Bitcoin has attained widespread acceptance and, its popularity continues to grow with time. Despite being in the early adoption stages, Bitcoin is now a typical investment holding among tech-savvy businesses and individuals worldwide. It is simpler to use in transactions, offering better privacy, security, and transparency than conventional fiat money.
Many businesses and individuals now use Bitcoin as an investment instrument and mode of payment. A Bitcoin wallet is the most secure platform to store Bitcoins. Unlike stocks held by brokerage firms, Bitcoin users have the option of keeping their holdings on wallets online or offline. Reputable crypto exchanges such as Bitcoin Storm Official App can either store your tokens in their wallet online or let you move them to an outside wallet.
The best Bitcoin wallets make it easy for users to manage their crypto portfolios and store their digital assets. However, choosing the best wallet may be confusing, mainly because new wallet technologies come into the market almost daily. Nevertheless, the following are some of the most popular Bitcoin wallets to consider when investing in cryptocurrencies.
Exodus is a free mobile and desktop digital wallet with a simple user interface and an in-built exchange. It offers cloud storage and allows users to swap between more than 100 different cryptocurrencies seamlessly. It also comes with good customer support and optional cold storage support. The wallet also has the option for setting custom fees to reduce transaction costs or automation to speed up the processing of transactions. Exodus’ simplicity makes it an excellent pick for beginners but, it is also a closed source software, which could impact some security concerns.
Electrum is among the pioneer Bitcoin wallets, which have been around since 2011. Although it has undergone some changes, the wallet is also free and supports cloud and cold storage. It boasts greater security than most wallets, although it is only for Bitcoin. Electrum is also open-source, allowing users to customize transaction fees and determine the security levels they wish to use. For instance, users can opt for standard wallets with either a 2-factor authentication or a multi-signature authentication. However, it has a bare-bones user interface, mainly suitable for more advanced Bitcoin holders. Electrum does not offer customer support.
Ledger Nano X
Ledger Nano X is different from the Bitcoin wallets discussed above, going for about $119. It only supports cold storage, which makes it more secure. Unlike most of its counterparts, the Ledger Nano X desktop or mobile app connects to devices via Bluetooth or USB. The hardware wallet supports more than 1,800 cryptocurrencies. It also has the Ledger Live software with an intuitive and convenient user interface. That allows users to add new wallets for different digital assets to their devices more conveniently. Despite the reported hacks in 2020, Ledger Nano X remains the best hardware wallet in the market.
Trezor exclusively supports cold storage and retails at about $190. Many users applaud its security features. The Trezor Model T is Trezor’s second-generation hardware wallet, with many similarities to the Ledger. However, Trezor allows users to directly access third-party exchanges such as CoinSwitch and Changelly from its web interface. Unlike the previous model with buttons, the Trezor Model T uses a touch screen that ensures ease of use for beginners. It also features a microSD card slot, enabling users to encrypt their PINS and protect their devices from hacks. The wallet supports over 1,600 different cryptocurrencies and, its users can also connect to their smartphones and desktops via USB.
The variety of Bitcoin wallets in the market means you have many options when choosing a wallet for your crypto. Whether you choose an online or hardware Bitcoin wallet, the suitability of any crypto wallet mainly depends on its ease of use and security.