by Team AllYourVideogames | Dec 16, 2022 | Technology |
If you intend to or even already invest in cryptocurrencies, you need to know right away that it is not advisable to leave your assets in the Exchange account. The ideal recommendation is to select a bitcoin wallet to store your digital currencies.
The bitcoin wallet is important so you don't have any losses, in case you leave your cryptocurrencies in the broker's account and something unexpected happens to it. In this way, it is possible to find several bitcoin wallets on the market, which makes it necessary to know them to know which one best fits your demand.
Or what is bitcoin wallet?
A bitcoin wallet can be defined as a digital wallet that stores cryptocurrencies, each of which has its own public and private key, which are codes in a format of sequences of numbers and letters. From there, it is possible to make financial transactions.
Learn More: Mercado Bitcoin Login and how to create your account from scratch
It is important to be careful with the use of keys to avoid possible problems. The public key can be sent to other users to receive the cryptocurrencies. However, the private key cannot be shared, as it allows the trading or transfer of your digital currencies.
All transactions involving cryptocurrency transfers are marked in a virtual environment with the name of blockchain, which is a kind of accounting book. This platform works as a gigantic public database that stores all the information on the transfers made of these virtual assets.
Through the blockchain, it is possible to operate, store data and track your bitcoins or any other type of cryptocurrency with greater security, in case of hacker attacks.
In our country, there are two vital types of bitcoin wallet: the first is online, which are considered as hot wallets. The second is offline, known as cold wallets. There are still subcategories within them, which are:
- Hot Wallets:
- web wallets;
- Mobile wallets;
- Desktop wallets.
- Cold wallets:
- Hardware wallets;
- Paper wallets.
Each of the modalities offers several features and helps people who want to invest in a long term period or even just do the day trade. It is worth noting that cold wallets do not need to be connected to the internet at all times. With this, these cryptoassets can be hardware or paper wallets.
The good thing about hot wallets is that virtual currency transfers can be carried out quickly. Consequently, this category is mostly used by users who do a lot of operations. The main negative point is that they can be vulnerable to hacker attacks.
Cold wallets do not offer the simplicity of digital currency transfers, nor are they as immediate as hot wallets. On the other hand, this modality is much safer, because it is not online all the time.
What is the best bitcoin wallet on the market?
It is important to make it clear from now on that choosing a bitcoin wallet is not such a simple task. This is because each platform has positive and negative points that are relevant and can make a difference to your demand.
That is, each modality provides services that are attractive to different types of people and not so interesting for others.
To try to help you choose the bitcoin wallet that best fits your investor profile, below we will indicate a list of tips with the best bitcoin wallet of each modality so that you can do your analysis and select the one that fits you. your demand.
Cryptocurrency web wallets
With web wallets, users can access information directly from their computer's browser. In general, they work as a browser or website extension.
In this modality, it is possible to make immediate transfers of cryptocurrencies, but suffers from the vulnerability of hacker attacks.
Some options in this category for cryptocurrencies are as follows:
StormGain is one of the best free bitcoin wallet options. In it, users can store other cryptocurrencies in addition to bitcoin, as it is a multi-currency tool.
Therefore, this platform works with the cryptocurrency exchange. The administration and ways of transferring digital currencies are very functional.
The biggest plus point of this bitcoin wallet is that it has the practicality of hot wallets, but offers similar security to cold wallets. This is because a part of the digital currencies that are stored in hot wallets are used to support transactions. However, most of it is in a cold wallet, which certifies the safety of your money.
The biggest downside of this platform is that it only accepts the six most popular cryptocurrencies at the moment, which are:
- Bitcoin (BTC);
- Bitcoin Cash (BCH);
- Ethereum (ETH);
- Ripple (XRP);
- Tether (USDT).
Therefore, StormGain can be used on the web through computers with Windows, Linux or MAC OS systems. Users can also access the platform with Android or iOS mobile phones.
Coinbase is one of the largest and most used cryptocurrency exchanges in the United States. In addition, this platform is one of the largest exchanges in the world.
Because of this, many investors consider Coinbase to be the best web wallet for BTC.
The tool allows you to connect the person's bank account with the bitcoin wallet, which helps when transferring assets. It also provides security for all its users.
Learn More: How to create a Coinbase account?
A very nice differentiator is that Coinbase provides account categories for people who just want to do basic services and a modality for advanced features.
