold wallets, and place 80% of the money in the cold wallet, and 20% of the money in the hot wallet for expenses. (SENBTC Automated Trade Marketplace)

How to choose an online bitcoin wallet

First of all, you need to see whether it only supports Bitcoin, or there are other currency services. If it is only a web page, check whether the URL starts with HTTPS or HTTP. The security factor of HTTPS will be higher. Is the identity verification function safe or not, and whether two-factor verification is required. Is the wallet “Herarchical Deterministic”? Will each transaction use the latest bitcoins? Does it have the function of sharing wallets with others? For third-party wallet technology companies, how much do you know about them and will they publish open source code online? Whether the wallet function can be easily used, and whether there is a backup function. (SENBTC Automated Trade Marketplace)

If you don’t know much about the application of an online wallet, and want to know what others have said about this wallet, you can search on Reddit or the Bitcoin forum, so that you can see the comments of many people. Pay attention to the educational sharing of others, and it is best to refer to some of the latest information. (SENBTC Automated Trade Marketplace)

Except for the two forums above. See also the official website of the Bitcoin Foundation (bitcoin.org). There are many online wallet functions to choose from on this website. When choosing a wallet, remember to check whether it supports your country or region. (SENBTC Automated Trade Marketplace)

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Country: United Kingdom

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