Bitcoin has been a topic of interest for many across the world. It offers an alternative to the government-backed currency that we all use every day. Advocates claim that digital currencies are safer, easier, and provide more enhanced privacy than conventional currencies.
The value of bitcoin correlated to US dollars and other currencies has increased over the years. So, if you are looking to dip into this exciting technology, check out this list of the Best Crypto Wallets you can use right now.
But first, let us take a quick look at what bitcoin is.
A Brief Overview of Bitcoin
Bitcoin is a kind of digital currency. It is developed and stored electronically on computers. They are not a paper currency like yen, euro or dollars by monetary institutions or central banks. Bitcoin is the first instance of cryptocurrency, which is created by businesses and people all across the world employing advanced software that interprets mathematical problems.
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The first person to propose Bitcoin as a means of mathematics-based payment was Satoshi Nakamoto. It is a method of transfer or payment that is not under any government authority such as a central bank that conventionally controls the money supply and the availability of the global currency market. In several ways, Bitcoin is a global method of exchange.
Transactions happen over computers instantly with minimal fees of transactions. Bitcoin does not pass through the conventional system of banking. It actually flows from one wallet on a computer to another computer wallet. You cannot keep or hold bitcoin in your pocket like currency; it is simply a means of exchange based on computers.
Top 10 Best Crypto Wallets
Ledger Nano S hardware wallet
Ledger Nano S is a USB-sized best crypto hardware wallet (physical devices that save secret keys offline), which is the best for altcoin transactions. It is multiple-asset hardware that appears like a foldable flash drive. Ledger Nano S has many benefits; among them is the fact that it stores over 40 digital currencies.
It functions like a USB device, which after linked to any device needs it to approve the transaction. Feature-supported user reviews and cryptocurrencies, and unique security system make it among the Best Crypto Wallets to look out for.
Pros
- Safe
- Runs on various apps
- Malware-proof and unhackable
- Since it’s a hardware wallet, the exposure of your private key is not a risk.
Cons
- It is expensive even though it is among the affordable options among hardware wallets based on OLED.
Exodus
Exodus is among the Best Crypto Wallets supported on desktops that support almost three dozen cryptocurrencies such as Ethereum, Litecoin, Zcash, and Dash among other popular ones.
PROS
- Exodus is lite, so you do not need to store the whole blockchain
- Excellent interface with admittance to the wallet, that is, total control
- You can do transactions directly via the Exodus wallet on the crypto network; the transaction fee is charged by the network and not Exodus
CONS
- There are some security concerns with Exodus, specifically based on the fact that it does not have two-factor authentication
Guarda Wallet
Guarda is among the first wallets for multi-cryptocurrency that supports the most famous crypto tokens and coins, such as the latest EOS, DASH, BTC, Ripple, Zcash, ETC, ETH, and other altcoins. It is renowned for its reliability and safety and can be easily managed from any device, this considered as among the Best Crypto Wallets.
PROS
- Unlike other online crypto wallets, Guarda does not save any client data, private keys, or wallet information, which is kept in the safe memory of the device and deletes itself if you sign out from the wallet.
- It allows you to move your assets seamlessly from one coin to another without complicated verification processes, limits, and registration.
CONS
- Since the wallet is online, there are risks such as scams and hacks
- There is also no protection from computer viruses
Jaxx wallet
Jaxx is comparatively new to bitcoin trading. It is looking to simplify the blockchain and appeal to the masses to its USP. It is a multi-chain wallet that provides support for many altcoins, such as REP, Bitcoin Cash, Ethereum, Litecoin, Dash, Ethereum Classic, Dash, DAO, and many more.
PROS
- With Jaxx, you have absolute control over your wallet, which you can access from your smartphone and desktop
- It allows you to switch between cryptocurrencies quickly
- It is available as a Chrome extension, desktop app, and Android and iOS apps.
