In the world of technology, cryptocurrency like Bitcoin has made an enormous breakthrough and attracted a lot of users. First launched as an open source software in 2009, Bitcoin has been one of the most used cryptocurrency.
When you invest, the first thing you look for is how safe it is to do it. Same is the case with Bitcoin, to have secure and smooth transactions, and to keep your Bitcoins, you need a cryptocurrency wallet that will work as your repository for your Bitcoins.
What is a Bitcoin Wallet?
A digital wallet is the most important aspect of an investment in Bitcoin. Whenever you plan to invest in a cryptocurrency such as Bitcoin or any other platform, you need to have a digital wallet that will offer you secure storage along with ease of access and usage.
A bitcoin wallet or a digital wallet is a software program that interacts with various blockchains and stores several public and private keys enabling the user to send and receive the digital currency over a network and lets them monitor their remaining balance.
What is a Private Key?
A private key is a small piece of code that is paired along with a public key to start algorithms for text encryption and decryption. It is created as a part of public key cryptography to transform the message into a readable format. Public and private keys are paired together for secure communication such as email, and they provide security to your digital wallets and to all the information that is stored in them.
Different types of Bitcoin Wallets:
A bitcoin wallet can be broken down into three categories, which are – Hardware, Software, and Paper.
Hardware Bitcoin Wallets
Hardware wallets are different from software wallets as they store the user’s private keys on an external device like a USB. Even though the transactions are made online, the information and the data is stored offline providing increased security.
Hardware wallets can be used over several web interfaces and can store different types of cryptocurrencies depending on which one you want to use. A user can plug in the USB drive in a computer that has internet services available, and with the help of a pin code, the transactions can be made.
Hardware wallets make it easier to keep the money offline and make transactions easy.
Bitcoin Paper Wallets
Paper wallets are the easiest to use as they provide the highest level of security to the user. But that is the case with a responsible user, and if not taken care of, these paper wallets can cost you a lot of financial damage.
As the name suggests, a paper wallet is simply a piece of paper that consists of all the information about the public and private keys of a user or it can be considered as software that generates a set of keys which are printed later on.
The process of transfer of Bitcoin or any other currency to your paper wallet is done by transferring the funds to your software wallet using the public address shown on the paper wallet.
If you wish to spend the currency, then you have to transfer the funds from your paper wallet to the software wallet. This is done by manually entering your private keys or by scanning a QR code that is printed on the paper wallet.
Software Bitcoin Wallets
Software wallets are the wallets that are either available on your phone or the desktop and have the storage servers with the company who owns the particular software.
Software wallets can further be of three different types:
A. Desktop Software Wallets
A desktop wallet is a software that is downloaded on your computer and can be used on a PC or a laptop. It can be assessed from the single computer on which it is installed. These wallets offer a high level of security, but if your computer gets hacked or gets a virus, then there is a chance that you may lose all your funds.
B. Online Software Wallets
Online bitcoin wallets run on the cloud platform where all the user data and private keys are stored online on the cloud that is controlled by a third party. This is easier to access but comes at the risk of being more vulnerable to hacking and thefts as the data is stored online. However, some reliable companies take charge of your funds, and you can trust them at your utility.
C. Mobile Wallets
Mobile wallets are the easiest to use as they are used on an application that you can download on your phone. You can access your wallet anytime and use the funds anywhere, including retail stores.
Here is a list of top 10 Bitcoin Wallets ( till July 2019):
1. Trezor Hardware Wallet
With two different models available in the market, Trezor is one of the best hardware wallets that a user can get to secure their investment in Bitcoin and other cryptocurrencies.
Trezor offers a variety of features and services so that a user can be sure that their investment is in good hands for safety.
It provides the user with 12-24 words long recovery seed that a person can use to access their wallet at any given time. With an easy to use and understand interface, it helps you to manage your entire digital identity within one device.
Get more information here, trezor.io
2. Ledger Nano X
Ledger is one of the leading companies to offer hardware wallets to cryptocurrency users. The latest product, Ledger Nano X, comes with more features and updated security.
With state-of-the-art security, your private keys are safely isolated inside the device’s secure elements. The latest product comes with Bluetooth facility which can be connected using the Ledger Live App on a users phone to carry out the transactions safely.
