PUBLISHED ON: May 7, 2021 Owing Bitcoin nowadays seems like the best move to make The first cryptocurrency has become a fairly common investment asset among tech-savvies It’s so popular that even the widely used Paypal app is offering its storage services for coins
Tesla’s $1,5 billion investment in bitcoin and Elon Musk’s market-moving tweets fueled more interest in digital currencies and contributed to their price surge at the beginning of 2021 Well, one Bitcoin now will cost you an arm and leg, or over $50 thousand to be precise Nevertheless, analysts are strongly bullish on a future price and consider Bitcoin one of the top cryptocurrencies to invest in in 2021
Like most valuable objects, the overall value is determined by how safe your Bitcoin storage is We have overviewed 6 crypto apps and wallets to help you choose the optimal platform for keeping and managing your virtual wealth
A hot wallet refers to any Internet-connected crypto wallet Generally, they are easier to set up, access, and make payments But, hot Bitcoin wallets are more susceptible to hackers and other technical vulnerabilities They are great for storing friction of your virtual currency to make payments So here are our top picks
Exodus is a simple, easy-to-use wallet that works perfectly for beginners It was initially designed for desktop only, but now there is a mobile app version for both platforms
This software wallet stands out in a crowd with a design focus on the beginning users who aren’t acquainted with a crypto space It has an attractive user interface As experts in software development, we want to admit that its developers polished the UI, making it more user-friendly Plus, Exodus has a superior service team that helps first-time users adopt new software
The desktop-first wallet puts many investor-focused tools in your hands Exodus turns your cryptocurrencies into a portfolio with graphs and charts It also integrates seamlessly with the Trezor, a cold wallet, which is also in our list below, simplifying the transaction from hot to more secure cold storage
You’ll find a simple and uncluttered interface that presents a wallet itself and easy-to-read tabs You will see the current Bitcoin exchange rate, send & receive buttons along with a QR code Back up your private key in the accounts tab to ensure your coins remain secure if you lose your smartphone or have it stolen
This blockchain wallet works well for experienced crypto enthusiasts who appreciate such options as offline storage and control over private keys
Using this wallet you can be sure that no third party can freeze or lose your funds The private key is personal, which means that you are the one who keeps it However, you are still responsible for backing up your wallet
Wasabi’s remarkable feature is its validation that involves communication with a central server anonymously over Tor browser and the Bitcoin P2P network This digital wallet for desktop lets you set up and use Tor as a proxy to prevent attackers or Internet service providers from associating your crypto transactions with your IP address It makes Wasabi a preferred choice for privacy-focused users
Electrum is one of the earliest Bitcoin wallets packed with superior privacy features You can decide on the level of protection you want to have For instance, the software wallet enables setting 2-step verification, using multi-signature protection measures, and enhancing your seed phrase with custom long-tail words These robust features work well in protecting your crypto fundings Moreover, you can use this wallet in cold storage mode
While its UI is simple and bare-bone, Electrum excels at its primary function
Ledger Nano is a famous name for a hardware wallet that keeps your virtual currency safe on an offline device It looks like a standard USB flash that connects to your mobile phone or laptop to access your digital holdings Ledger lets you check the balance and perform basic Bitcoin operations
The Ledger Nano S is the first brand wallet at $59 that provides safe Bitcoin storage for a fair price It is also a user-friendly storage device that meets beginners’ needs for a simple cold wallet
This cold wallet functions in a way Ledger does but offers you an additional ability to access third-party crypto exchanges directly from your device
Trezor latest Model T has a touchscreen that enables you to input the PIN and passphrase on the hardware itself While it’s a very convenient innovation, it doesn’t justify its costly price tag of $193 There’s also a MicroSD slot so you can encrypt your PIN code to improve the safety of your device
Think of hot wallets like your physical wallets: you use them to store some cash but not your life savings Hardware Bitcoin wallets are more like your bank account They aren’t free, but the price can be worth it if you own a significant amount of coins and want strong protection of your funds
Jake has a background in the finance and IT industries He is passionate about cryptocurrency, blockchain, IT, tech and likes to think about the bright technology-led future