What is a Bitcoin wallet ? Top 4 most reputable virtual currency wallets today
The Bitcoin market is now hotter than ever. A lot of people are pouring money into investing to find a return for themselves. But there are also many of you wondering how to safely store Bitcoins. Today, Phong Duy will explain to you what is What is a Bitcoin wallet? and 4 types virtual currency storage wallet today’s most famous.
Learn about Bitcoin Wallet with Phong Duy
What is a Bitcoin wallet?
If the physical wallet that everyone knows, used to store money, papers … then the Bitcoin (BTC) or bitcoin wallet is the place to store BTC. Same for other coins, e.g. Ethereum (ETH) wallet to store ETH, etc.
What is a Bitcoin Wallet?
2 information important related to the wallet include:
- is a sequence of numbers and characters for people to send money (coins) to their wallets. For example, my one Bitcoin address: bc1qv5t8qrqshlah39p52tggr0sngpmnewgrjh8q6n
With this wallet address, I use it to receive BTC from the exchange wallet or give it to anyone who wants to transfer BTC to me. They just need to paste this wallet address and enter the amount of BTC to transfer
- : same as the password of the wallet. When you withdraw coins, you must provide the correct one
- Only then can you withdraw coins. So, if you forget it, you know, “the closer you are, the farther away”, the coin is in front of you and it’s lost.
If you wonder, how to get Bitcoin when you don’t have enough money to buy it, you can refer to it 2 ways to mine bitcoins for free on phones and computers.
Classification of virtual currency wallets
Hot storage wallet
Hot storage wallet
Advantages: most are free, easy to use and as safe as cold wallets. You can download hot wallets on both computers and smartphones.
Defect: Hot wallets are also known as online wallets. It is called a hot wallet because it can be affected by hackers from the Internet. That is, hot wallets are still vulnerable to attack. But not an unsafe hot wallet. Most hot wallets don’t support Vietnamese yet, except Coin98 hot wallet.
– Floor wallet is a wallet on exchanges, for example: Binance exchange wallet, Remitano exchange wallet… If you do not have an account at a virtual currency exchange, you should create an exchange account to facilitate buying and selling Bitcoin and other coins. :
– Wallets on the web create wallets on websites, for example: coinbase… In my experience, the fee for withdrawing/receiving coins of this wallet is quite high. So, if anyone buys/sells coins regularly, they should consider it.
– Wallets at software on computers: user must install wallet software on personal computer to store virtual currency, for example: Exodus, Bitcoin.com…
Cold storage wallet
Cold Bitcoin Storage Wallet
Advantages: Safer than hot wallets because it’s separate from the internet
- Having to spend money to buy a cold wallet, the price is from 2 million or more When withdrawing / depositing coins, it takes time compared to hot wallets because it has to wait to connect the cold wallet to the computer. After that, only deposit / withdraw coins. A bit difficult to use for people who are not tech-savvy. Must know a bit of English because these cold wallet companies do not support Vietnamese language, almost only English. Currently, the companies that produce this product are all Vietnamese. overseas, so if you want to buy it, you can either buy it at a dealer in Vietnam or buy it yourself and pay for the shipping service.
Types of cold wallets include:
– Paper wallet: A form of Bitcoin storage in which users record information such as private keys, wallet addresses, QR codes, etc. on paper.
– Hardware wallet: A hardware wallet is a cryptocurrency wallet that stores a user’s private key (important information to enable transactions on the blockchain) in a secure hardware device. The main principle of hardware wallets is to completely separate the private keys (private keys) from computers or smartphones, so it is difficult to hack. Eg: Ledger Nano S/X…
Top 4 most reputable virtual currency wallets today
Here, we will introduce to you the 4 most reputable and safe virtual currency wallets today.
Trust wallet – hot wallet
What is Trust wallet?
- Trust Wallet is a smartphone e-wallet application, acquired by Binance in July 2018 from the CEO of Trust wallet Viktor. A decentralized wallet, users keep the private key of their own cryptocurrency wallet. them.Secure e-wallet: only users have control over their wallets and assets.Have access to Dapp (Decentralized application) decentralized application unlike centralized wallet.Wallet development team and Binance DOES NOT keep any personal information of the wallet holder. The main goal of the wallet: To make cryptocurrency more accessible. Not only does it support storing ERC20, ERC223 and ERC721 tokens, but it also supports many Another blockchain. Even if the company that owns Trust wallet collapses, it will not affect the assets in your wallet. Because they do not hold any information about your wallet at all.
Below is a picture of the coins that the Trust wallet supports to store:
Detailed article about Trust wallet: HERE
Trust wallet bitcoin wallet
How to download Trust Wallet to use?
You download Trust wallet on Appstore (IOS) and Play Store (Android)
Currently, Trust wallet is only available on smartphones.
I only note that the Recovery Code (Recovery Phrass) consists of 12 English words. You should write it down on a piece of paper and keep it safe. Avoid taking screenshots and saving them in your phone. You know, if the phone is lost, the probability of losing the assets in the wallet is very high.
You can add a Screen Lock for the wallet (including 6 numbers) and Auto-lock mode so that when you do nothing on the wallet, the wallet locks itself, it will be safer.
How to withdraw/receive Bitcoin from Binance exchange wallet via Trust wallet?
To receive BTC (other similar coins): you click on Bitcoin, select Receive BTC and copy this address and paste it into the exchange where you want to withdraw Bitcoin.
If you want to withdraw Bitcoin from Binance exchange wallet via Trust Wallet, there are 2 ways as follows:
Option 1: Trust wallet using blockchain is BEP2. So when sending/receiving coins, you must choose the correct BEP2 network. For example, Bitcoin would be Bitcoin BEP2. For this way, the fee will be lower, plus if there are several Binance coins (BNB) available in the exchange wallet, the withdrawal fee will be reduced further.
