Cryptocurrency is here now, for over a decade, but has recently moved to be mainstream.
With the ever-growing scope of cryptocurrency, open-source bitcoin wallets are in demand and growing with advanced technology.
Let’s see, how do you know if you are using a suitable bitcoin wallet?
When you purchase your first bitcoin, you need to be sure where to store it and if that medium is safe for your digital money.
The best open source bitcoin wallets, allow one to send and receive Bitcoins along with other cryptocurrencies and help discover new ways to utilize and manage your digital money. It also helps you to interact with contracts.
Does your wallet contain these features among others? :
- Access to private keys
- Back up features
- Customization of Fee
Isn’t this the first thing we want to know when it comes to transacting online? It’s important to know that your wallet has a defence system in place, in case your device falls into wrong hands. By this we mean, you must ensure that your wallet requires you to unlock it every time you need to use it.
You would be required to make important decisions on:
- The number of participants it will have
- The number of participants that would approve the transactions
This would improve security for a wallet. Imagine a case, where one participant loses their key. It’d still be secured because transactions require approval from the other participant as well.
- Access to Private keys:
This implies, if you don’t have access to private keys, you certainly do not own your bitcoin. So, a wallet that is good for you, would make sure you have access to your private keys.
Each bitcoin has its unique private key.
Whoever has the private keys for an address, has complete control over the Bitcoin linked with that address.
This, in a way, also means if you’re using a wallet that doesn’t allow or provide access to private keys, you do not own your bitcoin but just merely have a claim.
So, a suitable wallet would grant you access to private keys.
Remember that! Would you?
- Back up features
Your best wallet would be the one that makes it easy to manage your private keys. Understanding that it’s important to possess private keys to your bitcoin, managing them is even more crucial and a task in itself.
A wallet that provides private key management features, which we also call back up features, makes it a lot easier.
- Customization of Fee:
A good wallet will help you customize the fee you pay to the blockchain miner.
A wallet that has features like fast, medium, and slow, would allow you to customize your fee.
For instance, when you opt for fast, you will be charged a high fee, but the transaction time would be less. You wouldn’t compromise when it comes to finding a perfect life partner. Why compromise here?
Make sure your wallet has all these features before you put your bitcoin somewhere.