The Best Cryptocurrency Wallets: Manage Your Virtual Fortune with these Handy Wallets
The financial system is going through a revolution. The blockchain is refreshing and changing all banking traditions and cryptocurrencies are making transactions more global, more transparent and more efficient than ever before. It surely feels like the future is here, but the question is; how does a grandpa pays for his coffee with cryptocurrency? How does he store his digital currency? This brings forth the sensitive topic of cryptocurrency wallets.
Finding the best Ethereum wallet, Bitcoin wallet, Dogecoin wallet or any other cryptocurrency wallet for that matter should not be difficult. However, it requires a general understanding of what crypto wallets are and how they work in storing your virtual currency.
What is a Cryptocurrency Wallet?
In simplest terms, a cryptocurrency wallet is a safe and secure digital wallet used in storing, sending and receiving digital currencies such as Ethereum and Bitcoin. In other words, it is a software program that stores both private and public keys and can network with various blockchains to allow users to send and receive digital currencies, as well as monitoring their balances. Therefore, for you to use any cryptocurrency, you will need to have a cryptocurrency wallet.
Different Types of Cryptocurrency Wallets
There are commonly four different types of cryptocurrency wallets. They are:
Online Wallets- The fact that online wallets are connected to the internet makes them the easiest to use of the lot, the most convenient, but the least secure of all. You can access and use this type of wallet if you are connected to the internet, and so does anyone else if they can manage to compromise your account.
Paper Wallets- A paper wallet is exactly what it says: paper. All you need to do is print both your public and private keys in a piece(s) of paper and keep them in any way you see fit. It is extremely risky in the sense that your chances of accessing your coins in the future are almost nonexistent should you lose this piece of paper.
Hardware Wallets- Sometimes called hard wallets, hardware wallets are typically physical wallets with your secretive keys encoded into them. They are the most-commonly used wallets because they are utterly secure. They enable you to store your coins in "cold storage or offline and so protects you from the risk of having your coins hacked.
Desktop Wallets- These wallets can be downloaded and installed on a computer. Once installed. The owner of the wallet can only access his/her coins by only accessing that specific computer.
Which are the Best Cryptocurrency Wallets?
It's typically advisable that you use the wallet that is officially endorsed with your type of coin. For instance, Ethereum has MyEtherWallet or Ethereum Wallet, Litecoin has Litecoin-OT and Bitcoin has Bitcoin Core Wallet. Nonetheless, the best wallet should depend on your specific needs as a consumer. For example, you may choose to go with online wallets because they're easy to use and convenient despite being extremely risky.
You should, however, save yourself a lot of trouble and use these wallets. Whether you need to store your Ethereum, Bitcoin or just need an altcoin wallet, these are among the best.
Ledger Nano S
As one of the highest rated hardware wallets, Ledger Nano S can be used to store Ethereum (ETH), Bitcoin (BTC), as well as Ethereum Classic (ETC). It is not only one of the most secure, but also comes with every user-friendly interface. It has a small OLED screen that makes controlling your transactions enjoyable. This wallet enables users to set a 4-digit pin on the physical wallet itself as an extra security measure and to prevent key logging.
Ledger Nano S can store coins offline. You will be required to sign transactions with your private key in order to access or use your coins. This wallet also gives you the option to create a recovery key that can be used to recover private keys if the device is lost or damaged. In essence, this feature is very crucial in ensuring that the risk of losing all your coins in the event that your device is misplaced or broken is significantly minimized.
Trezor Wallet
Another hardware wallet on this list, Trezor wallet is one of the best cryptocurrency wallets out there. It was initially invented for Bitcoin, but now enables users to store Ethereum and other altcoins as well Even though Ethereum holders are required to use MyEtherWallet web interface to perfectly use Trezor Wallet, it still remains an excellent and extremely secure choice.
Trezor Wallet is basically a flash drive-sized device that can store a number of coins offline thanks to a secure electronic chip. As a user, you can only activate this electronic chip by logging in with your set password. Another superb advantage of using Trezor Wallet is the fact that it actually requires very limited USB connection. This is crucial in the sense that you can safely use Trezor Wallet to interact with a compromised or infected computer.
Exodus Wallet
Even though most crypto wallets are limited to holding just Ethereum and Bitcoin, Exodus Wallet is the world's first desktop wallet that can hold a multiple number of cryptocurrencies. Exodus offers the advantage of holding a diverse portfolio of coins while presenting them in form of a pie chart. While it is always connected to the Internet, it is structured in such a way that it doesn't extract your private keys from your device.
It also has a one-click email recovery feature, which gives you the option of backup seed keys, as well as the possibility of restoring your wallet.
