Bitcoin is not classified as financial security like stocks or bonds, and its decentralized nature makes it impossible to be regulated by any authority. Visit at this page to learn how you can use bitcoin trading strategies and trading tools to make your every trade profitable. Considering Bitcoin’s meteoric rise in value, it’s understandable that many want to get in on this cryptocurrency game.
However, unlike stocks traded and liquidated continuously, Bitcoin transactions take place outside the traditional banking system. Therefore, they are difficult to trace by law enforcement agencies -without regulation, people can’t track them.
Before we delve into a Bitcoin wallet comparison, let us set aside common misconceptions and focus on what we’re after here. The first thing you should know is that Bitcoin wallets exist across a spectrum of functionality and security, and many different types of Bitcoin wallets cater to varied needs. Next, let’s discuss the best bitcoin wallets available in the market.
Best bitcoin wallets available in the market:
Exodus is a multi-cryptocurrency wallet with an easy-to-use UI. It supports various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and Dogecoin. In addition, it has ShapeShift built in for easy conversion between one cryptocurrency and another.
Jaxx is an HD wallet, meaning the seed phrase you use can be used by people to recover your entire wallet if your phone gets lost or stolen. It supports Bitcoin, Ethereum + ERC20 tokens & Altcoins; it’s user-friendly and offers a very intuitive UI for multiple cryptocurrencies supported by the wallet.
Electrum is a popular desktop wallet. It’s lightweight, fast, and easy to use. It has a simple interface and is not only used by bitcoin users but also by many people for Litecoin, Dogecoin & Dash (mainly due to its low transaction fees)
The core is an open-source wallet client for full Bitcoin nodes that can process incoming and outgoing network traffic. It was initially created by the Bitcoin developers and is fast becoming the go-to wallet for miners because of its uncomplicated security features.
Mycelium is a multi-cryptocurrency wallet with a simple interface that people can use to store multiple cryptocurrencies safely. Supported coins include Bitcoin, Ethereum, Litecoin, Dogecoin, and Mastercoin.
Copay is an open-source wallet that allows you to store multiple currencies on your device or online. It has an easy-to-use interface and multi-signature protection to secure your private keys.
Electrum Mac is another lightweight desktop bitcoin wallet that’s easy to use but secure enough for advanced users thanks to its security features such as 2FA and HD wallet scheme (BIP 32).
Ledger Nano X:
The Ledger Nano X is a new product in the market of hardware wallets. It has impressive security features like NFC and a touchscreen which should act as a reassurance to the users. It’s compatible with any computer and is priced at $119 on the company’s official website.
Trezor One is another convenient and secure hardware wallet that supports multiple cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Dash & Ethereum. In addition, the wallet is secured by two-factor authentication (2FA), and users can keep their cryptocurrency in an offline environment.
Ledger Nano S:
Ledger Nano S is another popular hardware wallet that became famous for its price and ease of use. It supports Bitcoin, Ethereum, Litecoin, and other Altcoins & ERC-20 tokens.
KeepKey is a hardware wallet with a large display and modern user interface to ensure that every transaction using it remains error-free. In addition, the device supports 6 cryptocurrencies, including Bitcoin, Litecoin, Dogecoin, Namecoin, Ethereum & Dash.
Types of Bitcoin Wallets
These wallets store your bitcoins offline, which means they’re stored on your computer or smartphone but never connected to the internet. Hardware wallets are the most secure simply because they aren’t connected to the internet and cannot be hacked remotely. A hardware wallet often stores your bitcoins in a 2-FA security chip or a micro-controller. To send bitcoins, you must use your wallet’s private keys on the device.
As their name suggests, these wallets store your bitcoins on a desktop or laptop computer. For example, Armory is available for Mac OSX, Linux, and Windows. In addition, your private keys are encrypted and stored offline, so only you can access them in case of theft or damage to your computer or hard drive. Mobile wallets and paper wallets are two other famous types of bitcoin wallets.
Provided you have a smartphone or tablet to make transactions; you can use a mobile wallet to store and send bitcoins. Bitcoin apps like Blockchain, Coin base Wallet, and Bit Pay are among the most popular choices on the market.
Paper wallets are copies of your public and private keys in which you write down your bitcoin addresses. Often referred to as cold storage, paper wallets store bitcoins offline and out of the reach of hackers or other cyber criminals. More so, with a paper wallet, there’s no way for others to steal your private keys as you won’t be trying to access them through a website or burn them in an attempt at self-destruction after losing them.