Lucrotrade Guide – Where can I keep my Bitcoins

2 min

Bitcoins are a relatively new currency. It was only created in 2009. There are two significant advantages using bitcoins over common currencies:

  • You do not need to use your own name
  • Transactions are made without a middle man. – No banks, which take a big junk of your hard-earned money!

These days bitcoins can be used for all kind of transactions, from your holiday resort on Expedia to furniture on the Overstock. However, the current trend of getting rich quickly comes from trading with bitcoins.

Though, before you can own any bitcoins, you need a place to store them. Unlike the coins in your wallet, bitcoins must be stored online, in a so-called bitcoin wallet. You access your wallet through a private key. Your bitcoin address is also your public key.

Lucrotrade is a well sought-after bitcoin trader with a well-designed wallet software. Making it look as if your bitcoins were actually here makes using bitcoins more intuitive as well as more convenient.

It is not unusual that one bitcoin wallet holds several private keys or, respectively, several bitcoin traders have several wallets with Lucrotrade.

Lucrotrade bitcoin wallets can be stored on in different ways:

  • On your computer
  • A mobile device
  • Any physical storage device and even
  • On a piece of paper.

Which kind of bitcoin wallets are available at Lucrotrade

  • Electronic wallets
  • Software wallets
  • Online wallets
  • Mobile wallets
  • Hardware wallets
  • Paper wallets

Electronic wallets by Lucrotrade

For an electronic wallet, you have two options

  • Download the software or
  • Host it in the cloud.

While the software contains only of a formatted file which facilitates transactions, the cloud-based electronic wallet has a more user-friendly interface. The significant disadvantage with the latter is that you will need to trust a third party with your private keys.

Software wallet

Lucrotrade suggests if you download your wallet to your computer you do not only have more security, but you also have more control on your keys. They are relatively easy to control and, in most cases, free. However, the flipside of the software wallet is, they need maintenance in the form of backups.

Please note: If your computer gets stolen or corrupted without the private keys being stored someplace else, you will lose your bitcoins. 

Hacking is another security issue for the software wallet.

The original software wallet is the Bitcoin Core protocol.

The online wallet

The cloud-based bitcoin wallet gains increase popularity. It is easy to set up, and with the right password, you can access your bitcoins from any device. However, as already mentioned you must trust the online host with your private keys. If they close down or deny you access, you lose your bitcoins.

Two of the most common online wallets are

  • Coinbase
  • Blockchain

Mobile wallets

Those wallets are basically apps for your smartphone. They are useful if you want to pay in a shop, which accepts bitcoins.

Hardware wallets

These are small devices which can be connected to the internet. Hardware wallets are considered particularly useful. They are not hackable because they are offline for most of the time.

Paper wallets

Paper wallets are the simplest of all wallets. They are ideal for long-term storage because they are a piece of paper on which the private and public keys of a bitcoin address are printed.

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