Bitcoin or also called as the cryptocurrency is the currency which is digitalized and decentralized. This means that cryptocurrency works without any intervention from central banks or the high authorities. The transactions work on the methodology of peer to peer transferring technology and so the bitcoins are transferred from one account to another collectively through this web of networks. The bitcoin currency is controlled by no physical or official entity and is an open public source hence anybody can create and open their bitcoin account.
The storage wallet
Bitcoinis a digital currency and shall be solely used for the digital money transactions. The bitcoins do not exist as physical entity and are only virtual therefore they cannot be cumulated in physical wallets. For the purpose of storing bitcoins one needs to have a bitcoin wallet. If talking on the literal front the bitcoins in themselves aren’t stored in the wallet but the person owning the bitcoin account has an address and this address can only be accessed with the help of a private key and this key is what is stored in the bitcoin wallet. Bitcoin wallets are diverse and distinct in number therefore, one can make a bitcoin wallet through any medium however it should be trustworthy.
Some of the types of bitcoin wallets are named below:
- Paper bitcoin wallet
- Bitcoin wallets that are online
- Desktop wallet
- Bitcoin wallets as mobile applications
- Hardware wallet