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The first step to using a bitcoin is obviously to obtain a Bitcoin wallet address. Without it, you can’t send, receive or store bitcoins. So before you get bitcoins, you’ll have to buy, download or create a bitcoin wallet.

Your wallet acts as a personal interface to the Bitcoin network, which stores private keys that give you access to the bitcoins.

A Bitcoin wallet is basically an app, device or website that controls your private keys.

Different kinds of Bitcoin wallets

Different Types of Wallets:

There are different ways to use Bitcoins, so there are different types of Bitcoin wallets as well.

  • Online wallets – these can be accessed on the web from any Internet connected device.
  • Bitcoin hardware wallets – these are physical devices designed to store bitcoins.
  • Software wallets – these are applications that can be downloaded to your phone, computer or tablet.
  • Paper wallets – these are bitcoin private keys that are printed on paper from a computer.

Wallets secure funds by protecting our private keys.

Let’s discuss these types in a bit more detail.

Online Wallets:

Also known as Hot wallets are basically bitcoin wallets that are accessible on internet connected devices like mobile phones, tablets, and computers.

They can be accessed using a user-set password and store your private keys on the web.

Eg: – GreenAddress and SpectroCoin

    

The advantage of using online bitcoin wallets is that they can be accessed from anywhere in the world and are best of regular or frequent transactions. Although, it isn’t the best idea if you’re planning on storing your bitcoins for the long term. There is an issue with the security since the private key is entrusted to an online service, there could be a scenario where the whole database of the service would get hacked and you’d have to say goodbye to your holdings or the service gets hold of your account.

Thus, it is recommended that you opt for online wallets when it comes to more frequent transactions.

Hardware wallets:

These are physical devices built to generate bitcoin private keys offline. They keep private keys separate from internet connected devices and they are maintained in a secure offline environment.

The best and most popular BTC hardware wallets:

  • Ledger Nano S
  • KeepKey
  • Trezor

Hardware wallets are definitely a good choice if you’re considering factors like security and reliable storage of bitcoin. By generating private keys offline, you are able to ensure that hackers cannot access your bitcoins.

Even if the device ends up getting stolen it can be protected using a backup PIN code.

Software Wallets:

These are designed to be installed in computers and laptops. Only you will have access to the private keys that store your bitcoins.

Bitcoin Armory is the most secure, popular and stable software wallet.

Paper Wallets:

One of the safest ways to store bitcoins are Paper wallets, especially if you’re planning on keeping them for the long term. It basically involves printing the Bitcoin address and private key on a piece of paper.

Conclusion

These are a variety of options for you to choose from. It is your decision to choose what you find suitable for the storage of your coins.

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3 thoughts on “Bitcoin Wallets – What are The Different Types of Bitcoin Wallets?

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  2. There is certainly a great deal to know about this topic.

    I really like all the points you’ve made.

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Bitcoin News: Another Huge Bitcoin Exchange Hacked

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Cryptocurrencies like Bitcoin are very trendy these days. Due to this popularity, many hackers in all over the world are speciously looking to get advantages of that. One of the largest Bitcoin exchange in the world was just hacked.

The Main Story:

The value of Bitcoin and Other digital currencies increased in past few months, which tells the main reason why people with malicious intentions will be looking to steal this amazing Virtual Currency.
According to Yonhap News, hackers attack Bithumb, cooperating about 30,000 accounts, which is the 3% of the total exchange’s customers. It is not clear how much currency was stolen, but some people said that they have lost money in the attack.

Image Credits: The Hacker News

Bithumb understood last week that the home personal computer of its employee was hacked. That’s the reason the hackers may have stolen customer data. But the stolen data does not have passwords, and the company also said that digital wallets which contain Bitcoin and some other coins were not emptied.
On any given day, in the world of cryptocurrency trade volume, Bithumb is the world’s top 3rd or 4th exchange.

A BraveNewCoin report explains that Bithumb has more than 75% of Bitcoin market of the South Korea. This exchange hosts 10% of the global Bitcoin trade. It also says that some 100 customers might have lost millions of gained, as one person has lost 1.2 billion after the hack. To put the thing in the perception, 1 billion gained is equal to $870,000. Or 340 Bitcoin at the current rate as 1 Bitcoin costs $2602.77 as of this moment.
Customers affected by this hack have now filed a complaint with cyber crime report Center of National Police Agency.

Story Credits: bgr.com

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What Are the Advantages and Disadvantages of Bitcoins?

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Advantages and Disadvantages of Bitcoins

Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.

So, let’s get started with knowing what are the pros and cons that come with this currency.

Advantages of Bitcoin:

The list of basic benefits of Bitcoin includes:

  • With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
  • Bitcoin transactions don’t need rescheduling in the event of bank holidays.
  • The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
  • Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
  • There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
  • Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
  • The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
  • Bitcoins can be encrypted and backed up to ensure the safety of your money.
  • All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
  • Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
  • Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
  • Bitcoin payments involve very low fees, that too within Bitcoin system.
  • How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
  • In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.

These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.

What Are The Disadvantages Of Bitcoin?

The list of basic disadvantages of Bitcoin includes:

  • Bitcoins are finite, which makes them extremely volatile.
  • A very small portion of the business is willing to accept Bitcoin as a method of payment.
  • It needs strong networking to spread the word on bitcoin.
  • Bitcoin is relatively new and most of its features are incomplete.
  • There is still a long way to go before Bitcoin gets to its full potential.

Conclusion:

These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.

