What is a Bitcoin wallet?

Bitcoin wallet is a software program in which bitcoins are stored. There are a number of bitcoin wallets to choose from. Some are cloud-based, while others are downloaded to your PC, tablet or smartphone. All of the wallets provide the same functionality, i.e. transferring bitcoins from one place to another, but each wallet has its own benefits.

Cloud wallets are the easiest & most convenient to use. However, when storing your bitcoins in the cloud you are ultimately handing the responsibility over to the business holding your BTC. Therefore, trust is essential when it comes to storing bitcoin in a cloud wallet. We recommend the copay.io cloud wallet.

Software wallets are downloadable programs that run on your computer, tablet or smartphone. They are considered more secure than cloud wallets because you have total control over them. However, they do still come with their own risks. The software wallet that we recommend is Electrum copay.io.

Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.

    Points to consider:
  • Like in real life, do not keep all your funds in one wallet.
  • Choose your online wallet carefully, bearing in mind that a 2-step verification process is a good additional assurance to have.
  • Back your wallet up on a regular basis. Encrypting any backup that is exposed to the network is a good security practice.
  • Make sure to store your password in a safe place, be it in your mind or in a physical location. Unlike conventional banks, there are very limited options for password recovery in the Bitcoin world. Use a strong password that contains letters, numerals, punctuation marks, and is at least 16 characters long.
  • An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.

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