You would know by now what you can do with Bitcoins and the other alternatives. If you have found the benefits of investing into cryptocurrencies and would like to do this for a longer term, then you might need to know where you can store them before deciding what to do with them.

Enter the world of Wallets

Wallets are like what they meant, wallets! They are used to store cash or some form of monetary unit. The difference here is that they are digital ones which you can use to store your digital currencies. For Bitcoin, you use them to store the private keys that you will use to access the bitcoin address. In fact, you need the key to utilize your funds. We list down the various forms of wallets you can use.

Paper-based wallets

Using paper would perhaps be the cheapest method of storing Bitcoins. It is somewhat safer from all other digital form and in some markets, are highly successful. Many service providers offer paper bitcoin services which utilizes QR codes that you use to access your account. Because they are not stored digitally, you are safe from hacks and cyber-attacks.

Generic Digital Wallets

The generic digital wallets are those that come with those you install into your desktop or laptop computers. This occurs when you have already installed the Bitcoin Core (or the bitcoin client). Naturally, you wallet is already running and operational. Among the other types of desktop-based wallets include Armory, Darkwallet, Hive and MultiBit, all of which have their own unique features.

Mobile wallets

To overcome the limitations of desktop wallets, there are mobile wallets which are designed for those who are always on-the-go. After all, what is the good of having money when you are confined to spending them seated on the desk and not when you are out. Mobile wallets are designed as a mobile app which stores the private keys as well so that you can use your smartphone to make payments when needed. This includes the likes of Blockchain, Mycelium, Aegis and Xapo.

Web- based wallets

This type of wallet is as implied, they are online and web-based. What web-based wallets bring to the table is convenience although it can be quite risky. In other words, you will be able to access your funds anywhere as long as you are online. This include names like Circle, Coinbase and Strongcoin, among many others.

Hardware-based wallets

Still in its infancy stages, these are basically hardware designed to store the private keys. Compared to all the other types of wallets, hardware-based ones are still not as popular as it require additional cost to develop and purchase. Names include Trezor, Crytolabs, Mycelium and KeepKey. In most cases, they utilize devices that are USB enabled like the Ledger USB wallet.