What Are Bitcoin Wallet Generators?

Bitcoin Wallet Generators Explained in 5 Quick Headlines ...

>>   A Bitcoin wallet is a software program for holding and trading Bitcoins.

>>   A wallet generator is software at a website which will create a Bitcoin or other crypto wallet for you.

>>   Wallets have a private key for security which corresponds to the wallet's address.

>>   There are 4 different Bitcoin wallet types : Mobile, Desktop, Web and Hardware.

>>   Some places to find Bitcoin wallet generators :
Bitcoin.com : a Bitcoin Cash paper wallet generator for offline storage and payments.
Bitaddress : for open-source JavaScript client-Side Bitcoin wallet generator.
Best-Bitcoinwallet : Wallet keys generator with secure features.
WalletGenerator.net : an open-source client-side paper wallet generator for Bitcoins and other cryptocurrencies.

Bitcoin Wallet Generators Explained In Detail ...

What Is a Bitcoin Wallet?
Desktop Wallets
Mobile Wallets
Web Wallets
Hardware Wallets
Crypto and Bitcoin Wallet Security

What Is a Bitcoin Wallet?
A Bitcoin wallet is a software program that stores Bitcoins. For each individual with a balance in a Bitcoin wallet there's a secret number known as a "private key" that corresponds to the wallet's Bitcoin address.

Bitcoin wallets facilitate receiving and sending Bitcoins and provide ownership to the user. There are several types of Bitcoin wallet including Desktop, Mobile, Web and Hardware.

A Bitcoin wallet is also known as a "Digital Wallet", which is needed in order to buy or sell Bitcoins.

You can think of a Bitcoin wallet like a physical wallet, but instead of storing physical bank notes or coins, a Digital Wallet stores relevant data such as its secure private key which is used to carry out transactions.

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Desktop Wallets
Desktop wallets are generated and installed on a desktop computer and provide you with complete control over the wallet.

Desktop wallets function as an address for you to receive and send Bitcoins. They also allow you to store a private key.

Compared to web-based wallets, desktop wallets are probably more secure for storing digital currencies because they are more difficult to steal.

However, desktop wallets are categorized as “hot wallets” because your computer is connected to the Internet, so they are still inherently not secure.

A few known desktop wallet generators are Bitcoin Core, Armory, Hive OS X, and Electrum.

Mobile Wallets
Mobile wallets are similar to Desktop Wallets but are mainly used for payments in high street real life stores via "touch-to-pay" and near field communication (NFC) scanning of a QR code.

Most Mobile Bitcoin wallets are either Android or iOS compatible but are insecure due to malware posing as Bitcoin wallets.

Consequently you should carefully research options before deciding.

Examples of Mobile wallet generators are Bitcoin Wallet, Hive Android and Mycelium Bitcoin Wallet.

Web Wallets
As the name suggests, Web wallets are connected to the Internet to facilitate access to Bitcoins from anywhere, on any mobile device or any browser.

Because it's connected online, security is a major hazard to be considered because your wallet stores your private keys online.

Popular web wallet providers are Coinbase, CoinFloor and Blockchain.

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Hardware Wallets
Hardware wallets are easily the most secure sort of Bitcoin wallet because they store Bitcoins in a physical piece of equipment.

When you wish to use it, just plug it into your computer using a USB port.

Hardware wallets are as good as immune to virus attacks and very few cases of Bitcoin theft have been reported with these hardware devices.

However, although very secure, these Bitcoin Hardware Wallets aren't free and can cost from $100 to $200 or more.

Examples of Hardware wallets are Ledger, Trezor and BitBox.

Crypto and Bitcoin Wallet Security
It's really essential to Keep your Bitcoin wallet safe because they are obviously high-value targets for online hackers.

Some security measures include encrypting your wallet with a strong password and selecting a "cold storage" option. That means your Bitcoins are stored offline.

If you opt for a Desktop or Mobile wallet, it's advisable to frequently backup your computer's desktop because problems with the wallet software on your computer or mobile device could erase all of your crypto holdings.

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