Best Bitcoin Wallet
What is the Best Bitcoin Wallet
There is little doubt that bitcoins are here to stay. Since their establishment in 2009, the rise in interest for bitcoins and other cryptocurrency has expanded the market considerably. And while the blockchain technology provides ample security, there are many who are now focused on the safe storage of their bitcoins.
This is where having the best bitcoin wallet comes into play.
What are Bitcoin Wallets?
A bitcoin wallet is the digital version of the wallet you carry in your pocket or purse. Put simply, the bitcoin wallet is the password that allows you access to your cryptocurrency collection. But the features of some bitcoin wallets are more complicated than that since some do not allow for the deposit or withdrawal of bitcoins from the account.
Many bitcoin wallets allow you to buy and sell cryptocurrency when using an integrated platform. However, the primary function of the wallet is to keep the money inside safe and secure. This makes choosing the right bitcoin wallet quite important as it must fit your needs.
To find the right one for your needs, it pays to fully understand the parameters of what the bitcoin wallet offers in terms of services. What follows are bitcoin wallets that are considered by many to be the best on the market today. It offers a good starting point for those who are interested in getting their first bitcoin wallet or who want to change to a new wallet.
To be fair, Coinbase is not so much a digital wallet, but an exchange for cryptocurrency. You can make deposits and withdrawals, but you cannot have access to the private keys. This does make Coinbase slightly more vulnerable to hacking, but the risk may be worth it for the features that it provides.
Some of the better features includes the ability of Coinbase to hold up to 43 different cryptocurrencies that are tradable. Plus, you can earn free cryptocurrencies by participating in Coinbase Earn, a place where you take quizzes and see videos in exchange for the currency.
The downside is that Coinbase is rather expensive compared to many of the bitcoin wallets available. You will pay a flat transaction fee and be charged for the different currencies that you hold. However, if you are holding a considerable number of bitcoins and other cryptocurrencies, then Coinbase may be the perfect choice for you.
One of the oldest bitcoin wallets, having been established back in 2011, Electrum offers basic services that have changed relatively little since it began. Arguably its greatest asset is its high level of security when compared to most other bitcoin wallets. This is often seen as a must-have feature by many who prize security over everything else.
Upsides include the ability to customize seed phrase and the transaction fees which make it a great choice for those on a budget. However, Electrum only works with bitcoins, does not provide any customer support, and you may be disappointed by the lack of features on the interface. But considering its primary purpose, Electrum may be the best bitcoin wallet for secure storage.
This is a great bitcoin wallet for those who are just getting into cryptocurrencies. The interface is simple and intuitive. Plus, the support provided by Exodus is top-notch which is crucial considering all you need to know about cryptocurrencies.
The upside is that Exodus allows for swapping between over a hundred different cryptocurrencies. So, as you grow in the market, Exodus can grow with you. And when you add to that the free purchase price and reasonable fees for exchanges, it seems that Exodus should be ideal.
The only downside is that Exodus is a close-source software, which means that it does not have the features associated with more advanced bitcoin wallets. But if you are a beginner, it’s difficult to go wrong with Exodus as your first bitcoin wallet.
If you rely heavily on your mobile device, then Mycelium may be a great solution for your bitcoin wallet needs. Mycelium is only available on mobile device and is open sourced for easier use.
Another positive is that you can customize the fees that are being charged, allowing you greater control over your budget at the sacrifice of slowing down the transactions. Also, Mycelium can use hardware wallets which makes it quite secure as well.
The downside is that Mycelium only works with bitcoins, so your other cryptocurrencies cannot be used in this program. Plus, if you are using Mycelium for the first time it has a higher than normal learning curve, so you will need to be patient. Otherwise, Mycelium is arguably the best bitcoin wallet when only using mobile devices.
Robinhood is not really a bitcoin wallet and instead a securities brokerage platform. This means that it is more vulnerable to hacking compared to standard bitcoin wallets.
A free stock trading platform, Robinhood is designed for mobile devices and can store bitcoins along with a maximum of six other cryptocurrencies. This makes it easy to purchase or sell currency in one place, but keep in mind that you cannot transfer or withdraw coins from Robinhood if you are using another storage center.
With no transaction costs, this is a huge plus for Robinhood. Plus, it is easy for beginners to get started and you have access to charts designed for traders. The downside is the limited number of other cryptocurrencies available. Plus, Robinhood does have a history of outages which may make it frustrating to use at times.
Your usage of bitcoin wallets will depend on how much you invest in this cryptocurrency. Keep in mind that while bitcoins have grown considerably in popularity, they are also highly volatile in terms of gaining and losing value over a short period. Therefore, if you are new to bitcoins, it pays to only invest as much as you are willing to lose so that you are not overextended. This is why a bitcoin wallet can be important.
You have several solid choices when looking for the best bitcoin wallet. Ideally, it should provide the security that you need with the features that help you get the most out of this cryptocurrency.