The great thing about Freewallet is that it accepts more than thirty types of cryptocurrencies, which is a very good number. But, unfortunately, it is worth saying that the platform is not in Portuguese in our country.
Virtual currencies can be sent between accounts for free and security is done with PIN code and 2FA. It is also worth noting that the platform has the exchange tool. This means that users can make purchases of digital assets within Freewallet itself.
Mobile wallets for digital currencies stand out for their practicality, as the user can install the platform application, which makes all the difference compared to hot wallets. This difference happens because when turning off the internet from the device, the wallet will become cold.
So, as a tip, it is worth noting that if you need to use your cell phone all day, this type of Bitcoin wallet may not be so interesting. One way to solve this is to have a device just to manage crypto assets and another one to use on a daily basis.
With that said, here are the best alternatives to mobile wallets:
BRD is a well-regarded bitcoin wallet on the market. The platform accepts the following cryptocurrencies:
- Bitcoin Cash;
- Various ERC-20 tokens.
Unsupported assets sent to your BRD wallet will be inaccessible and the platform will not refund. So, to avoid losing assets, do not send unsupported cryptocurrencies to your BRD wallet.
It is also worth mentioning that the tool is very simple to understand and has good accessibility in its navigation. Regarding security, the platform allows the user to manage their keys as they wish, in addition to requiring a password of at least twelve characters.
The BRD app is available for mobile phones with Android and iOS systems.
Now, if you are looking for a mobile wallet that offers more currency options, Infinito Wallet can be a good choice as it accepts the following virtual currencies: BTC, ETH, XLM, BCH, LTC, DASH, DOGE, NEO, GAS , ETC, EOS, ADA, ONT, BNB, TOMO, TRON, ATOM, USDT, INFT, ERC20, NEP-5, BEP-2 and TRC-10 tokens.
Another positive point is that the app's look is very beautiful and modern, in addition to being easy to use. In addition, Infinito Wallet has an exchange tool.
If you want to test the platform, you need to download the application from the Google Play Store or the Apple Store.
This is yet another platform that lets the user have full control of private keys, that is, they can use them however they want. Thus, another attraction is the issue of security since, according to Green Address itself, the platform has tools against cloning and theft threats.
As a negative point, unlike the two platforms mentioned above, the Green Address application is not simple to understand and its accessibility needs to be improved for the best use of users. Also, another downside is that transactions have variable fees.
Therefore, the installation and use of the platform are free. However, transactions have a cost that varies according to the demand within the tool. It is also worth mentioning that the PIN and password are created by the company's server and not by the user. It is up to you to decide whether this particularity is good or bad.
Anyway, Green Address is more recommended for Apple phones, but Android owners can also download the app.
Desktop wallets can be used from an application that is installed on the PC. So, in the same way as mobile wallets, the desktop modality works as a hot wallet whenever it is connected to the internet, or it can be cold when disconnecting the computer's internet connection.
As with cell phones, you can have a dedicated machine just to do your business with digital currencies.
In this way, the desktop wallet is seen with greater security than the web wallet, as it can be easily and quickly transformed into a cold wallet. So, check out some bitcoin wallet indications on the desktop version.
The Electrum wallet is highlighted for being safe, very light and, consequently, running on several computers, even the oldest ones. Therefore, the application is available for Windows, Linux, Mac, Python and Android systems.
However, keep in mind that the platform is not the simplest to use, it has some complexity. This is because Electrum does not have messages with tips for new customers. Another downside is that it only accepts Bitcoin.
Bitcoin Armory is one of the oldest wallets on the market and time has earned respect for the platform because of the security given to users. In addition, it is important to highlight the privacy made available to investors.
However, the negative point of the complexity of using the platform is repeated here, as it is more recommended for users who already master digital wallet tools well. Contrary to the previous indication, Bitcoin Armory offers a series of video tutorials, but it is worth mentioning that they are all in English.
Therefore, as a negative point, the platform only supports Bitcoin, takes a long time to sync and requires a lot of machine memory storage.
Bitcoin Core is the official Bitcoin platform. Because of this, it is highly recommended to store your digital currencies. The advantages of this tool are the availability of thirty languages and the guarantee of a high level of security.
The negative points are basically the same as the previous indication, that is: the difficulty in using the tool and the high demand on the PC's memory.
