When you get into bank, they will ask you to open an account with them. This is normally where you deposit your money. This is the same case with bitcoins wallets. A wallet is a special type of file that contains private keys that allow you to access your bitcoins. Note that your wallet does not contain the bitcoins but rather is necessary to help you access them. The private keys should be kept secret so that no one is able to access the bitcoins without your permission. A wallet is located at bitcoin data recovery.
One thing to note about what is a bitcoin wallet? is that you can only store one bitcoin at a time unless in the case of bank accounts where you can store a lot of money at a go. When people try to store many bitcoins at the same time, the whole system may not work as intended. You can control your wallet from your computer because the file is stored on your computer.
What a Wallet Contains
A bitcoin wallet contains:
- Your address in key pairs
- The number of transactions that have been made to your account
- Default key
- Version number
- User preferences
- Reserve key
- Key pool
Different Types of Wallets
There are different types of bitcoin wallets that you can choose. These include:
- Software wallets
- Web wallets
- Paper wallets
You can choose any of the three types of wallets depending on your preferences and need for security. Still, you should select it depending on the ease of operation. Software wallets are more secure than web and paper wallets. However, this security may be compromised depending on the computer that you store your wallet on. Some computers are not to be trusted for storage of such important files.
Paper wallets may be also be considered safe and desirable considering the fact that you can print them and hence be able to avoid the malpractices of the digital bitcoin world. Web wallets on the other hand are desired for the fact that they are convenient as compared to software ad paper wallets.