Exchange (custodial)
Your Bitcoin is held by an exchange. You don’t control the keys. High risk of hacks or frozen withdrawals.
💼 Hardware Wallet
A physical device (Ledger, Trezor, Coldcard). Keys stay offline. Considered safest for long-term storage.
📱 Software Wallet
Apps or desktop wallets (Electrum, BlueWallet). You control the keys, but vulnerable if your device is compromised.
⚡ Lightning Wallet (non-custodial)
Wallets where you run your own Lightning channels (Phoenix, Breez, Zeus). You hold the keys, but it’s more complex to use.
🏦 Custodial Wallet
Examples: Wallet of Satoshi, Cash App, Strike. Easy to use, but someone else controls the keys.
📝 Paper / Steel Wallet
Seed phrase on paper or engraved in steel. Secure if hidden well, but can be lost, stolen, or destroyed.