CONS
- Since it is a mobile app, if you lose your phone or if it gets damaged, you stand to lose your cryptocurrency assets
- There is a hazard of mobile malware and viruses
Trezor hardware wallet
Trezor is a hardware crypto wallet that also acts akin to a USD device and operates primarily on the “Zero Trust Approach”, which diminishes third-party compromise. It is among the best bitcoin wallet according to several reviews of cryptocurrency wallets.
PROS
- Trezor is made secure through a PIN or password and provides recovery seed if you lose your wallet
- Easy-to-use interface
- Unhackable and theft-free
CONS
- It diminishes its connection with other devices
- It is switched off when the USB device is not connected
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Electrum Wallet
Electrum was originally known for helping Bitcoin, but now it changed the codebase and it supports altcoins and made some modifications so that it is compatible with the Verge blockchain. It is easy to use and it is a lightweight cryptocurrency soft wallet to keep your cryptocurrency holdings safely.
PROS
- Electrum Wallet uses the method of Simple Payment Verification methods, which verifies transactions within five seconds and the best part of that is that you do not need to download the complete blockchain.
- It uses two distinct layers of encryption to defend your cryptocurrency
- It is easy for new users to use since it is an intuitive user interface
CONS
- Even though new users can use it well, if you have no experience with bitcoin trading, it does not have a friendly interface for beginners to the cryptocurrency exchange platform.
- It does not support a lot of cryptocurrencies
FreeWallet
Freewallet has developed over 20 best bitcoin wallet app for several tokens and coins. It has launched the first dedicated Bitcoin Gold Wallet in the world. Freewallet sustains many cryptocurrencies like DOGE, BTC, ETH, and several other digital currencies.
PROS
- Freewallet is a multi-wallet app that is presently found on both Android and iOS app stores
- Freewallet enables to store, transfer cryptocurrencies easily, and transfer conveniently to and from coins directly in the app with only some taps
CONS
- Freewallet does not offer private keys for its users; it is a service for custodial wallet
KeepKey hardware wallet
KeepKey ensures Namecoin, Dash, Dogecoin, Litecoin, Ethereum, and Bitcoin. They proclaim to be malware-proof or virus-proof and content is safe from hackers. It is a hardware wallet with high-quality protection against physical and virtual theft. They are priced at an affordable rate, which means more people can try it. With Bitcoin, Keep Key enables the transaction and the storage of a multitude of cryptocurrencies. It blends with your computer’s software wallet by taking control of generating private keys, storing it, and transaction signing.
PROS
- Top-notch security makes it almost impossible for cyberattacks on your private key
- Professionally composed, attractive OLED display makes applying to Keep Key easier
CONS
- There is no web wallet, which implies you have to install software like MultiBit or Electrum to avail applications.
- The process of setup is reasonably direct but does not allow you to save the progress.
Infinito Wallet
Infinito Wallet is among the first universal wallet that offers fast and easy application access with the highest quality of safety and regularly maintained and updated access to the blockchain, enabling quick transactions. It also assists you by saving the list of common addresses for easy transactions, free of hassles, and even puts messages with the transactions for enhances record maintenance. It can be installed from both iOS and Android app stores.
PROS
- Infinito Wallet is among the best bitcoin wallet for android devices as it is fairly secure and safe to use since your data is not cached on servers
CONS
- Like any other mobile app, you risk losing your assets if you lose or damage your phone
- There is a hazard of mobile malware and viruses
Mycelium wallet
Mycelium is among the Best Crypto Wallets for mobiles with both iOS and Android versions. It is known for being a little more complex to use than other wallets. However, users who are advanced should have no problems browsing it. There is no interface for desktop, but it claims high-grade security for its app, which has third-party integrations like Trezor. It also provides a leeway for anonymity and stores your Bitcoin in your wallet.
PROS
- Open-source
- Integration with many hardware wallets like Trezor and Ledger
- Offers various kinds of accounts
- Fast and fluid with easy and quick set up
CONS
- No desktop interface (no Mac, Windows, or Linux wallets)
- Not recommended for beginners to bitcoin trading
Conclusion
Like any other form of currency, Bitcoin comes with its pros and cons, but if you are ready to dive into it, any of these mentioned Best Crypto Wallets will help you along the way.
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