Bitcoins are digitally stored in a virtual location such as an e-wallet. E-wallets can be defined as either hot or cold. Online e-wallets are referred to as hot as these are for short-term storage only as opposed to offline e-wallets which are cold. Cold e-wallets are generally used for long-term storage only. These are secure but not very practical.
Three Online E-Wallet Types
You can either get a web, mobile or desktop e-wallet. Each of these has their own merits.
This is very convenient but not ideal when storing large amounts of money. An example of this e-wallet is blockchain.info.
Quite similar to a web-based e-wallet except it is used on mobile devices like smartphones and iPads. An example of a mobile e-wallet is Airbitz.
A desktop e-wallet provides extra security as it also has a backup drive. An example of a desktop e-wallet is Electrum. However, in order to secure all your personal information and funds from malware software, be sure to regularly update your virus protection.
This refers to hardware used as an e-wallet. It is very secure and convenient. The high security of this e-wallet is due to transactions only occurring when you are online. As soon as you are offline and no longer transacting, the e-wallet is disconnected. Hardware e-wallets are fantastic for medium to long-term storage of your funds.
Yes, there are actually other types of crypto-currency out there. Some people just have certain preferences as opposed to Bitcoins. These virtual currencies include Ethereum, Dogecoin, Litecoin, Dashcoin, Monero, Peercoin, and many others.
Reputable BTC Casino Characteristics
If you’re unsure about which Bitcoin-friendly online casino to choose, there are few things to keep in mind. The casino should have a wide variety of games, an operations license, zero deposit fees, instant withdrawals, and reliable bonus structures.
It is advisable for day to day BTC transactions, you’d be best suited to use a web-based solution due to it being user-friendly. If you do infrequent transactions, a hardware e-wallet is perfect for you!