There are many tools for making use of Bitcoin or other crypto-currencies out there, but not all have the similar characteristics or same benefits. The e-wallet also known as electronic wallet is a basic tool to use crypto-currencies. This is used for sending, storing, receiving and at times exchanging the crypto-currencies. Selecting it well is crucial as the wallet offers both the safe & daily management of the money (from this view point, wallet will be seen as a future of the banking type services).
Whereas crypto-currencies are growing and becoming highly democratic, wallet is a central element of crypto universe, very much like web browser used for Internet. It should be understood there’s the huge number of bitcoin wallet. From 2000 of existing crypto-currencies normally has their own wallet, also main crypto-currencies like Ethereum, Bitcoin, Litecoin are managed by many wallets or services.
Who Controls Bitcoins?
When searching on internet, you will find different kinds of the Bitcoin wallets. Cold or hot wallet, multisig, on desktop or mobile, offline or online, and many more. The distinctions are quite interesting, however, obscure the primary feature of the wallets: concrete way where addresses are made that store the bitcoins, and have the complete control.
From this viewpoint, there are two kinds of the Bitcoin wallets: one that rely on the services that manage keys (named “custodial wallets”), and one that come self-controlled (or “non-custodial”). In a first case, saying you have the Bitcoin wallet is misnomer: you have the right to access the Bitcoin wallets made & maintained by the third party company.