The introduction of Bitcoin, a popular cryptocurrency, has added momentum to the concept of digital payment. However, 9 years on, there is constant debate about how good and safe this digital currency is, and the furore is still alive.
Bitcoin has been going pretty strong against the US dollar in recent years, therefore, functioning as an investment option for people. While it can give you double the returns over the next couple of years, it can also experience a downtrend that offers you absolutely nothing.
So, understand the risk factors involved, and if you're still determined to stay invested in it, get a bitcoin wallet to invest and hold the currency.
What is a Bitcoin wallet?
A Bitcoin wallet is a program in which your public and private keys are stored and which helps you send or receive funds. So basically, a Bitcoin wallet of the individual who owns the balance stores the currency in the form of a unique Bitcoin address.
There are types of Bitcoin wallets:
- Software Portfolios - are the apps available on smartphones and PCs. Easy to use, these apps are also potentially exposed to hacking and malicious attacks. These wallets are intended for smaller online or offline transactions using Bitcoin.
- Hardware Wallets - they are solid devices that manage their own software wallet. These are relatively safer than traditional software wallets because the former requires you to manually press buttons to block a transaction. This process makes it difficult to compromise hardware wallets and therefore they are perfect for larger transactions of any cryptocurrency, including Bitcoin.
Here's a quick rundown of some of the best Bitcoin wallets to get you covered.
Coinbase is a software wallet widely known for buying, selling and storing cryptocurrencies such as Bitcoin, Etherum, and more. Transactions are super easy and are done instantly, using a bank account or debit card. What's more? It also allows you to check prices and pricing tables on your desktop or on your Android or iOS smartphone using their app.
In addition, the program saves over 98% of the cryptocurrencies offline and the rest are protected by the best online security programs. Best of all, it also makes the buying process a lot easier by setting up the automatic purchase option.
Price: The rate is based on the location and payment method used
Electrum is another popular Bitcoin wallet that, despite having an outdated and not-so-pretty interface, is a powerful and secure desktop wallet in the category. While it keeps your private keys and password locked and safe on your computer, you can also recover funds from a hidden stage.
The software uses servers that index the Bitcoin blockchain, making it faster. Furthermore, it also allows you to export your private keys which can be further used in other Bitcoin clients. The best part is that this software's servers are located and shut down to avoid downtime.
It also verifies all transactions in previous records with SPV. Protecting your private keys by keeping them offline, breaking authorization by helping you spend your coins between multiple wallets or the inclusion of third party add-ons, hardware wallets and more are some of the other main features of this program.
Price: The default fee is a fixed price of 0,2 mBTC which can be reduced to 0,1 mBTC * or less
Ledger Nano supports a wide variety of cryptocurrencies and altcoins, including Bitcoin. It allows you to safeguard your crypto assets more efficiently by using a secure chip. The best part is that your private keys are securely stored on a chip that is locked with a PIN code. It is the same thing that is used in credit cards and passports.
Furthermore, it supports multiple cryptocurrencies (more than 40) which include Bitcoin and Ethereum. The interesting thing is that there are only two buttons to control the device and all actions are authenticated on the display. Then, there is the Ledger Live companion app that allows you to easily manage your crypto transactions. Additionally, your crypto assets are protected even if the Ledger Nano device is lost, as your device is backed up by a private recovery phrase.
Price: $ 95
A BitPay Bitcoin wallet, Copay is a software wallet that keeps your funds safe by using multiple signatures, or just one. It is purely a bitcoin wallet and not an account service. This wallet does not burden the customer with tedious address management and instead saves several individual bitcoin wallets, securely. This allows both companies and users who wish to keep their data confidential to separate funds carefully.
Additionally, Copay supports the full Bitcoin payment protocol which helps verify your payment securely by making sure it goes to the right destination. What's more? It also offers local support for Bitcoin Testnet, which helps developers test new Bitcoin apps on different platforms. Best of all, both Copay and the server are open source.
Price: free and open source
Trezor (Hardware wallet)
Trezor is one of the popular hardware wallets after the Ledger range which supports multiple cryptocurrencies including Bitcoin and Ethereum. The device, they say, was introduced for your digital independence that protects your digital assets in the simplest way.
The device is examined and verified by their security researchers and their past record. It is accompanied by incredible customer support available to assist you at all times. What's more? This cross-compatible device also features a responsive and easy-to-use interface that increases your safety and peace of mind. The best part is that it allows you to recover access to your digital funds from the offline backup, in a fixed 5 minutes.
