Want to learn about wallets.

[EL MOHA]

From your suggestion, I understand that I need to use an Electrum wallet to store my Bitcoin. Aren't wallet and exchange two different things? I can use an exchange to trade Bitcoin. And a wallet is just for storing Bitcoin. Am I correct?

Your correct the two are different but a little bit interchangeable, just simply treat exchanges as a market place where you buy stuffs and wallet as your home where your stuffs are securely stored in. Exchanges can also be used to actually store your bitcoin but it’s the worst place to do that.

For example exchange acts as a marketplace so if you buy goods from the market and leaves it with the shop keeper you are not going to be in total control of those goods as you’re at the mercy of the shop keeper to give you access to them. But if you carry those goods to your home after buying, in this context you move bitcoin from exchange to your wallet, the wallet keys are with you and you have full access to your bitcoin and can do anything you like with it just like the goods you have in your house instead of waiting for the middle man.

So for full custodianship it is best to have your bitcoin moved to wallet which provides you with keys that you can use to access it anytime.

[promise444c5]

From your suggestion, I understand that I need to use an Electrum wallet to store my Bitcoin. Aren't wallet and exchange two different things? I can use an exchange to trade Bitcoin. And a wallet is just for storing Bitcoin. Am I correct?

Your correct the two are different but a little bit interchangeable, just simply treat exchanges as a market place where you buy stuffs and wallet as your home where your stuffs are securely stored in. Exchanges can also be used to actually store your bitcoin but it’s the worst place to do that.

Actually,Exchanges are also a  type of wallet, the difference is just that they are custodian&centralised  in most cases , making them much more easier to offer their users more service fetuses than a normal self -custody wallet..
So to the OP, if you are willing to hold then consider using a self-custody wallet( with storage as an extra layer). Whenever you need to buy, sell or exchange (in short trade) then  you can use exchange services to do that easily. After you are done and have some BTC you want to hold you can move it to your self custody wallet.it’s that simple.

[Josefjix]

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

Wallets are simply like a bank for storing, depositing and withdrawing Bitcoin to another Bitcoin address elsewhere, note that there are centralized and decentralized wallets while I will advise you to use decentralized wallet for usage. Example of decentralization wallets are trust wallet, electrum, blue wallet and others.

Be sure to always keep the secret phrase given to you off those wallets, if you lose it, your coins are lost forever, never store your wallet seed phrase online, rather write it on a paper for tight security reasons.

[Borbb]

They're allot of people who invest in a wallet that end up being scammed lately not informed that's why is good to invest in a wallet that is well known Bitcoin wallet is rate high and secured for any transaction or deposit.

[Sonia_123]

Hello friends. I am a new member of this forum.

I was trying to get an idea about Bitcoin. While learning about Bitcoin, I understood the exact meaning of digital assets. I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting. After coming to the forum, I learned about cryptocurrencies. I learned about Bitcoin. I learned about digital assets and got a rough idea about how to invest. I learned about the investment method of Bitcoin. I am very happy to learn about so many new things.

But I don't know about wallets. I don't know how to use wallets properly. Which wallet should I use to invest in Bitcoin? And what should I do? I want to know about wallets.

Bitcoin wallet is used to store your private keys which also helps you to manage your bitcoin allowing you store, send and receive your bitcoin, it is important that you get your wallet at first and the best wallet you are to start with if you are new is desktop wallet since it has more features than mobile wallet because it make it easy controlling and managing your bitcoins and when you have got alot of bitcoin that you need to secure you can now go for a hardware wallet since it still remains the best when securing storage of your bitcoin . For your day to day spending, it is adviceable to keep your bitcoin in your desktop wallet while the rest be kept in the hardware wallet that is worth protecting.

It is important that you have bitcoin wallet knowledge before you start using it, so that you can really know the one you prefer or you can afford.

[Coyster]

I used to think that real life assets like gold, land, house and other things are real assets. But I didn't know that there is such a thing as digital assets and it is so interesting and exciting.

I no know wetin you mean by this, what is your definition of real assets. Gold and properties are good assets to acquire, they are physical assets, which is different from digital assets and a lot of people prefer investing in them rather than crypto.

They're allot of people who invest in a wallet that end up being scammed lately not informed that's why is good to invest in a wallet that is well known Bitcoin wallet is rate high and secured for any transaction or deposit.

What do you mean by invest in a wallet? I know you can purchase a hardware wallet, but doing so is not necessarily investing in a wallet. Having said that, OP, you should use a cold storage wallet, for example, a hardware wallet. But make you know say even if you dey use a cold wallet, you still have to use it right, you go keep your seed phrase well and you go make sure say you no fall for scam.