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The Hodl-Guide: 5 types of Bitcoin Wallets that you should know

the Bitcoins cryptographic protection, when correctly handle bomb-proof. But as with Spiderman, it was found that "with great power great responsibility". An

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The Hodl-Guide: 5 types of Bitcoin Wallets that you should know
the Bitcoins cryptographic protection, when correctly handle bomb-proof. But as with Spiderman, it was found that "with great power great responsibility". And so takes it not surprising that be your own Bank the promise and obligation at the same time.

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24. March 2019BTC$3.988,65 0.16%part Facebook Twitter LinkedIn xing mail

For the safe storage of eures digital gold there are no patent solution. Different types of Wallets offer different levels of security and ease of use. What are the advantages and disadvantages of the different types of Bitcoin Wallets offer and what users should note, you can read after the break. No nonsense, let's go.

1. Desktop Wallet

First, we must distinguish between Wallet and Client. While a Wallet ensures that only a number of data (Private and Public Key pairs that BTC-addresses) and to Send and Receive of Satoshi's ability to connect Clients, the User to the network. The latter can also be so-called Full Clients, in which case they act as a Full Node and verify transactions.

an example of A Full Client on a Desktop based on the classic: Bitcoin Core is.

advantages

if Anyone would like to retool his PC anyway to a Full Node, it would be this good. With Bitcoin Core, friends of the digital gold transactions can be verified, will contribute to the security of the overall network and have full control of your Key Pairs.

disadvantages

to run A Full Node, is no child's play. First of all, user must download the entire Bitcoin Blockchain; alone because it will fail sometimes, if the bandwidth is too small. Furthermore, you should use a separate PC that is not otherwise in use, not much. Finally, the Bitcoin Blockchain is to the editorial deadline of about 208 GB in size.

however, There is also a stripped-down Desktop Wallets. An example of a so-called Lightweight Clients, so Desktop Wallets without a Full Node function, is Electrum. Here are all the advantages are combined of Desktop Wallets, without a Full Node needs to be operated. In terms of user friendliness, there are on Electrum little to complain about. You can download it here.

2. Mobile Wallets

Mobile Wallets portable Bitcoin wallets are, as the Name suggests,. Usually they are installed on mobile devices such as Smartphones or Tablets.

advantages

The advantages are obvious. Mobile Wallets, the digital Bitcoin wallet for daily use. Small sums of your crypto-assets can Bitcoin-friends, so comfortable around. Payments users easy using QR Code.

Backups (Seedphrase, Etc.) can Funds be also saved in case of loss of the device.

disadvantages

In the case of the simultaneous loss of the Backup Phrase, and the device's Game Over. Users have no possibility, the stored to save Funds, from the Depths of the Blockchain. In addition, users report occasionally from failed transactions, if the battery power just at the time of confirmation of the limp.

examples of Mobile Wallets are the bread wallet on iOS, Coinomi for Android and the Blue Wallet. The latter also offers a Lightning-Integration.

3. Hardware Wallets

Cold, colder, Cold Wallet. If you Deposit BTC-assets offline, the Bitcoin the context of Cold Storage. Possible the so-called Hardware Wallets like the Ledger Nano-S or the Trezor.

advantages

Cold Storage is probably one of the safest ways to store Bitcoin long time. Most of the Hardware Wallets are able to generate Key Pairs offline. The advantage of this is that hackers can spy it out. The devices themselves can be protected with a PIN. This is not to say that the loss of the device will result in the automatic loss of the Coins.

disadvantages

For regular use Hardware Wallets are impractical. Although users can enter transactions using the respective Software transactions in order. To Send BTC, a calculator is always needed in addition. Cold Storage is suitable primarily as a Bank. The majority of the Bitcoin-assets should store User according to there, and only a small part on more liquid forms of Wallets transfer.

Hardware Wallets like the Ledger Nano S, and the Trezor you can also find in our Shop.

4. Paper Wallets

your assets, both physically and beyond the World Wide Web, remains Bitcoinern yet another way: Paper Wallets.

Ultimately, one writes only the respective Public and Private Key Pair on a physical piece of paper. However, the method has its pitfalls and so only experienced Kryptonauten should apply this method.

advantages

Paper Wallets are provided correctly, the safest Depositary method created for Bitcoin at all. Even in the case of a complete failure of the technology, the Funds are not threatened on Paper Wallets. And so Paper Wallets are for long-term storage of BTC-assets.

disadvantages

Paper Wallets are error-prone. So the physical piece of paper can take damage, the ink can fade, or a burglar stealing the Paper Wallet. Also you have to practice in Creating Best Practice. So the paper should not be printed on a public printer.

Bitcoin Paper-Wallet to create, fill & use – secure against Forks

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