Recently I noticed that many people have trouble understanding the idea of a wallet for Bitcoin.
I hope this guide will clear up your questions and let you understand about Bitcoin wallets.
Bitcoin – Currency like a Dollar, Euro, PLN etc.
Wallet – A “bank account” where we hold money. But no one can steal from him. Of course Bitcoin does not have banks, and anyone can have their account.
So generally no matter if we use Mycelium or Electrum wallet or something else - we have the same money everywhere.
Personally, I will be showing wallet from Mycelium (Android) and Electrum (Linux / other operating systems)
1) Mycelium (Android)
We will generate the wallet on Mycelium, because it will be easily imported to Electrum.
First, the program asks if you want to create a new wallet (Create New) or restore it (Restore Backup).
This might just confuse beginners even more. "Wallet" is really a bad metaphor. A Bitcoin "wallet" is not a wallet at all. It's more like a key chain that contains the keys to access all of your Bitcoin addresses. "Address" is also confusing. A Bitcoin address is really more like an account identifier. You need a private key to access each of your "accounts," which are stored on a public ledger called the "blockchain."
The term is misleading. People may think that they have bitcoins on their computers when the bitcoins are actually stored in a public ledger.
Why Mycelium is the best option to use? There are other and cheaper ones as well...
So which wallet is better?
if you use the same account in multiple locations, you have more chances of stealing. That's bad right?