What is a Bitcoin wallet?

A bitcoin wallet is basically the equivalent of a bank account, It allows users to send, store and receive bitcoins, manage private keys; codes that allow you to spend your coins. In reality, it’s not bitcoins that need to be stored, but the private keys that give you access to them.

Bitcoin addresses and private keys look like a long string of numbers and letters and they can also be represented by QR codes. Here is an example of what these keys look like:

Public Key / Address: 13mvq8wD6VxoHrXTVaHPrSwjMwFkYUZxYU

Public Key.
Public Key.

Private Key: 5KMpGa6X1212AmqUd7kdbhevh63Lbt96LU82eQVSSotgFzCGvQ2
If you don’t have the private keys, you don’t control the bitcoins.
You can use any of the following websites to easily search any public key online.
These block explorers allow you to watch all Bitcoin transactions happening live on the network. Searching a Bitcoin address will show how many coins are stored and all of its previous transaction history.
Bitcoin is pseudonymous because there is no personal information attached to the address, yet all transactions are public. Imagine how implementing this type of technology could change the way we operate institutions and banks. No longer could governments build bombs or fund wars without everyone knowing about it. With Bitcoin, it’s possible to make the world more transparent while giving individuals their right to privacy.
You’ll find wallets that come in four main types: web, software, hardware, and paper. Each of these has its advantages and disadvantages.
  • Online web wallets – Web wallets such as exchanges have the lowest level of security, although wallets have the advantage of being accessible from any internet-connected device.
  • Software wallets – Software wallets are a great choice for both new and advanced users. they can be downloaded and installed on your computers, mobile phones or tablets.
  • Hardware wallets – A hardware wallet is a physical device that is design for securing crypto coins. The three most popular hardware wallets are: Trezor, Ledger and KeepKey
  • Paper wallets – A paper wallet is a piece of paper containing private keys printed on them from an offline computer that has never been connected to the internet.

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