How to create a shared bitcoin wallet

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A Bitcoin wallet is a software program bitcoin personal account which Bitcoins are stored. Technically, Bitcoins are not stored anywhere.

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For every individual who has a balance in a Bitcoin wallet, there is a private key secret number corresponding to the Bitcoin address of that wallet. Bitcoin wallets facilitate the sending and receiving of Bitcoins and give ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms. The four main types are desktop, mobile, web, and hardware.

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Key Takeaways: A Bitcoin wallet is a not a physical item but a software program for holding and trading Bitcoins. Wallets contain a private key for security.

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The key corresponds to the address of the wallet. The four types of Bitcoin wallet are desktop, mobile, web, and hardware.

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A Bitcoin wallet is analogous to a physical wallet. However, instead of storing physical currency, the wallet stores relevant information such as the secure private key used to access Bitcoin addresses and carry out transactions. Types of Bitcoin wallets are desktop, mobile, web, and hardware.

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Desktop wallets function as an address for the user to send and receive Bitcoins. Mobile Wallets Mobile wallets perform the same functions as a desktop wallet. Mobile wallets facilitate payments in physical stores via "touch-to-pay" and near field communication NFC scanning of a QR code.

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Bitcoin wallets tend to be either iOS or Android system compatible. There is significant malware posing as Bitcoin wallets, so it is advisable to research options before deciding which one to use.

A quality wallet is essential to keep your digital currency safe

Web Wallets Web wallets facilitate access to Bitcoins from anywhere, on any browser or mobile device. The selection of your web wallet must be done carefully since it stores your private keys online. Coinbase and Blockchain are popular bitcoin personal account wallet providers. Hardware Wallets Hardware wallets are by far the most secure type of Bitcoin wallet as they store Bitcoins on a physical piece of equipment that is usually plugged into a computer via a USB port.

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They are practically immune to virus attacks, and few instances of Bitcoin theft have been reported. Special Considerations for Wallet Security Keeping your Bitcoin wallet safe is essential as Bitcoin wallets are high-value targets for hackers. Some safeguards include encrypting the wallet with a strong password and choosing a cold storage option; that is, storing Bitcoins offline.

How to Create Bitcoin Wallet -- How to Create Bitcoin Account --

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