BITCOIN WALLET – CREATE BITCOIN WALLET ADDRESS 2017
If we assume conventional way than the easiest definition of Bitcoin wallet address is same like your bank account number and that bank account number is created by Bank. While in the terminology of Bitcoin, place where you create Bitcoin Wallet Address is known as Bitcoin wallet.
So in simple terms
Bitcoin wallet address -> Bank account number
Bitcoin wallet -> Bank where your bank account number is created
So A Bitcoin wallet is a software program where bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin wallet address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins which is done via Bitcoin wallet address.
TYPES OF BITCOIN WALLETS
There are mainly four types of Bitcoin wallets
1.Online or Web wallet
2.Software wallet or Desktop Wallet
ONLINE BITCOIN WALLET
The first type of bitcoin wallet is online Bitcoin wallet or web Bitcoin wallet. You can create Bitcoin Wallet Address on Online Wallet.
They are much easier to use and to maintain. As you can access your wallet from any device connected to the internet. So transactions are very easy on web Bitcoin wallet.
They are hosted by the third party.
Security factor depends on the service provider, or your private keys are stored on another server.
Bitcoin wallet generates two cryptographic keys one is a public key which is your public Bitcoin wallet address, and another one is a private key which can only be accessed by the user for sending Bitcoins.
To make it simple one can assume the public key is like email id username and the private key is like email password.
As on Online Bitcoin wallet, the private key is hosted on service provider server so security can be little susceptible.
But there is some online Bitcoin wallet which did not have any security issues till date. So below are some of these bitcoin wallets.
I recommend for beginners, to create Bitcoin wallet address on web Bitcoin wallet because they are easier to use and maintain and are more useful in small day to day transactions.
LIST OF WEB BITCOIN WALLET
It is much easier to use and its simple design have very useful features that make it perfect for beginners and they are consistently adding new features.
You can send and receive Bitcoin through Coinbase and also can buy or sell Bitcoin directly from this online Bitcoin wallet.
For mobile, you can download their android and ios app that also consists of same features.
The owner of Coinbase wallet has an excellent reputation, and they never had any problem with funds as the owner of the company raise money from the prominent capitalist.
So it is the most secure web Bitcoin wallet by some distance in comparison to other online Bitcoin wallets.
In Coinbase wallet, you can create Bitcoin Wallet Address, Ethereum wallet address as well as Litecoin Wallet Address so you can do the transaction in all these three cryptocurrencies.
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Unocoin wallet is another web Bitcoin wallet. It is an Indian company. It has one of the easy to use interface. It will take minutes to create Bitcoin wallet address on Unocoin.
Before buying or selling bitcoins, you have to get your account verified.
You have to submit your National ID, Address proof, Pancard along with your bank account details. Then you will receive a call from them next day to confirm the verification.
After getting verified, you can create your online bitcoin wallet address, and then you can buy bitcoins online banking, or using Pay u money.
Navigating on the wallet because of their user-friendly interface is effortless.
Security is also not compromised as they used two-factor-authentication.
But like all Online Bitcoin Wallet your Bitcoin Wallet Address public key will be stored on their server. Hence, you always depend on them regarding your fund’s security.
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Blochain.info wallet is third web Bitcoin wallet on my list. Like other Web Wallet, it has a very user-friendly interface.
You can create Bitcoin wallet address at no time.
It is not as popular as Coinbase and Unocoin (especially for Indians).
If you wish you can create Bitcoin wallet address here as there never been any such major issues with blockchain.info. But I will recommend Coinbase and Unocoin(Indians user) over blockchain wallet.
SOFTWARE OR DESKTOP BITCOIN WALLET
Software Bitcoin wallet is installed on your desktop.
Software Bitcoin Wallet gives you full control over your Bitcoins as your public Bitcoin Wallet Address public key is stored on your desktop.
So they are more secure Bitcoin wallet in comparison to Online Bitcoin Wallet.
LIST OF SOFTWARE WALLET
1. ELECTRUM –
Electrum is a Bitcoin software wallet.
You can create Bitcoin Wallet Address here at no time.
As I mentioned before software wallet provide more security than online Bitcoin wallet so your public key will never leave your Desktop.
During the installation of electrum, you will be given a twelve-word phrase that will allow you to recover all of your bitcoins in the case of your computer fails.
Your wallet is also encrypted by default which helps in protecting your bitcoins from hackers.
Electrum is available for an operating system like Windows, Linux, OSX, and ios.
I recommend this for beginners if you are interested in Software Bitcoin wallet.
2.BITCOIN CORE –
Bitcoin core is another Bitcoin software wallet which you need to install on your computer.
You can easily create your Bitcoin Wallet Adress on it.
It usually requires downloading the blockchain, which is more than 100GB of a size which could be a real deal breaker for some people.
