A bitcoin wallet is a software application that is used to store bitcoins. For every individual who has a balance in a bitcoin wallet, there is a private key which is nothing but a secret number that corresponds with the address of the bitcoin wallet. It is used to send and receive bitcoins and give ownership of the bitcoin balance to the user. There are four main types of bitcoin wallet: Desktop, Mobile, Web, and Hardware. The other name of the bitcoin wallet is digital wallet. To trade in bitcoins, a trader must have a digital wallet. The wallet does not store physical currency but it stores relevant information such as the security-related concerns that are storing the private key to access bitcoin addresses which are used to perform transactions. There are several types of wallets that cater to the different requirements of security, convenience, and accessibility:

Desktop Wallet

They are installed on the computer and provide complete control of the wallet to the user to carry out transactions. Bitcoin cannot be stored in any physical form, technically speaking. Instead of that, it is the public key and private key that are required in combination to make transactions with the bitcoin that need to be stored.

It stores the private key on the hard drive. They are secure as compared to an online wallet or mobile wallet because there is no relying on third parties for their data and are harder to steal. They are usually suitable for those who trade small amounts of bitcoin from their computer.

Paper Wallet

A paper wallet contains a public address for receiving bitcoin and a private key to spend or transfer bitcoin stored in that address. They are usually printed in the form of QR codes so that you can scan them easily adding the keys to a software wallet to carry out the transaction. The advantage of a paper wallet is that the keys can be stored offline as well. This helps to reduce cyber threats such as hacking or cybertheft.

Mobile Wallet

For that actively trading bitcoin, a mobile bitcoin wallet becomes a mandatory requirement. It stores private keys through an app like feature allowing the payment to be made directly through your phone. As the entire blockchain ledger is unbearable to store, mobile apps come out as a handy tool where they only work with the trusted nodes in the bitcoin network to get the correct information.

Web Wallet

In this, the private keys are stored on a server that is online and managed by a third party. It can be linked to the mobile and desktop wallet where it can copy your addresses across the devices that you own. Similar to mobile wallets, web wallets have the option to access the funds from any device connected to the internet. But there’s a need to be aware and cautious because some ewallets operate on an exchange that could gain control of your funds and there are instances where the exchange has shut down and making off with the users’ funds.

Hope, now you have a clear idea about different types of bitcoin wallets.

The Crypto Industry has gained immense importance in India. Due to the increasing popularity of cryptocurrencies among Indian investors, cryptocurrencies prices in India are higher than in other countries. There are many coin trade platforms in India that offer digital assets like Bitcoin, Litecoin, Ethereum, and many more. You can instantly buy cryptocurrencies from prominent crypto exchanges like WazirX, CoinDCX, Zebpay, and PCEX Member. These platforms are beginner-friendly and enable traders of all levels to buy & sell cryptocurrencies in India using multiple payment options. They offer instant delivery of the cryptocurrencies.

Most of the exchange platforms also promise the lowest prices for bitcoins, but this is not the case in reality. There are many hidden fees that increase the net worth of cryptocurrency.

It is really easy to buy cryptocurrency on the PCEX Member platform. You have to follow just a few steps to buy your preferred currency in the INR market instantly.

Head over to PCEX Member and create an account

Complete KYC and add your bank details from which you want to deposit funds. There is one more option of 2FA which protect your account for frauds.

Deposit money in the account using UPID/ Debit Card/ Wallets and Net Banking.

Go to the market page and select the cryptocurrency you wish to buy
Select your coin pair, fill the required details, and click on the buy button.

And the purchase has been done!

Unlike WazirX and CoinDCX which charges 0.2% and 0.1% fees on the transaction process, PCEX Member, a user-friendly crypto exchange in India charges no fees on the transaction process (deposit and withdrawal) in the spot market. There are no hidden fees charged on this platform. PCEX Member allows instant buying of cryptocurrency. You can even cash out cryptocurrency into INR within a few hours.