Satoshi Nakamoto developed the first-ever bitcoin wallet and released it alongside bitcoin. However, at the early stages of bitcoin, the algorithm necessitated stakeholders to obtain a copy of the blockchain in their computers to access the bitcoin wallets. Start your bitcoin journey trade now
Such requirements restricted the accessibility of bitcoin wallets. However, after the cryptocurrencies entered the mainstream marketplace, the evolution of bitcoin wallets started, and different kinds of bitcoin wallets kept coming one after another.
Currently, five basic types of bitcoin wallets are present in the cryptocurrency marketplace. To get an in-depth overview of bitcoin trading and wallet, some bitcoin wallets even allow you to trade these virtual coins. Undeniably android based specifically are suitable for storing cryptocurrency assets as the compatibility and convenience of these wallets is much more than any other type. Let’s discuss different types of bitcoin wallets, including android wallets.
Spot wallets are the cryptocurrency wallets provided by the trustable exchange to users. Spot wallets are good if you are willing to hold a small number of crypto assets in the wallet. Popular trustable exchanges offer you these spot wallets without charging any extra money.
However, if you have invested a significant amount in cryptocurrencies, you should hold it in a spot wallet. There is a massive possibility that hackers can easily exploit spot wallets security. Therefore, even the cryptocurrency experts advise you to store cryptocurrency assets in the spot wallet.
A funding wallet is a dedicated wallet, and the trustable exchange correspondingly provides these wallets. Bitcoin or cryptocurrency exchange have patterned up with some popular bitcoin wallets service providers. When you choose the option of finding a wallet to store your cryptocurrency assets, the trustable exchange links your account with these wallets directly. Both funding and spot wallets are compatible with android and desktop devices as the trustable exchange provides these.
Undeniably, funding wallet and spot wallets are android based wallets, but there is some bitcoin wallet service provider that delivers dedicated android-based bitcoin wallets. The compatibility of these wallets is restricted to android devices. Still, you can install these wallets on any android device as there are no specific processor and Android versions requirements.
As per the reports, android wallets are currently the most used type of bitcoin wallet.
These android wallets give you an option to pay through QR codes; in this option, you can scan the QR code of the recipient and send cryptocurrencies without inserting the recipient’s wallet address. There are many advantages of using android based wallets rather than another type of wallets; all the more, security in this android-based bitcoin wallet is also very good.
These are dedicated desktop wallets that are not compatible with android devices or any other smartphone. The fact might amaze you that desktop wallets are not better than android-based wallets in terms of security.
The desktop or windows operating system sometimes gets attacked by viruses, malicious applications, and other vulnerable elements. On the other hand, Bitcoin wallets are both decentralized and centralized, and you can install any of these wallets on your desktop. However, the accessibility and convenience of using these bitcoin wallets are also less than Android-based wallets.
Hardware wallets are a bit expensive compared to other bitcoin wallets. One of the prominent reasons you can invest in these hardware wallets is security. Security is always the highlighting feature of these wallets. It might shock you that there is a complete procedure to transform an android device into a hardware bitcoin wallet.
Generally, hardware bitcoin wallets are present in a USB drive, hard disk, and paper drive. To access your bitcoin holding, you need to connect the hardware bitcoin wallet with an android device or a desktop. In contrast to other types, the accessibility of these bitcoin wallets is very low.
The above mentioned are different types of bitcoin wallets: Android-based wallets, desktop wallets, hardware bitcoin wallets, and a few other types. Android-based bitcoin wallets offer some unique features like accessibility, and extra security, undeniably it is less than hardware wallets, but these are still very secure.