If you are a newbie who wants to invest your money in bitcoin, storing your bitcoins in a bitcoin wallet is the safest way to preserve your coins.
You can choose the bitcoin wallet that suits you best according to your requirements. For example, if you have invested a large amount in bitcoins, then keeping a hardware wallet is a good idea.
If you are a newbie in the cryptocurrency world and don’t know much about bitcoin wallets and their functioning, then you have landed at the right place.
In this article, you will learn about the top 5 bitcoin wallets that offer security and easy management of bitcoins.
Top 5 Bitcoin Wallets
#1. Mobile Wallet
The mobile wallet is the most commonly used bitcoin wallet because you can simply install the wallet app in your android phone or iPhone.
Mobile wallets offer convenience of managing your bitcoins anytime at any place on the go. All you need is an internet connection and a smartphone.
But mobile wallets stand in the fourth position from the security point of view. Because your smartphone may get hacked or a malicious malware can share your security credentials that may arise the risks of fraudulent activities.
However, mobile wallets are the best option for people who trade bitcoin on a regular basis. Just by scanning the QR code, you can make a bitcoin transaction effortlessly through their mobile bitcoin wallet.
#2. Desktop Wallet
Desktop wallet is a software that you can install in your computer or mac and start sending or receiving bitcoins.
The desktop wallet is a safer option than a mobile wallet because of its better encryption layer. But make sure your computer is having a high quality antivirus or internet security application installed.
Do you know what makes a desktop wallet best?
Well, it is the offline mode. Means you can store your bitcoins offline in your system safely and securely.
Instead of keeping your bitcoin on the bitcoin exchanges, you should store them on the desktop wallet.
There are so many types of desktop wallets like Bitcoin Core, and Electrum.
If you want to invest in bitcoin, then you can visit the big moneyrush app.
#3. Hardware Wallet
Hardware wallet is the best way to keep your bitcoins safe.
Hardware wallet is for experienced investors who have invested a huge amount in bitcoins or if you want to invest your money in bitcoin for an extended period of time.
The hardware bitcoin wallet is a USB device that is built for handling the private keys and the bitcoins securely. Some hardware wallets have an OLED screen and side buttons to operate.
Latest models also have a bluetooth connection facility to connect your hardware wallet to your mobile phone via a dedicated app.
Since your bitcoins are stored offline and in your custody, that makes your bitcoin storage completely secure.
But the hardware bitcoin wallets are quite expensive, but the security which they offer to your coins is worth the money. They are really immune to any sort of virus attacks and theft of bitcoin.
Till now, there are no cases of frauds and hacks reported in the hardware bitcoin wallet. But make sure you are keeping it safely at a private place.
#4. Web Wallet
Web bitcoin wallets are the hot wallet which are available online. You can easily access the web bitcoin wallet by using any internet browser as per your choice.
In this wallet, the private keys are stored online only. It is more like storing your bitcoin on the bitcoin exchange.
The biggest problem with web wallets is that you cannot access your bitcoin wallet’s private key and only the wallet platform has access to your private keys. That means if the platform got hacked or it is shut down, then you will lose all your funds.
So keep only that amount of bitcoin on the web wallets which you are trading on an active basis and keep the other bitcoin on the hardware wallet or desktop wallet.
#5. Paper Wallet
A paper wallet is a printed piece of paper that contains keys and QR codes to perform bitcoin transactions. These were the first and most secure bitcoin wallets because they store your bitcoins offline.
Paper wallets were used in the past when bitcoins were first launched in the market.
Cold wallets are now less popular because they require greater caution while preserving as the printer ink may bleed, fade with time making the wallet inaccessible.
The Final Verdict
By now, you might have got detailed information on the different types of bitcoin wallets. You can choose any of these bitcoin wallets as per your needs and requirements.
Even when you are done with selecting a bitcoin wallet, then also you should do the backup of it regularly. In this way, you can make sure that your bitcoins are safe and secure.