The cryptocurrency market is unforgiving for mistakes and thus, the key principle of operating in the industry is actually making an educated choice. In this guide, we’d like to provide a detailed explanation of how to choose the right Bitcoin wallet.
With Bitcoin grabbing the attention of both novice investors and amateurs, you may start asking yourself on whether it’s the right time to get in. Indeed, blockchain technology is promised to grow in the future, and, according to Accenture Research, reach its maturity by the year 2025. As follows, blockchain is predicted to become a part of our daily lives just in six years from now. The first step on the road of implementation may be an opening of Bitcoin wallet.
One thing to keep in mind while choosing a Bitcoin wallet – make an educated choice. It is not rare that inexperienced users become victims of scam. Generally, there is a basic list of criteria you may consider when opening your Bitcoin wallet. Below, you will find a more detailed description.
Types of Wallets
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We made research and would like to present you 6 Bitcoin wallets that deserved our highest esteem.
Coinbase – Best Web Wallet
This wallet is the easiest option if you want to buy and sell crypto. Maintained on multiple devices, it gives a possibility of connecting to a bank account and seamlessly transferring money in and outwards. Combined with instant purchase of digital tokens, that makes it an excellent choice for the ones stepping in a crypto world.
Even though in the past Coinbase was not always a safe haven for Bitcoin (recall the case of Mt. Goxx hack), the platform took a good lesson and made considerable improvements towards security.
Trezor – Best Hardware Wallet
As a hardware wallet, Trezor takes leadership when it comes to security. Taking a form of a separate device, it should be plugged in each time you would wish to access your balance. Trezor can be used for multiple currencies and has other useful features such as password manager and two-factor authentication device. One advice to keep in mind – the loss of password or device itself may entail the long process of recovery. After all, the wallet is meant to protect your funds, so it is doing its job well.
Electrum – Best Desktop Wallet
To store your coins on the web, you may consider going in favor of Electrum. It is supported on Mac OS X, Linux, and Windows and enables connection to hardware wallets. While being an offline wallet, it guarantees security, and at the same time can be installed and run easily by both beginners and advanced users.
Crypto.com – Best Mobile Wallet
The platform offers an innovative approach towards cryptocurrency and payments. Selling at a true cost, Crypto.com also offers Metal Visa cards with 5% cashback on all spendings. And that is not all – the users even have a possibility of getting instant crypto loans by deposing cryptocurrency from their accounts. Innovative approach, catchy interface and a variety of features – that’s what makes Crypto.com wallets simply outstanding.
Bitcoin Paper Wallet – Best Paper Wallet
If you want to guarantee the security of your savings, paper wallet is probably the best you can opt for. While generating unique addresses and public and private keys for print-out, Bitcoin Paper Wallet may assure that your long-term savings will remain in the same place, safely stored against hacker intrusion. Besides, its tramper proof technology will guard your account from unintended guests might have the interest to look on your Bitcoin balance.
Things to Keep in Mind
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Prior to registering your wallet on any of the platforms, it is advised to look up for the characteristics you will base your selection on. Among the most common can be listed:
Security features
Control over private keys
Hot/cold wallet
Friendliness of interface
Compatibility with other devices
Deciding on the purpose of you need your account for, the frequency of future use and devices you want it to be connected is crucial when opening a Bitcoin wallet. This choice will predefine the quality of your future transactions and the experience you get from using your coin storage.
