INTRODUCTION

Bitcoin, a digital currency that provides you complete control and transparency over your money, is an alternative to fiat money. A Bitcoin wallet is a piece of cryptocurrency software that allows you to transmit, receive, and manage transactions on the Bitcoin network. To send and receive bitcoins, you'll need a Bitcoin wallet, much like you'll need Gmail or Outlook to send emails. Wallets keep track of bitcoin addresses on the blockchain and update balances as transactions occur.


BITCOIN WALLET TYPES

1-web wallet:

Web wallets allow users to send and receive bitcoins through their web browsers. Web wallets offer the ease and convenience of managing your bitcoins from anywhere with an internet connection. Many web wallets require money to be placed into their accounts before they can be used.

This wallet is the least secure because you can't access your private keys, forcing you to rely on the security of a third-party website. Web wallets that are recommended are only good for holding tiny quantities of money.


2-Desktop/software wallet:

Desktop wallets are wallets that you download and install on your PC. This computer is the only one who has access to it. Downloading and storing desktop wallets on your PC is simple.

Although it is safer than a web wallet, this sort of wallet provides more opportunities for hackers to acquire access to your private keys and hence your money because it is a requirement of a machine that is free of security flaws. Those who use a desktop wallet should be cautious of malware and PC water damage.


3-hardware wallet:

Physical gadgets that store and secure your private key and bitcoin. It is the most secure form of wallet because the devices cannot be hacked and may be used on public devices or the internet.

The disadvantage may be that you must always have your smartphone with you to conduct transactions, requiring you to carry it with you at all times. Hardware wallets, on the other hand, come at a cost, even if they may be handy for individuals with a considerable amount of money.


4-paper wallet:

Physical gadgets that store and secure your private key and bitcoin. It is the most secure form of wallet because the devices cannot be hacked and may be used on public devices or the internet.

The disadvantage may be that you must always have your smartphone with you to conduct transactions, requiring you to carry it with you at all times. Hardware wallets, on the other hand, come at a cost, even if they may be handy for individuals with a considerable amount of money.


5-Mobile / electronic wallet:

This form of wallet uses apps to keep your private key on your mobile device. You should not retain huge sums of money in mobile wallets because they are so convenient and easy to use.

Because they provide access to your wallet via internet connections, mobile apps have a low level of privacy and security. Mobile wallet users should back up their private keys because phones can be lost, destroyed, or stolen.


6-brain purse:

It's a method of generating a private key from a text or a group of words. It allows the user to choose a pass, making it more personalized for them. Because passwords are not random, brain wallets are less secure and have a higher probability of being hacked.



HOW TO CREATE A BITCOIN WALLET

To determine the ideal portfolio to fulfill one's needs, one should ask themselves the following questions before settling on a portfolio. Other questions should be answered to pick which wallet to construct, but the ones listed below are the initial step in determining your requirements.


-Will I use the wallet frequently?

-Will I be storing large or little quantities of bitcoin?

-Will I use the wallet frequently?

-How important is my privacy to me?

-Do I wish to entrust my wallet's security to a third party?



HOW TO ADD FUNDS TO A BITCOIN WALLET?

You must purchase funds from the exchange and transmit them to your selected wallet to add funds to your wallet. The following are some of the more popular exchanges:

-eToro

-Currency

-Queen Mama

Users must create an account on one of the exchanges listed above and place an order in the needed amount. Bitcoin may be purchased quickly and easily with a credit or debit card or a SEPA bank account. You will need to enter your wallet address to transmit the purchased bitcoin to your account, and the funds will be available in your wallet.


WHAT ARE PUBLIC AND PRIVATE KEYS IN A BITCOIN WALLET?

Your bitcoin private key is a string of numbers and letters that allows you to spend bitcoins. The private key is crucial because anyone has or understands your private key has complete control over your bitcoin.

You will be unable to access your Bitcoin if your private key is lost or hacked. The public key is open to the world and can be supplied to anyone who wants to send you cryptocurrency.


WHAT IS A BACKUP KEY?

A backup key is a file that contains your wallet's private key and can be exported or assigned to it. Your backup key is there to retrieve and prevent bitcoins from being lost if the device on which your wallet is installed is destroyed, lost, stolen, or anything else.

The backup key is regarded as additional security and insurance for your bitcoin, and it is advised that users back up their data as a precaution.


WHAT ARE HOT WALLETS AND COLD WALLETS?

Cold wallets, which are available in the form of paper or hardware wallets, are fully offline. When compared to hot wallets, they are more formal and safer. The term "hot wallet" refers to a wallet that is connected to the Internet. Web, desktop, and mobile wallets are examples of hot wallets that require an internet connection.



HOW TO SECURE YOUR BITCOIN WALLET


1-Keep your private key offline:

The easiest way to protect your savings is to use cold storage solutions. It eliminates the risks of hacking and other vulnerabilities associated with internet wallets.


2-Choose Hardware Wallets:

Hardware wallets are the safest and most secure of all the wallets presented and discussed for preserving your bitcoins and storing important information. Hardware wallets are the most secure choice for storing a substantial amount of money because they use two-factor authentication.


3-Use an updated antivirus:

Keeping your bitcoin system up to date will assist you in preventing and promptly resolving security issues. Keep your mobile devices and computer up to date to check for updates and fixes that can protect you from malware or Trojans to keep your wallet safe.


4-Always use a secure internet connection:

If you do decide to use cold storage, be sure you're using a secure internet connection. When you connect to public networks, you expose your wallet to fraudsters, thieves, and hackers. To avoid security problems, utilize WIFI in your home or a personal hotspot in public locations.


5-Do not enter unknown links:

When it comes to gaining access to your account, hackers are typically inventive. Be aware of URL clones and phishing emails that require you to submit your information to validate your account.


6-Back up your digital wallet:

In the event of a system failure, loss, or theft, backup allows you to restore your wallet. One or more copies should be kept and kept in a secure location that only you know about.


7-Always check your bitcoin address: (very important)

When transferring Bitcoin, be cautious to double-check the recipient's address. Money can be sent to a different account via hacking into a system.



THAT WAS THE END 


THANK YOU FOR READING!


*If you have any questions related to this article you can use the comment section as a free space to ask and we will make sure to answer your questions as fast as possible*