How to create a Bitcoin wallet?

What is a Bitcoin wallet?

 Just as your traditional wallet you carry in your pocket, a Bitcoin wallet is different in  the sense that it is used to store money. A bitcoin wallet is used to store a collection of Bitcoin private keys contrary to traditional wallet used to store collection of bill and cards. A wallet is protected from unauthorized access because it  is encrypted with a password.

 Contrary to Bitcoin network,  the control of Bitcoin wallet lies on the owner because it is not distributed and shared like the blockchain. It is your responsibility to keep your Bitcoin wallet very safe by setting a strong and difficult password. You should also try as much as possible to keep it out of the reach of malicious people.

Types of Wallets

Different Bitcoin wallets are available to choose from and each of them have different features. All Bitcoin wallet must be in conformity with the established Bitcoin protocols  so that it can be used to send and receive  fund irrespective of their specific implementation. This can be compared to email where you have many  email providers to choice from because any of  them can be used to send messages to each other. 

Below are different categories of Bitcoin wallets:

Web  Wallet

Through a web browser a web wallet sends, receive and store Bitcoin.  Web wallets are usually hosted by providers that manages the security of the private keys associated with your account. However, some web wallets make it possible for web wallet owners to have control of their private keys. Comparatively, web wallets are more convenient over other wallets for the fact that if you mistakenly delete your wallet from your computer  you will not lose your Bitcoins,

The real objection against most web wallets is that you do not have absolute control over web wallet because web wallets are usually manage by private keys on your behalf. What this means is that the security of your wallet lies heavily on the wallet provider.  Just like any other online account out there wallet owners should take  great security precautions.

To retain a full control of your web wallet and at same time take advantage of the convenience of web wallets there are technologies that are available such as Coinbase Multi Vault.
 
Desktop Wallets

There are softwares that make it possible to install wallet on your computer that gives you full responsibility and control over your wallet. The private keys are actually stored on hard drive in a desktop wallet and to access the funds stored in your wallet you must use the computer the wallet is installed on.  You are advised to back up your wallet file  in case it is  corrupted the Bitcoin stored in the wallet will not be lost. For this reason strong password are to be used and desktop wallet file should be back up and endeavour to keep backups safe and from the reach of malicious people.

 There are two main types of desktop wallets. They are known as full nodes and light clients.   The full nodes desktop wallet usually host full copy of the blockchain while the light clients is used for bitcoin storage while depending  on an external source to read the blockchain.

Mobile wallets are almost always "light" clients in that they do not store a full copy of the blockchain.
  This type of wllet are design to be used on mobile device.  These wallets are accessable while on the move. This means they can easily scan QR codes, are easy to navigate with a touch screen. For instance, Coinbase mobile wallet for iOQ and Android allows you to access your Coinbase account to send, receive, buy and sell bitcoin.

  Hardware Wallet

Contrary to desktop and mobile wallets hardware wallet is a specialized type of wallets desgned with the purpose of storing bitcoin specifically. The hard wallets are very difficult for malicious people to compromise unlike the desktop and mobile wallets because they use the bare minimum amount of software required to safely store bitcoins.

Paper Wallets

Paper wallets are a way to embody bitcoins in a physical medium such as paper or metal. Like a printed bank note, if a paper wallet is lost or destroyed, then the bitcoin stored on it are gone forever.
 

Brain Wallets

A brain wallet is a Bitcoin wallet that is generated from a passphrase. It’s similar to a paper wallet in that if the passphrase is lost, so are the bitcoins stored in that brain wallet. While it may be appealing to store bitcoins entirely within your memory, it should be cautioned against due to the challenge of using a sufficiently secure passphrase.

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