Using Digital or Paper Wallet to Store Bitcoins by Agam Berry

Your Bitcoin wallet is what enables you obtain a unique Bitcoin identifier or address and trade with other users. These wallets are available in numerous forms and designs for various types of devices. According to Agam Berry, if you are apprehensive about saving them on a computer you can always use paper storage. Like in real life, your Bitcoin wallet should also be protected and backed up.

Bitcoin is a digital currency that enables users to conduct various transactions online. They introduce a modern alternative to money and are vastly being accepted by new brokers daily. According to Agam Berry, many people know how to produce and trade Bitcoins but not many know how they are stored. Similarly to how we store our personal money in a wallet, Bitcoins are stored in a similar manner, but in a digital form. However, technically speaking, Bitcoins cannot be stored anywhere. According to Agam Berry, the digital keys are what you store in the digital wallet to obtain your identifier or address and trade with others.

Is it safe to use Bitcoin wallets? This is a commonly asked question by merchants. Agam Berry believes that this is based on how they are handled. The digital keys are the only tools you can use to retrieve transactional information kept in the Bitcoin identifier. Therefore, the fate of your Bitcoins lies with their safety. Hence the only way to keep your Bitcoin wallets safe is to keep your access details private. How do I keep my wallet safe? Agam Berry suggests that you utilize one of three methods to keep your wallets secure. This includes, encoding your wallet with a password, utilizing cold storage wallets which allow you to store your Bitcoins offline and by backing up your wallets.

The four major types of Bitcoin wallets are hardware, mobile, web and desktop wallet.  Hardware wallets are scare but are effective tools that can store digital keys by electronic means and enable trading. While Mycelium and Trezor are said to be currently working on hardware wallets, they are still not available on the market. According to Agam Berry, Bionym Nymi Sports Wristband, which utilizes the user’s heart rhythm as the security key, is a worthy substitute for hardware wallets.

According to Agam Berry, The Bitcoin-Qt is a desktop wallet which stores digital keys and allows you to access your Bitcoin identifier and trade online. Other desktop wallets include the MultiBit, which is compatible with Mac OSX, Linux and Windows; the Hive, an OSX based wallet with distinct characteristics such as an app store and the Dark Wallet that uses a unique browser plug-in to facilitate services such as coin exchange.

Online wallets, as the name suggests, are stored online via a computer that is controlled by someone else. As stated by Agam Berry, one benefit of using these wallets is the fact that they can be connected to mobile devices and can be accessed at any location. However, Agam Berry believes that they require proper management to prevent someone else from accessing your Bitcoins.

According to Agam Berry, Mobile wallets are available in the form of apps you can access on your smart phone at any location and allows you to trade online of by using the Smartphone NFC feature (near field communication). Some types of mobile wallets are Kipochi that enables the user to use their phone as the identifier, Android-based Bitcoin Wallet, Blockchain and Mycelium which back up Bitcoins and protects them with a password.

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