A bitcoin wallet is nothing but a software program which is used to store your crypto currency. As bit coins are virtual money, they cannot be stored anywhere. Whereas people who own them will have an address or public key and also they have a private key which acts as a password to their respective address. With this wallet, bitcoin users are able to send, receive and store these crypto currencies and one can also check their balance.
There are many forms of wallets namely desktop, mobile, web, and hardware and there is another type called paper wallet which is not widely used by all. Obtaining any one of these wallets is the first step in obtaining bit coins. Since bitcoins are same as cash, they need to be stored in a secured wallet.
There are many companies that offer these wallets and they used to develop partnership with a crypto currency payment processor called bitpay. Many government departments and local counties which are transacting using bit coins are accepting this as its processor. You have to keep your wallets safe as they are prone to hack by hackers.
To keep these wallets safe, all you have to do is changing your public key on a timely manner which will be given to all other bitcoin users. The next important thing is you should not share your private key or bit coin wallet password to anyone. BY doing this, no one can hack and also eavesdrop on your bit coin transactions.