There’s a lot of wallets out there, definitely a lot more than what we’ve gone over, and that’s why users have to do their own research to find the wallet that’s best for them.
For example, oftentimes you have to trade off between convenience and security.
Coinbase.com is very easy to use, but they actually store your private keys on the cloud, and you never get to see it.
Some people don’t like this because you’re putting trust in a powerful, trusted third party — Coinbase in this case.
However, others are willing to trade this for the convenience of having their bitcoin at their fingertips through an easy to use website.
On the other hand, wallets like Mycelium and Electrum do not hold anyone’s private keys on the cloud.
Users hold their own private keys and are responsible for their own funds.
There’s no recourse from these services in case someone loses their private key.
The benefit of course, is security, since no one else but you controls your private keys.
However, it’s a huge responsibility and burden, especially for casual Bitcoin users.
So at the end of the day, your choice of wallet is really up to you as an individual.
Whether you’re more partial to convenience features such as payment via smartphones and QR codes, or fancy multisignature wallets, or go the extra mile to use a hardware wallet, print out a paper wallet, or memorize a brain wallet… it all boils down to your personal needs.
Bitcoin ATMs You might be thinking: Alright Rustie, we’ve been talking a lot about Bitcoin wallets and how to manage your private keys, but how do I get bitcoins in the first place? Bitcoin’s not some magic internet money after all.
Well lucky for our students in Berkeley, we actually have Bitcoin ATMs a couple blocks from campus.
And for all you non-UC Berkeley folks, don’t worry, these are also available elsewhere! Bitcoin ATMs are pretty cool.
You first scan your QR code from a smartphone wallet app, or any other device (or piece of paper) that can display a QR code.
The important thing is that this QR code contains your Bitcoin address.
You then insert cash, press send, and then bitcoin is sent over! Just like that! Some Bitcoin ATMs work a bit differently, and instead of having you scan your QR code, they simply print out a paper wallet for you after you’ve paid your equivalent amount through cash, debit, or credit card.