Your own wallet, short and sweet:
• You need a bitcoin address to purchase bitcoin. A bitcoin wallet has a bitcoin address
• We recommend that you keep your own bitcoin and other digital assets entirely on your own.
• This means that you should use a wallet that creates a “master key” for you, usually in the form of a dozen words that you should write down, by hand (!), On a paper. Keep the paper very safe!
• The bread wallet for your iPhone is easy to use and good choice.
• Trezor is a very safe so-called Hardware Wallet that you can order.
• You can download BTCX’s own wallet for Android phones here.
• There are many different wallets and it is not strange to test several different ones, but we do not recommend that you use any cloud services or to store your assets with an exchange.
• BTCX is developing wallet apps for iOS and further developing our Android Wallet. Read more about our wallet here.
A wallet for the sake of safety
When you want to manage and store your bitcoin, safety and security is important. This is why it’s best to choose your wallet with care and not think of it as any physical wallet, but more like a bank- or bitcoin account. Always keep track of your password, and think of it more as a “pass-phrase”; it is the key to your bitcoin. Your wallet can never be more secure than the password you choose. Watch Edward Snowden describe how you might think about pass phrases:
For extra safety, there are accessories in the form of hardware to the wallet that works almost like a bank’s security token device. Trezor provides a “hardware-wallet” with USB connection, for example, something that might be worth investing in to keep your bitcoin safe.
It should also be easy to access your bitcoin when you want to shop, buy or sell bitcoin, something that many users appreciate. To make use of bitcoin as easily as other kinds of currency, like SEK, you can get a wallet in your phone, for example. BTCX offers a bitcoin wallet to all of its customers who are using Android phones. This means that you can always access your bitcoin when you want to shop, so that you can use them in different physical shops, cafes and bars that accept bitcoin.
Different kinds of wallets
As already mentioned, there are “hardware wallets”, but there are also different kinds of virtual wallets. Local wallets are a kind of wallet that you have locally on your computer, it is a file and/or a program that you store on your hard drive. What you have to think about is to make a backup of your local wallet so that you won’t lose your bitcoin if the computer crashes. Examples of this kind of wallet are Armory and Bitcoin Core.
Another kind are the e-wallets, with these you don’t have to worry about taking care of the security itself since it’s managed by a company. It’s important to be extra careful when choosing such a wallet, because you’re practically giving the company access to your bitcoin. This is not a kind of wallet that we recommend.
There are also wallets that take advantage of the benefits of both, so-called hybrids. The perks of being able to access your wallet from any device exists, but at the same time you don’t have to give out all control over your wallet to a third party. Here, your private key is encrypted before it is sent to the server and the server can thus never gain access to your password. It is also why it is not possible to reset the password on such a service, so if you forget your password, you’ll no longer have access to your bitcoin.
As previously mentioned, there are also mobile wallets that also come in the three different types: “local”, “e-wallets” and “hybrids”. Examples of mobile wallets are the BTCX Wallet for Android, and Breadwallet.