Types of Bitcoin Wallets

Bitcoin is decentralized and open source, everyone can participate and work with it. That’s why different types of wallet develop over time.

There is no one Bitcoin trader Wallet

Paperwallet
A paper wallet is the “simplest” form of a wallet and can be very secure for the Bitcoin trader at the same time. The paper wallet consists of a single Private Key – Public Key – pair, which can be created in different ways. Paper wallets are usually only used for Bitcoin trader long-term storage. With this wallet the Bitcoins cannot be used actively. If you want to use your Bitcoins later, you need some technical understanding and a desktop or smartphone wallet.

Advantages:
Safe storage of Bitcoins
Low cost of creation
Disadvantages:
Secure creation is complex and time-consuming.
No active use of Bitcoins

Hardware Wallet
A hardware wallet is a device you have to buy. These devices are considered to be the safest wallet if Bitcoins are to be used actively. Even malware on your PC cannot harm your Bitcoins. At the beginning, the hardware wallet creates a seed of 12 to 24 words, which creates your reception addresses. In addition, the hardware wallet can store several digital currencies and not just Bitcoin.

Advantages:
Secure storage of Bitcoins
Active use of Bitcoins possible
Further digital currencies can be stored
Disadvantages:
(Higher) costs incurred

The best Bitcoin Profit Hardware Wallets

Hardware Wallet User friendly Open Source Currencies like this: https://www.onlinebetrug.net/en/bitcoin-profit/. Trezor* Yes Yes Yes Bitcoin Profit, Ether and ERC20 Token, Litecoin and many more *. Ledger Nano S* Yes No Bitcoin, Ether and ERC20 Token, Litecoin, Ripple and much more. Ledger Blue* Yes No Bitcoin, Ether and ERC20 Token, Litecoin, Ripple and much more.

Desktop Wallet
A desktop wallet is a Bitcoin wallet for the computer that you can download. On the website bitcoin.org you will find, depending on the operating system, several options for a desktop wallet. With a Desktop Wallet it depends strongly on the environment, i.e. whether your computer is free of malware. Make sure you have a safe environment and keep your computer free of malware – at least install a permanently good antivirus program*.

Advantages:
No costs for creation
Active use of Bitcoins possible
Disadvantages:
Vulnerable environment
Depends on developers (updates, security, etc.)

Smartphone Wallet
Depending on your operating system, you can also download a Bitcoin Wallet for your smartphone. Several apps are available for download for the Android and iOS operating systems; Blackberry and Windows Phone users have considerably less choice. The Smartphone Wallet also requires that you keep your smartphone free of malware, possibly with an antivirus program*.

Advantages:
No creation and usage costs
Bitcoins can be taken anywhere
Disadvantages:
Vulnerable environment
Depends on developers (updates, security, etc.)

Online Wallet
A Bitcoin Online Wallet is a wallet that you create online at a website or service. The website creates the private keys for you and usually keeps your private keys for you. For this reason, you should only use online wallets in emergencies or for small quantities.

Because as you learned earlier: You only have your Bitcoins if you have the private keys and keep them safe. Or would you buy a car and leave the keys and papers at the dealership?

Advantages:
Quick and easy creation
Can be used anywhere in the world with e-mail and password
Disadvantages:
Vulnerable environment (also phishing)
Holds your private keys
Dependent on the service of the provider