The immense popularity of cryptocurrency reflects that the tech world is taking its multifarious benefits in several ways. Cryptowallets are similar to a bank account that can be accessed to store, receive, & transfer digital currency from one wallet to another. Though it connects users to a private interface of the Bitcoin network just like a systematic online banking system, they are used not only for shopping purposes but also for trading.
Get a deep understanding of Bitcoin & cryptowallets
Today, many people are familiar with the concept of digital currency and that’s why cryptocurrencies are gaining huge significance among digital wallet users. These digital wallets comprise secret keys & codes to allow you to invest your bitcoins securely. Therefore, you just need to understand that it is not cryptocurrency that required to be secured but the secret codes that allow you to use them. In simple words, a cryptowallet is a device, system, app, or website that manages highly secure private keys in your favour. Let us introduce two major types of cryptowallets & their characteristics:
They are particularly developed as an electronic gadget for safeguarding your bitcoins or digital currency. Hardware wallets are popular for exceptional features that make them highly secure before you spend the cryptocurrency. You just need to simply connect them to a computer, tablet, phone, other devices to decode your private keys in a secure manner. One must go for hardware wallets for the following reasons:
They shield your bitcoins from vulnerable internet connections & devices that are potentially on risks. A great alternative to keep your digital currency securely & conveniently.
All hardware cryptowallets use offline mode to protect your private keys no matter if it is connected to a system that is prone to malware & security attacks. Though all details & private keys are stored offline, there are zero lags in the security system of these digital wallets.
Even if hackers succeed in accessing your hardware wallet, they won’t be able to spend your Bitcoins as a unique PIN code is required for it. You don’t need to hassle in case if you’ve lost or damaged your cryptowallet accidentally as long as it is protected via a secret backup code.
Unlike hardware wallet, hot wallets run on all internet-friendly devices like tablet, mobile phone, & computer. Through all secret codes are generated & stored on an internet connect platform, using a hot wallet is not the right choice as far as security is considered. You can store a few amounts of cash in a hot wallet but not your overall earnings & life savings. Although frequent payers must go for this option, it is not favourable for Bitcoin storage.
After getting familiar to types, it is time to check out the best of cryptowallets that are trending this year & expected to gain intense significance in future. So, here is a list of 5 cryptowallets for you:
Ledger Nano S:
It is a hardware type cryptowallet specifically designed to store digital currency. Although this portable device is quite expensive, it is an undeniable fact that it stands apart in all terms of security & backup of private codes. Go through these specialties of Ledge Nano S:
It is not designed as a plug & play type gadget.
It doesn’t require a computer or other devices to generate the secret codes for cryptocurrency.
It simply runs on a small-sized screen attached in front and you can operate this cryptowallet effortlessly on it.
You can perform all major functions via this device like digital transaction, digital currency exchange, money transfer from one account to another, & more.
Offers protection to your bitcoins from hackers & thieves and also blocks third-party access in case if a wallet is lost or damaged.
Being popular for allowing the storage of more than 900 cryptocurrencies, Coinpayments is developed as a web-based digital currency wallet. It is available for free and it only applies transaction fee when a digital currency has been transferred from one account to another. The best thing is that the majority of online stores accept payments through this wallet.
It is a user-friendly cryptowallet initially launched for Bitcoin in 2014 and developed for iOS & Android users. It comes with multiple currency support specifically for Litecoin, Wings, Augur, Bitcoin cash, Ripple XRP, & more.
The developers of Ledger Nano S brought another hardware wallet and named it as Ledger Blue. It is more powerful, secure, & advanced than the previous version. It is equipped with secure elements& exceptional features including PIN code for wallet unlock, malware proof, multi-currency support, onboarding wallet control option, & more.
One of the best mobile-based wallet for digital currency that seamlessly runs on Windows & other major operating systems. Although it was not introduced specifically for cryptocurrencies it can be used to store certain digital assets including digital currencies.
In conclusion, you may come across dozens of cryptowallets while trading in digital currency. Choosing the right wallet for generating & storing your digital currency is necessary to stay on a safer side & protect your money for malware & cyber thefts. No doubt, a digital wallet has simplified all process of digital trading specifically for managing cryptocurrency and that’s why it is important to go for a favourable one!