Cryptocurrency

Published on June 13th, 2021 | by Bibhuranjan

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Best Bitcoin Wallets To Keep Your Assets Safe

Looking for the right wallet for your Bitcoins? Troubled by the security and privacy issues? Not sure if it is encrypted enough? Continue reading and find out which options are ideal.

What Are Bitcoin Wallets?

With all the fuss going on with Elon Musk and the market, I am sure you must have heard about Bitcoins. But if you haven’t heard about Bitcoin billionaire website yet, then congratulations on being non-existent on this planet. To keep it short and simple, Bitcoin is the cryptocurrency that is for the people, of the people, by the people. When it comes to Bitcoin wallets, you need to first understand that Bitcoins do not have any physical presence. Thus, keeping track of all your transactions is very difficult and the private key ensured with any transaction must be encrypted as Bitcoin is quite volatile as assets.

Types Of Bitcoin Wallet

There are about five different types of wallets that are available over your smart device, based on hardware and encryption.

  1. Hardware: The most secure location for safekeeping your Bitcoin wallet is, of course, your private key, which is encrypted and stored somewhere inside your hard drive or dedicated USB stick, disconnected from the web.
  2. Web: Just like password managers for your phones and computers, you can benefit from third-party services that would handle your data, your private keys, and any sensitive data with an industry-standard encryption.
  3. Smartphone: Certain dedicated apps, including several cryptocurrency exchanges, manage your Bitcoin wallet, with everything available right at your fingertips. But that also raises the question of ever your phone gets stolen.
  4. Desktop: Just like smartphones, similar apps and services are also available for desktop computers. Such apps can also implement USB security keys and enterprise-grade protocols, keeping your wallet in your possession.
  5. Paper: What’s better than printed receipts? Well… Digitally printed receipt! The apps use QR codes to scan the transaction details and keep your private keys secure. An offline function would be resistant to cyber-attacks.

Here Are Your Options For The Best Bitcoin Wallets

  1. Coinbase: The inbuilt Bitcoin wallet in world’s largest cryptocurrency exchange, aka Coinbase, is pretty simple and efficient, even for beginners. With this, you can buy or sell Bitcoin without having any security concerns.
  2. Coinmama: This one is web-based, and you can find an open market here at Coinmama. Alongside Coinbase, it is completely legal and registered in the United States. You can purchase and sell in as small as $100 fractions.
  3. Crypto.com: As the name suggests, it is an encrypted website for your wallet and exchange of cryptocurrencies. Crypto.com also offers an app where you can manage your assets and benefit from cold storage unit for users.
  4. Trezor: However, the most secure out of the bunch is Trezor which is an encrypted hardware-type Bitcoin wallet, more like USB keys. On top of that, it features two-factor authentication and also complaint with biometrics.

Conclusion

You must have now understood why the hardware type would be the perfect most secure as well. You can opt for web-based wallets, too, if you want to have transactions in the same space, but for wallets only, this would be best. Also, one friendly disclaimer here that I DO NOT endorse any cryptocurrency, and please do not consider this as some financial advice, in any way. If you found this article informative, be sure to share. And I will catch you in the next one. Peace!


Cover Image by WorldSpectrum from Pixabay

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About the Author

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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