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Saturday, November 28, 2020

Choosing the Best Bitcoin Wallet: Some Vital Tips

Since the launch of Bitcoin in 2009, people correlate it with the terms blockchain or cryptocurrency. It is the first thing that comes to mind. Though cryptocurrencies such as Bitcoin are quite unpredictable nowadays, they still bear some relevance. At present, one Bitcoin may be equivalent to thousands of dollars in value. Bitcoin and other cryptocurrencies will prevail and they tend to rise in value. Many people are keen to possess some of them. Nonetheless, you must know how to keep Bitcoin securely using the best Bitcoin wallet

Choosing the Best Bitcoin wallet 

bitcoin wallet reviewsFor picking the best bitcoin wallet, it is recommended that you do some homework. You need to keep your investment safe and there is a range of Bitcoin wallets and storage gadgets to choose from. Some of the top bitcoin wallets have more features in comparison to the others. They can allow you to keep more cryptocurrencies than only Bitcoin. Besides, there are other safety measures. This is an extensive list and hot wallets typically get priority. Nonetheless, it does not imply that hot wallets are always superior to others. It is essential to know the differences between hot wallets and cold wallets.

Of late, hot wallets are not so safe as cold wallets as far as executing prompt transactions is concerned. Besides, cold wallets are safer if you are planning to go for extensive period storage. However, you should have a transparent idea about both the concepts. No matter how much you invest in cryptocurrencies, secure storage should be your primary goal.

Related Article: The Bitcoin Bedlam: An Investment Disruption Narrative

Given below is a list of some of the Best Bitcoin Wallets of 2020:

crypto wallets

    • Exodus: Most suitable hot wallet for rookies
    • Mycelium: Most appropriate hot wallet for mobile users
    • Electrum: Most popular hot wallet among forward-looking users
    • Trezor Model T: Most suitable hardware wallet for a substantial number of cryptocurrencies. Trezor Model T is a cold wallet.
    • Ledger Nano X: One of the most popular hardware wallets. It is also a cold wallet.
    • Ledger Nano S: One of the best choices for your Buck Hardware Wallet. It is a cold wallet as well.

Exodus: Most suitable crypto wallet for rookies

best bitcoin appExodus is a hot wallet and it can be used as a mobile and desktop wallet. It has a user-friendly interface and an in-built exchange. Using Exodus, you can swap between more than 100 assorted cryptocurrencies. It is the ideal crypto wallet for beginners. It is available free of cost and is compatible with the Trezor hardware wallet. However, there are some downsides as well. An exodus is a closed-source software. The code is not available for everyone to see so that may raise some security concerns. Rather, customers have to depend on the customer support team to make sure there is no loophole in the safety features.

Electrum: Most popular free bitcoin wallet among forward-thinking users 

free bitcoin walletElectrum is one of the top crypto wallets. Launched in 2011, there has not been much modification in its features. Owing to its complicated features, this free bitcoin wallet is a preferred choice for sophisticated users. Electrum supports only Bitcoin and is open-source in nature. You have the option to fix custom transaction fees and swap between Segwit and legacy Bitcoin. Security features like a two-step authentication are an added advantage. Users enjoy compatibility with Ledger and Trezor gadgets. However, there is no customer support for users.

Ledger Nano X and Nano S:  Popular cold cryptocurrency wallets

Nano S is one of the oldest hardware wallets launched by Ledger. The users enjoy compatibility with thousands of cryptocurrencies. However, the package of Nano S does not include a USB Type-C cable. Therefore, advanced mobile phone users might experience connectivity issues with their gadgets. Nano S and Nano X have almost similar features. However, there is no Bluetooth connectivity in Nano S. Nano S helps you store just up to 18 wallets whereas Nano X, the latter version, allows you to keep 100 wallets at the same time. Since cryptocurrencies are stored in the blockchain, there is no risk of losing the cryptocurrency in the wallet deleted by you. You can see both the deleted wallet and the currency inside it on Ledger Live. Nano S is a cold wallet and comes against an affordable price of $59.

The Nano X looks like a USB drive and offers excellent Bluetooth or USB connectivity. It allows you to connect the wallet to your Android or iOS gadget without the help of a computer and supports more than 1,500 cryptocurrencies. Nano X is a cold wallet and comes against a slightly expensive amount of $119. This cryptocurrency wallet is a product of Ledger, a popular French cryptocurrency operator. It is open-source software and offers the additional advantage of community and customer support. There is one downside of Nano X. Some cryptocurrency users think that Bluetooth connectivity can be risky.

Trezor: Most suitable hardware wallet for a considerable number of cryptocurrencies  

Trezor is a cold wallet and comes against $170. Model T belongs to the 2nd generation of hardware wallets. There are many similarities with the Ledger but it offers accessibility to third-party cryptocurrency exchanges such as Shapeshift and Changelly. It still falls in a bit expensive category despite this facility. Model T comes with a touchscreen feature that makes it more user-friendly for novices than the previously available keypad format. The prominent security features include a MicroSD card slot that enables you to encrypt the PIN and safeguard the gadget from potential vulnerabilities. The package contains a USB Type-C cable that helps you connect it with your PC or smartphone. At present, Trezor supports almost 1400 distinct cryptocurrencies. It has many safety features with built-in exchanges. It is open-source in nature and you can use an endless number of wallets at the same time. However, the touchscreen is small so users might face some difficulties in typing. Beginners might get puzzled with hardware wallets as well.

Mycelium – Most suitable online bitcoin wallet for mobile users

Mycelium is available free of cost and is a hot cryptocurrency wallet. Users enjoy compatibility with Ledger and Trezor gadgets. It has an incorporated or built-in exchange. Mycelium only runs on mobile and is an open-source Bitcoin wallet. It has some similarities with Electrum but the differences include a brushed-up user interface and an in-built exchange. Mycelium is one of the oldest online bitcoin wallets. The salient benefits include hardware wallet support that allows you to keep the Bitcoins in an offline storage gadget. You can still monitor the holdings with the user interface. Furthermore, you can fix custom transaction fees to ascertain the waiting time for the execution of a transaction. It can create little confusion for a beginner and it is certainly a downside.   

Remember that the best bitcoin wallet is the one that functions effectively with some of the bigger crypto exchanges to make sure that you execute transactions promptly in the open market.

Kiara Dutta
Kiara Dutta comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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