A bitcoin wallet is a GUI software that enables users to buy and store their bitcoin. It also acts as a direct client to the blockchain thus providing the essential function of bitcoin transactions. There are different types of wallets with different security and backup features. Web and mobile wallets provide ease of access but are considered less secure at the users’ end. Completely isolated hardware wallets provide better security and reliable storage. Some wallets support multiple cryptocurrencies, others provide exchange services as well. Bitcoin can also be stored on hard paper by printing the private key and physically securing the printed paper. This type of storage is also known as cold storage.