By definition, a Bitcoin wallet is a file that stores a collection of private keys (transaction records and Bitcoin addresses), facilitating the exchange of bitcoin for an individual holder. It serves as…a Bitcoin wallet.
Bitcoin wallets may be held in the cloud or on a user’s computer. Both have risk. Cloud wallets can be more easily hacked, while desktop wallets may be deleted accidentally or by a virus.
Though heaps of Bitcoin wallets exist, Coinbase is one of the more popular services, with over 1 million users, 25,000 merchants and 4,000 Bitcoin apps using its API. Hive and Blockchain are similar competitors.