What is a bitcoin wallet
What is Bitcoin Wallet?
If you are new in the world of Bitcoins then you may not be familiar with what is a bitcoin wallet. A lot of people often confuse this term with a credit card, debit card, or even a checking account. These are all accounts that you will have with financial institutions and at one point in time these were used to deposit money into your home, but now they have been superseded by the more popular form of payment, the debit card or the check. The main difference between a currency wallet and a checkbook though is that the wallet does not actually hold money but instead, it acts as a safe bridge for any future transactions you may want to conduct and it also acts as a guarantee for any money you transact. In short, this is what is a bitcoin wallet.
A typical “bitcoin wallet” will contain three main elements. First, the actual private keys themselves are only accessible by the owner of the wallet. Next, there will be a website that allows you to log into your wallet and manage your private keys, and lastly, there will be a public key infrastructure (PKI) that keeps track of all the public keys associated with a given digital currency. Along with these three main components, there will be a few additional features and benefits that are unique to each individual unit.
When you go shopping for a “bitcoin wallet” keep in mind that the two main concerns you need to consider are security and speed. You should always look for a company that offers you a high level of security because in the age of digital currency you absolutely do not want anyone unauthorized access to your private keys. And along with this high level of security, you will want to make sure that the website is lightning fast in processing your transactions and your private keys as well. If it takes too long for your transaction to go through then you aren’t going to be very satisfied with your purchase.