First, the internet revolution made our mail boxes obsolete to the point to which millennials don’t even know how to send letters anymore. Now, the same thing is happening to our money, hence to our wallets. This page will help our readers keep up with bitcoin wallet technology. So before you set one up, take a look at our guide on bitcoin wallets. Find out how bitcoin wallets work, how to keep their contents safe from criminals and which are the top 5 bitcoin wallets out there.
A bitcoin wallet is, like the name says, a place to put your bitcoins.
The peculiarity of these wallets is that unlike a physical wallet that holds your credit cards and cash, bitcoin wallets behave more like bank accounts than wallets. There are basically two kinds of wallets: the software wallet, which you set up on your computer or mobile device, and the web wallet which is hosted by a third party. The software based wallet may not be as straight forward to install and maintain, although it allows you to keep complete control over the security of your coins. The web based wallet is easier to use but requires you to trust the third party keeping your coins in their cyber vault.
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