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Author Topic: Bitcoin wallet and its variants  (Read 85 times)
EmmaLory
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September 17, 2019, 12:03:19 PM
Last edit: September 18, 2019, 05:53:33 AM by EmmaLory
 #1

Bitcoin wallet and its variants
Talking about Bitcoin wallet, we come across Coinbase or Blockchain.com. But in reality, they are not Bitcoin's original wallet. They are called web wallets which are very risky. In this regard, I have made a common statement below.

You do not own Bitcoin, unless you are the only private holder of that wallet.

This means that if you share your wallet private or with someone else, you are not technically the owner of that wallet. Coinbase or Blockchain or any web wallet Risk. So today I will share with you Bitcoin wallet and any wallet you can use to stay safe.

First, there are two types of Bitcoin wallets.
1. Cold wallet
2. Hot wallet

1. Cold wallet
Cold wallet refers to the wallets you can create and store that wallet offline. For example, a paper wallet. You can create this wallet without a net connection and deposit Bitcoin on it. This basically refers to holding only the wallet's private key. Cold Wallet is basically for those who want to hold long-time Bitcoin. Since It is created offline, its security is very high. But be aware, before sending a large amount, send a small amount and check that you do not face any major loss. Of course in the case of Paper Wallet, take care of your private key carefully. It may be printed or downloaded. But, of course, keep it offline.

Some Cold Wallet-
Paper wallet
Hardware wallet - Trezor, Ledger Nano S etc.

2.Hot wallet
Hot wallet refers to web wallet, desktop wallet, mobile wallet. In a word, the wallet that is connected online is a hot wallet. I've talked about web wallets before. Now we have a desktop wallet or a mobile wallet.


Bitcoin Core
Bitcoin Core is the core wallet of Bitcoin. You can use this app on your desktop or laptop. This is where some of the talk goes. As we learned in the previous article, every transaction of Bitcoin is recorded on the blockchain. Each of Bitcoin's desktop wallets (original wallets - Bitcoin Core, Bitcoin or more, but these two are popular) are available in all Bitcoin transaction wallets. Give updates For example, if you are using a wallet, there are 5 records when you were offline, which means the transaction took place. When you open the wallet, that 3 transaction will be automatically updated in your wallet. This process is called synchronization. That is, every transaction of Bitcoin's transaction record will be in all core wallets. Now if you use Bitcoin Core, Bitcoin If you want to do this then you need to update all the transactions from 20 which will require about 5 GB space. You have to have good net speed. However, you can run this wallet with less than 5 GB if you want. For example, with 5 GB. I'll write about that another day. I do not want to go there now.

Electrum Wallet
Now if you have been thinking about downloading or updating every transaction record of Bitcoin since 25 then it will be time consuming and you will need a lot of free space. The solution for this is to rely on a trusted third party update. That means someone else will do your job. In that case we can use the Electrum Wallet. It is widely trusted and used by many. your job here is just to install Epista. Diameter. Nothing else. You do not have to have too much space or net speed and good.

Mobile wallet
You can use Electrum's mobile wallet or you can use BitPay / copay's mobile wallet.

Some caveats-
1. Any wallet must be downloaded from the official link.
2. Always save your private key.
3. Keep the wallet back up though, even if private is enough.
4. Do not share your private key with anyone.
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BrewMaster
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September 17, 2019, 02:25:30 PM
 #2

there is no point in this topic you started here since you are not providing anything useful or new that hasn't been said before specially in this topic: https://bitcointalk.org/index.php?topic=1631151.0 which happens to be a sticky!

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September 17, 2019, 10:32:12 PM
 #3

Hardware wallet - Trazer, Laser Nano S etc.
I just like to point out the spellings of those hardware wallet because it can misinform others, this is just a small correction pal.

Trazer is wrong, the correct one is Trezor - https://trezor.io/

Laser Nano s is wrong, the correct is Ledger Nano S - https://shop.ledger.com/products/ledger-nano-s

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September 17, 2019, 11:46:35 PM
 #4

A much more trusted list of bitcoin wallets to use is found at https://bitcoin.org/en/choose-your-wallet

A user can be able to pick up a wallet that best suits them based on the different criteria listed there such as
- Controls of our funds/private keys
- Validation (ability of the wallet to operate a full node or not)
- Transparency (Open source or not)
- Fees - Does a wallet let you have control of the fees you set?
- Privacy - some wallets make it harder to trace transaction

All wallets that meet the required criteria are listed their including different types such as web wallets, softwaere wallets for different Operating Systems like Linux, MacOS ,Android, Windows, iOS

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