Top 8 Best Bitcoin (BTC) Wallets in 2023 | CryptoWallet.com

A BTC wallet, or Bitcoin wallet, stores your crypto funds safely — as long as you look after the private keys! A BTC wallet is a piece of software or a physical device that stores bitcoins. It can be thought of a little like a regular wallet, or a bank account.

When you open a BTC wallet, you receive a string of characters and numbers called a public key. This is the wallet address, and if you want someone to send you BTC, you need to give them this address. You’ll also receive another series of characters and numbers called a private key, and this one is similar to a password. If you want to send BTC from your wallet, you need to enter this password. You don’t need to take any action to receive BTC.

Some BTC wallets are non-custodial, meaning you don’t have control of the private keys. This takes us back to the bank account analogy — you’re not responsible for the funds, a professional is. Technically, it would be possible for them to freeze your funds under extreme circumstances, such as government intervention.

Some people prefer to go for a non-custodial wallet, meaning they’re solely in control of the funds. This is similar to carrying cash in a wallet, or under a mattress. Nobody else is responsible for the safekeeping of these funds, and like regular fiat money, some people aren’t comfortable keeping large sums on their person or in their house.

Sometimes, the best solution is a hybrid one. One BTC wallet for walking around money, and another for larger sums. Whatever you choose, you’ll need to protect your details to prevent any security breach from taking place. Look after your BTC wallet, and it will look after you!