All wallets have two pieces. The public and private key. The public key of your wallet is basically used for accepting payments. The idea of a public key is to be able to share with another person who is sending you money just like your bank account number where people can transfer money to you, you can ask people to transfer bitcoin to your wallet’s public key.
Even though they have your public key, another person cannot use or spend your bitcoins. This is why it is safe to share this key. On the other hand, a private key is to be kept secret at all times as it unlocks the door to your bitcoin world. Having this private key will enable any person to access your wallet and transfer or use the bitcoins stored in it.
As mentioned before these bitcoins are saved in the blockchain not inside your wallet but for making everyone’s life easy, it is called the wallet that can also be used for bitcoin trading via torque trading or any other platform. As it acts as the authorization for access to your bitcoins.
We have seen different types of the wallet before now we will look into the actuals forms:
This waller stores the entire network on the computer. It is the Bitcoin wallet officially supported by bitcoin. In terms of features, the bitcoin core lacks security and variety. As it stores a large amount of data on your computer it consumes a lot of memory and disk space.
This system of wallets focuses on lean methodology focusing on bitcoin management while staying below average resource consumption. Arcware has its own offline wallet which means you decide and control your wallets online and offline. Even if your computer is compromised, you have your offline wallet with your bitcoins safe in it if you have backed up.
The main focus of Msigma wallet is scalability and security. It is enterprise-level scalability and a strong security-based wallet with a multi-signature system. It also has support for offline storage which makes it synced online and offline.
This wallet supports both hot and cold modes. Bither is available on all platforms. There is a lot of vulnerability and privacy issues related to Bither that has been discussed a lot online. One of the main weaknesses is access to private data of transactions.
The ledger works like a USB device. Safety of the wallet and bitcoins is the focus of Ledger, it is a platform and operating system independent wallet.
Trezor is offline storage that focuses on connectivity and speed. It is best for those who are into bitcoin trading as it has high-speed connectivity suitable for trading and is secure. It is compatible with all devices and platforms.
There are hundreds of solutions available in the market for wallets these are just a few I found worth mentioning. Make sure you understand the advantages and disadvantages of using wallets you choose while keeping your requirements in mind.
You can always use a paper wallet which means writing down your private key, address on paper, and keep it secure. That being said, there is no guarantee for a piece of paper from being stolen or lost. So make sure you have multiple copies stored in multiple locations that are secure.