What is a software wallet for bitcoin

Estimated read time 2 min read

Wallets are used to store bitcoins. Many wallet technologies offer btc to usd and are quite safe too. If you want to keep your bitcoins downloaded on your laptop or PC then the most common options are to have a software wallet.

Software wallets: these wallets can be set up on your computer directly and gives you personalized control over the wallet keys. These are quite easy to configure and you can avail them for free also. The main issue, in this case, is that you should be responsible for securing your wallet keys. You should maintain good security care while handling this wallet.

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If the computer is stolen or hacked then the thief can get hold of your wallet and bitcoin too. When you download the software wallet then you will get bitcoin core protocol. This stores the details of all the transactions that have occurred since 2009 and it needs a lot of space. To solve this issue the concept of light wallets or simplified payment verification SPV has been introduced. They sync to the ledger instead of downloading it.

The most popular SPV bitcoin for desktop is Electrum that gives the facility of cold storage which is an offline option for enhanced security. The wallet named exodus can track different assets at once and has an amazing user interface. Wallets such as Jaxx Liberty are capable of holding a variety of digital assets while those such as Copay have the option of shared accounts.

Make sure that you download a legitimate copy of a wallet that is real. Else you can fall prey to the hack of a shady programmer that creates clones of websites to do frauds. If you are new to the world of bitcoins then you can know about the bitcoin price chart on https://freebitco.in/site/bitcoin/.

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