Software Bitcoin Wallet
A lot of Bitcoin users would talk about their Bitcoin wallets, like a hardware wallet or a mobile wallet, but what about a software Bitcoin wallet? What can this wallet do? What are some examples of software wallets?
Top software Bitcoin wallets
- Electrum – this software Bitcoin wallet is known for being fast and convenient. It offers a backup seed that lets you access your account in case a virus attacks the computer. Anyone can run the software because of its Open Source feature.
- Coinbase – this wallet offers a vault where bitcoins are stored. Not only does it let you access your account, but the vault also keeps drives and backups. You also have the option of making a group vault with your fellow users.
- BitGo – this type of software wallet has a recovery solution to make sure that your coins will be safe. It also has a blockchain privacy, where new keys are created each time you make a transaction.
- Blockchain.info – this is a Bitcoin wallet that is used by both beginners and geeks. It offers a multi-factor authentication, such as Google authentication and email verification. A backup is provided by the wallet for you to access your account through any device.
- Xapo – this wallet makes sure that you can keep an eye on your account and transactions. Each transaction is as simple as sending a text message. This wallet is simple and user-friendly.
Pros and cons of using a software Bitcoin wallet
A software Bitcoin wallet is a wallet where you have to download software to a specific computer. This wallet can download the entire blockchain for you to see your transactions. If the specific wallet has an Open Source feature, then you can add more layers of security to make sure that your account is safe.
The down side of this wallet is that this wallet stays on the same device while the other types of wallet can be accessed through several devices. Let us say you are not with your computer but you want to play in a Bitcoin casino to try the Bitcoin free spins, you cannot do that without your wallet’s public address. In order to play Bitcoin slots or try the Bitcoin slot machine, you need your wallet. How will you access your wallet if its fixed on your computer? A software Bitcoin wallet has its own convenience, but you cannot use it anywhere you want to, unless it can also be accessed through a web browser.
A software Bitcoin wallet may have its pros and cons but that does not mean that it cannot function well. All types of wallets have their own defects, and it depends on how the user will use this wallet. As a user, you have the free will to choose what type of Bitcoin wallet to use. Therefore, if you choose a software wallet, then make sure to know its capabilities as well.