March 31st, 2018
As one of the hottest topics right now, Bitcoin has continued to rise in value since its inception in 2009. Many people around the world are interested in this exciting digital currency. To help people store these valuable bitcoins, Bitcoin wallets are available and selected the right one for your needs is important. Digital Wallets are where your digital currency “lives”. Here are some of the best Digital Wallets on the market today.
This popular exchange uses many different types of digital currencies from across the globe. Currently, Coinbase is one of the biggest Bitcoin exchanges in the world. Known for its user-friendly features, this wallet allows the user to buy, sell, trade or exchange Bitcoin quickly and safely. This particular digital wallet also gives the user the opportunity to store Bitcoins in the wallet.
Blockchain.info is known to be the world’s most popular digital wallet available. It boasts over 15 million digital wallets and has supported over 100 million successful transactions to date. The best feature about this wallet is the security. If security is your main concern when choosing a digital wallet, go with Blockchain.info’s digital wallet- you won’t be disappointed.
This popular and widely used digital wallet gives users the option for free storage. Electrum is one of the most well respected desktop storage apps currently available. This app was launched around 2011 and since its arrival the popularity has increased tremendously. This app is also available for mobile platforms, making it attractive to Bitcoin users for conveniently storing, buying, or sending Bitcoins.
Electrum is popular for its user interface and ease of use, which makes it one of the best for digital currency users. What’s more, this digital wallet is ideal for desktop; it’s reliable and safe. Many online exchanges and online wallets don’t give you the ultimate control of the private key, thereby adding an extra layer of risk. Users have to trust both the counterparty and hope the servers don’t get hacked. Electrum wallet boasts two-factor authentications. This digital wallet supports cold storage and hardware wallets making it an ideal choice for digital currency users.
Do you want to start using hardware storage solutions for your digital currencies? These digital wallets make a good option and are safe in all possible ways. Many users opt for these bitcoin wallets because of their mobility and safety features. What’s more, these wallets are a great option for professional investors. Use of cold storage wallets is highly recommended. Cold storage wallets effectively eliminate counterparty risks and reduce cyber security risk. Counterparty risk when mentioned here, refers to the losing of Bitcoins in exchanges where you bought or lost Bitcoins due to nefarious acts of hacking.
However, the only downside to these solutions is that it’s not free like other some of the other digital wallets available today. These digital wallets have a base price and users need to spend a few dollars to use the services of the operation.
A Paper wallet or “cold storage” is simply a document that contains all the necessary information you need to generate your personal Bitcoin private keys. This wallet often takes the form of a piece of paper having QR code. This QR code can be scanned into the software wallet when needed. This digital wallet gives you the option to even store Bitcoins offline. Users have all information they need to control and access digital currency. This is by far the strongest and best cold storage method available for Bitcoin users.
Experts also recommend using the paper wallet so that you can have a physical backup of the private key. It is important that you generate this private key using a clean system, as well as, store it in a safe and secure deposit box. These are the best digital wallet options available today.