Bitcoin is the form of cryptocurrency or the digital currency which is used for digital transactions. Like the paper currencies, the bitcoins are not controlled by a centralized bank. Bitcoins will belong to one single person on his bitcoin address and to buy or to give someone their bitcoin they need to use other persons bitcoin address which is basically a bitcoin wallet.
What is a bitcoin wallet and how it is used?
So, you must have used different digital wallets where you store your money from your bank and use it for several purposes. Similar to that bitcoin also have its wallet but it is not something likely to your regular wallets. Bitcoin wallets is the wallet where you store your bitcoins. It is not something which is depicted as physical currency or paper notes. Actually, bitcoins are not stored anywhere, they are in the form of a private key or better to say secret key which is stored in a bitcoin wallet for the individual who is using the wallet.
Like other payment wallets, bitcoin wallet also has its application which is available for PC’s, cell phones, Web, and hardware wallet.
Let us know some brief on each of the bitcoin wallet types.
Like your other applications on your desktop, there is an application for bitcoin wallet too. A bitcoin wallet for desktop from where the users can create their bitcoin address by signing up with their relevant details. After signing up, they get a private key or secret key associated with their bitcoin account and can be done to use transactions. Some of the desktop wallets are Atomic, Exodus, Jaxx, Electrum, Armory and there are many others. The wallet is available for both Windows and Mac OS.
Bitcoin wallet are just not limited to desktops, they are available for cell phones too. If you are having an Android or iOS device, you can download bitcoin wallet from play store or app store. The process of getting wallet address is same as the desktop wallet. Some of the wallets for phones are:
- Edge previously known as Airbitz
Apart from the above, there are two more other types of wallets: hardware and web wallets which can be used to store bitcoins and use it for digital transactions.