What are bitcoin wallets?

A Bitcoin wallet is a software program in which Bitcoins are stored. Technically, Bitcoins are not stored anywhere. For every individual who has a balance in a Bitcoin wallet, there is a private key (secret number) corresponding to the Bitcoin address of that wallet.

What is a software wallet?

A software wallet is a program that stores private and public keys and interacts with blockchain to enable users to send and receive digital currency and monitor their balance. There are two types of software wallets - mobile and desktop. Mobile software wallets are lightweight Bitcoin clients that enable you to carry your bitcoins everywhere.

How do I create a bitcoin wallet?

How do I create a Bitcoin wallet? When you install the app, your Bitcoin wallet is automatically created. You can then receive bitcoin to your wallet immediately, store it safely, and use it as you please. Which Bitcoin wallet should I choose?

Is it safe to store bitcoin in a software wallet?

Since software wallets connect to the Internet, there's a very small risk of hacking. Therefore, it is generally recommended to not store large amounts of bitcoin in your software wallet. That being said, if you follow password management best practices, it's safe to store bitcoin in a software wallet.