What You Need To Know About Bitcoin Wallets
As a Bitcoin trader or investor, an essential tool you’ll need for your deals is a Bitcoin wallet. It is as important as the coin you are investing in.
A Bitcoin wallet is useful for making different kinds of transactions and safe for storage. There are several wallet apps on a variety of vendors with different features from which you can choose.
If you’re in Nigeria, the best Bitcoin wallets to store your Bitcoin is the Prestmit wallet. It can be downloaded and used with ease.
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Types of Bitcoin Wallets
Here’s a rundown of the different types of Bitcoin wallets. They are listed below;
1. Software Wallets
This takes the form of an app which is downloaded for free to your phone or desktop. You can easily open up the app and conveniently use it for buying, selling, storing and trading Bitcoins. You can only store small amounts of your bitcoin in a software wallet because of security issues (hacking).
2. Hardware Wallets
Hardware wallets are also known as ”Cold wallets”. They are physical devices created to store cryptocurrencies. They offer the best security for your digital assets and can be used to store larger amounts of bitcoin.
3. Web Wallets
These are also known as cryptocurrency exchanges. In this form, the crypto exchange has control over the funds in your account. You will need to ask for permission to withdraw your crypto coin which comes with transaction fees.
4. Paper Wallets
This is an alternative to hardware wallets. Paper wallets are created by downloading a software package and then running the software to generate a key (public/private) pair. This can be printed out on a piece of paper. You can then send any amount of bitcoin to the wallet address. To spend it, you use the private key written on the paper to sign the spending transaction.
Prestmit is one of the best peer-to-peer platforms which is known for offering better user experience and ease of trade processes. You can as well get your Bitcoin wallet on this platform without hassles.
Having a Prestmit wallet is free and you can create a wallet account by downloading the mobile app on your Android Playstore.