Collecting and storing Bitcoins is very important for us to protect your investments. So, which is the most reliable Bitcoin Wallet? See the best options.
Bitcoin, the crypto currency that ravaged the world, emerged as an alternative to the state-funded currencies we are accustomed to on a daily basis. Supporters continue to claim that Bitcoin and other crypto currencies are easier, safer, and offer better privacy than traditional currencies.
Compared to the US dollar and other currencies, the value of a Bitcoin has increased tremendously over the last few years, and this extraordinary increase has been recognized as a whole new investment opportunity for most people. Bitcoin is still one of the most favorite investments thanks to its supporters, even though it has moved away from the peak of all time in the days we left behind.
Before investing your money in Bitcoin or any other crypto currency, it is important that you understand the risks. Because Bitcoin can easily rise again by multiplying its value in the coming years or it can easily fall to near zero.
If you understand the risks and are ready to move forward, you can start browsing the best Bitcoin wallets and alternative wallet options on this list where we focus on security.
1.Best Online Wallet: Blockchain.com
During the past years Mt. Gox, Bitfinex, Bitgrail after the stock market disasters such as the value of the wallets became more understood. While stock exchanges continue to raise the appetite of greed-hacked cyber pirates, web-based wallets may contain some security risks. Nevertheless, these wallets are a safer choice than the stock exchanges with high risk levels.
Claiming to be the popüler most popular digital wallet in the world, ”Blockchain.com has more than 28 million wallets and has carried out more than 150 million transactions. Blockchain.com where security comes first, it is possible to store your crypto money safely.
2.Best Software Wallet: Electrum
Electrum is also a popular and free crypto money storage option and one of the most trusted desktop software wallet applications. Electrum, which has been on the market since 2011, can also be used on smartphones.
The most important feature of Electrum, which stands out with its ease of use and interface, is its security. At Electrum, users have control of their private key, just like any other desktop wallet, and the program does not have access to this information. Of course, you need to keep these complex and long keys, not lose them and not share them with anyone.
Many online wallets and stock exchanges do not give you control of your private keys; this means extra risk. In these cases, you need to build trust with the other party, as well as have the chance to have cyber attack activities.
Electrum also has 2FA validation and Electrum supports hardware wallets and cold storage, which we will discuss in more detail below.
3.Best Hardware Wallets: Ledger, Trezor and KeepKey
If the crypto investment is important to you, if you are considering long term and your investment is significant to you, it may be time to have a hardware wallet. Hardware wallets are among the best options for security and mobility. For professional investors, hardware wallets are among the best choices.
All three wallets store cold storage, which, for high security, puts products like Ledger Nano S, Trezor and KeepKey ahead of other options. Thanks to the cold storage, risks related to the counterparty like the stock market and online wallets are eliminated and cyber security risks are minimized.
The only negative thing about hardware wallets is that they are paid. Trezor’s main model is about 525 pounds, while Ledger Nano S has an average cost of 645 pounds. KeepKey also has a price tag of approximately 650 pounds.
4.Best Trusted: Paper Wallet
A paper wallet is a piece of paper that contains the Bitcoin private key information you need. These pieces of paper containing QR code can be scanned into the software wallet at any time.
Bitaddress.org is often used to create a Bitcoin address for paper wallets. When you store your Bitcoins offline, this is the most reliable cold storage method.
When you use a paper wallet, you keep a physical copy of your private key. You can create the private key with a clean system with no internet connection (such as a Linux Live CD) and store it in a safe place, such as a physical safe.
In short, crypto currency wallet varieties have their own pros and cons.
For example, cold storage solutions and hardware wallets are safer, but they will remain cumbersome in a scenario where the Bitcoin price suddenly drops and you might want to sell it quickly. In such cases, people taking the risk of stock exchange may move sooner.
If you don’t lose the paper and keep it well, you can say that the wallet is the simplest, safest and cost-effective crypto. The only disadvantage is that the paper will be lost and stolen.