The app is available for Windows, Mac OS X, Linux (tgz) and ARM Linux systems.
The hardware wallet is of the cold modality, because they only connect to the internet when the user is going to transfer the cryptocurrency. Because of this, this type of wallet can be considered the safest among all the modalities listed so far.
Security is due to the hacker's difficulty in breaking into a wallet that is online for a shorter period of time while the virtual currency transfer process is carried out. Therefore, here are some recommendations for this type of service.
Ledger is a company that offers its customers different types of wallets. Among all its options, the one that stands out the most is the Ledger Nano S, which is a piece of hardware that produces and stores private keys.
This means that the private keys are stored in the wallet, which certifies security. With this, this wallet has encryption and every time a transaction takes place it is necessary to use the private keys.
It is also worth noting that this hardware is the size of a pen drive, that is, it is possible to walk with it and store it well. It is still important to point out that the device is compatible with the main operating systems.
The downside of this scheme is that it is not practical during the immediate transfer process. And, obviously, the person needs to buy the hardware.
The Trezor device has several security processes, for example, the device establishes the PIN code on the hardware itself and has the efficiency of using multiple signatures. In addition, there is cross-platform compatibility.
Photo: Publicity / Trezor
Trezor accepts the main cryptocurrencies on the market, such as: Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Dogecoin, Litecoin, Namecoin, Vertcoin, Zcash, Ethereum, Ethereum Classic, NEM, Stellar, Theter, EOS, Monero, MakerDAO, among others. many others.
The big downside is the high price of the device.
With a very unusual and curious design, the Coolwallet has a look similar to a credit card, but with a small screen and buttons included.
For it to work, you need to install an application and pair the devices via Bluetooth,
Photo: Disclosure / Coolwallet
In addition to its small and flashy look, it has other very interesting advantages, such as:
- Easy accessibility on your system;
- Accepts the most popular digital currencies;
- Can be connected with phones;
- It has water resistance.
Despite accepting the most used coins on the market, its acceptance catalog is small, supporting the following coins: BTC, XRP, ETH, LTC, BCH, BNB, Horizen, ICX, and ERC-20 tokens.
With so much technology available in so many areas of life, it's hard to believe that great cryptocurrency security can come from a simple sheet of paper. But in fact this can happen in practice.
In this way, paper wallets are quite different from any other modality. This is because they do not work in application frameworks, in the format linked directly online, nor in hardware. In practice, the wallet is a piece of paper that holds your private key. And it is precisely because of this that this modality can be considered very safe.
Another positive point is that this wallet goes through an easy process to be created, used and stored. This is because of its practicality and high security. This wallet is often used by people who have large amounts of crypto assets and do not need to use the coins multiple times throughout the day.
On the downside, it is a fragile material that can end up getting damaged very easily because it is a paper, in addition to having the possibility of losing it.
You can find several private key creators on the market to print and manage your paper wallet with a QR code for cryptocurrencies. In general, these platforms work very similarly to each other.
As a tip, when producing the keys in your paper wallet, so that you have total security, it is recommended that you download the HTML on your PC and access it without being connected to the internet.
BitAddress is used directly from the browser. The process is very simple, you just need to hover your mouse in the indicated place.
In this way, this platform, in addition to offering the paper wallet service, has a tool that allows you to store a sentence in your computer's memory instead of printing or accessing your private and public keys via QR Code.
Bitcoin.com allows its users to have a paper wallet with practicality and security. The platform uses the PC browser to produce the wallet, and no information is sent to the site's servers or to the internet.
Just remembering that the data provided in the tool is cold.
And to end the recommendations, the last indication is from the Walletgenerator website. In it, it is also possible to produce public and private keys at random. Its operation is very similar to BitAddress. But in this case, your data is not sent to the internet either.
Which bitcoin wallet should I use?
As we mentioned at the beginning of the content, choosing the best type of wallet is not a simple task. With all the information you have read, it is possible to analyze the main characteristics of virtual wallets.
In any case, the important point when selecting the bitcoin wallets that best fit your profile is to keep in mind that this tool is used to lock your cryptocurrencies, transfer and, above all, make Bitcoin as safe as possible.
So, do some tests, see the platform that you like the most, even because several tools are free. Just be aware that some platforms may charge to make transfers, as mentioned throughout the text.
Learn More: How to Invest in Bitcoin: Where to Start Your Investment Portfolio