Bitcoin Blog a1

Thursday, May 28, 2015

Getting a wallet!


Perhaps I have put the cart in front of the horse. Or maybe more accurately in this case I have put the glass over the faucet. But before you can use a faucet, you need to have a wallet!.


Image result for wallet

Not that kind of wallet silly! I mean a cryptocurrency wallet. Well how do you get one? It is easy! But before you dive in, you may want to consider a few things. First, there are different types of wallets for different purposes. The least space consuming is a light wallet, like these (http://multidoge.org/ , https://multibit.org/ ). This wallet simply skims the blockchain, rather that downloading the whole thing. As a result, it is faster to download and updates more quickly. I recommend this wallet for most users. It does have some drawbacks. For instance, if you are going to mine, you can not use this wallet. It will not be able to keep up with the number of transactions. Instead you should use a QT wallet. 


Image result for bitcoin wallet
Such Wallet

A QT wallet downloads the whole block chain (http://dogecoin.com/ ,https://litecoin.org/ ). Many smaller coins only have QT wallets. This wallet is great for recieving tons of transactions. However, it is also growing all the time. As more transactions are processed, the blockchain grows. Each growth needs to be downloaded onto your local wallet. So, the wallet will take up more space. It also takes longer for it to sync to the network ( in other words, to download all the blocks since it was last updated).

4 comments:


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  2. I remember when bitcoin was about 10 cents a piece when I first heard of them. I haven't had a chance to open a wallet for a while so this is helpful.

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    1. What a time to remember! Thank you for the comment; I'm glad I could help!

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