If you are having a discussion about cryptocurrency in a group, the first thing anyone in the group will always ask is about the price of Bitcoin. This tells you how popular Bitcoin is?
My first investment in cryptocurrency was Bitcoin. It is one of the most sought after cryptocurrencies in the world and why not it is has given an ROI of 5,988.58% from day one.
But, the question is How to choose the best cryptocurrency wallet to store your Bitcoin safely and securely?
BTCUSD Chart by TradingView
Buying Bitcoin is easy but, storing it safely is one heck of an issue. There have been so many instances when individuals have lost their Bitcoins to hackers and scammers.
In such situations, the primary problem has always been the Cryptocurrency Wallet and the secondary was the mistake made by the owner.
Therefore to solve the primary issue we need to select the right wallet. In this article, I will be discussing the best cryptocurrency wallet available in the market.
But first, let’s understand the different kinds of cryptocurrency wallets available and which are the safest.
Kinds of Cryptocurrency Wallet:
There are four kinds of cryptocurrency wallets presently available and they are:
- Online Wallet
- Offline Wallet (Cold storage)
- Web Wallet
- Paper Wallet
As the name states, these are cryptocurrency wallets that are always online, as a mobile wallet. It is recommended to use them only when you want to perform a transaction. They are not recommended for high storage purposes.
Offline wallets are those wallets that are mainly used for storage purposes as they are mostly offline, as a hardware wallet. They are online only when transfers have to be made to and fro from the wallet.
They are those wallets that are maintained by a third party on the web and are always online. The best example of a web wallet is Coinbase and Exchange wallets. They are not at all recommended for storage purposes.
Creating a paper wallet was meant to write down the private key and the Bitcoin address. It was used in the early days but, is no longer used now. It is not recommended for storage purposes as the chance of losing or misplacing the paper by the user is very high.
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Best Cryptocurrency Wallets:
Below is the list of best cryptocurrency wallets to store $BTC according to your requirements.
If you are a HODLer and want to store securely then you need to purchase a Hardware wallet to keep your assets safe and secure. Hardware wallets generate and store the private key within itself.
They are also known as cold storage wallets as they are mostly offline (unless you want to send/deposit cryptocurrency).
You can purchase them online using debit/credit card or through Bitcoin. Below is the list of most trusted hardware wallets.
A mobile wallet is the best wallet for those who are using their cryptocurrency assets for trading or online purchases. As mobile wallets are always online therefore they are considered not as secure as hardware wallets.
It is always advised to keep a small number of your assets in these wallets. The following are the most trusted and best cryptocurrency wallets for mobile.
A desktop wallet is a kind of cold storage wallet depending on the amount of time your personal desktop has been online. But, in this age of connectivity, every computer is always online. I personally do not consider it as cold storage and will never recommend you too.
As I lost more than $800 worth of crypto while using my desktop wallet. This is because of the security updates now days being offered by almost all operating systems.
As soon as you go online your system will ask you to download updates and if you do not have your Private key written in a paper you will lose everything
Web wallets are the third party controlled wallets. Such wallets are never recommended to store your cryptocurrency assets. They are costly, not reliable and do not provide you the private key of your wallet. Below is the list of best cryptocurrency wallets available on the web.
So, Which wallet do you think fits you according to your requirements?
Follow these simple rules and you will be safe and secure:
- For trading and transactional purpose, online wallets are the best.
- For the long term, HODLing purpose cold storage or offline wallets are the best.
- Always create a backup of your wallet.
- Always keep your Private key and backup phrase somewhere safe.
- Never reveal your Private key and backup phrases to anyone.
- Never trade or open your wallet in public places.
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