A bitcoin wallet is a place where bitcoins are stored for direct or future use.It consists basically of series of number and letters in a given sequence or order linked to the bitcoin blockchain network. In other words, a user who creates a bitcoin wallet from one location cannot have the same unique wallet for another user who created his wallet from another location. Bitcoins can be stored on a users personal computer. But the main disadvantage is that it consumes space. Bitcoin can also be stored on other users resource or network such as xapo wallet, Luno wallet e.t.c. Caution should be taken when doing this because each organization has its terms and conditions of service. Furthermore, each organization have their exclusive transaction fees.
Due to its availability and easy movement of bitcoin within the blockchain, bitcoins users can be scammed and their wallet hacked. Thus it is advisable to either create a high level of security for any bitcoin wallet such as two factor authentication provided by google, xapo, luno, Payeer e.t.c. Other organization such as xapo have an in-built vault with other strong security features.
Get your bitcoin wallet free
The following are bitcoin wallets are not open source. However, Users are warned to read the terms and conditions of services before opening an account with such organization.
- xapo wallet
- luno wallet
- coinomi wallet
On the other hand, this is an example of bitcoin wallet that its software is available as an open source. Open source software is simply a software that its codes is available for public usuage, review, analysis or scrutiny with the sole aim of checking and verifying that it is safe, free of malware, trojan, viruses or backdoor which can lead to loss of funds or improper/ unauthorized use.
- blockchain wallet