Nano X can store more than 100 cryptocurrencies like Bitcoin, XRP, etc. and they can be easily backed up using the 24-word unique recovery phase. With 2 buttons and 1 screen, it is easy to control as well.
Check out the products here, www.ledger.com
3. Blockchain.com Wallet
Launched in August 2011, Blockchain.com (formerly known as Blockchain.info) is a Bitcoin block explorer service as well as a cryptocurrency wallet that supports Bitcoin, Bitcoin cash and Ethereum.
With being the world’s most trusted crypto wallet, it gives control to the user over all their funds and protects them from unauthorized access. Available on iOS, Android, and Web, it makes it the easiest to use and accepted over 36 countries.
Get your bitcoin wallet here, www.blockchain.com
4. Trust Wallet
Trust Wallet is another mobile application wallet that can help you store your cryptocurrency investments with the facility to allow the user to store their private keys on their device, an important security feature.
It allows the user to send, receive, and store cryptocurrency tokens for Bitcoin and other cryptocurrencies. Trust Wallet never accesses any of the user data or personal information making it more safer for the user to do a fair exchange of currencies on the app.
Visit the website here, trustwallet.com
5. Luno Wallet
LUNO which was founded in 2013 (formerly known as BitX Wallet) is a Bitcoin-related service provider company that allows the user to sell or buy bitcoins through the wallet and store them within the app as well.
A user can also make payments using the wallet at outlets or for other purposes. They also allow exchanges between traditional currencies and bitcoins. Luno has a user base of over 2 Million and is used across 40 different countries to buy or exchange Bitcoin and other cryptocurrencies.
The reason for such a vast user base is their secure and easy to use products along with their phenomenal customer support, which is available in different languages to make it more accessible to everyone.
Get more information from here, www.luno.com
6. Create Your Paper Wallet
A paper wallet is a combination of a public and private key that are printed together and is considered as extra secure storage that makes no contact with the hackable part of the internet.
Paper wallets are used to create a unique QR code or a key that a user can use to buy or sell or indulge in trading of various cryptocurrencies.
Bitaddress.org and Walletgenerator.net are the open-source key generator tools that generate random keys that a user can use to access their funds.
7. Jaxx Wallet
Jaxx Wallet is a product developed by the company Decentral, a company known for their ATM’s, wallets, and other services that they offer in the digital currency world. It has a user base of more than 1.2 Million.
Jaxx Wallet is a single app that allows the user to exchange currencies, access their portfolio, check the latest news, and get a good look at the markets and new trends in the market. It is available on all the leading platforms such as iOS, Android, Windows desktop, and Chrome Browser.
Download from here, jaxx.io
8. Coinbase Wallet
Coinbase Wallet is ranked as the #1 mobile crypto wallet. It is a secure platform that helps the user to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, and manage your portfolio.
Coinbase allows the user to invest in cryptocurrency by scheduling their purchases on a daily, weekly, or monthly basis. For better security, they have added the facility of a vault where you can store your funds. The companies insurance policy ensures the funds stored in the wallet.
With more than 20M users and a fund exchange of $150B+, Coinbase is one of the biggest platforms for cryptocurrency exchange.
To know more, visit www.coinbase.com
9. Binance Exchange Wallet
Binance is a global platform for a cryptocurrency exchange providing trades for more than 100 cryptocurrencies. From 2018, it is considered as the biggest exchange and trading platform in the world in terms of the trading volume.
In January 2018, it had the largest cryptocurrency exchange with Binance coin market capitalization of more than $1.3 Billion. Binance offers fast, secure and straightforward transactions and trading with their mobile app as well as desktop software.
Binance offers 24/7 support along with blog posts and worldwide communities to help its users to understand everything about Binance and everything related to it.
To know more, visit the website: www.binance.com
10. Abra Wallet
With its headquarters in Silicon Valley, Abra Wallet is another cryptocurrency wallet that helps in investing in the leading stocks available all over the world using Bitcoin. Abra Wallet wishes to make investing simple by using the Abra app that acts as a wallet and an exchange platform for its users.
Users can invest in stocks using their online crypto wallet or through bank transfers. With the mobile app available on iOS as well as Android, Abra plans to target a large user base.
To know more, visit www.abra.com
If you like the article or have any more suggestions regarding any other bitcoin wallets, comment below.
