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When you purchase bitcoins, you need to have a bitcoin wallet to store them. Bitcoin wallets have two main categories. With the hardware wallet, you use a hardware device to store your private key and consequently use it to access your bitcoins. The other one is a software program that stores the private keys. You can download the application as in the case of mobile wallets, or you can use a web interface like in the case of web wallets.
What is a web wallet?
With a web wallet, the security key is stored online on a software program that is controlled by a third party. It can either be an open-source bitcoin web wallet or a closed source bitcoin web wallet.
An OpensourceBitcoin Web Walletis a program in which bitcoin transactions and its source code are open and openly published for everyone to view or modify. Therefore everyone can explore how it connects to the flagship blockchain, how it processes the transactions and how it gets to the accounts in the bitcoin network.
People opt for open source because anyone can check for spyware, backdoor or other malintent software.
On the other hand, with a closed source bitcoin web wallet, the source code is not available to everyone; therefore, only the third party or the cybersecurity vendor has access to the software. With this software, there is no wisdom of the public.
Cryptocurrency is complicated to understand for the average software programmer, especially one with no sophisticated math background and without open source, the progress would be plodding. Developers need to write their cryptography libraries; therefore, open sourcing has dramatically improved the cryptocurrency movement.
While it is easy to provide the math in practice, it is not trivial to write the code to implement it but thanks to OpensourceBitcoin Web Wallet, there are fewer vulnerabilities and bugs due to coding errors.
However, the accessibility of the code to many people exposes it to cyber-attacks. Therefore, the user should double-check if their open-source wallet collects sensitive data and whether it stores digital assets.
Nevertheless, the main component of a web wallet is a sleek interface that enables you to store your bitcoins in a safe environment.Regardless of where you buy the bitcoins, you have to give the bitcoin seller your wallet address. For you to be able to create a web address, you need to create an account with a party you trust.
Advantages of web wallets
Fast
A web wallet allows you to perform a transaction anywhere anytime quickly. It is because your wallet is online and you can access it when you want over the internet.
User friendly
Web wallets have a user-friendly approach in that you can access it in whatever medium you choose, for instance through a mobile application.
Varied currency exchange
Some web wallets allow you to exchange different currencies within the web wallet—for example, digital currency such as bitcoin with a traditional currency such as US dollars.
TOR network
A lot of opensourcebitcoin web wallets use the TOR network for extra security and anonymity.
It is ideal for active traders.
Active traders always move funds between exchanges, and a web wallet offers a suitable solution for that.
The bottom line
When it comes to choosing a web wallet, always ensure that a reputable company is behind it. Plus, make sure you still have access to your private keys.
