What Is a Bitcoin Wallet? How to own a bitcoin wallet Canada?

Bitcoin has been the talk of the town, as its value keeps growing and you can see how it is ever changing. Bitcoin, for all its intents and purposes, is a digital currency. It does not exist in physical form and hence cannot be stored physically. In order to store bitcoin, you need a bitcoin wallet. So, how would you own a bitcoin wallet Canada?


Technically speaking, you don’t store bitcoin in the wallet; here’s how it works – every person that owns bitcoin has a bitcoin address, and every bitcoin address can be accessed using a secret ‘private key,’ and this private key is stored in the bitcoin wallet. This allows the user to send, receive and own bitcoin using a bitcoin wallet.

How to Get a Bitcoin Wallet?

There’s no single way to set up a bitcoin wallet, since there are several different types of bitcoin wallets in existence. In order to understand how you can get a bitcoin wallet for yourself, you need to understand the types of wallets and how effective they are in helping you store bitcoin. Let’s take a look at the types of bitcoin wallets below.

1. Paper Bitcoin Wallet
2. Online Bitcoin Wallet
3. Desktop Bitcoin Wallet
4. Mobile Bitcoin Wallet
5. Hardware Wallet

What Is the Best Bitcoin Wallet?

You must be wondering which bitcoin wallet to use after reading about them in detail above. Choosing the best bitcoin wallet is easy, all you have to do is take into account your requirements, your store of bitcoin, your budget and your future plans with the cryptocurrency. 

If you’re a beginner, a web wallet or a desktop wallet should be enough for you to store your first bitcoin. If you fear hackers and have trust in your ability to protect a piece of paper at all times, a paper wallet is a great option. If you have been doing this bitcoin thing for a while and are looking for a wallet upgrade, there’s no better option than investing a couple hundred bucks and getting yourself a hardware wallet. There are plenty of amazing options to choose from, so choose wisely. All in all, choosing the best bitcoin wallet is dependent on you.

Start Your Short Term or Long-term Investing In Cryptocurrency with Netcoins

Now that you have a better understanding of the risk and rewards of crypto day trading and long-term holding, what are your next steps?

1. The first step is to sign up for a free Netcoins account and start your lifelong journey in cryptocurrency. 
2. You can deposit cryptocurrencies like Bitcoin, Ethereum, Litecoin and others, an online bill payment, e-transfer, or pre-authorized debit from your bank account to get started. 
3. Remember to think about the pros and cons of the investment strategy you choose to use before making any big decisions. 

Always consider what your personal financial situation is, and keep in mind that it is possible to lose a lot of capital if you don’t know what you’re doing. To know more about how is cryptocurrency taxed in Canada, you can look up Netcoins now!

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