Understanding Bitcoin PART-5

                                             PART-5

              Bitcoins Wallets 

A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet. They might also have their driver’s license, health card, loyalty card(s) and other ID documents stored on the phone. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital wallet could verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as "wallet mobiles".A cryptocurrency wallet is a digital wallet where private keys are stored for cryptocurrencies like bitcoin.

Bitcoin Wallets

1. Mycelium

Mycelium is a semi-open-source Bitcoin wallet. Its code is open to everyone for review, but you cannot modify or redistribute it. It does not support multisig accounts. Mycelium wallet also doubles as a local trading platform to assist you in exchanging/trading Bitcoins locally. Mycelium wallet is available on Android and iOS only for now.

2.Copay

Copay is a true bitcoin wallet, not an account service. Secure your personal funds with multiple signatures, or just one. It supports the full Bitcoin Payment Protocol which is highly secure. Now Copay is available in ios stores, Google Play and Windows Store.

3.Armory

Armory is the most secure and full-featured solution available for users and institutions to generate and store Bitcoin private keys. This means users never have to trust the Armory team and can use it with the Glacier Protocol

4.Breadwallet

The Breadwallet is a stand-alone client, which connects you directly to the Bitcoin network. Your Bitcoins remain safe, as there are no additional servers to get hacked or go down. The open source feature of Breadwallet allows anybody to review the code and verify the security model of the wallet. Breadwallet is available in Android and iOS stores.

5. Electrum

Electrum is an extremely fast and lightweight Bitcoin wallet. It uses minimal computing resources, so it is a perfect match for older hardware. Electrum proves that being less resource-intensive doesn’t mean having to cut down on features.

6.MultiBit

MultiBit HD is the brainchild of KeepKey, a company that manufactures a hardware Bitcoin wallet by the same name. It is a lightweight desktop client which, like Breadwallet, connects directly to the Bitcoin network. This open-source client allows you to backup your wallets using a passphrase, so you can restore your private keys using the backup phrase.

7. AirBitz

AirBitz is a mobile-focused Bitcoin wallet client that is often touted as highly secure. In addition to being open-source, it covers all the basic features like back-ups and client-side encryption. It also has an integrated way to buy/sell Bitcoins and it has a Bitcoin business directory, which lists the merchants which accept Bitcoin.

8. Blockchain.info

Blockchain.info is famous for their Blockchain explorer service, but it also offers a wallet service. But, you can connect to the TOR network for added anonymity.

9. Trezor Wallet

Trezor was one of the earliest pioneers of the hardware wallets. SatoshiLabs, a Europian start-up, is the brainchild behind the Trezor wallet. Moreover, it connects to your computer via USB and features an OLED display.

10. Coinbase

Coinbase is one of the most popular Bitcoin exchange services used globally. They also provide a mobile and a web wallet. Coinbase gives you a little more flexibility than Bitcoin.info, as it allows users to manage their own private keys. It also supports multisig wallets wherein, up to 5 users can own a shared wallet.