As some people might not have bandwidth and storage space required to install it.
So the size does make an effect on the installation of Bitcoin core.
But like other Bitcoin software wallets, it is more secure and you have full control over your fund’s Bitcoin Core is also available for all operating systems like Linux, windows, or ios and also available for mobile device.
HARDWARE BITCOIN WALLET
Hardware wallets are the third type of bitcoin wallet.
Hardware wallets are USB shaped devices or plug n play type devices. You have to connect them to your pc to access them.
Hardware Wallet is secure and is easy to use and do not require any technical knowledge to access them.
They generate their private keys on the device itself or offline hence, they are always protected from hackers, and they are also featured with extra security layers.
They also provide a backup option, so you can access them even if your device gets damaged.
So they are the most secure type of bitcoin wallets in all four Bitcoin wallet, as you always have your private keys with you and hackers can’t access your wallet information.
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Ledger Nano S Wallet is the best hardware wallet. It is a USB device with smart card security in a very compact package.
It was developed in France by three France companies BTchip, Chronocoin, and La Maison du Bitcoin in December 2014. It is a compact USB device with an extra security layer.
The smart card provides an additional security layer and eliminates some safety issues that may arise due to any compromised device which is based on multipurpose microcontrollers.
Ledger wallet is dependent on the host computer to set up and make any transactions. So that extra layer of security comes handy during failure of the host computer or if it is used in any compromised machine.
A user can create Bitcoin wallet address after setting up the device.
Ledger uses a security card to protect Bitcoin transaction from man-in-the-middle (MITM) attacks. This security card makes such attack less likely by providing physical two-factor-authentication.
Another security feature of the ledger is that no transaction can occur without human verification.
Each transaction requires the user to scan security card when prompted by wallet app visually.
Wallet asks the user to enter codes for four random parts of user Bitcoin wallet address. When the right codes are entered, then the only transaction will complete.
Ledger wallet is available for 83.50 $ on Amazon and eBay.
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Trezor is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage.
It is a USB device developed by Czechoslovakia company Satoshi labs.
It looks like a small calculator with an OLED screen.
It adds an extra authentication layer to all outgoing bitcoins transaction.
The private keys generated by the public Bitcoin Wallet Address never leave it. So you don’t have to worry about your Bitcoins.
It uses a deterministic wallet structure that means it can hold an unlimited number of keys.
A recovery seed is generated when the device is initialized.
In any case, Trezor wallet device is lost or stolen then it’s all data can be recovered using the seed into a new compatible device.
It is immune to any hacker attack that’s why it is also called as ‘bitcoin safe.’
Trezor wallet can also be used on any unsafe machines it uses clever tricks to keep your data secure on any compromised machine that’s where the device is named as Trezor because in Slavic language Trezor means ‘vault.’ And it is truly a ‘bitcoin safe’ which can’t be unlocked by any hacker attack.
You can use the Trezor wallet with Android devices and with apps such as TREZOR Wallet, Mycelium, and Bitstamp, Multibit HD, Bitwala, Bitpay, Copayments.
It is compatible with Windows, Linux, OS X (10.8 or higher).
Trezor is priced at 89$ on Amazon
PAPER BITCOIN WALLET
The paper wallet is the fourth type of bitcoin wallet to Bitcoin Wallet Address.
The Paper wallet is one of the cheaper ways to keep your bitcoins secure.
The Paper Wallet is offered by various Bitcoin wallet sites.
They will generate a bitcoin wallet address for the user and an image of two QR codes.
One image is a public address which user can use to receive bitcoins, and the other image is the private key which user can use to spend bitcoins from that generated Bitcoin address.
The paper wallet is secure in a way that private keys are not stored digitally so they are not hacked by hackers and neither they are subjected to any hardware failures.
So in a way paper wallet are secure and reliable, and the user has full control over their wallet.
AT CONCLUSION I WILL SUGGEST THAT IF USER DO SMALL TRANSACTIONS AND USES WALLET DAY TO DAY BASES THAN USE COINBASE AND UNOCOIN WALLET
IF USER DEALS IN HIGH AMOUNT OF BITCOIN THAN THEY SHOULD LOOK FOR HARDWARE BITCOIN WALLET LIKE LEDGER AND TREZOR
SOFTWARE BITCOIN WALLET ARE ALSO SECURE, BUT THEY ARE LITTLE BIT TRICKY THEIR INTERFACE IS NOT USER-FRIENDLY, BUT BEST ONE AMONG THEM IS ELECTRUM
PAPER WALLETS ARE ALSO SECURE.
BUT GENERAL USER MUST GO FOR ONLINE BITCOIN WALLET BECAUSE OF THEIR NATURAL TO USE INTERFACE