Price: $ 95
Exodus (Desktop Wallet)
Exodus is a pretty-looking desktop wallet for bitcoin and highly responsive. This software offers security benefits equal to any other popular Bitcoin wallet. This is designed specifically for desktop which converts your Bitcoin and other digital currencies into a wallet with charts and graphs. Your wallet offers an effortless trading experience and supports multiple cryptocurrencies (over 85) including Bitcoin and Ethereum.
The whole process is fun and easy to learn, while allowing access to blockchain resources. It is perfect for beginners as it hides intricate details in the blink of an eye. With dedicated 24/24 customer support and an online help desk, it makes things easier for anyone who needs help.
Price: Charges 1% to 3% of the spread on major exchanges
Ledger Blue is another fantastic hardware portfolio from the Ledger range that adopts most of the functionality of the Ledger Nano S. This premium hardware portfolio offers a state-of-the-art experience to its users with a huge touchscreen display. Designed around a secure element, it comes with all the security features you have come to expect from the Ledger range.
In addition to an attractive color touchscreen, the Ledger Blue offers all the same features as the Ledger Nano S.
Price: $ 199,99
Opendime is another great hardware wallet available in the form of a USB stick. It's called the Bitcoin Stick which you can use to spend like a dollar bill. The device works as a USB flash drive compatible with any laptop, computer or phone. The Bitcoin address and other useful information are stored inside in the form of a QR text and image file.
You can even share the device with anyone without worrying about the safety of your funds. The private key is strictly safe in your device as it is created inside the device and is completely confidential. The best part is that it can be streamed multiple times absolutely free. Built on the core functionality of Bitcoin, Opendime has been steady for the past 5 years.
Price: $ 119,96
One of the leading digital wallets in the field of blockchain and digital assets, Jaxx can be paired with multiple devices. It is available on all major platforms such as Google Chrome, Windows, Linux, Mac OS X, iOS and Android. The best part is that it's completely free.
Furthermore, it allows you to have total control of your private keys without storing them everywhere. It is a reliable software with an easy to use user interface that offers a simple and refined experience. There is no need to enter an email, username or password to log in, making the whole process extremely convenient.
One of its main features is the seed backup which allows you to check and recover your crypto funds in case the device is lost or damaged.
Price: Apply the transaction fees that go to the networks that run your favorite cryptocurrencies
Blockchain is a technology that also offers online wallets to store your crypto assets. It is the safest form of wallet known for both storing and investing cryptocurrencies. It serves over 30 million portfolios with $ 200 billion in transactions already made. Best of all, it charges the lowest fees in the industry and offers first-class security.
It gives you complete control, lets you back up your funds and even protect them from unwanted access.
Price: Automatically deducts the required transaction fee from your funds
Armory is an open source wallet that includes cold storage and supports multiple signatures. It comes with a unique interface that offers the best practices available to everyone. The software is especially for developers which offers a great foundation for Bitcoin apps.
It also helps manage large Bitcoin funds as well as offering help for hedge funds, exchanges, trusts, and more. Multiple encrypted Bitcoin wallets and permanent one-time paper backups are some of the main features Armory offers. In addition, they boast a highly experienced team who are experienced in cryptography and private key services.
Price: The transaction fee is set by the network
BitPay is a well-known customer-centric software wallet. It allows you to accept Bitcoin and Bitcoin cash, save them and even spend them in the safest way. It can also convert Bitcoin to dollars using the BitPay card. It offers various tools that allow access to different markets such as retail, billing, donations and e-commerce.
You can even manage your blockchain funds in a single app with this open source and secure wallet. Most importantly, it is available for all major mobile phone and desktop platforms. What's more, you can also load dollars anywhere with the bitcoin wallet.
Price: BTC or BTH mining fee is automatically included in the payment
Ledger unplugged is a small hardware wallet that comes in the form of a credit card. It helps protect your crypto funds and works as a perfect match for your Ledger Nano S. You can also add new cryptocurrencies and view your balance in just a few clicks.
Among its main objectives are the integration of the IOTA foundation for the secure storage of IOTA tokens, the offer of limited edition white papers and availability in Hong Kong.
Price: transaction based fees
Mycelium is a Bitcoin wallet for mobile phone platform that has been tested by thousands of users over several years. This is a useful Bitcoin wallet that integrates with many third party vendors. Colored coins and new PoS blockchains are some of the new initiatives that will open up a whole world of opportunities.
It will soon extend its “money management” function to various ideas related to personal finance, value management and social communication.
Price: free to use; transaction fees are based on the size of the transaction.
Software, hardware or online wallet, it completely depends on your convenience which type of Bitcoin wallet you want to choose. choose from the list above and increase your profits with safe and advanced transactions.
