Bitcoin wallets

billy
Posts: 4
Joined: Thu Apr 06, 2017 7:40 am

Bitcoin wallets

Postby billy » Thu Apr 06, 2017 10:37 am

What is a Bitcoin wallet? Is it a fine way to secure your Cryptocurrency?

Mark
Posts: 11
Joined: Thu Apr 06, 2017 8:03 am

Re: Bitcoin wallets

Postby Mark » Fri Apr 07, 2017 6:48 am

Bitcoin wallet works the same way as a bank account for traditional money i.e. stores your Bitcoin assets. And yes, it is a secure way of protecting your coins as there is a multilayered security system which is protected by a private key, and the key is only known by the owner. Unless you decide to publicize your key - which would obviously be a mad decision - your coins are completely safe.

robert
Posts: 50
Joined: Thu Apr 06, 2017 7:56 am

Re: Bitcoin wallets

Postby robert » Tue Sep 05, 2017 11:15 am

bitcoin wallets is self descriptive i.e. wallets for storing bitcoins. There are different kinds of wallets. Hardware, software and paper wallets.

roger
Posts: 49
Joined: Thu Apr 06, 2017 12:48 pm

Re: Bitcoin wallets

Postby roger » Tue Sep 05, 2017 11:16 am

this is a very basic que. You can Google it! Anyways no offense! Bitcoin wallets are for storing bitcoins and hold a private key for security and authorization purposes.

rooney
Posts: 72
Joined: Thu Apr 06, 2017 8:49 am

Re: Bitcoin wallets

Postby rooney » Tue Sep 05, 2017 11:17 am

bitcoin wallets are to keep your bitcoins safe. Initially you have a private key and a sharable address, which can be generated more.

sanedelight
Posts: 104
Joined: Wed Apr 26, 2017 8:54 am

Re: Bitcoin wallets

Postby sanedelight » Tue Sep 05, 2017 11:17 am

A caution for beginners! to access your bitcoins in your wallet private key plays the vital role. Without it your wallet can't be unlocked and this is the indirect way of losing your bitcoins. So, wallets may keep your bitcoins safe but your careless can make you left with nothing.

truelegend
Posts: 70
Joined: Tue Sep 05, 2017 7:48 am

Re: Bitcoin wallets

Postby truelegend » Tue Sep 05, 2017 11:18 am

you can download wallets on your PCs, Phone, tablets etc. providing you an easy access to your bitcoins.

vik
Posts: 142
Joined: Wed Apr 19, 2017 7:20 am

Re: Bitcoin wallets

Postby vik » Tue Sep 05, 2017 11:19 am

A good bitcoin wallet keeps track of your transactions.

zach
Posts: 134
Joined: Wed Apr 19, 2017 7:18 am

Re: Bitcoin wallets

Postby zach » Tue Sep 05, 2017 11:19 am

you can have more thn one bitcoin wallets. According to me and others smaller amounts should be kept in online wallets while bitcoins for long term should be saved in hardware wallet or paper wallet.

wesly
Posts: 46
Joined: Wed Aug 23, 2017 4:37 am

Re: Bitcoin wallets

Postby wesly » Tue Sep 05, 2017 11:20 am

there is also another concept related to bitcoin wallets I.e. hot wallets and cold wallets. Hot wallets require internet connection while cold wallets require no internet (also called offline wallets).

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