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Bitcoin Wallet: Everything you Wanted to Know!

Bitcoin wallet is a software program where you can store your bought Bitcoins. Though you can store BTCs in your cryptocurrency exchange too. In case, a crypto exchange is hacked, you’ll lose all your purchased Bitcoins.

When we say that BTCs are stored, technically speaking they aren’t stored anywhere. Let me explain in as simple a way as possible. If you have a balance in your BTC wallet (also called a digital wallet), it means you have a private key or secret number corresponding to that wallet’s Bitcoin address. These wallets help you to invest in cryptocurrencies, to send and receive cryptos and also give ownership of the Bitcoin balance to you.

Bitcoin wallets, also called digital wallets, are a must for crypto traders to trade in BTCs. These digital wallets are analogous to physical wallets. Instead of storing your physical forms of fiat currencies (US Dollar notes or smaller denomination coins) in wallets, your BTC wallets store relevant information. The information stored by the digital wallets includes the secure private key, which is used for accessing Bitcoin addresses and at the same time carrying out transactions.

Types of Bitcoin Wallets

There are 4 major types of Bitcoin wallets:

  1. Desktop wallet
  2. Mobile wallet
  3. Web wallet
  4. Hardware wallet

Desktop Wallets

These wallets are installed on your desktop computer. As a user, you have complete control over your wallet. These wallets work as an address from where you can either send Bitcoins or to which you can receive BTCs. You simply need to store a private key given by the wallet company.

Top 5 Best Desktop Wallets for Storing Bitcoins

  1. Bitcoin Core
  2. MultiBit
  3. Armory
  4. Hive OS X
  5. Electrum

Mobile Wallets 

Mobile wallets work in the same way as their desktop counterparts. They facilitate payments in physical stores through:

  • Touch to pay
  • NFC (Near Field Communication)
  • Scanning of QR code

Bitcoin mobile wallets are compatible with either iOS or Android systems. While purchasing Bitcoin wallets, you must do proper research. There is malware that poses as Bitcoin wallets. With proper research, you can choose the best one and avoid malware. 

Top 5 Best Mobile Wallets for Storing Bitcoins 

  1. Hive Android
  2. Mycelium Bitcoin Wallet
  3. Bither
  4. Exodus (Android support available)
  5. Bitcoin Wallet

 Web Wallet

Whether it is any mobile device or browser, web wallets enable you to access BTCs from anywhere. You must select web wallets carefully as they store your private keys online.

Top 5 Best Mobile Wallets for Storing Bitcoins

 

  1. Coinbase Wallet
  2. Blockchain.com Wallet
  3. Binance Chain (BNB) Wallet
  4. Guarda Wallet
  5. Counterwallet

Hardware Wallets

They are the most secure type of Bitcoin wallet. Hardware wallets store BTCs on a physical device, which looks similar to a smaller version of an external hard drive or an elongated pen drive. You can plug it into a computer with the help of a USB port. These hard wallets are immune to any kind of virus attacks. While other kinds of Bitcoin wallets come at free of cost, hardware wallets are available at a cost ranging from US$100 to US$200.

How do I use Bitcoin Wallet?

You can use a Bitcoin wallet, no matter which kind of wallet you choose, in two basic ways. You can either use it to receive Bitcoin (BTC) or send it. Let’s check how you can receive or send cryptocurrencies with these wallets.

  • Receive Bitcoin

To receive the largest crypto, you should follow the steps mentioned below:

Step #1: First of all, open the app of Bitcoin.com wallet. 

Step #2: Choose the Receive option.

Step #3: Now, select the wallet to which you want to receive BTCs. Please keep in mind that different cryptos need different wallets. If you are receiving Bitcoins, always choose a BTC wallet. If you are receiving Bitcoin Cash, choose a BCH wallet.

Step #4: When you choose a particular wallet, an address is generated, where you can receive your crypto coins. When this address is generated, copy the same by either by:

  • Tapping the QR code (in case, you’re on mobile), or
  • Clicking it (in case, you’re using a desktop)

Step #5: If you want to receive particular crypto to your wallet either from a person or a cryptocurrency exchange, simply provide them with this address so that the Bitcoins can be sent to you in this wallet address. The sender will simply scan the QR code with his/her device in case you are doing the transaction in-person, and send the agreed-upon BTCs to your account 

  • Send Bitcoin

Step #1: First of all, open the app of Bitcoin.com wallet.

Step #2: Choose the Send option.

