Tuesday, April 24, 2018

Choosing a digital wallet

In the last articles i had posted , i started the definition of bitcoin and what followed  are readings that will help newbees in knowing and participating with the new technology,  new currency or the internet of money . Now i want to discuss " what wallet to choose " . What we are talking about is  the choice of a digital wallet . 

Comparing the money that we have  the physical money , paper, coins or plastic money ( card ) we need to kept it  for our convenience so when we need it , it is easy to use it. We are also wanted our money as well the wallet to be secured, we dont want to loose it be from our own negligence or thru the robbers.   So the obvious wallet that we always use is the leather wallet ,  well you can use a costly or an ordinary one as long as its usable. 

But nowadays  physical wallets are now being obselete because their are already checks , and  the plastic cards.   Here in Canada  what we often used are plastic cards that paper money and coins are also being eased out . Nobody is ever had physical money paper or coins on their pocket , so the wallet are being used to keep  plastic cards ( debit, credit) 

We are on the stage of our life that money as we know it will be changed to digital money or wireless money.  What we mean was that money paid for goods and services will no longer be paid by paper money , coins , but through wireless meaning online on the computer . The earliest form of these transactions are the wireless payment . 

But moving forward in advance was the creation of "bitcoin and the blockchain technology" These should go hand in hand .  We had already explained in our articles what is "bitcoin and blockchain".  In my experienced since i was involved with bitcoin , i only used the wallet from blockchain.info . It means that i got my wallet or stored my bitcoins and now cryptos with the blockchain.info site but me as the one keeping my paraphrase , my identifier, my password.  You cannot login to the site without having to be identified with a 2FA authenticator it means that we have to pass filters in order for you to go in the site , make transactions and see your bitcoin, or other crypto balances.  


 The common problem for the wallet is maintaining the security be it physical like paper money,  coins, credit cards or debit cards .  Just like the physical wallet the digital wallet is also prone to be lost  or stolen but not the blockchain . Individual wallets can be stolen when your wallet identifier and password are known to robbers.  But in my experienced with blockchain.info , my bitcoin  wallet or account had never been compromised.  Though there are other means to get a wallet and keep your bitcoin or cryptos . 

Generally getting wallet or keeping the cryptos are done thru  online table computer, lap top, tablet or the cellphone.  There are also private site or companies that are selling sticks or usb to keep your digital wallet.  The best of all of this is writing your wallet address and its details in a piece of paper and storing it to a place where you think nobody could acess to it. 

For illustrations watch the videos regarding choosing and keeping your wallet; 

 If you need more information about choosing a bitcoin or crypto wallet , there are a lot of information online about how to choose your wallet.  Good luck and happy crypto earnings