Without a Bitcoin wallet, you can’t send or receive Bitcoin payments. So before you get bitcoins, you’ll need to buy, download, or create a bitcoin wallet.
The different types of wallets are:
- Online bitcoin wallets. Wallets that can be accessed on the web from any internet connected device.
- Bitcoin hardware wallets. Physical devices designed to secure bitcoins.
- Software wallets. Wallet applications downloaded to your phone, computer or tablet.
- Paper wallets. Bitcoin private keys printed from an offline computer.
I setup a bitcoin online wallet at Coinbase – I also setup a bitcoin wallet at Blockchain. Why two wallets? Because I learned that with Coinbase and other similar services, you rely on that service to give you the funds, because you don’t hold the private keys from the address. With Blockchain, you hold the private keys, so the bitcoins can be controlled only by you. Since there is a need for services offered by Coinbase – I setup a free account using both. When I buy bitcoin through Coinbase, which I do because the rates are more reasonable and it is reputable, I immediately transfer them to my Blockchain wallet if not elsewhere. Buy on Coinbase – store on Blockchain and get the best of both services.