Bitcoin Wallet, what it is and how it works

Many of you will have wondered, after buying the first cryptocurrencies, how can I deposit them safely?

But above all where do I deposit them?

Don’t get hold of because in this post I will explain how to create a wallet and how to deposit your cryptocurrencies safely.

What is the wallet?

The wallet called wallet jargon is a cryptocurrency container, you can do all the movements, it’s just like a bank account.

Is composed by:

  • A Private Key that would be the private key of the wallet that if we lose it not we could no longer recover our cryptocurrencies within it, so it’s from It is vital to place it in a safe place and not to disclose it to anyone.
  • A wallet address that would be the public address of the wallet where we receive and send our cryptocurrencies, it’s like a banking IBAN. Each cryptocurrency has a different address, in fact we must wait to not be confused because this will overwhelm the crypto that we send or receive in an irreversible way.

There are different types of wallets, but their function is the same.

tipe wallet bitcoin

How to divide wallets

Wallets can be of type:

  • Cold Wallet
  • Hot Wallet
  • Piper Wallet

Cold Wallet

The Cold Wallet is a type of wallet that is not connected to the network, that is, from the word itself, it is frozen that is not constantly updated.

You may be wondering then what portfolio is if it doesn’t update and it doesn’t connect to the network?

This wallet is ideal for depositing cryptocurrencies that we will be leaving for a long time inside, that is for the holders who want to keep their bitcoins for many years in storage, which makes it the best because it makes us feel safe in the warehouse when no hacker could enter because not connected to the network.

It is composed of a hardware key that works like a USB key.

The best are the nano ledger (here the official page) and the Trezor (here the official page).

ledger nano
Trezor

Hot Wallet

The Hot Wallet is a wallet that is connected to the network and is constantly updated.

For example it is used for cryptocurrencies that use the DPos algorithm or to create a bitcoin node, which are used in addition to the deposit also to certain functions.

There are many wallet names depending on the cryptocurrency that we are going to deposit like the Bitcoin uses Bitcoin core, Ethereum uses myEther wallet, and so on.

But besides these that are specific for a specific cryptocurrency, there are multicoins that can store different types of currencies, among which we find:

1)Exodus wallet

exodus wallet

Exodus is a famous multicoin, available on both desktop and smartphone, here is the official page.

It also includes the function of converting cryptocurrencies with others automatically without having to use an exchange because it is linked to it.

There is also the possibility of connecting our ledger nano or trezor to it to deposit or withdraw the crypto.

A truly functional wallet, always up to date is very intuitive.

2)Trust Wallet

trust wallet

Trust wallet is a great multicoin for smartphones, very functional and has a feature that allows you to deposit even Ethereum smart contracts.

Here the official page.

It is a binance partner, and is available for both Android and Apple.

Paper Wallet

piper wallet bitcoin

The Paper wallet instead is our last type of wallet present is according to the word Paper portfolio, it is a wallet where our cryptocurrency is deposited and a code is generated that we would print.

This code is our key to being able to open our crypts.

The paper wallet can also be considered a cold wallet because it is also not connected to the network.

A piper wallet can be wallet generation that is here, just generate a code and he himself generates the private and public key.

Conclusion

In conclusion, there are very many wallets but according to your needs and the type of cryptocurrency that you have, you need to evaluate well.

My advice is to wait for the sites that propose to deposit currencies for you, and above all not disclosed or ever lose private keys otherwise lose everything.

In this post I have only talked about some but important wallets that you can use, but of course I encourage you to do your in-depth research.

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