Bitcoin wallet is the very first thing every bitcoin user own. It is so important that without it you can’t even boost of owning a bitcoin. But somehow to many persons bitcoin wallet is a little confusing and the process is complicated. Mntrends bring you a simple approach to understanding bitcoin wallets. Please continues reading
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WHAT IS BITCOIN WALLET
Bitcoin wallet is like the warehouse that hold your bitcoin. You can think of it as your local bank account that holds your money. Or you can think of it as your pocket wallet that saves your money. You can also think of it as a warehouse that stores your goods. The point is, just like your bank account, pocket wallet and warehouse holds something, bitcoin wallet also holds something(BITCOIN).
BITCOIN WALLET SECURITY
You bank account needs password or PIN to be secure. Your pocket wallet needs to be in your possession to be secure. And your warehouse needs huge padlocks to be safe. Bitcoin wallet needs some level of security to be secure too. Most wallet providers like Blockchain, Coinomi, Trust and others provide unique key for security. They also provide recovery phrase should a user lost his/her wallet key or ID.
No one should have access to these keys as this will mean giving out the PIN to your bank account out. Or giving out the key to the padlock of your warehouse. So for your bitcoin to be safe in your wallet you need to keep your log in details private.
There are various types of bitcoin wallets and in our subsequent posts we’ll be analyzing them one by one. So don’t forget to subscribe to our newsletter and also follow us on Facebook and Twitter @mntrendsblog for new updates.