Cryptocurrency is a financial instrument that can become a digital alternative to paper money. The new technology does not eliminate the need for efficient asset storage. if the owners of banknotes have enough wallets, then digital coins need a multifunctional wallet in which you can not only safely store assets, but also perform various operations with them.
For several years, the most popular and most capitalized cryptocurrency remains bitcoin (btc). the editors of be in crypto decided to find out what storage options are most often chosen by users of the coin in order to highlight the best bitcoin wallet for all occasions.
What you need to know about cryptocurrency wallets
All wallets for storing digital assets can be divided into two ” camps»: hot and cold. They differ in their approach to organizing the workflow. A hot wallet needs constant access to the network for operations. They are more mobile and better suited for everyday use of cryptocurrencies. Cold ones are focused on providing maximum protection of funds. such drives store digital assets offline, which means that hackers will not be able to get to the money. the only way to steal cryptocurrency from a cold wallet is to gain physical access to the device.
In addition, wallets differ in the form of execution and other technical characteristics. For example, there are hardware versions that are similar to a flash drive. They can store cryptocurrency offline. For” hot “storage, mobile and other versions of”electronic wallets” are available on the market.
The best Bitcoin wallets for all occasions
Each user of digital assets has its own priorities, which determine the choice of a program for storing cryptocurrencies. the editors of be in crypto analyzed the most popular scenarios and compiled a rating of bitcoin wallets for each case.
The choice of investors who have invested in bitcoin for a long time
For investors who do not plan to use cryptocurrency for everyday payments, a cold wallet is suitable. Popular options are Trezor and Ledger. devices are hardware wallets. they are designed in the form of flash drives. they can be used to store cryptocurrency offline.
Manufacturing companies have released several models of wallets. For example, the most budget Tresor (Tresor One White) will cost the user $57. the cheapest version of the ledger wallet (ledger nano s) costs $72. prices are as of december 15, 2020.
There are other devices on the market that are less likely to fall into the top of bitcoin wallets. For example, the hardware gadget of Bitcoin Foundation board member Bobby Lee, which he introduced in the spring of 2020.
A popular option for active Bitcoin users
If the user wants to conduct daily operations, a mobile wallet for cryptocurrency will suit him. A popular option is Mycelium. The program is available for Android and iOS users. This bitcoin wallet is an online version of the vault. For it to work, you need regular access to the network.
The project has been a leader among mobile wallets for bitcoin for several years. it is distinguished by the simplicity of the interface and a high level of security for its category.
For those who have anonymity in the first place
Users of digital assets, for whom privacy is an important component of working with a new financial instrument, can pay attention to the stormgain crypto exchange wallet. The software was developed specifically for investors who value anonymity when conducting operations with cryptocurrencies. The Bitcoin wallet is available in web and mobile versions: for Android and iOS.
Option for traders
Cryptocurrency investors who want to make money on assets will be able to use an exchange wallet. A popular option can be found on the Finance trading platform. The digital asset exchange has been leading the market in terms of trading volumes for a long time.
On the Binance platform, you can find all the necessary functionality for conducting transactions with cryptocurrencies. At the same time, the funds of Binance users are protected by the SAFU fund.
For those who want to get everything at once
An intermediate option that combines the advantages of other types of storage is a desktop crypto wallet for bitcoins. In most cases, they support both hot and cold storage of cryptocurrencies. To work, the program must be installed on your computer. Most developers of such repositories are focused on users of various operating systems: from Windows to Mac and Linux.
A popular version of the desktop wallet is electrum. the software appeared on the market in 2011 and has repeatedly proved its effectiveness over the years of its existence. electrum is a “light” version of the dextop wallet – you don’t need to download the bitcoin blockchain to make it work. the alternative is bitcoin core. to work with this popular bitcoin wallet, you will need to download the cryptocurrency blockchain.
The market offers versions of bitcoin wallets for all occasions. Each program has its own advantages and disadvantages, which often force investors to use different types of storage at the same time. To other conclusions:
- Over the years, the crypto industry has developed its own leaders and outsiders among bitcoin wallets. the presence of successes and failures of projects today allows you to make ratings of programs, thanks to which you can choose safe ways to store cryptocurrency.
- There is no single solution that can combine the high level of security of hardware wallets and the mobility of online versions.
- Both free versions of bitcoin wallets and paid versions are available to users.