Everyone knows the magic of the Bitcoin, tempting millions across the world to invest in cryptocurrencies. The proponents of cryptocurrencies argue that these are far safer compared to regular currencies, and guarantee anonymity and privacy, unlike fiat currencies. Given the incredible run that Bitcoin has had over the past couple of years, it is not a surprise why many investors these days are keen to test the waters.
However, before you invest any fund into cryptocurrencies like the Bitcoin, it is essential to understand how the world of cryptocurrency works, and what the inherent risks are. The price volatility cannot be overlooked; while prices of the Bitcoin could surge in the years to come, there is also the possibility that it could plunge to zero. There is also a rise in bitcoin trading by top level investors after automated trading apps like Bitcoin Revolution were introduced in the market. So, you should never invest more than you can afford to give up. And, before taking your first step into cryptocurrency investment, you need to choose the Bitcoin wallet for storing your coins safely.
6 of the best Bitcoin wallets:
Coinbase has always been one of the most trusted names in Bitcoin wallets because it makes it super easy for users to store, buy, or sell cryptocurrencies. It allows you to connect to an American bank account for transferring money into and out of the wallet. You may then use the money or transfer new coins for buying and selling cryptocurrencies. Coinbase has been extending its services for users of the Bitcoin, and also others like Ethereum, Litecoin, and Bitcoin Cash. Coinbase is known for being highly user-friendly but critics have doubted its security aspect.
Trezor has been popular as a Bitcoin wallet for its comprehensive security features. It is not a full-fledged buy-and-sell platform; it only stores the Bitcoin. So, the Trezor is basically a physical device that can be plugged into your PC or smartphone for accessing your Bitcoins. This device can also work with cryptocurrencies besides the Bitcoin; it also acts as a dual-factor authentication device, a password manager, and provides many useful functions.
The Blockchain wallet is an online one that enables users to buy and sell Bitcoins across more than 35 nations. The transfer of crypto coins such as the Bitcoin, Ethereum, Bitcoin Cash, etc can be done in exchange for a nominal fee. This wallet demands email verification, back-up security phrase, and dual-factor authentication to make your money more secure.
Robinhood originated as a stock trading platform and then evolved into a wallet for cryptocurrencies like the Bitcoin. It works like an exchange and wallet rolled into one, similar to Coinbase. While this is a mobile wallet, you can also use a desktop version. It is free and there is no commission when Bitcoin is bought or sold.
Electrum refers to a software wallet and this implies that the Bitcoin is going to be stored in it in the form of encrypted files inside your desktop or laptop. Electrum is available for Mac OS X, Android, Windows, Python, and Linux; it also works with a few physical wallets.
This is a Bitcoin wallet for mobile use and it works well with both iPhones and Android smartphones. Its use is a tad complicated compared to the others mentioned here, but those who are used to trading should not find it difficult. While you will not find a desktop interface, you can enjoy bank-grade security.