Where do you keep your bitcoins? In a wallet, of course. But not your typical wallet — an e-wallet since this is digital currency. With a bitcoin wallet, you can use it to send, receive and hold bitcoins like you can with a normal online bank account.
There are two main types of bitcoin wallets — software wallets and web wallets. Software wallets can be installed on a computer or mobile phone, and you have total control over the security of this wallet. Web wallets are hosted by a third-party source and tend to be a bit more user-friendly. However, in order to maintain the security of your wallet, you should choose a reputable provider to keep your bitcoins safe.
We have compiled a list of several notable wallet sources along with explanations. When choosing your wallet, we would recommend you start by checking out these providers.
Coinbase has a great reputation as a wallet provider within the bitcoin community with regards to security and legitimacy. This web wallet is a great choice for people just starting to invest in bitcoin because it is simple, easy to use and comes with many built-in features that are useful to beginners dealing with bitcoin exchanges.
This web wallet provides an easy desktop solution for bitcoin wallets. Blockchain.info operates on a similar level as Coinbase, but the setup is even simpler and you can access your account on the go. Blockchain.info also provides alternative services that can be useful to users that are also looking for a trading platform within the bitcoin network.
This software wallet is a high security level, encrypted wallet that is easy for customers to install and set up an account with. Users are also provided with a phrase consisting of 12 words, which acts as a key to recover the bitcoins in the wallet in case the computer fails or crashes. Electrum is a good software wallet for beginners and it makes the process of trading bitcoins go seamlessly.
If you would like to look into more wallets, we would suggest that you look here as well.