Part 8 : What is Bitcoin Wallet?

Bitcoin Wallet is where you can store, send and receive virtual currency BTC .
Simply put, it is like a regular wallet we often use. But instead of containing paper money, coins or polymer, Bitcoin wallets contain private keys.

What is private key?

Private key is a secret data that helps you access your cryptocurrency wallet . In the case of Bitcoin, you can access your Bitcoin Wallet.
If you say that a Bitcoin wallet is a safe, then the private key is the code that helps you open it. Therefore, you must keep the private key carefully and not reveal it to anyone else.
If someone else knows your private key, you can lose your BTC.

Why do you need a Bitcoin wallet?

The saying often mentioned by the community " Not your keys, not your Bitcoin " simply means that when you do not hold the private key, that Bitcoin does not belong to you.
So when you store bitcoin on exchanges, those BTC do not belong to you. You will lose everything if the exchange stops working.
There have been many Bitcoin exchange crashes in the past so using a Bitcoin wallet is essential.

Ad Where to Store Bitcoin?

The safest way is to store it yourself on a private wallet of a reputable third party internationally. There are many types that BTA will probably introduce below, you can read slowly.
As for me, if I want to store it for a long time, I should use a cold wallet. It's a bit complicated for beginners, but it's safe. At least I personally store it for 1-3 years and feel it's safe.