All we need to know About Bitcoin Wallet And Virtual Money

 

How to buy Bitcoins .?

 

Bitcoin

 

Place from where we buy and keep our Bitcoin are known as Bitcoin wallet. These wallet provide address through which we can receive, transfer, buy and sell Bit coins. There are many vendors across the world who provide Bitcoin wallets with multiple features.Most of the companies does not allow non resident to register due to multiple reasons e.g Government restriction, Difficult to authenticate person identity and unable to verify their documents.

 

But there are many companies who offer Bitcoin wallet worldwide and any one can open account with some valid ID proofs. e.g CEX.IO , Coinbase They not only provide us wallet but trading platform as well. Most common feature of any wallet is receiving, transfer, buying and selling of bit coins. Along with these some of them provide us facility like buying through credit card or with multiple other currencies like USD, EURO and INR. We can also see current bitcoin value against other local and popular trade currency.

Here are some of the the sites to buy bitcoins.

 

  1. Coinbase

  2. Coinmama

  3. .Unocoin

  4. Yobit

  5. Paxful

 

We are sharing a list of website where we can choose according to our country and need. It is necessary to review all the feature of Bitcoin wallet before we decide to buy bitcoin. Bestbitcoinexchange

Price of bitcoin fluctuates almost in every second. So it is good to Refer bitcoin exchange rate before buying. There lots of good sites which will provide detail information about rise and fall of prices in entire day. Therefore we should also subscribe bitcoin news for regular update.

 


Features need to look before opening an Bitcoin wallet


It is important to review the features before opening an account because every wallet won’t be beneficial for us. If we are investor then slight high fee won’t be a big problem if wallet has many other good features. But if we are Bitcoin trader then it is completely opposite . Because we know transaction volume would be very on average basis which will lower down our profits.

  1. What is the lowest denomination they allow us to transfer and it’s fee . Like Unocoin does not allow less than .005 BTC to transfer and their transfer charge is .0002 BTC. On the other hand CEX.io transfer fee is .0005 BTC per transaction.

2. Does our wallet provide the facility to exchange in local currency. E.g we want to sell bitcoins in USD and that currency is not available in wallet.

3. Does it allow multiple payment option like Credit card, debit card and wire transfer.

4. How much margin they have in bitcoin exchange . We have found the margins are between 40 to 80 USD per 1 bitcoin. And this could vary from wallet to wallet. There are various options available over internet through which we can check the real time prices. E.gBitcoin chart, This site provides detail information in more than 20 currencies across the world.

 

Now we are going to discuss types of Bitcoin wallets.

 

1. Online & Web wallets Bitcoin Wallet

 

Web based are widely popular where we get an personal key to login and access our wallet. All above online website which we just discussed comes under online wallets. It is very convenient and we can access anywhere in the world. The only disadvantage is that all our credential in hands of third party which can access our account if they want. Usually renowned company will never do this but if we have high number of bitcoins in our wallet then this would certainly won’t be a good option.

2.Hardware Wallets


it is one of the most secure wallets currently available. Private keys are stored in secure area of micro-controller and never transfer out of the device. It is almost impossible for malware to access this device without our permission. Now hardware itself has many types of wallets.

Following are some of the popular hardware wallets

Trezor:-

 

Trezor Bitcoin Wallet
Hardware Bitcoin Wallet

 

 

It is an device which keep our private keys stored and does not allow to go out on internet. Which means even if it connected with an hacked computer our wallet is 100% safe from the attacker. Even if device is lost or stolen we can recover the details from other Trezor or any other recovery seed compatible wallet.

 

 

USB Hardware wallet

 

USB Hardware Bitcoin wallet
USB Hardware Bitcoin Wallet

 


In this certified we use micro processor which is capable to revoke any types of cyber attack. The device simply can connect to our computer with USB port and allow us to access our account with private keys. It is Very convenient to carry and easy to access.

 

 

BlochsTech card:

 

Harware Bitcoin Wallet
Hardware wallet for shopping

 

it is same like our debit or credit card and QR codes based wallets. which we will soon use for shopping and purchases. Debates are going on that this is going to replace the visa card across nation but that will be too early too say as we already no the limitation of transaction processing with bitcoin. But once we resolve all the major issue then yes this could be one of the best Bitcoin wallet we are ever going to use.

3.Desktop Wallets.

 

Desktop Bitcoin Wallet
Hardware desktop Bitcoin Wallet

 

 

This is also one of the most secure  Bitcoin wallet which we can install and access on our computer

,It also provide wallet backup in case if something happens to the computer we can recover the data. most important thing is here is that our private keys are not in the hand of third party. These are stored in our system.But still not secure as compared to Hardware wallets. There are several companies who provides desktop wallet. Like multibit, electrum, bitcoincore and Armory. This is probably not the best as compare to hardware wallets but still one of the popular.

 

 

4. Mobile Wallets:-

 

 

Mobile Bitcoin wallet
Mobile Bitcoin wallet

 

Here we need to download the app to our phone. We can login with our personal key and can access the wallet same as we do in web. we can buy, sell , receive and transfer bitcoin. We can access this anywhere as it is installed in our phone but from the security point of view this not the safest option to carry high number of bitcoins. From hacking point of view Android is the most vulnerable gadget. We have read lots of incident where entire phone was hacked and there lots of application available to hack the android phone.

 

The conclusion is that rather choosing the wallet blindly first we need to look our requirements and then choose the wallet wisely. And we also found if we have high number of Bitcoins then choosing hardware wallet probably be the best option we should go for.

 

 

 

 

 

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