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Said to be the Gold standard of digital assets, because most other cryptocurrencies are priced in BTC. Bitcoin is well known for being the first cryptocurrency created in 2009 by a person using the pseudonym Satoshi Nakamoto. To this day, no one really knows who created the digital asset. But due to its open source code and management, it has become the currency of the people.
This digital asset is created by Proof of Work (POW), meaning specialised computers solving hash codes known as miners. They complete blocks by solving complex math problems, to unlock more Bitcoin (BTC) into the ecosystem. The miners also help transactions, as these are also incorporated into the blocks. This has created a very nice symbiotic relationship with users and miners.
As of the time of writing this, Bitcoin has a total circulating supply of 18,012,537 BTC with a total supply of 21,000,000 BTC that will ever exist. However the more miners that join up to pools to unlock bitcoin faster, only makes the current split less for every miner. The final bitcoin will not be unlocked until the year 2145, so no matter what, there will be mining until then. Plus after that point, miners would be paid for just hashing blocks for transactions, and be paid the fees users pay to send the cryptocurrency around to wallets.
There are many types of wallets to hold bitcoin, we will explain the pros and cons to all types of wallets below. You need or use a wallet when transfering, holding, or even exchanging bitcoin.
An online wallet hosted by a website is also known as a Hot wallet to most cryptocurrency people. Because it's online and ready to send and receive at any moment. The pros to an online wallet, they are simple to use, and are hosted by a third party like an exchange. When downloading and setting up an official wallet on your computer, it can take up several gigs upon syncing the ledger. So an online wallet takes up no space on your computer, and is ready to use right away. However the cons are, you are exposed to hackers at any point. You have no backup keys as they wallet is created by someone else. Plus if the website or host gets hacked, you may be exposed and lose everything.
Mobile wallets are also technically hot wallets as well, since they simply use an online app instead of a website. Just like a website, the app is at risk to possible hacks, and this could also risk your crypto to be stolen. Be very cautious keeping any crypto online, as it is always exposed, if anything just use it temporarily to send or trade for the day or less.
This is by far the best option to store crypto! The hardware wallet is offline aka a cold wallet, meaning you need to plug a device into your computer to access your crypto. Almost all crypto wallets also have a pin code to even allow access to the computer. known by some as air gapping your crypto, but just make sure you remember your pin and save your backup keys. There have been a few cases where the person forgot their pin, leaving the crypto locked on the device forever.
Printing out or writing down a paper wallet is an ok way to hold your crypto, just keep in mind everything is on the paper. So if you lose it, or damage it, that is it!
All in all the hardware wallets are your best option and highly recommended,