Bitcoin WalletsBY DAVID BARNES | BITCOIN CO. LTD.

What is a Bitcoin wallet?

A broad definition:A method of storing bitcoins

Without any form of walletyour bitcoin will be lost forever

General Types of Bitcoin Wallet Desktop/Mobile application wallets

Full client wallets ‘Lite’ client wallets

Web-based wallets Hosted wallets Client-side wallets

Offline wallets Brain wallets Paper wallets Hardware wallets

Desktop/Mobile WalletsFull node wallet - “Bitcoin Core” (Satoshi Client) Original Bitcoin wallet Download the entire blockchain Share the blockchain with others Other application: Armory

Pros Cons

Independent Assist in running the Bitcoin network Dependable API

Slow initial load Disk/Bandwidth usage

Downloads: https://bitcoin.org/en/download https://bitcoinarmory.com/

Desktop/Mobile WalletsLite ClientsOnly download a small amount of relevant data

2 Methods1. Download from a centralized server or group of servers

Electrum (http://electrum.org) Mycelium Bitcoin Wallet (Google Play Store)

2. Download directly from full client nodes (SPV) Multibit “Bitcoin Wallet” for android

Desktop/Mobile WalletsLite ClientsPros Cons

Fast setup Low disk usage Low bandwidth usage

Less reliable data

Dave Recommends Electrum for Desktop Mycelium for Android

Web-based WalletsHosted Wallets A provider holds your Bitcoins for you Allow you access to your Bitcoins upon request

Pros Cons

Generally easy to use No installation required May offer account limits & account

security settings May be more security aware than you

Reliant completely on 3rd party High risk of hacking or dishonest

provider Possible to freeze your account

Examples: https://coinbase.com https://circle.com

Web-based WalletsClient-side wallets Javascript based wallet All cryptographic functions occurs client-side in your browser

Pros Cons

Generally easy to use No installation required May offer account limits * Allow you to backup/transfer your

keys

Partially reliant on 3rd party Risk of using a compromised wallet

webpage May be insecure if saved

history/bookmarks

Examples: https://blockchain.info https://greenaddress.it

https://rushwallet.com

Offline wallets / Cold StorageBrain wallets1. Remember your private key directly

5Kjvg8WD11vbwbpJectFGe3EjbNNRzRh4UXiK4oK42yc1pGFmY5Difficult to remember

2. Use a random passphrase to generate a private key“frequency woman poverty engine standard creature cruel safe”Easy to remember

Pros Cons

Can never be stolen Can be transported where ever you go

May forget it Must use with another wallet for sending

Reference: https://brainwallet.github.io/ https://keybase.io/warp

Offline wallets / Cold StoragePaper wallets Generate a key private and write in down Keep the paper in a safe place and never let others look at it

Pros Cons

As safe as the location you store the paper Easy to store No memory required Can be given to other people Can keep multiple copies

May be stolen/lost/destroyed Must use with another wallet for sending

Examples: https:// brainwallet.github.io https:// bitaddress.org

Offline wallets / Cold StorageHardware Wallet Any computer or device running a wallet application

that is not connected to the internet

Pros Cons

As safe as the location your device Impossible to hack during the sending

process Safer and more convenient to send

transactions compared to other offline wallets

May be stolen/lost/destroyed Must use with another wallet for sending Cost money

Other Cool StuffDeterministic wallets Wallets that have the ability to generate an infinite number of addresses based on a single

“seed” phrase Can backup all your different addresses with a single sentence Wallets with deterministic ability include:

Electrum Armory Greenaddress

Other Cool StuffMultisig addresses Transactions must be signed using multiple keys Can use a combination of different wallet methods to sign a transaction Can be signed in totally different location Wallets with multisig ability include:

Bitcoin Core Greenaddress

Questions or Other Wallets

Does anyone have any questions about wallet?

Or want to talk about any wallets that I didn’t mention