Types of wallets explained

The idea behind cryptocurrency is to be your own bank and cut out the middle men (the bank). That sounds great, as you yourself are in control of your finances without any unncessary fees or risks from how the bankers manage your funds.

But with that comes the responsibility of taking care of your own wallet security.

In this article we will explain the different wallet types and some basic security principles you can use to make sure you do not lose access to your wallet or, if you do, how to restore them.

Software wallets
1. Bitcoin Core (site)
Bitcoin core has the advantage of being an open source wallet. That means that the code of the software has been likely audited by thousands, if not more, programmers all around the world. This means that it is less likely that any exploits or risks exist in the software. Open source wallets have a distinct advantage in that sense. 

If you install a Bitcoin core wallet, we’d recommend you to look at a (TUTORIAL). 

Now for the safety tips:

  • Make sure to make a backup of the wallet seed. 
  • Write down your wallet password on a piece of paper and store it in a safe place


What happens if I lose my password?
You can restore it in the following way, 

 

 

Hardware Wallets

 

Steel Seed backups
https://www.buybitcoinworldwide.com/wallets/steel/

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Need assistance with your wallet recovery?

Leave us a message if you'd like a free consultation.