To store and spend bitcoins or any other crypto money, you need a special wallet. The task of the wallet is to store digital keys providing access to the money storage and the ability to make transactions. Cryptocurrency transactions cannot be reversed, so if you plan to deal with electronic coins, you need to have a secure bitcoin wallet, like BitMarket Network Client.
What crypto-wallets are in the market?
Storage methods differ from a sheet of paper with a written key to modern applications in the 21st century. The safety of digital money depends on your choice of the wallet. If you lose or accidentally delete the private key, it will be impossible to restore access to your storage. However, good wallets (for example, Bitmarket) offer backup and reliable data protection.
Common types of wallets
The whole variety of wallets can be combined into several main types: online (web), desktop, mobile, hardware and paper.
With the growing popularity of digital coins, cryptocurrency wallets have become available on all common operating systems: OS, Windows, Windows Phone, Linux, iOS, Android.
Best wallet for storing and using digital money
Each type of storage has its own characteristics and protects data in its own way. Some of them include features of mobile and desktop wallets. The choice depends on how often you plan to use e-money, how much you plan to store and how you will spend the funds. Answer these questions beforehand and decide which option suits you best.
Desktop wallets are a storage that downloads and runs locally on a PC. Such programs are very popular because they offer the highest level of security. This type of wallet can be inconvenient if you plan on actively spending coins away from home. There are two types of desktop wallets: “thin” and “thick”
To work with a “thin” one you do not need a powerful computer for making transactions, because third-party services are used for it.
“Thick” downloads and saves the entire blockchain to the PC. The blockchain is a kind of ledger register that stores information of all transactions. It takes up a lot of disk space, and working with this wallet requires high system performance.
How to choose a blockchain wallet
The main thing that is required from an electronic wallet is to securely store your savings. When choosing a suitable way of storing, think about how often you will use the wallet and where you plan to pay: only on the Internet or pay for goods and services offline.
No less important, security level of the wallet, which depends on several factors:
1. Transaction control method
- Full. You are solely responsible for the safety of funds.
- Joint. A third party confirmation is required to complete the transaction.
- Partial. A third-party service is responsible for security, but you have access to funds.
2. Code transparency
- Basic. Does not provide a 100% security guarantee.
- Complete. Open source, any developer can check the security.
- Remote application. Security depends on the service from which the data is downloaded.
- Simplified. Takes little time and may be unsafe.
- Complete. Downloading the entire blockchain is time consuming and requires a lot of free disk space, but should provide more security.
- Centralized – carried out using special services.
4. Environment security
- Vulnerable. Typical for desktop wallets.
- Safe. Most often these are mobile applications that store data in an isolated memory segment.
5. Anonymity level
- Base. Information about your transactions is sent to other nodes.
- Increased. Your data will not be sent to other nodes.
Thus, what type of crypto-wallet is the best?
The answer is a desktop storage with complete verification, open source, increased anonymity level and your full control of funds.
Fortunately, BitMarket Network Client meets all these requirements. It’s a cross-platform multi-currency wallet, which means users can store various crypto-curriences. Not only Bitcoin, but also Litecoin, Ethereum, Tether and others.
Cross-platform means that the wallet can be downloaded on Win / Mac OS X / Linux, as well as in the near future on iOS and Android.
After downloading the application to the device, the amount in the fiat for each currency and their total value will be automatically updated depending on your chosen site.
Bitmarket stands out from most desktop wallets by its open source. It allows developers of other services to check the wallet for security. If faults or imperfections are found, the Bitmarket developers will be able to fix them.
To sum up, the best way to store digital money in the form of cryptocurrency in 2021 is the Bitmarket Network Client.