What is a bitcoin wallet and what is its purpose
Bitcoin or BTC is a digital currency launched in 2009 by a person named Satoshi Nakamoto, and it was the first digital currency to be traded in the global financial markets, and therefore its storage or trading through traditional bank accounts was not possible, as it is an intangible digital currency, and therefore wallets were Digital is the alternative solution to save Bitcoin, and all digital currencies that appeared later.
You can choose the appropriate digital wallet for you, as there are digital wallets with a full node, that is, that support decentralized procedures in the Bitcoin network, and there are digital wallets available on mobile phones that support the use of the QR code, and other digital wallets that contain different features according to the function Each of them, so you can compare all available digital wallets, and make sure of your needs first and the type of digital currencies you store in order to choose the digital wallet that meets your needs in terms of currency type, security, speed, ease of use, and completion of trades.
Digital mobile wallet
If you have a daily activity with bitcoin, or you pay to buy products from stores that accept digital currencies, or make deals continuously, then the mobile wallet is the most suitable for you, as it is at your fingertips all the time on your mobile phone, which helps you to open your digital wallet And storing its private keys and allowing payments to be made at any time, in addition to trading, storing and investing in digital currencies via the mobile screen.
Mobile phones contain additional features that facilitate the task of digital wallets, such as the feature of near field communication or what is known as NFC, which is a procedure that makes users click on their mobile phones to open their digital wallet without providing any information at all.
Mobile digital wallets have limited resources for their operating system, as they do not depend primarily on keeping all the blockchain chains on the mobile phone, which means easy access to funds, and they are also vulnerable to malware, hacker attacks, and electronic hacking attempts, in which you may lose them. Take control of your e-wallet if you lose your mobile phone, especially if the two-step verification procedure, or what is known as two-factor authentication, or 2AF, is not activated.
Two-Factor Authentication or 2AF is known as a two-step security procedure in which you enter a code as a first step, then your username and password as a second step to be able to log into your digital wallet, the main difference between entering the code (the first step) and entering the username and password ( Step 2) is to send a two-factor authentication code or 2AF to your email or mobile phone via SMS to help verify that you are the one trying to log in to your digital wallet.
Two-factor authentication or 2AF is used as a protection measure for important applications, and there are many programs and tools for two-factor authentication or 2AF that help users verify the security of their phones and applications such as the Authy tool and FreeOTP in addition to google authenticator, which are secure authentication tools because they are not subject to attacks or Attempts to hack the verified email.
If you have a mobile phone that supports the Android or iOS operating system, you can get any digital wallet suitable for your type of mobile, as they are light digital wallets that do not download the entire blockchain chains to your mobile phone or tablet, but they may scan and track the movement of the blockchain chains that you use to calculate your balance constantly .
web wallet
Electronic web wallets are digital wallets that are created by specific platforms or websites, where these platforms store your private keys on servers that are constantly connected to the Internet, and can be linked to mobile and desktop wallets, which means duplicating your addresses on the devices you own, meaning that you can access your data And your money through any device connected to the Internet, but despite the ease of this access to your money, the platform or site that owns your digital wallet can access your private keys, and thus control your money completely.
Web wallets enjoy a high degree of flexibility and easy quick access to funds across various devices, provided they are connected to the Internet, but they carry a certain amount of risk. Most web wallets operate in stock exchanges, and some of them have been subjected to attempts to hack and seize users’ funds, because hackers often target web wallets for users’ adoption. You get email addresses and passwords during logins frequently, which leads to easy leakage of this data and exposure to hacking attempts and hacking, so your email address accounts for half of your login credentials.