The bitcoins can easily be stored in what’s called as the digital wallets. The wallets exist in cloud or on people’s computers. The wallet is something quite similar to the virtual bank account. The wallets allow a person to send and receive the bitcoins, pay for the things or save on the bitcoins, and for more details you can check out latest bitcoin news to find the right wallets. When opposed to the bank accounts, the bitcoin wallets are not insured by FDIC.
Different Kinds of Wallets
- Wallet on computer: Advantage of having wallet on your computer is people keep the bitcoins secured from internet. Disadvantage is people might delete it by formatting their computer or due to viruses.
- Wallet in cloud: Benefit of having the wallet in cloud is people do not have to install any kind of software on their computers or wait for the long syncing processes. Disadvantage is cloud might be hacked or people might lose the bitcoins. Nonetheless, these websites are quite secure.
While doing any bitcoin transaction, there is not any need to offer real name of a person. All the bitcoin transactions will be recorded in what is called as the public log. And this log has wallet IDs & not people’s names. Thus, basically every transaction will be private and people can also buy & sell things without getting tracked.
This currency established the new method of innovation. Bitcoin software is an open source; it means anybody can review it.