So you’ve finally thought about buying Bitcoin as it looks like it’s bound to be the currency of the future.
You’re likely wondering what’s the best way to hold onto your Bitcoin. There are many methods for creating a Bitcoin wallet and you want to know which is the best solution for protecting your investment.
This quick guide will show you how to make a Bitcoin wallet in different ways. Use this guide to determine which is the best solution for your needs.
Here’s what you need to know:
The easiest way to make a Bitcoin wallet is to use a web wallet. The largest Bitcoin wallets are web wallets as these don’t require any technical expertise.
You’ll create an account on a web wallet where you buy Bitcoin using your credit card or bank transfer. On these web wallets, you can also exchange altcoins for Bitcoin.
This is one of the most convenient methods to hold your Bitcoin. However, these web wallets are also the most prone to hacking. Web wallets are what many newcomers to Bitcoin like to use. However, in the long run, you might want to switch to another type of Bitcoin wallet.
This is another great option for making a Bitcoin wallet that requires a bit more knowledge on how crypto transactions work. This is a hardware device that you can easily fit into your pocket.
You’ll access your Bitcoin by typing a PIN code that you set. If you lose this PIN code, you’ll have a long recovery phrase to access your Bitcoin. If you lose the recovery phrase, then you’ve lost all your Bitcoin forever!
As one can expect, this is rather frightening for many investors. However, this is one of the best ways to protect your Bitcoin as it’s much harder to hack.
With a web wallet, the exchange owns your Bitcoin and lends it out to you just like a bank. With a hardware wallet, you control your Bitcoin and it’s harder to hack.
The least known type of Bitcoin wallet is the paper wallet, however, it’s arguably the best type. This is also the Bitcoin wallet that you can create on your own.
You have to find a Bitcoin ATM location near you and trade fiat currency for Bitcoin. The Bitcoin ATM prints out a receipt that tells you how to access your Bitcoin.
This receipt is the paper wallet. It’s easier to protect your Bitcoin and much easier to transport than a hardware wallet. This gives you full control over your Bitcoin.
That’s How to Make a Bitcoin Wallet
Now you know how to make a Bitcoin wallet and the different options for protecting your investment.
The easiest method is to use a web wallet. You don’t need to memorize your wallet’s information and can easily make investments. However, the web wallet owns your Bitcoin and lends it to you.
The hardware wallet offers greater protection but can still be hacked or stolen. The paper wallet is the best way to protect your Bitcoin and keep it on hand.
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