Step #3: Copy and paste the wallet address of the recipient into your own BTC wallet app. In case, you are sending the crypto in person, choose Scan QR code, and scan it with your wallet application.

Step #4: Always make sure that you choose the wallet from which you want to send BTC. If you are sending Bitcoins, always choose a BTC wallet. If you are sending Bitcoin Cash, choose a BCH wallet.

Step #5: Choose which wallet you want to send Bitcoin from. Make sure you select a BCH wallet if you want to send Bitcoin Cash or a BTC wallet if you want to send Bitcoin.

Step #6: Enter the amount of Bitcoin you want to send and then click/tap next.

Step #7: Carefully check whether the amount of Bitcoin you have given is the one that you want to send. Once the details are checked, Slide to send it to the receiver.

Note: If you want to move cryptos from one of your own wallets to another, simply go to the “Send” section of your application, and select “Transfer”.

Which Is The Best Wallet For Cryptocurrency? 

The best wallet for Bitcoin and other cryptos varies according to usage and many other factors. Let me try to give you a comprehensive picture of the best wallets available and who should use them for which purpose.

Top 5 Best Bitcoin (BTC) Wallets

1. Coinbase Wallet

Overall, Coinbase Wallet is the best wallet. It is a mobile and web wallet. Coinbase Wallet helps you to manage your own private keys and consequently store your cryptocurrencies on your own device. It needs to be underscored that Coinbase wallet doesn’t store cryptos with its centralized brokerage or crypto exchange. There is no purchase cost involved.

Pros
  • You can get started with it easily.
  • Coinbase Wallet has a track record of having strong security.
  • Coinbase is the largest cryptocurrency exchange.
Cons
  • It comes with high fees for transactions.
  • There have been past instances of downtime.

2. Trezor Wallet 

It is a hardware wallet that helps you to store cryptocurrencies offline. You can plug it into your computer or smartphone by using a USB port. For enabling you to manage your secure connection, Trezor comes with a small screen. There are different models available with a price ranging from US$60 to US$200. In terms of security, Trezor is the best.

Pros
  • Known for providing ultra-level security to your cryptocurrencies.
  • Over 1,000 currencies are supported.
  • On Model T, you’ll find an easy-to-use touchscreen. 
Cons
  • If you are less tech-savvy then you may find the setup complex.

3. Ledger Wallet

Ledger is also a hard wallet, which is available in two variants: Ledger Nano X and Ledger Nano S. It is the size of a USB flash drive and comes with a stainless steel cover, making it the best hardware wallet in terms of durability.

Ledger Live software is included, helping you to check your crypto balance and also to send/receive currencies. Ledger wallet supports more than 1,500 digital coins and tokens. Coin staking is supported, enabling you to earn rewards for holding cryptos. Depending upon the model you are choosing, it can cost anywhere from US$60 to US$120. 

Pros

Ledger wallets are extremely secure.

They support many cryptos.

The highest-end version - the Ledger Nano X model - comes with Bluetooth.

Cons
  • If you are less tech-savvy then you may find the setup complex.
  • For buying and loading cryptocurrencies and tokens into an external hardware wallet, you may need extra steps.

4. Mycelium

The most popular mobile wallet, compatible with both iOS and Android platforms, Mycelium is meant for experienced crypto enthusiasts. It is the best mobile wallet. This mobile wallet comes with features such as:

  • QR-code-based payments
  • Offline storage, and
  • Control over your own private keys

Secure online accounts are offered that work seamlessly with hardware wallets. Glidera exchange API integration provides buying and selling features. No purchase cost is there.

Pros
  • You can download it and start using it absolutely free of cost.
  • Provides very high security to your crypto coins.
  • It helps in making payments, transfers, and exchanging cryptos.
Cons
  • People new to cryptocurrencies may find it difficult to use.

5. Exodus

It is a software wallet and is kept on your desktop computer or laptop. Exodus is the best desktop wallet. A mobile app version of Exodus is also available. It comes with an attractive user interface along with many investor-focused tools. The best part is that you can integrate it with your hardware Trezor wallet. No purchase cost is involved.

Pros
  • It is a desktop-first app.
  • Exodus supports more than 125 assets.
  • Integration with Trezor makes it highly useful.
  • The user interface is of high quality.
Cons
  • There is no two-factor authentication available.

What Is The Cheapest Bitcoin Wallet?

