How to store and manage your Bitcoin.Bitcoin is valuable.Just as you have a system to store and manage the money you earn, you should also have one for your Bitcoin.A Bitcoin or cryptocurrency wallet is a tool used to store and protect your holdings.Think of your traditional wallet.A physical wallet that you keep in your pocket holds your credit and debit cards, cash, and maybe an ID card.Consider also your traditional bank account.You access it online or via an app, using a password, and can deposit and withdraw money to and from it.A Bitcoin wallet is similar to both of these things.There are various forms of cryptocurrency wallets though.For the sake of simplicity, we\u2019ll speak mainly in terms of Bitcoin but much of the information applies to various cryptocurrencies.There are two things to consider when deciding what type of Bitcoin wallet you want to use \u2014 security and convenience.It\u2019s not always the case but typically, the more secure the wallet, the less convenient it is to access.This is a generalization but you\u2019ll see what I mean.One other piece to define at the start is the difference between a hot wallet and a cold wallet.In the simplest sense, a hot wallet is connected to the internet and a cold wallet is not.In order to send or receive Bitcoin from your wallet, it needs to sync up to the Bitcoin network.If you are using your Bitcoin to transact more frequently, a hot wallet may make more sense in terms of convenience. You\u2019ll want easy access to the network to transact.A cold wallet, however, will always be more secure.Cold wallets are offline.They are less susceptible to hackers.That means they will, however, be less convenient.Okay, deep breath.Hot wallets, cold wallets, hackers\u2026Let\u2019s reset.The kind of Bitcoiner you are depends on the amount of Bitcoin you\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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