Sending or receiving a payment is not possible if you are not using a Bitcoin wallet. So, let us explore some of the options you have in terms of wallets that can be used for storing your Bitcoins.
Different Bitcoin Wallets
These are smart cards or small computers that have the primary task of generating private keys. Moreover, these hardware wallets are capable of securely signing all the transactions right within offline environment. Let us now look at few of the common hardware wallets.
It is a hardware wallet that is smartcard based and here generation as well as signing of private keys takes place in a secure environment. At the time of setup, a twenty four word seed gets generated which you can store offline by writing it on a piece of paper.
The benefit of this process is that you can easily re-create the seed in case of damage or theft. Moreover, there is a PIN code which is assigned for the device you are using and it proves to be useful in protecting the wallet from hacking and physical theft. Additionally, you can use this hardware wallet on any Android phone or computer.
Difference between Ledger Nano and Trezor is that Trezor is a tiny computer instead of a smartcard but here also the private keys get generated offline.
Similar to Ledger Nano, here also a seed is generated and in addition to it, it is possible to add a passphrase to the seed. The benefit of passphrase is that it creates a layer of additional security and prevents an attacker from accessing your funds.
It is a type of USB stick which lets you utilize Bitcoin in similar fashion to dollar bills. You can also connect it with any USB for checking your balance. The good thing about OpenDime is that is functions like a flash drive (read only one) which can be used with any phone, laptop or computer.
More importantly, the private key gets generated within the device and no one knows what it is, not even you. It can be passed as many times as you like without the need to pay any miner fees and there is no confirmation delay.