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Will Sam Ling Beat Warren Buffett With Cryptocurrency?

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Chinese entrepreneur Sam Ling and his partner spent 2.35 million US Dollars in 2015, on a bid on a private lunch with one of the richest man in the world. This richest man was no other than Warren Buffett, whom Sam Ling still considers his idol. The main purpose of such a costly and unusual lunch was that they were hoping to get some real time advice from the legendary investor in terms of their cryptocurrency index project which could lead to nourish their future investment plans in the same direction. Even today, the 31-year-old Sam Ling still uses the photo of that memorable buffett as his phone’s wallpaper to pay a debut to the legendary Warren Buffet however, his present day intentions are quiet thrilling as now he has a motto of beating his hero on the sticky grounds of cryptocurrency.

cryptocurrency index fund

In Spite of such “Deadly” intentions, Sam Ling, now founder and CEO of Supwin Financial Services Group exclaimed in his interview with CNBC that Buffett is still his idol, he has been pursuing and studying his investment strategies for so many years just as a loyal fan of his without any ill intentions.

 

In fact that loyalty of Sam King did not stop him from betting even something bigger than his last bet on Buffett. According to Sam’s opinion the world’s third-richest person Warren Buffett will come to a bad ending due to cryptocurrency index fund.

What Did Sam Learn From Warren Buffett?

Many people have asked that question from Sam Ling which also seems to be a key to his present day success. The answer of Sam to that question is very simple, If there’s anything really learned from Buffett, it was just an appreciation for index funds. Ling, however, innovated that outlook to his own concept of digital currency kingdom.

 

The term cryptocurrency index may be new for some our readers as it is not commonly used. The fact is that most of the cryptocurrencies i.e; bitcoin are too much unstable to become a trusted mode of investment, and that’s why investors like Sam Ling have started to launch cryptocurrency indexes of their own in order to bring their crypto investments to a relatively safer mode. It has been noted that over the past few months, Sam Ling’s cryptocurrency index has a lower decline rate as compared to the bitcoin. That ratio pertains to the corrections, on the other hand outperformed bitcoin by 50 to 80 percent during upsurges.

Further Progress By Ling

Ling has not stopped yet, he has finalized his plans to launch the “BB Index”, which is an advanced form of that kind of index and will consist of a family of 26 cryptocurrency indexes. These indexes would be further grouped by market capitalization according to their categories and strategy. These indexes would range from a “Blockchain Top 7 Index”  to a “Blockchain Top 50 ex top 20 Token Index”.

 

The major difference between these two kinds of Blockchains is that the “Blockchain Top 7 Index” covers the largest cryptocurrencies while “Blockchain Top 50 ex top 20 Token Index” is used to represent mid-cap assets. All these indexes are updated every three minutes on the company’s official website according to Sam Ling.

A Summary Of Buffet’s Conversation With Ling

Later Sam Ling shared a summary of his conversation with Buffet. He related that Buffett discussed a lot of core issues with him and his friend during that precious lunch, but in the end, he just gave them a piece of advice that they should focus on what they were doing and were already successful at. Ling further recalled the conversation which took place ten years ago in which Buffett made it clear that he believed in the craze of cryptocurrencies which will not come an end and will keep on increasing with the passage of time.

 

When asked what were his thoughts about the fate of cryptocurrencies, Ling exclaimed that in his opinion cryptocurrencies would meet a very bad ending and those who are investing in it including his idol Buffet, they would have to pay for their overconfidence.

 

On the other hand Ling also stated that he was quiet confident that the BB Index devised by him would even beat traditional crypto investor including Buffett. He further stated that Warren Buffett just won a 10-years bet stating that an index fund would outperform a collection of hedge funds over that time. Now, Ling has a bet that his cryptocurrency index will outperform Buffett’s portfolio over the same period of time.

 

According to a correspondent of CNBC when they reached out to Warren Buffett’s office in order to know his views in this regard, they could not receive any satisfactory response.

 

We are waiting for your worthy opinion in the comments section below.

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UK Heading to Historical Election Sees Rise in Bitcoin and a Fall in Footsie Prices

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Increase bitcoin value

Theresa May, the unelected British prime minister has surprised as well as excited everyone simultaneously by calling a snap election.

Main Story:

“It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond,” May told the Reuters.

The surprise/excitement is there because no one expected an election as May had already firmly stated that there won’t be one.

The sudden U-turn has seen FTSE drop some 2.46%, taken the Pound to month’s highest and increased Bitcoin value by 1.50%. Great news for Bitcoin fanatics!

The outcome of the election is somewhat certain as May is 20 points ahead of Labour leader, Jeremy Corbyn, who is considered to be unelectable by the public.

The only candidate that could give Theresa tough time is the Liberal Democrats leader, Tim Farron. The party came to power in 2010 and got a severe punishment in 2015 due to raising student fees.

The major deciding factor in this election could be the Pro-EU stance of Jeremy. However, the Labour leader has been accused of lackluster Pro-EU campaigning before the referendum took place. This has led some voters believing that he is secretly Pro-Brexit.

Therefore, the only realistic choice for 48% anti-Brexit voters is Tim Farron. But it’s still early days to predict what the Liberal Democrats leader has to offer. Will he be willing to accept the referendum’s result and campaign on soft-Brexit? Only time will tell.

However, if he does so, it may very well cause the third political earth quack in just months.

Whatever the election outcome is going to be, the decision of Britain to leave must be upheld. Fingers crossed!

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