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The best guide for bitcoin wallets


Players on the LIX platform will be able to trade game assets in a decentralized market and also through exchange wallets because the game items will be linked to assets in the blockchain. In this article, we are going to look at how bitcoin wallets work and to give you a better understanding of bitcoin wallets.

What are bitcoin wallets?


Anyone trading will bitcoins understands that Bitcoin wallets are very important before you purchase or sell bitcoins. Just like a bank account, the wallet allows you to receive Bitcoins, store them in the wallets and then send them to other users of bitcoin.


Types of bitcoin wallets

A bitcoin wallet is a vault where you can store Bitcoins. The vault can either be in the form of hardware or software. Technically, the bitcoins are not stored in the vault, but there is a private key for every Bitcoin address that is saved in the wallet of the person who owns the balance. When you open a bitcoin wallet, it creates an address for you with a private key so that you can use the private key to complete bitcoin transactions.

Even though you don’t literally store bitcoins in the wallet, the wallet use still protects your Bitcoins. You have to sign every bitcoin transaction with your private key as a user and which gets stored in your wallet. The bitcoin wallets help in the facilitation of sending and receiving Bitcoins and gives ownership of the Bitcoin balance to the user.

It is very important to remember that Bitcoin wallets are of two main types and one is the software wallet that can enable you to install on your computer or phone. The software wallet allows you to control the security of your Bitcoins, but sometimes it can be a bit tricky to install and maintain. The other type of bitcoin wallet is the web wallet, and it is also referred to as the hosted wallet because it is being hosted by a third party.

The web wallet is easier to use although you need to put your full trust on the provider for you to maintain a high level of security and keep your bitcoins protected.



The hardware wallet

These types of wallets are also known as cold wallets because they are stored on a platform that is not connected to the internet hence protecting the wallet from hackers and other vulnerabilities that a system connected to the internet is susceptible to. Trezor and Ledger Nano S are examples of hardware wallets.

Software Wallet

This is a bitcoin application that sits on the hard drive of your phone or computer and gives you the complete control and great security because each bitcoin you have is only accessible on your own device. Such wallets can be in the form of desktop, mobile or web applications. These types of wallets are also known as hot wallets because most of them are connected to the internet. Not all software wallets are hot wallets though.  

LixCoins Website: https://lixcoin.org/ 

Author: IsabellaSophia
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