There’re two methods of storing the traditional money. You may select to store this into your bank account, or cash this out as well as save this in the secure place. Money is in the bank account will be connected to internet and will get hacked or stolen. But, cash that you are having in the wallet does not have any kind of connection to internet. Thus, it is just impossible for anybody to hack or steal it. In a same way, we will store Bitcoins on internet or offline. The offline wallets provide higher safety when compared to the online wallets. It is because the offline wallets aren’t connected to internet and internet hackers cannot steal something, which isn’t there so it is considered to be the best bitcoin wallet.
We will store Bitcoins on internet in two methods:
Web-Wallet: The website wallets are accessed over anywhere and at any device providing it has the internet connection.
Software wallets: You can download software on your computer that allows you manage the Bitcoins. They are much secure than the web wallets.
Offline wallets come in 2 forms:
Hardware wallets: It is just like thumb drive or USB where you will store the Bitcoins as well as keep the Bitcoins offline. You must store hardware wallet in the safe place and where nobody will find this easily.
Paper wallets: It allows you store the wallet information on piece of paper, totally off internet. In this way hackers will not get an access to the wallet information and thus cannot access the Bitcoins.
The hardware wallets are the highly secure type of the Bitcoin wallet, since they store the Bitcoins on physical equipment, normally plugged in the computer through the USB port.