What is bitcoin wallet:
Bitcoin wallet is what allows you to transact with other users. It gives you ownership of a Bitcoin balance so that you can send and receive bitcoins.
It is a personal bank of sorts, some online bitcoin wallets are becoming more like PayPal and easy for the average person to use.
We recommend Coinbase - a Bitcoin wallet for everyone! for beginners and normal users, it is very easy to use, much like an online bank account and PayPal.
To better protect yourself while on the internet with a VPN solution - IPVanish.
Advanced Info on Bitcoin wallet:
Online wallet: Coinbase is an online wallet - your bitcoin secure digital keys are kept on a secure web accessed facility similar to an online bank or PayPal.
Computer wallet or Desktop wallet: is a software on your computer designed to keep your bitcoin secure digital keys safe and usable for buying, selling and trading with others.
Mobile wallet: is a software on your phone or mobile device designed to keep your bitcoin secure digital keys safe and usable for buying, selling and trading with other from that device.
Hardware wallet: is a device the is designed to keep your bitcoin secure digital keys safe and usable for buying, selling and trading with other from that device.
Paper wallet: is where you have a service or software generated a bitcoin address for you and create an image containing two QR codes. 1st one is the public address that you can use to receive bitcoins; the 2nd QR Code image is the private key, which you can use to spend bitcoins stored at that address. This partly old school design is to keep your bitcoin secure digital keys safe and usable for buying, selling and trading with other from that device.
Bitcoin wallet are they safe to use?
- Like a real wallet they have similar risks but if you manage them correctly they can be as safe as your wallet or bank account.
If you have a desk wallet or app wallet - then sometimes backup to a third party file storage such as Drop Box - free cloud file storage.
If using online wallet - Coinbase has a product called VAULT a more secure version of CoinBase for long term storage of bitcoins.
Bitcoin trade is it anonymous?
One side of the coin suggests bitcoin is entirely anonymous. On the other side, it is completely transparent and trackable.
Due to this fact of some entities are trying to police and track the bitcoin chain - Bitcoin is now more often cited as being pseudonymous.
This reality is becoming more realized as some newer companies are emerging with the goal of controversially tracking suspect transactions and providing that information to intelligence agencies and local police.
To counter this, ideas are being tested developed in the bitcoin community to take anonymity further, such as Coin Mixing, Stealth Addresses, and Merge Avoidance techniques.
There are new alternate bitcoins that provide better anonymous use of the coins as well as some newer wallets and services.