How to Create an Online Bitcoin Wallet. A wallet in the realm of bitcoins is equivalent multibit bitcoin wallet a bank account.

Your wallet is where you receive, store, and send bitcoins. There is essentially two types of bitcoin wallets: a software wallet and a web wallet. Both wallets have their pros and cons, and the decision will depend on your needs for a bitcoin wallet. The software wallet was the original bitcoin wallet created. There are different types of software wallets. You’re in complete control over the security of your coins with the software.

The bigger hassles of the software wallet is installing and maintaining it. Some people claim that the original bitcoin wallet, Bitcoin Core, is the best. It has been scrutinized and evolved since its creation. Once you install the software, the bitcoin client will attempt to establish a network and begin downloading the bitcoin block chain. You’ll need all the blocks in chain before you can send or receive any transactions.

There are plenty of similar wallets that all have their own drawbacks and specific functions. Hive, for example, is only available for Macs and includes an app store that connects to other bitcoin services. Armory is a wallet that is designed specifically for enhanced security. Each have their own installation quirks. Hive is specially designed for beginners.