What Type Of Bitcoin Wallet Should I Use?

April 3rd, 2018

Bitcoin has quickly become one of the hottest topics of 2018. In early 2010, the price of Bitcoin was around 5 cents, but now the value of Bitcoin has risen above 7,500 dollars. Bitcoin enthusiast from around the globe are excited to buy Bitcoin and other digital currencies, due to their decentralized nature. Before you start buying Bitcoins you need to find a wallet where you can store cryptocurrencies safely and securely.

Individuals can store digital currencies on digital wallet so it’s important to make sure the best one wallet is chosen. There are various types of Bitcoin wallets available on the market today, choosing the best bitcoin wallet will assure easy access and safety for your Bitcoins.

Here are some of the top digital wallets for storing, receiving or sending Bitcoins:

Cold Storage or The “Paper Wallet”

A paper wallet is simply a document that contains all the information that is required to generate Bitcoin private keys. This wallet usually takes the form of a simple piece of paper with a QR code. The QR code can be scanned onto the software or “digital” wallet when needed. With the paper wallet, you are essentially storing your Bitcoins offline, it’s best to keep this information in a secure location. All the information necessary to access and control Bitcoins can be located on this paper wallet. Currently, this is one of the best ways to keep your information secure.

Many use the paper wallet as sort of a backup for your private keys. There are many different views about paper wallets, but the truth of the matter is that this is one of best Bitcoin wallets you can have. It is the safest wallet to bank on.

Coinbase

Online exchanges are considered less secure when compared to the cold storage or paper wallets mentioned above, but Coinbase is different. This digital wallet has been in the business for a long time, and millions around the world are using it to store Bitcoins. Coinbase has learned from the lessons of its predecessors and is now considered to be the biggest exchange in the world. This online exchange is known to be user-friendly and is a place where you can buy, exchange, sell and trade Bitcoin at quickly and safely. This digital wallet also gives you the opportunity to store Bitcoins safely.

The only risk is that you are keeping Bitcoin on the same site or exchange where you buy it. There are several incidents of such types of exchanges, where the service providers collapse at some point and people end up losing all their money. Coinbase is popular for its easy to use nature, secure storage options, and two-factor authentication-making it the best Bitcoin wallet among online exchanges.

Blockchain.info

Blockchain.info is an online wallet or web-based wallet. These types of wallets have been known to pose some hacking risks and security threats, but not in the case of Blockchain.info. This online wallet is known to be the world’s most popular digital wallet, with around 15 million wallets that have supported over 100 million transactions. The best thing about this online wallet is security, it has the best security for online digital wallets.

Electrum

Electrum, is a software wallet and is a free storage option which is popular among Bitcoin community. This software is one of the most respected storage apps that has been in use since 2011. This app is available for all mobile platforms, giving digital currency users an extra edge. Electrum is rated high for its user interface and easy to use features, alongside its reliability and safety features.

The best thing about Electrum is that you get ultimate control of your Bitcoin private key by adding an extra layer of security. This software also boasts two-factor authentications and supports both cold storage and hardware wallets.

Apart from the Bitcoin wallets mentioned above, there are various digital wallets available in the market. These are few of the best and most top rated digital wallets that carry a wide range of features. Make sure to select the best digital wallet based on your needs and requirements.

 

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