What is bitcoin digital wallet?
Nowadays we can hear and read everywhere about something called bitcoin, cryptocurrency and wallet. And probably you have heard about the big record that this coin made last month hence many people got rich. But what are these exactly? In this article, we are trying our best to fully describe the basic things you need to know in order to start your journey as a trader or even start your investment.
The big record of bitcoin in 5months from 10 thousand to 41900 US dollars.
The first thing you should know to start your path is to find the correct answer to these questions. How do these things work? where will your money save? are bitcoin wallets safe enough? what is wallet for bitcoin? The simple answer is you exchange your money into a digital wallet with a powerful security generated address, and passwords, and you buy cryptocurrency with that
This is a sample of bitcoin wallet address, It uses numbers, small and big characters and look how complicated it is
Imagine you are making an account in a bank, they give you a number that its digit varies in every bank policy but they all will do the same job and some passwords for your card and some extra if you want to use it on the internet. With bitcoin and all of the cryptocurrency it is the same, your wallet is like your bank account. It is holding all of your data and your money on it.
Difference between digital wallet and bank account
There are some differences, like for each cryptocurrency you own, you must have its own wallet address, in another word, each currency has its own address which you have to use when you want to deposit or withdraw. Your private key is your password for your e wallet but they are more complicated than the number you have for your bank accounts.
Do bitcoin wallet addresses change?
With every exchange you do, there will be a new address that has been generated for you. It will be done automatically for your own safety. It doesn’t matter you want to deposit or withdraw, after each of them there will be a new address for you.
What is the best bitcoin wallet?
Now you have a better point of view about how Wallet works? It’s time to give you some examples of the best wallets. Fortunately, we have several choices that we are introducing with their pros and cons to you and can choose between those for your own work and of course you can decide with your own idea which one suits you the most.
The first one on our list is PointPay. It is the first wallet in the world that uses a blockchain, this means greater transparency, increased efficiency, better security, improved traceability and of course even earn daily compound interest on it with the highest interest rate available.
With PointPay you can transfer between accounts within a bank easily, surprisingly, it supports the best coins in the field like bitcoin, Ethereum, Tether USD. With this wallet, you can buy cryptocurrencies with your debit and credit cards and nothing else in middle of process that other wallets use which makes the customer furious. You can even sell your assets with the lowest fees for USD.
Its feature is not ending here. Each day they are doing their best to prepare more comfortable for us like fast C2C and Bank2Bank fiat transfer will be ready soon.
You can Exchange your crypto with this site too, with its limit and stop-limit orders Pro, you can sleep with no distraction or even worry about anything because you are sure that you won’t lose anything.
One of the other features is they are investing a lot in educating their customers by making many tutorials about how to be a good trader and when to sell or buy crypto to get the highest benefit that is possible.
PointPay has its own application that allows you to control everything on your cellphones. With many excellent features that make this app one of the best in the world, for example, with a custom trading UI with a market you wouldn’t need any other app, they have 24/7 customer support and is available for both IOS and Android and has many other features.
PointPay market and application on the phone interface
is a Trezor. They are famous for their security. And they call themselves tWhat is the best bitcoin wallet app?
Nobody can decide what is the best bitcoin wallet app for you, you should find by yourself which application suits you the most. Are you interested in UI or you want it to run smoothly and have no bugs? This decision about which features they prefer and want to have should be made by everyone for himself.
The second one on the list he most secure wallet in the world. With their idea about how our wallet can
be protected, I myself would have given them the trophy of the most secure wallet.
As you know online exchanges and wallets can be hacked and be attacked, therefore all of your money may disappear in just a second. But with Trezor you shouldn’t worry at all, because you can always recover access to your assets in 5 minutes. With this wallet, you will have a very little device that can connect to your computer with a simple USB connector and can hold all of your coins, keys and passwords owned and controlled by you.
Trezor device which is connecting by USB
It has a recovery offline option which is very helpful to prevent clients from losing their money, the second you make your wallet, you will be protected by a 12 to 24 words long recovery seed which is unique for you. There is an opportunity for people who lose their money. With an offline backup you can use that recovery seed offline in order to restore access to your wallet.
Like the first one you can have an option with every cryptocurrency to buy or sell, as we said their safety is their first priority, in addition to the 12 to 24 words seed they use U2f authentication and encrypted storage on the cloud which makes you to have full trust on this method.
It is another hardware wallet in the store which can handle 1500+ crypto assets. Over 2 million people around the world are using this hardware which makes it a record in the history of hardware e wallets. When you buy a Ledger hardware it has its own app which lets you have full control over 27 coins and 1500 tokens only with a click on your cellphone.
As we said, in cryptocurrencies your private key is like your password to your bank account hence it is the most important thing you have to keep safe. Ledger is doing a great job to protect this complicated number by using a secure chip inside of every unit they have been sold.
The last one has over 300 payment methods like bank transfer, online wallets, cash payment and even gift cards that you choose from. Other wallets force you to do some limited option but with Paxful if you don’t have any bank account it does not matter, with these many options, eventually, you can find the right method.
Paxful is entirely peer-to-peer, this means the customers trading with real people. One of the biggest pros that we can mention is, this is a free crypto wallet. You wouldn’t be charged to pay a single penny, you can have a digital wallet where ever you are in the world.
One of the most admirable things about Paxful is they are doing some charity works. They have a big plan to make a hundred schools in Africa, so if you participate in their wallet you can help them to do this fascinating job.