Best Bitcoin Wallet
Bitcoin has taken the world by storm, offering a currency and token alternative to the government-backed currencies we all know from daily use. Proponents argue that the digital asset are easier, safer and offer better privacy than traditional currencies.
Cold wallets allow for offline storage of your crypto assets. We will get into the price later. Most of this is for educational purposes anyway.
Because the value of a Bitcoin compared to the U.S. dollar and other currencies has skyrocketed over the last couple of years, it has shown up on some people’s radar as an investment opportunity as well.
This highlights decentralized finance. Wallet apps are great since they have low custom transaction fees. Don’t worry about the blockchain technology as your crypto assets are secure.
Before you put a dollar into Bitcoin or any other cryptocurrency token, it is important to understand the risk when you make a transaction. Bitcoin could easily double in value over the next few years, but it could just as easily drop to near zero in value. Only put in what you can afford to lose because there is a chance you won’t get it back.
If you understand the transaction and you’re ready to move forward, any of these best Bitcoin mobile devices should have you covered.
Coinbase is one of the easiest ways to buy, sell and hold cryptocurrencies or token, which earns it the first spot on this list. Users don’t need to know any code, two-factor authentication is easy with these hot wallets. With Coinbase, you can connect to a U.S. bank account and make a transaction of dollars in or out of your dollar wallet.
You can use that coin, or transfer in new coin, to buy and sell. In addition to Bitcoin, Coinbase wallet currently supports Bitcoin Cash, Ethereum and Litecoin authentication. There are constant rumors of additional currencies like Ripple getting support from Coinbase as well.
While the big upside of Coinbase wallet is the key features, that is offset with some worries about security. Mt. Gox was at one point the dominant platform for Bitcoin and other currencies. That is until it was hacked and lost nearly half a billion dollars in user currency.
But Coinbase did learn from Mt. Gox’s loss and has very firm security in place and regularly updates and improves the entire user experience. See some of these hot wallets you can use in the crypto exchange.
Trezor isn’t a full buying and selling platform like Coinbase wallet. Instead, it is simply a place to store your coin. Trezor is a physical device that plugs into your computer, tablet or phone to access your coins or token. The Trezor wallet works with multiple currencies and works as a password manager, two-factor authentication device and other useful features.
This trezor wallet offers some protections against lost passwords and lost trezor devices, but you should learn from other’s sad lessons and make sure that never, ever happens. The entire point of this digital Bitcoin wallet is to keep others from stealing your Bitcoin, so you can assume the recovery process is not necessarily an easy one.
Electrum can work with some physical exchange services and has some flexibility compared to just using a hardware wallet like the Trezor.
The big benefit is that you can quickly get up and running and store your Bitcoin on your own computer. But if that computer crashes, is lost in a house fire, or ends up hacked or corrupted, you could lose your coins. The app does support a recovery process and allows you to create a physical “cold storage” with a printed or handwritten set of keys.
Blockchain is the technology that allows Bitcoin and other digital currencies to exist. Expect to hear more about Blockchain far beyond the digital currency world. Blockchain.info is similar to Coinbase and other cold wallets in that it is an online wallet, but you can’t buy or sell directly through Blockchain, which means your Bitcoin storage is separate from your Bitcoin marketplace.
Because it isn’t a full exchange, it is considered to be more secure than a site like Coinbase, where you can bet that bad guys are constantly attempting to hack. If you are not a “computer person,” using an exchange like Coinbase is much easier. This separation adds a level of security, but also a level of complexity in your Bitcoin use.
Robinhood started as a free stock trading platform and has recently expanded to include support for options and other investments, including cryptocurrencies such as Bitcoin. Robinhood is both a wallet and an exchange, so like Coinbase everything is in one place. Robinhood is a mobile-first platform and has not even rolled out the Web version to all stock trading customers.But what really sets Robinhood apart is the cost: free. There are no commissions when buying or selling Bitcoin, just like stocks on the platform. Some may argue it is less secure for reasons we already discussed, but if it is secure enough for your stocks, it is secure enough for your coins.
Exodus is a software wallet like Electrum, but much more beautiful and more intuitive to use. It offers similar benefits for security but looks a lot different. The desktop only wallet turns your digital currencies, Bitcoin and many others, into a portfolio with graphs and charts. You can exchange coins through the app with ShapeShift exchange integration in addition to storage.
There is no account setup, so your currency and wallet are just for you. Be careful with that computer! Exodus includes private key encryption and other useful security tools. Thanks to the portfolio and graphic views, it is great for anyone with a background in investing who wants to jump to digital currency.
Mycelium is a mobile-only Bitcoin wallet, with Android and iPhone versions available. Mycelium is known for being a bit more complicated to use than some other Bitcoin wallet apps. But advanced users should be just fine navigating the experience.
There is no Web or desktop interface but as many people now use their phone as their primary computer, that may not be a reason to be scared off from trying it out. It is very secure, allows for anonymity and keeps your Bitcoin in your pocket or bag pretty much everywhere you go.
I still like the cold wallets for their security. A crypto wallet needs to be secure for the investors. Markets and the brokerage will trust the crypto assets in these much more. We have not gone over terms of security. The terms of security allows for the ledger to be found and open but still be safe from unauthorized access.
Luckily there is a decent regulated environment to protect the ledger and digital wallets.