The public has many different types of bitcoin wallets to choose from. The official Bitcoin Core wallet, Armory, Hidely, and Electrum are the most popular and widely-spread wallets. Nevertheless, a number of freeware as well as open-source wallets also exist. The following are some of the most popular free wallets.
Bitcoin Core was the first and most widely used wallet for holding bitcoins. It is also the reference customer of the network.
Hidely Bitcoin Wallet: Top in privacy & security, User friendly, Bundled Tor Network.
Armory - is one of the best liked bitcoin wallets embodying the most progressive security measures.
Electrum: A fast and lightweight non-syncing wallet.
Bitcoin Knots: A wallet also comes along with a full node implementation of the Bitcoin protocol.
BitPay: A widespread wallet that also gives prepaid debit cards.
GreenAddress - Wallet with advanced level security features like multi-sig and hardware device support.
Blockchain.info - A huge online wallet for over 15 million users. They also provide a mobile application for Android and iOS.
Coinbase - Yet another widespread online wallet that is used by millions of people. They provide numerous functionalities, including embedded exchange and vault storage.
Several other wallets exist, but these are some of the more popular ones. Expectably, you should do research before selecting a wallet that is most appropriate for you.
Protect Your Bitcoin with a Free Bitcoin Wallet
An option to consider if you are looking for an alternative secure and safe way to store your Bitcoin is a free Bitcoin wallet. A Bitcoin wallet is a virtual bank account that stores the public and private keys of the bitcoins. It allows users to safely send, receive and store their coins. Keep on reading to find out the advantages and disadvantages in using free bitcoin wallet.
What Is A Free Bitcoin Wallet?
A free bitcoin wallet is a web wallet that enables users to store their cryptocurrency free of charge. Usually, the wallets are open-source software products, so this means that anyone can go and look at the source code used to make sure it’s secure.
They are equally commonly housed on servers belonging to third parties, which eliminates the need to download software as well as manage resources such as hard drives and storage space. That is to say that the user has no control over his funds, but he can use them on any device with internet access.
Benefits Of Using A Free Bitcoin Wallet
The primary benefit of adopting a free bitcoin wallet is its simple nature and lack of technical requirements. You need only an internet connection and a few minutes to send and receive money.
Moreover, such wallets are rather safe as they are developed according to strict security guidelines by experienced programmers who know all the details of cryptocurrency storage and all necessary security precautions needed to guard against possible hacking or theft. Besides this, the majority of the wallets provide two-factor authentication, so they offer an additional protection to your funds from the attackers who desire to get the control of your money.
Cons Of Using A Free Bitcoin Wallet
The most significant drawback of a free bitcoin wallet is that you do not have full control over your funds, because they are stored on third-party servers instead of on your computer or device. Furthermore, there are wallets which are not that secure, because the developers do not have the necessary knowledge, negligence or unwillingness to perform cyber-security protocols, which are needed for storing cryptocurrencies such as Bitcoin.
Last but not least, almost all free wallets do not allow for multiple currencies, which may restrict you when you need to move funds from one account or platform to another and you have more than one type of digital asset to organize.
Free Bitcoin Wallet- In Conclusion
A beginner in cryptocurrency trading who prefers an easy start and does not wish to invest any technical knowledge or upfront money will be glad to use a free bitcoin wallet. Nevertheless, one should not forget that these wallets do not grant complete control over your funds as they are held on someone else’s servers and not your own computer or device, so make sure to do some research before selecting a provider!
Finally, free bitcoin wallet may be a good option, as it allows an easy entry into trading and also provides multi-factor authorization that is often offered by today’s most advanced providers!
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