Wallet Types

To use Bitcoin, you need a wallet. A wallet is an app or device that stores your private keys, allowing you to send and receive Bitcoin. But not all wallets are the same. There are different types, depending on how you want to use your Bitcoin.

Hot wallets are connected to the internet, making them easy to use. They are ideal for small amounts and frequent transactions. Some examples:

• Mobile wallets: Wallet of Satoshi, Muun, Electrum
• Web wallets: Blockchain.com
• Desktop wallets: Exodus, Electrum

Hot wallets are fast and convenient, but they’re less secure than cold wallets. Since they are connected to the internet, they’re vulnerable to hacks if not properly secured.

Cold wallets store your private keys offline, making them much safer from hackers. Types of cold wallets:

• Hardware wallets: Ledger Nano S, Trezor
• Paper wallets: A printed copy of your private key

Cold wallets are perfect for long-term storage and large amounts of Bitcoin. However, they are less convenient for daily use because you need to plug in a device or manually handle the private key.