If you plan on using Bitcoin, it is important to learn the different types of Bitcoin wallets. Once you know what types of wallets there are you will be able to decide which option is ideal for you.
Hot wallet are the other type of Bitcoin wallet that runs off of internet connected device, such as smartphones, tablets,laptops,and computers, a hot wallet generates private keys online connected to a device. Because of this, the private keys on a hot wallet are not considered 100% secure. Thinks of the hot wallet as your everyday wallet, you can use it to store cash, but you probbly shouldn’t store your entire life savings
in this wallet. Hot wallet are an ideal choice if you make frequent payments and are not looking for a secure storage unit for your Bitcoins.
A Paper bitcoin wallet or “cold storage” is simply a document that contains all the necessary information you need to generate your parsonal Bitcoin Private Keys. This wallet often takes the form of a piece paper having QR code. This QR code can be scanned into the software wallet when needed. This digital wallet gives you the option to even store Bitcoins Offline. Users have all the information they need to control and access digital currency. This is by far the strongest and the best cold storage method available for Bitcoin users. Experts also recommend using the paper wallet so that you can have a physical backup of the private key. it is important that you generate this private key using a clean system, as well as, store it in a safe and secure deposit box. These are the best digital wallet options available today.