Are you’re getting started to use Bitcoin? If so, you might be wondering how to safely store your Bitcoin. Before you even buy your first Bitcoin or any other digital currency, you need to choose a wallet where you can securely store the coins or tokens.
Unlike your pocket wallet that holds physical fiat currency, a cryptocurrency wallet is electronic and includes a public and private key. A cryptocurrency wallet enables users to send and receive digital currency and monitor their balance. You may get hardware or software-based wallet that allow you to store and access your Bitcoin.
There are several Bitcoin wallets available in the crypto sphere and each category has multiple options to choose from. There are online wallets, hardware and software wallets, as well as paper wallets. If you’re a beginner, it might become daunting for you to choose the best cryptocurrency wallet. So, here we’ll walk through the desired traits of a crypto wallet and some of the most popular options from each category to store your Bitcoins safely.
When it comes to choosing a Bitcoin wallet, you need to consider a few things. The traits like cost, user-friendliness, security, mobility, and style play a vital role in the final decision making. While choosing a wallet, pick a wallet that offers the perfect combination of these traits.
Now let’s check out some reliable crypto wallets in different categories.
Trezor – Hardware Wallet
Hardware wallets offer the highest level of security because you don’t need to rely on a third-party website to store your Bitcoins. One of the best hardware wallets available is from Trezor that is known for providing top-notch crypto security. Trezor hardware wallet protects crypto coins against virtual, as well as physical theft. This wallet looks like small USB sticks that can be plugged into your computer to get access to your Bitcoin. Trezor hardware wallet is also popular because of its portability.
Electrum – Software Wallet
If you’re looking for a software wallet, consider using Electrum. This is one of the most popular software wallets because it’s fast and lightweight for desktop and mobile operations. It gives quick access to cryptocurrency and the software is easy to install and use. You can use it on your phone or computer to access your private key. Electrum wallet offers cold storage solutions and option to integrate with hardware wallets like Nano Ledger S, Trezor. You get good security with two-factor authentication and no server downtime problem.
Coinbase – Online Wallet
Some users prefer hot wallets because these are user-friendly. For those who want an online web-based wallet, Coinbase is the best option. Coinbase is one of the biggest cryptocurrency exchanges that allow users to trade many different cryptocurrencies. With Coinbase wallet, it is easy and free to transfer funds to the GDAX exchange. Online wallets are prone to hacking but you can cautiously store some Bitcoin on Coinbase to have quick access for trading. To ensure your safety, there is an option to activate 2-Step Verification and Google Authenticator.
MyEtherWallet – Paper Wallet
Crypto users who don’t want to spend money on hardware wallets may consider using a paper wallet. A paper wallet is literally a piece of paper with a QR code or other code printed on it. You can scan or enter this code to access the Bitcoin inside the wallet. MyEtherWallet is a famous paper wallet. To use it, you need to generate your wallet online at myetherwallet.com.