Bitcoin QT add private key / Dogecoin hashrate wallet

A Bitcoin wallet is what one uses to store and spend Bitcoins; composed of two parts, a public address and a private key, Bitcoin wallets are much like a post office box: they have an address that you can share with anyone, but a key that only you hold. Owning the key is what enables you to spend the Bitcoins that are located at your “address”.

Your private key is like the DNA of your Bitcoin wallet. From the private key alone, one can determine your Bitcoin address and create a doorway to your cache, i.e., access and spend your Bitcoins. Since the private key is the most important component of all this information, the only way to protect your Bitcoin wallet is to protect your private key. Deciding how you will protect your private key is where your options come into play.

A few different Bitcoin wallet options are listed below:

Bitcoin-QT

The original Bitcoin peer-to-peer open source software created by Bitcoin’s enigmatic founder, Satoshi Nakamoto, this is the core of the Bitcoin system and anybody can download it for free to their desktops. It contains the public ledger that lists every Bitcoin transaction in the system. The main drawback of Bitcoin-QT is that it is only desktop-based; it cannot be used on a smartphone. The upside is you are personally in control of your private key. This is considered the most secure wallet choice.

Bitcoin Wallet

A smartphone app that works on Android and Blackberry, this app is the best choice for those who want an easy to use wallet on the go. Requiring no third parties whatsoever to continue functioning, you are in direct, exclusive control of your own private key.

This means, however, that if you forget to back up your private key and your phone breaks or is lost, your funds are gone forever. If you need access to your Bitcoin wallet away from home and you want total security, this is the option for you.

Coinbase

This is a very mobile, very easy-to-use Bitcoin wallet that has several convenient (if not secure) advantages: firstly, it allows users to send and receive funds via their personal email address, rather than having to use your Bitcoin address; secondly, it can be used via the internet or a smart phone.