Design Methodologies Behind Bitcoin Acquisition

Now it's time to know where and how to store cryptocurrencies

Based on experience, only trusted sites and trusted wallets globally recognized would be revealed here.  The goal is gathering cryptocurrencies - but first, you need a crypto-account (a wallet). 

STEP A: SIGN UP FOR A WALLET 

Banks assign account numbers. With cryptocurrencies, you get a wallet address. Opening a wallet is like opening a bank account. Only that in this case, you do not need an initial deposit as required by most banking institutions out there. Bitcoin/Litecoin wallets are free. Get a free online Bitcoin wallet from Blockchain or Coinbase. Another place where you can get a wallet capable of holding more than one cryptocurrency is at BTC-e ... here you get wallets for over five different currency types. If this simple illustration of what a wallet is doesn’t satisfy you, as they say…“google it.” 

There are also many other providers apart from Coinbase, blockchain or btc-e. When you sign up with LocalBitcoins you will also get a free bitcoin wallet with a broad range of functions. Find out which works best for you. But these are online web systems which have been tried and tested. And remember, no wallet is absolutely safe, so be careful with your money. Always make sure you keep your Bitcoins stored safely in at least 2 or 3 different places.  Like bitcoins, Litecoins can be stored in a digital wallet. This wallet will track the total value of your Litecoins or bitcoins and allow you to conduct various transactions. You could store them up on a web wallet or on your device (e.g your laptop). 

Each of these wallets has its pros and cons. Web wallets are risker since someone can hack the companies servers and steal your coins, but on the other hand, you can use them from anywhere in the world. Offline wallets are considered safer since someone will need physical access to your computer to steal them, but you will only be able to send litecoins only from that specific device. Some wallets are completely free while other wallets charge fees for various transactions. 

Software Bitcoin Wallet Reviews 

Armory Bitcoin Wallet Review  

Armory is almost identical to electurm and multibit except for one major difference. In order to use the wallet, the user must have the full bitcoin blockchain on his machine. This results in a much longer startup time for the casual user. Armory distinguishes itself by providing maximum security for your coins from malware. In other words if you use armory to simply store bitcoins on an offline machine, because the funds are in an “offline” state potential malware on your system will have a much harder time moving your bitcoins and gaining access to wallet. Furthermore, with the provided password encryption even if someone gains access to your desktop it would take them centuries to crack an average password.  

Hardware Bitcoin Wallet Reviews 

Blockchain Bitcoin Wallet

It has both an android and an IOS app with the addition of a website. Unfortunately the keys are stored online meaning that if the site goes down access to the coins is lost. On the bright side, blockchain allows you to export the private keys of any of your addresses meaning that you can have access to the coins even if the site goes down. The cross platform compatibility and the ability to gain full control over your bitcoins ranks Blockchain as the top online wallet. You could also get other types of hardware wallets here.

Mycelium Bitcoin Wallet Review  

Mycelium Android Wallet is the best wallet available for Android users. Just like Breadwallet the keys are stored on your phone meaning there are no servers to hack. It features a robust marketplace where you can find local bitcoin buyers and sellers and check out their prices. Furthermore, Mycelium awards extra security with the implementation of watch only addresses.  

Breadwallet Bitcoin Wallet Review  

Breadwallet is our highest ranked iOS wallet available. If you are an iPhone user and need your bitcoins on the go, you can’t go wrong with Breadwallet. The keys are stored on your phone and upon the first installation you are provided with a recovery seed which you can use to recover your bitcoins in case the phone gets stolen or accidentally erased. Furthermore, Breadwallet is a HD (Hierarchical Deterministic) Wallet meaning that with the seed you are able to recover all of your addresses and labels.  

Electrum Bitcoin Wallet Review  

Electrum Bitcoin Wallet for desktop is one of the most versatile desktop wallet available. It has a developers console which enables full control over your coins. You are able to generate custom transactions from files, and able to create watch only addresses to keep your cold storage funds safe. Not only that, but Electrum provides an easy to use interface for funding wallets.  

MultibitHD Bitcoin Wallet Review  

Multibit HD is another great light desktop wallet. It offers almost identical features that Electrum provides. However, Multibit does not support multisig wallets. On the other hand, Multibit also offers seamless support with Trezor, a bitcoin hardware wallet. The GUI on electrum and multibit is a bit different. If you need more complex features like being able to rebroadcast a transaction, exporting private keys of certain addresses then Electrum is the way to go. But for a personal user, Multibit is also a great alternative.