Here is a list of Bitcoin wallets having low transaction fees 

  • BitCoin Core

Compatible with Windows, macOS, Linux, and Ubuntu

  • Armory

Compatible with Windows, macOS, Linux, and Raspberry Pi 

  • Mycelium Wallet

Compatible with Android and iOS 

  • Wirex

Compatible with Android and iOS

  • Xapo

Compatible with Android and iOS

  • BlockChain

Compatible with Windows, macOS, Android, and iOS

  • BitGo

Compatible with Windows, macOS, Android, and iOS

  • GreenAddress

Compatible with Android and iOS

  • CoinBase

Compatible with Windows, macOS, Android, and iOS

Increase your Return on Investment (ROI) by using Cryptocurrency Trading Bots like NapBots.com

Cryptocurrency Trading Robots (such as NapBots.com) automatically scan the market in real-time and trades for you. They run 24/7, which means that you can keep earning your passive income even when you are sleeping. This gives you an edge over other investors as it enables the bot to book profits on your behalf when other investors are sleeping.

Smart crypto investors always remain prepared to get the best of a big market move. They don’t wake up suddenly. To remain alert round the clock, they use cryptocurrency trading bots so that they don’t miss any big market movement.

NapBots.com is a Trading Bot, cloud-based platform, on which you can connect to major exchanges such as Binance, Bitmex, Bitfinex, OKEX, Kraken, Bitstamp, and Bitpanda.

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You may also check Napbots Review - Simple Way To Increase Your Crypto Returns before taking the plunge.

What’s so special about NapBots?

NapBots crypto trading software is special because it comes with:

  1. A unique trading algorithm that processes market data for you
  2. A unique crypto trading bot library so that you can create your own mix of trading strategies
  3. Autopilot mode that enables you to automate trading 24x7
  4. An easy-to-use interface so that you can copy the proven strategies of NapBots to make successful trades and make money

Cryptocurrency Trading Bots: Reality Check! 

  • Are there any risks associated with Crypto Trading Bots?

Yes, there are certain risks associated with cryptocurrency trading bots. Let’s check them out:

  • Cryptocurrency Trading Bots are not Human

They are AI algorithms, which involve lines of codes and machine learning. After all, it’s a computer program. As an investor, you must be aware of this fact. When you are going for the autopilot, you must know that you are allowing an AI machine learning tool to handle your crypto exchange account. Therefore, you should use automated trading bot accordingly.

  • Cryptocurrency Robots is not a “Sell it and Forget It” type of Trading Instrument

Usually, it has been seen that investors tend to put crypto bots on autopilot and forget. They get passive. However, to get the best return, always remain on top of affairs. You must tweak bots as per the market condition, which usually changes multiple times in a day.  

  • Online Hacking may take place just like any other Online Resource

Online hackers may hack into your account to siphon off your Bitcoin and other cryptocurrencies. So, always try to keep funds divided among various cryptocurrency exchanges for limiting your exposure to hacking risks.

  • All Cryptocurrency Robots are not the Same

All crypto bots are not reliable. So, you must be prudent while choosing the right crypto trading platform. Always do proper research while choosing a crypto bot. It is advised to work only with reputed crypto bot providers and exchanges such as NapBots.

  • Is there any Risk associated with NapBots?

Though NapBots has a proven record of providing great returns to investors, it doesn’t guarantee profit all the time. It can provide you astonishing returns with hourly strategies. As the crypto market is very volatile, you should expect to see losses from time to time too. If you're not ready for that, you shouldn’t get into crypto trading in the first place.

If you are a novice in the cryptocurrency market, you can put your cryptocurrency trading on autopilot, get excellent ROI, and keep earning your passive income round the clock, even when you are sleeping. However, always keep in mind that NapBots is not a get-rich-quick scheme. Please check the Reviews on NapBots.

How does NapBots help you to Make Money?

With NapBots, you can enjoy financial independence by trading cryptocurrencies on autopilot mode and earn money automatically. To make it work on your behalf, you have to do the following:

Step #1: Connect to one of the available trust exchanges.

Step #2: Select from the unique list of performing Bots of NapBots

Step #3: Choose a plan that suits your investment style

Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you. Happy Trading!

Why Choose NapBots?

  • NapBots offers complete trading automation solutions through the use of its own tested trading strategies; offering quantitative trading strategies previously reserved for hedge funds to the public.
  • The setup and installation process are easy. So, the non-experts can also use it. The simple and special approach of NapBots helps it provide you with excellent ROI.
  • The team of professionals behind NapBots has extensive experience in the financial market. They have put their years of experience in place so that you can easily automate the management of your funds with no technical skills. This service can run 24/7 and work as your passive source of revenue even when you sleep.

Related Resources:

If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: