By now, you must have heard of Bitcoin. And some of you may possess Bitcoins too. Question is, where are you keeping those Bitcoins?
The immediate answer is on Bitcoin exchanges like Bitfinex, Binance, or so much so on hosted blockchain wallets such as Cex etc. Mind it, you are putting your cryptocurrency under serious risk.
Before you put your dollar into a Bitcoin, knowing the risk is important. Bitcoin can easily get doubled in next few years or it may fall to zero in value. So, only put those savings which you can afford to lose.
Already, we have mentioned risks so you may think of the kind of risk which is associated with exchanges or hosted wallets. First, crypto wallets have private custody keys. And in both of the above-mentioned options, you won’t have any keys of your blockchain wallet.
We don’t recommend keeping cryptocurrencies in hosted blockchain wallets. Since keys are the only way of claiming Bitcoins or any other cryptocurrencies.
Where should I keep my Bitcoins?
There are five best Bitcoin wallets which are popular for their best usability and functionality. Let’s list them down here.
A platform where you can sell, buy or hold Bitcoins. Best part of this wallet is the ease of connecting to US bank account and transferring dollar to and from the wallet.
The wallet is also offering support for Bitcoin Cash, Ethereum and Litecoin.
It is one of the first Bitcoin hardware wallet introduced into the world by SatoshiLabs. A physical small device with OLED screen. You can connect the device to your laptop or mobile phone via the cable. It keeps private keys offline.
Once connected with the device, enter 9 digits’ code by corresponding to the PC screen. Add 24 words recovery seed afterward.
Trezor supports more cryptocurrencies than Coinbase.
A desktop software e wallet. Bitcoin stores on a system in a set of files and it’s available for Windows, Mac, Linux and Android.
Biggest benefit of this wallet is, you can quickly set up your wallet and start using it. However, in case of a system crash, or hack etc. your data will be lost.
Just like Electrum, it is a software e-wallet but it is much more intuitive in nature. This means, the interface is pretty and you can easily understand the flow once you create one. You can exchange Bitcoins through the app.
The wallet has the same security feature. It incorporates private key encryption. Exodus blockchain wallet converts Bitcoin or other cryptocurrencies into graphs or charts.
A mobile only digital wallet for selling and buying cryptocurrencies. It has Android and iPhone mobile wallet versions.
In comparison to other mobile wallets, a user may find navigation of the wallet hard. Except for advance users, who will like the navigation experience.