Coinbase
As an online wallet, Coinbase is one of the easiest and simplest wallets to use on this list. The best part however, is the fact that Coinbase is both an exchange and a wallet platform. In other words, you can buy Ethereum, Bitcoin, Litecoin or any other altcoins on this platform using fiat currency and securely store your coins on the same platform. Isn't that cool?
MyEtherWallet
As an official Ethereum wallet, MyEtherWallet is an open-source online wallet that unlike other traditional cryptocurrency wallets, gives you the total control of your secretive key on your computer You can perfectly generate a host of different wallets and store your coins without necessarily having to do it on MyEtherWallet. In other words, MyEtherWallet gives you the full responsibility of securely backing up your wallet.
Again, this is a superbly great wallet because it still gives you the option of safely accessing your Ether coins on Ledger Nano S or Trezor through the MyEther platform.
Mist
Listed as the official wallet on Ethereum Project Website (https://ethereum.org/), Mist is an excellent hybrid desktop wallet that offers among other advantages, complete anonymity. Your wallet is securely protected by a password that can never be changed once in place. That's why it is advisable that you choose a strong password that you cannot forget should you decide to use Mist as your wallet of choice. Just make sure you remember it, lest you lose your coins.
Bitcoin Core
This is the official Bitcoin wallet and can be used on Windows. Linux and Mac. In addition to offering total anonymity, Bitcoin Core is highly secure and can protect your coins from various types of frauds. For instance, it will protect you from being fooled into believing that you've received coins, yet you haven't.
Jaxx
A software wallet that is not only user-friendly, but supports a host of leading cryptocurrencies such as Ethereum, Bitcoin, Zcash, Ethereum Classic, Rootstock, REP, DAO, Dash and many more It is readily available on various platforms including: Android, 105, Windows, OS X, Linux and Chrome.
This is a wallet that is configured with the end-user in mind and therefore should not be a problem for beginner user to figure it out. It is certainly a wonderful thing for crypt° enthusiasts who greatly value privacy.
Conclusion
Cryptocurrency wallets are an important part of the digital currency world. Just like pocket wallet is for fiat currency, cryptocurrency wallet is very crucial for digital currency and is the only way to store your digital currency. And before you delve into the world of Ether, Bitcoin or any other cryptocurrency for that matter, it is crucial to be educated and informed on the best wallets, how to use them and above all; how to ensure that they are always safe.
Irrespective of which crypto wallet you choose, the above mentioned wallets are among the best in the crypto world. They are secure, easy to use and accessible. Remember; safety, security and accessibility should be among your top priorities when choosing the best cryptocurrency wallet.
The financial system is going through a revolution. The blockchain is refreshing and changing all banking traditions and cryptocurrencies are making transactions more global, more transparent and more efficient than ever before. It surely feels like the future is here, but the question is; how does a grandpa pays for his coffee with cryptocurrency? How does he store his digital currency? This brings forth the sensitive topic of cryptocurrency wallets.
Finding the best Ethereum wallet, Bitcoin wallet, Dogecoin wallet or any other cryptocurrency wallet for that matter should not be difficult. However, it requires a general understanding of what crypto wallets are and how they work in storing your virtual currency.
What is a Cryptocurrency Wallet?
In simplest terms, a cryptocurrency wallet is a safe and secure digital wallet used in storing, sending and receiving digital currencies such as Ethereum and Bitcoin. In other words, it is a software program that stores both private and public keys and can network with various blockchains to allow users to send and receive digital currencies, as well as monitoring their balances. Therefore, for you to use any cryptocurrency, you will need to have a cryptocurrency wallet.
Different Types of Cryptocurrency Wallets
There are commonly four different types of cryptocurrency wallets. They are:
Online Wallets- The fact that online wallets are connected to the internet makes them the easiest to use of the lot, the most convenient, but the least secure of all. You can access and use this type of wallet if you are connected to the internet, and so does anyone else if they can manage to compromise your account.
Paper Wallets- A paper wallet is exactly what it says: paper. All you need to do is print both your public and private keys in a piece(s) of paper and keep them in any way you see fit. It is extremely risky in the sense that your chances of accessing your coins in the future are almost nonexistent should you lose this piece of paper.
Hardware Wallets- Sometimes called hard wallets, hardware wallets are typically physical wallets with your secretive keys encoded into them. They are the most-commonly used wallets because they are utterly secure. They enable you to store your coins in "cold storage or offline and so protects you from the risk of having your coins hacked.
Desktop Wallets- These wallets can be downloaded and installed on a computer. Once installed. The owner of the wallet can only access his/her coins by only accessing that specific computer.
Which are the Best Cryptocurrency Wallets?
It's typically advisable that you use the wallet that is officially endorsed with your type of coin. For instance, Ethereum has MyEtherWallet or Ethereum Wallet, Litecoin has Litecoin-OT and Bitcoin has Bitcoin Core Wallet. Nonetheless, the best wallet should depend on your specific needs as a consumer. For example, you may choose to go with online wallets because they're easy to use and convenient despite being extremely risky.
