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What is a bitcoin wallet?

On a practical level, a Bitcoin wallet is a device or program that is used to send and receive bitcoins. The term wallet can be a little confusing for people new to Bitcoin and crypto. A physical wallet is used to store physical currency, however a Bitcoin wallet does not store bitcoins within it. How can this work?

What are bitcoin exchanges?

Bitcoin Exchanges. Places to buy bitcoin in exchange for other currencies. Note: Exchanges provide highly varying degrees of safety, security, privacy, and control over your funds and information. Perform your own due diligence and choose a wallet where you will keep your bitcoin before selecting an exchange.

Should you use an exchange or your own bitcoin wallet?

When you rely on an exchange, you have a more convenient experience. You don’t have worry about securing, backing up, or otherwise managing your own Bitcoin wallet. The exchange’s website will be more secure than many people’s computers. Should you hold your Bitcoin in a web-based wallet provided by in an exchange, or your own Bitcoin wallet?

Can you transfer Bitcoin from Coinbase to another wallet?

Coinbase does allow you to transfer the Bitcoin from the Coinbase exchange to another Bitcoin wallet, if you like, but you have to go out of your way to do that. This dramatically simplifies the process of buying Bitcoin. You don’t need to install and manage a Bitcoin wallet program. You don’t have to back up your wallet.