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Correct.
Ask yourself: what if they disappear? Can you still access your Bitcoins? If the answer is no, it's not a wallet.
Another thing: don't trust anybody
NEVER show anyone your private keys or seeds, assume everybody is out to get your money, as they most likely are.
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It has no limits on how many Bitcoins you can store.[/quote][/quote]
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4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.
Again: Coinbase is not a wallet, it's an exchange.
ok maybe I am not understanding the difference. From what I understand an exchange is where you can buy and sell Bitcoins correct? A wallet is where you store them once you have purchase them. Again: Coinbase is not a wallet, it's an exchange.
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Coinbase I do understand has an exchange componet to it, but form what I have read they have a Mobile wallet https://www.coinbase.com/?locale=en
That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?
Several companies call their own centralized system a wallet. In my definition a wallet gives you (and only you) full access to your private keys. In other words: if Coinbase would turn off their webserver, you can't access your Bitcoins anymore. That has happened to several "trusted" exchanges in the past.That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?
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I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?
Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.
Are you sure Xapo is not a wallet ?Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.
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Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.
One more thing: don't instantly find a limit higher than $3k. Start small, buy some, transfer some, learn how change addresses work, try some wallets, make backups, and get used to how it works. Once you're confident you know what you're doing, buy and store the large amount you want to invest in.Another thing: don't trust anybody
NEVER show anyone your private keys or seeds, assume everybody is out to get your money, as they most likely are.To be clear I do understand they are just storing Bitcoin, not Canadian currency. I am clear on that. But when it comes to support or purchasing products in Canada. There has been some limitation from what I have found.
Storing Bitcoin and buying Bitcoin are two completely different things. The moment you touch dollars, you're in for a full Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Once it's in Bitcoin, it's the Wild West