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What is a Bitcoin wallet?

A bitcoin wallet is what you use to receive, send, and store your bitcoin.

Setting up a bitcoin wallet is very easy and takes just a few seconds. All you need is an email address and a password of your choice. You will be able to send and receive payments immediately.

 

Wallet address

You can think of your wallet as your bank account.

Just like a bank account which has an assigned, unique bank account number, your bitcoin wallet has an assigned, unique wallet address. This address consists of up to 34 random digits (consisting of numbers and letters, both uppercase and lowercase). 

Here's an example of a Bitcoin wallet address: 13BE7m4GnGAbdxfzrTgaV9wYmHkGbrarAP

It is important to note that addresses are case-sensitive. This means changing even just one letter from uppercase to lowercase (ex. changing a "G" into a "g") will turn it into a different address entirely. 

 

Coins.ph wallet

All Coins.ph accounts come with their own bitcoin wallet, which you can use to receive, send, and store bitcoin as you would any other wallet.

 

Wallet providers

You can use wallets from any bitcoin wallet provider you prefer. You can also open wallet accounts with as many providers as you like. 

There are four different kinds of wallets: desktop wallets, browser-based wallets, mobile wallets, and hardware wallets. They differ mainly in where they are stored (i.e. either on your laptop, on a third party website, on a mobile device, or on a specialized offline device), and thus, they each come with their own pros and cons. 

Click here for a highly informative article on the four different kinds of wallets

 

 

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