You should, however, save yourself a lot of trouble and use these wallets. Whether you need to store your Ethereum, Bitcoin or just need an altcoin wallet, these are among the best.
Ledger Nano S
As one of the highest rated hardware wallets, Ledger Nano S can be used to store Ethereum (ETH), Bitcoin (BTC), as well as Ethereum Classic (ETC). It is not only one of the most secure, but also comes with every user-friendly interface. It has a small OLED screen that makes controlling your transactions enjoyable. This wallet enables users to set a 4-digit pin on the physical wallet itself as an extra security measure and to prevent key logging.
Ledger Nano S can store coins offline. You will be required to sign transactions with your private key in order to access or use your coins. This wallet also gives you the option to create a recovery key that can be used to recover private keys if the device is lost or damaged. In essence, this feature is very crucial in ensuring that the risk of losing all your coins in the event that your device is misplaced or broken is significantly minimized.
Trezor Wallet
Another hardware wallet on this list, Trezor wallet is one of the best cryptocurrency wallets out there. It was initially invented for Bitcoin, but now enables users to store Ethereum and other altcoins as well Even though Ethereum holders are required to use MyEtherWallet web interface to perfectly use Trezor Wallet, it still remains an excellent and extremely secure choice.
Trezor Wallet is basically a flash drive-sized device that can store a number of coins offline thanks to a secure electronic chip. As a user, you can only activate this electronic chip by logging in with your set password. Another superb advantage of using Trezor Wallet is the fact that it actually requires very limited USB connection. This is crucial in the sense that you can safely use Trezor Wallet to interact with a compromised or infected computer.
Exodus Wallet
Even though most crypto wallets are limited to holding just Ethereum and Bitcoin, Exodus Wallet is the world's first desktop wallet that can hold a multiple number of cryptocurrencies. Exodus offers the advantage of holding a diverse portfolio of coins while presenting them in form of a pie chart. While it is always connected to the Internet, it is structured in such a way that it doesn't extract your private keys from your device.
It also has a one-click email recovery feature, which gives you the option of backup seed keys, as well as the possibility of restoring your wallet.
Coinbase
As an online wallet, Coinbase is one of the easiest and simplest wallets to use on this list. The best part however, is the fact that Coinbase is both an exchange and a wallet platform. In other words, you can buy Ethereum, Bitcoin, Litecoin or any other altcoins on this platform using fiat currency and securely store your coins on the same platform. Isn't that cool?
MyEtherWallet
As an official Ethereum wallet, MyEtherWallet is an open-source online wallet that unlike other traditional cryptocurrency wallets, gives you the total control of your secretive key on your computer You can perfectly generate a host of different wallets and store your coins without necessarily having to do it on MyEtherWallet. In other words, MyEtherWallet gives you the full responsibility of securely backing up your wallet.
Again, this is a superbly great wallet because it still gives you the option of safely accessing your Ether coins on Ledger Nano S or Trezor through the MyEther platform.
Mist
Listed as the official wallet on Ethereum Project Website (https://ethereum.org/), Mist is an excellent hybrid desktop wallet that offers among other advantages, complete anonymity. Your wallet is securely protected by a password that can never be changed once in place. That's why it is advisable that you choose a strong password that you cannot forget should you decide to use Mist as your wallet of choice. Just make sure you remember it, lest you lose your coins.
Bitcoin Core
This is the official Bitcoin wallet and can be used on Windows. Linux and Mac. In addition to offering total anonymity, Bitcoin Core is highly secure and can protect your coins from various types of frauds. For instance, it will protect you from being fooled into believing that you've received coins, yet you haven't.
Jaxx
A software wallet that is not only user-friendly, but supports a host of leading cryptocurrencies such as Ethereum, Bitcoin, Zcash, Ethereum Classic, Rootstock, REP, DAO, Dash and many more It is readily available on various platforms including: Android, 105, Windows, OS X, Linux and Chrome.
This is a wallet that is configured with the end-user in mind and therefore should not be a problem for beginner user to figure it out. It is certainly a wonderful thing for crypt° enthusiasts who greatly value privacy.
Conclusion
Cryptocurrency wallets are an important part of the digital currency world. Just like pocket wallet is for fiat currency, cryptocurrency wallet is very crucial for digital currency and is the only way to store your digital currency. And before you delve into the world of Ether, Bitcoin or any other cryptocurrency for that matter, it is crucial to be educated and informed on the best wallets, how to use them and above all; how to ensure that they are always safe.
Irrespective of which crypto wallet you choose, the above mentioned wallets are among the best in the crypto world. They are secure, easy to use and accessible. Remember; safety, security and accessibility should be among your top priorities when choosing the best cryptocurrency wallet.
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