What are Lightweight Wallets or light purses?

Lightweight wallets are wallets that work using a connection to a series of servers that allow them to obtain all the information they need about the cryptocurrency payments they make. It is a simplified form of a wallet that makes running a full node unnecessary, while maintaining a good balance between security and usability.

Una of the most feasible options to store our cryptocurrencies efficiently are the Lightweight Wallets. These allow us to manage all our assets quickly and safely without having to download all the blockchain.

This type of wallets operate thanks to an external full nodeThat is, a node that does own a copy of the cryptocurrency blockchain. So light wallets they should not download the blockchain in its entirety, but rather, a fraction of it. What they allows faster sync speed, at the same time that save a lot of storage space.

That is, you have a purse in a few megabytes, instead of a few hundred gigabytes, something excellent for smartphones, which do not have that storage capacity. This way of operating is due to the Simplified Payment Verification (SPV), which makes it possible for wallets to download only a small part of the blockchain. And although they cannot verify a transaction on their own, they trust others. nodes. from the network to verify that the transaction has been validated and added to the blockchain.

Regarding security and integrity, despite depending on an external node, which may be from a stranger, these wallets store private keys within the same device which runs them and not on an external server. Thanks to this, there is high security for our funds by never informing the node of the private keys.

However, depending on a third party, if it becomes corrupt, the way our information is reflected in the wallet, or even our information, could be affected. privacy (since Bitcoin is not anonymous). But we emphasize, our funds cannot be stolen even if this happens.

Characteristics of Lightweight Wallets or light purses

1. You have control of private keys.
2. The Lightweight Wallets they don't need to download the blockchain of a cryptocurrency totally. This is because they operate through an external server, that is, from other nodes that are connected to the network.
3. By not downloading the blockchain completely, you dramatically reduces sync and setup time of the wallet. So they are faster and consume less storage space.
4. They use the Simplified Payment Verification (SPV) system Since they do not have a complete and exact copy of the blockchain, they cannot confirm the transactions by themselves. Rather, they rely on other nodes to confirm the veracity of information.
5. Light wallets ask the nodes for the Mekle root of the block to which the transaction belongs. This allows identifying the block where the transaction is, and verifying that the transaction has been validated by network miners and added to a block on the blockchain.
6. SPV technology is safe and reliable and it allows to verify transactions quickly. Therefore, the wallets that implement the VPS are more reliable than the web wallets.
7. The Lightweight Wallets they can be desktop wallets and online walletsHowever, the most common are mobile wallets. Known as thin clients since they operate from our smartphones as applications. And therefore, it is necessary that they occupy little space within our devices.
8. Most Lightweight Wallets are free, and must be downloaded from official sites.

Recommendations for use for lightweight wallets

1. If you are a miner, it is not recommended to store or manage mining rewards to a thin client wallet. This because the rewards are made up of several micro transactions, instead of a simple send and receive transaction. This is a situation that thin clients are generally not designed to handle.
2. It is recommended to use them to store small amounts of money. This because these wallets depend on the Internet for their operation, and despite the fact that the private keys are in the device, being cautious does not hurt.
3. Whether you use a computer or mobile wallet, we recommend keeping your computers free of viruses and malware. Since these could steal your keys and have your funds.
4. In the same way, it is recommended to download and install the wallet applications only from the official websites of the companies. And not from advertisements or others, since they could contain a virus that infects your computer.
5. When you access online wallets, make sure that the address you use for login is secure and that it uses secure encryption.

Some examples of lightweight wallets

Among the category of wallets that operate with thin clients, the most popular is Electrum. However, there are many others that use this feature and do not require downloading the entire blockchain. Therefore, they also work faster, more efficiently, safer and with less storage space. Let's see which are the most used.

desktop

Electrum

As we have already seen, Electrum It is a desktop wallet that has separate clients for major cryptocurrencies like Bitcoin, Litecoin, and Dash. Each of these can be downloaded from official websites. Electrum uses the SPV to verify transactions. For this, the SPV client only downloads the block headers and requests a Merkle tree inclusion test. This purse can be synchronized with other hardware such as Trezor or Ledger.

smartphone

Mycelium

A company focused and specialized in the development of software, hardware and security. Who implemented the Mycelium Wallet, a mobile wallet that supports the management of bitcoins in a safe, fast and efficient way. Like Electrum, this wallet can sync with other physical wallets like Trezor and Ledger. And by implementing the SPV technology also allows you to quickly synchronize with the Bitcoin network, without downloading the entire blockchain.

Bither

This is another wallet that implements the SPV client to make fast, secure and reliable transactions. Bither It only supports bitcoins, but it has two very interesting functionalities. The first, operates as a cold wallet or cold storage purse that allows you to store private keys without the need for an internet connection. The second, as an online hot wallet or purse, from where you can manage and verify your transactions. It is compatible with Android, iOS, Mac and Windows operating systems.

Edge

Edge is another mobile wallet that integrates the SPV thin client, which only downloads a small part of the blockchain for the verification of operations. This wallet offers the option to buy, store and trade multiple cryptocurrencies. It even allows the exchange of fiat money for crypto assets. Another quality of this purse is that it is deterministic, so that infinities of addresses are generated from the seed. Edge Wallet is currently only compatible with smartphones on Android and iOS systems and not with computers.

Bitcoin Wallet

It is a very reliable, easy to use, fast and secure wallet. Bitcoin Wallet it uses simplified validation through the SPV system. It is fully decentralized, giving you absolute control over your funds, while being open source, making it auditable and verifiable at all times.

On-line

BitGo

A wallet for the management of bitcoins that offers custody and storage services of bank (institutional) grade. BitGo is one of the most trusted wallet providers within the crypto ecosystem. It operates with a multi-signature security system that is ideal for entrepreneurs, corporations, and financial institutions.

Bit2Me Wallet, a wallet that adapts to your needs

Light wallets are the perfect union between safety, ease of use and speed, but there is another option that offers all these advantages, Bit2Me Wallet. Among the features that Bit2Me Wallet offers you are the support for multiple cryptocurrencies, multiple currencies, integration with Bit2MeTrade and the exchange or swap of cryptocurrencies. In addition to a quick and easy way to buy cryptocurrencies using bank transfers, debit or credit card or our network of physical stores tikebit.