The cryptocurrency was introduced as the new age digital currency that people can use to acquire needed or wanted goods and services. The only difference that it has is the usage of an online ledger. It helps in keeping your transactions secured with really strong cryptography. However, to use cryptocurrency, you’ll need to have and use a cryptocurrency wallet. These digital wallets are crafted to safely store your digital currency and send/receive it. There are several cryptocurrencies with different features and functionalities, and all of them, mostly, have official wallets. Let’s discuss more about these wallets and which of them is known to be the best.
Crypto Wallet Variants
There are majorly two variants- Hot Wallets and Cold Wallets. Hot wallets act as digital tools allowing users to send and receive their crypto tokens, and cold wallets or cold storage are offline wallets that can be used for storing your cryptocurrencies. It is protected from any cyber threats as it is too far from being connected to the Internet. There are several crypto wallets available today that you can choose from. Some of them are designed for a specific cryptocurrency and there are others, which can be used for more than one type of cryptocurrency. Some you can manage on your own and some are partially custodial.
Best Crypto Wallet
There are many options but let’s look at a few that have been considered to be the best for some particular areas:
- Exodus- It is a free hot wallet and best known for beginners or new users.
- Electrum-It is a free hot wallet, one of the original Bitcoin wallets, and is best for advanced users who are focused only on Bitcoin.
- Trezor Model T- It is a cold wallet that comes with a fee included, and is the best for functioning a large number of different cryptocurrencies.
Best Crypto Hardware Wallet
This is a quite different and special kind of crypto wallet that is used to store the user or the owner’s private keys in a safe device (hardware). These private keys get stored in a secure microcontroller area and do not grant access to transfer them in plaintext. Ledger Nano X and Ledger Nano S are considered to be the best hardware wallets for cryptocurrencies. Both are cold wallets and are renowned for their protective storage features.
Best Mobile Crypto Wallet
Mobile crypto wallets make the usage of cryptocurrencies extremely feasible and bring the crypto wallets to your fingertips. Mycelium has acquired the title of being the best mobile wallet to function cryptocurrency. It is a hot wallet, its services incorporate exchange and it is free to use.
The cryptocurrency was introduced keeping in mind an innovative approach to moving funds in a new and digital world. It has strong cryptography to maintain its online ledgers for transactions. And people use crypto wallets to move around their crypto coins or tokens and store them. Mentioned above are the two major variants of crypto wallets along with the best crypto wallets. You’ll also learn a little about hardware and mobile crypto wallets.