Great Tips for Choosing the Best Bitcoin Wallet

best btc walletIf you are planning to start transacting with bitcoins, the first decisions you should make is about which wallet you will choose to store bitcoins. Bitcoin being an electronic currency and hence not controlled by any central authority, any developer can create a bitcoin wallet. It should be understood that a bitcoin wallet doesn’t literally store bitcoins, but a huge public ledger of bitcoin transactions called blockchain stores them. A wallet is a facility whereby you can access your bitcoins with public and private keys. The public key is meant for receiving the coins, while private key is meant for sending them. The former can be used anywhere without any security concern, while the latter needs a password. As you can access your coins from several different wallets, you better choose the best bitcoin wallet.

Operating System

While choosing a wallet, one of the major things you should consider is which operating system you will choose for it. Bitcoin wallets are available that can run on a PC for all major operating systems, like Windows, Linux and OSX. Even wallets running on mobile devices with Android and iOS are available. The most popular operating system is perhaps the cloud-based wallet. These are easy to set up but least secure. They are the most convenient to access from any device having an internet connection.

Web-based Wallets

As a rule of thumb, wallets running on your PC will provide you a wide range of features, while also offering you better security as compared to the web-based wallets. Many incidents have taken place so far wherein web-based wallets have been hacked and coins were stolen, without leaving any way to recover them. If you have decided to use a web-based wallet, choose one having a good repute and which also provides excellent security features, like two-factor authentication. According to several bitcoin experts, a mobile bitcoin wallet is the safest because mobile phone processors keep encrypted data segregated and makes it impossible to hack the wallet.

Offline Wallets

If you are planning to store a huge number of coins into a bitcoin wallet, you better ensure the safety first. If the wallet is broken and coins are stolen, they are gone forever. So, for storing a big amount, offline wallets are best. Offline wallets are often termed as cold storage and are not linked to the internet; so, there is no question of hacking them. A standard practice is to store an offline wallet in a safe deposit box on a USB thumb drive.

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