Compatibility: You’ll need to think about where and how you’ll want to access your wallet and choose one that’s compatible with your device(s)īear in mind, you don’t need to stick with just one wallet.Security features: User control of private keys, two-factor authentication, multisignature accounts, and backup keys are some of the important features to look out for.

Ease of use: Beginners will probably want something that’s simple to set up and that makes it easy to move your bitcoin around.In this post, we’re focusing on bitcoin, but many wallets enable you to store other cryptocurrencies, such as ethereum, litecoin, dogecoin, and other alternative coins.īefore we delve into the different kind of wallets, here are some things to look out for: For every transaction to a wallet, a unique alphanumeric bitcoin address is generated. For example, a friend can send you bitcoin or vice versa or you can transfer bitcoin from or to a coin exchange or other wallet. You can transfer and receive funds to and from anywhere in the world at any time. The private keys in turn provide the proof that you own your bitcoin.Īside from securing your funds, wallets offer a means to send and receive payments. Instead, they secure your funds by guarding your private keys. Unlike an everyday wallet, where we keep coins and banknotes, coin wallets don’t actually store your bitcoin. But this isn’t really a good analogy to start off with. It’s tempting to think about bitcoin wallets as being similar to regular wallets. We’ll then compare some of the of the most popular options out there to help you decide which one is right for you. In this post, we’ll reveal exactly what coin wallets are and why you need one. Thankfully, with a bit of understanding of the different kinds of wallets and the best options for each, you should be able to find something that’s a good fit for your needs. It’s certainly easy to become overwhelmed with the plethora of options out there.

However, there are various different types of wallets available, each with their own pros and cons. You’ve probably heard the term ‘bitcoin wallet’ used before and it sounds fairly simplistic. As with many other facets of the cryptocurrency market, the option for bitcoin ‘storage’ are many and varied. If you’ve already got some bitcoin or are thinking of buying some, chances are you’re wondering what to do with it.

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