The private address is used for things such as if you lose the wallet as long as you have the private key the wallet can be restored with your funds intact. The public address will be used for most day to day operations such as sending and receiving cryptocurrency. On the front of the paper wallet, the left side has what is called a public address and the right side has a private address. Every Bitcoin wallet including paper wallets have 2 addresses. Let’s start of with the most basic wallet.īitcoin Paper Wallet, read further for new updateĪ cryptocurrency paper wallet is literally a piece of paper. These wallets vary a lot in terms of security, practicality, and features. There are 4 different types of BTC wallets, 5 if you include exchanges which will not be included in this article. the number of features that are available with the wallet.The purpose of the wallet ( holding long term, day to day use, or for some other purpose).Branding, (this might seem a bit materialistic but in an industry where trust is probably the most important factor a trusted brand name goes a far way).Some of the points to consider before using a wallet are: There are several factors which must be considered before using a Bitcoin wallet. Choosing the right wallet could be a daunting task for some people. A few years back there were only a select few. There are hundreds if not thousands of cryptocurrency wallets available.
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