Your crypto & Bitcoin wallet

If you plan on storing, using or buying Bitcoin or any cryptocurrency, a wallet is a necessity. In this guide we’ll discuss the types of wallets and why you may choose one over the other. As Bitcoin and other cryptocurrencies are digital assets, the way they are used and stored differs from traditional currencies. A crypto wallet should be looked at as a way to access the cryptocurrency you own, as well as a way to send and receive it. Wallets can be on your mobile device, on your desktop, a physical hardware device that you can carry with you or even a piece of paper.

Like all crypto wallets, a wallet has both a private key and a public address. The private key is what you use to access your public key or address and interface with the cryptocurrency network. This can simply be thought of as your pin and is most commonly presented to the user as a 12-word passphrase. These words, or pin, will mean you can access your cryptocurrency wallet from anywhere. If you lose your wallet, you can use your passphrase to recover it. The public key or address can be used to send and receive Bitcoin or other cryptocurrencies between parties.

While storing your cryptocurrency on a trusted exchange wallet is highly secure, a common point of failure for most users is, unfortunately, due to personal negligence or social hacking. There are a lot of scammers in cryptocurrency who attempt to trick people into losing their funds through things like phishing attacks and fake websites.

It’s important to choose a trusted platform to buy Bitcoin and other cryptocurrencies. bitcoin.com.au is a well-established, highly secure Bitcoin exchange. We guarantee your Bitcoin funds are completely safe when they are stored on our exchange. For many users, storing Bitcoin and other cryptocurrencies on a trustworthy exchange is a far better option for those who don’t want the sole responsibility of keeping their assets safe.