Method 2: You want to transfer Bitcoin directly to the Trust wallet and do not want to go through Binace’s BEP2 network. Then you just need to add a Bitcoin wallet on the Trust wallet. Get this Bitcoin wallet address and paste it into the exchange wallet to withdraw Bitcoin (do not have to choose BEP2 Bitcoin network). If you withdraw BTC in the 2nd way, the fee will be much higher than withdrawing Bitcoin BEP2 whether you have some BNB in your Binance exchange wallet or not.
Because the price of Bitcoin and Bitcoin BEP2 has a difference, you should consider before withdrawing.
How does Trust Wallet work?
- Trust Wallet acts as a bridge, connecting private blockchains together, through nodes. Every blockchain has its own public address. These addresses are where Cryptocurrencies are encrypted and stored. Trust Wallet does not hold or control any Crypto, it only provides access to users. Trust Wallet supports free download and earns nothing when you use the wallet. All fees are paid to miners or validators.Trust Wallet helps you manage your wallet when sending and receiving virtual coins. The application also has the function of performing other transactions, such as trading and staking.
How to withdraw VND from Trust Wallet?
The application does not support converting cryptocurrencies into VND. So you have to send crypto to an exchange (e.g. Binance exchange), use P2P trading to sell crypto into VND.
Is it safe to store cryptocurrency (cryptocurrency) in Trust wallet?
YES. Because Trust Wallet just encrypts your wallet and only the user holds the recovery phrase.
Currently, I am using this Trust wallet to store bitcoins and other coins. Personally, I think: Trust Wallet OK. By,
- Free Friendly interface, easy to find information to tradeTrust Wallet is part of the Binance ecosystem, so leaving a few Binance tokens as BNB (Binance coin) will reduce withdrawal fees. And the value of BNB is increasing even more JV wallet supports many blockchains, so I can save a lot of coins
The minus point of the Trust wallet is that the coin price update is a bit slow compared to the market price.
Ledger Nano S/X – cold wallet
Ledger’s website: https://www.ledger.com/
The technology that Ledger uses to create the Ledger Nano S/X wallet is also based on the open source (decentralized platform) that is popular today (like in the Trust wallet hot wallet). The most basic difference between Trust wallet and Ledger Nano S/X wallet is that one is a hot wallet and the other is a cold wallet.
Ledger Nano SX cold bitcoin wallet
You are completely assured, if Ledger company is dissolved, your wallet and assets will not be affected. It is only when you share your private key with someone that your property is stolen.
Why buy Ledger hardware wallet?
-The Ledger hardware wallet, combined with the Ledger Live app, is the best solution for securing, storing and managing your crypto assets.
– Ledger hardware wallet is designed with the highest security standards to keep cryptocurrencies safe at all times.
– With Ledger, you can secure, collect and manage multiple cryptocurrencies – more than 1800.
– The world’s most popular hardware wallet: More than 2 million units sold worldwide.
Distinguish Ledger Nano S/X hardware wallet?
– Ledger Nano X hardware wallet: supports Bluetooth and a cable to connect the device to the computer
Ledger Nano S hardware wallet: only supports the cable connecting the wallet to the computer, is the cheapest and most prestigious hardware wallet on the market.
My personal assessment of Ledger hardware wallet is OK
Actually, I found the Ledger Nano S hardware wallet to be usable.
Bluetooth function, will make tracking wallet more convenient through bluetooth connected phone. However, if you do not have to check coins often, buy the Ledger Nano S, which will be more economical but the function is not much different from the Ledger Nano X. On the web, if you log in with a Vietnamese IP, the Ledger Nano S price is VND 1,590,000/wallet (not including the Ship fee).
If you want to store Bitcoin for a long time (several years) and the value of your assets is large, this is one of the Bitcoin hardware wallets.
Trezor – cold storage wallet
Trezor’s website: https://trezor.io/
As a tool that only supports storing virtual money, it does not have the function of buying and selling coins.
Hot storage wallet, a product of Coin98 – Vietnam team.
Coin98 hot storage wallet
A hot wallet with over 100,000 downloads on the Google Play (Android) app store. Therefore, it is difficult to doubt the credibility and quality of this wallet.
Coin98’s technology platform is similar to reputable wallets like Trust wallet, .. But there are many other great applications that I think you should not ignore.
Questions when learning about storage wallets
Should I use a hot wallet or a cold wallet to store virtual currency?
The answer is up to you and the purpose of your wallet.
- If you want to keep your assets in the exchange wallet, you should note: if the floor collapses, you will lose all that property. If you are a regular coin trader, then you can choose a hot wallet. The reason is that hot wallets are cheap, time consuming and convenient. Cold wallets are one of the safest ways to store bitcoins and virtual currencies today.
Is it possible to just create 1 wallet and store many different coins?
I answer like this.
- Bitcoin wallets only allow storing Bitcoin (BTC). Suppose: If you put Binance (BNB) into a Bitcoin wallet, you will lose BNB. In case you use a Trust wallet (similar for other wallets) but want to create multiple wallets such as BTC wallet, ETH wallet, BNB wallet, … in the Trust wallet, ok. You just need to add the coin that will have the corresponding coin wallet address.
Hopefully, through this article, you will choose a wallet to store virtual money (cryptocurrency or cryptocurrency) that suits your needs. I also mentioned about private key – very important, so keep it safe but also don’t forget the password J. In case, you share private key to someone, they take the assets in the wallet. Then NO one can solve or assist you to recover the assets in your wallet, not even the company that produced that wallet (like Binance, Ledger, …).