People who are interested in investing and trading cryptocurrencies, but don’t have enough experience, are not always sure how and where they will store the earned money, so they can use them later, or trade with them on the crypto stock. With just quick research, everyone can find out that there are a few ways how to keep your crypto savings safe until you decide how will you use them. There are two basic types of digital crypto wallets, like the physical device that can be connected to the computer, and also a virtual wallet, you can access with login details and/or a physical token. Most of the experienced crypto enthusiasts prefer physical e-wallets, instead of virtual ones.
The most popular cryptocurrency is still the Bitcoin, and people always prefer it over the altcoins. Bitcoins have a leading role in the crypto world, they’re defining the current trends, and most of the other currencies depend on their value compared to the fiat money. That’s why most of the new investors are choosing it as the main currency on the market, so they need a proper way to store them after the transaction is completed. But, what are the best digital wallets for this purpose? How are they changing and updating following the users’ needs? We will try to explain everything in this article.
What is the definition of a cryptocurrency wallet?
It’s a device, software, token, or program which is used to store your earned cryptos, and you need to always know your protection keys, so you can access them anytime you need. Once you withdraw your savings to these devices or apps, they are yours until you decide to trade, exchange, or sell the coins for something better. There are so many different types, including specialized wallets for beginners, for experienced traders, and so on.
What are the best e-wallets for Bitcoin traders and investors?
As we said, there are a lot, and we will provide a short review for a few of the most used apps and devices, such as:
1. Exodus
Exodus offers desktop and mobile version, which is simple to use, since it’s the type named hot wallet, and it’s compatible with a few hardware devices. The developing team is always trying to improve the general users’ experience by checking the quality of the service and taking care of safety and security. Most of the beginners prefer it because the interface is very easy, clear, and understandable, but more experienced investors may require more from their storage, so they may avoid this one. You can use it for a wide range of cryptocurrencies, but you can’t set transaction fees.
2. Electrum
Beginners will pass this one since it’s more complicated than Exodus, and they only have a basic knowledge of saving their Bitcoins. It’s the hot type that works with some physical wallets, but with no option for exchange. It’s one of the first Bitcoin wallets, established in 2011. The user can set transaction fees, and set seed phrase to protect their money. The best thing is that the money is safe all the time, with no risk of getting hacked or scammed.
3. XWallet by Pundi
This is a mobile app you can download on your smartphone, so you can access your crypto assets or integrate it with Telegram, so you can receive or send digital coins. Recently, the developers upgraded the wallet, so the shops and retailers can use it for sending and receiving payments. That means you won’t do anything wrong if you choose namecoinnews.com as your investment paradise. It collects all the transaction features you can do with your savings in digital currencies.
4. Ledger Nano X
This is a more advanced hardware device that is often used in the crypto space. There was an initial version Ledger Nano S that was a revolutionary invention in this world, and it’s still available for the basic users, but the X-version supports more than 1,500 currencies, and you can connect it directly to your mobile device. The company also offers nice software solutions for professional and independent users. These wallets are now the most popular choice between advanced investors and traders. It also offers USB and Bluetooth connection, but some professionals find it questionable because some hackers can access the data, even though the company is doing everything to provide secure service. This is a cold type of crypto saving device.
5. Trezor
Trezor and the most popular Model T, are equally famous as Ledger, with a little difference that Trezor supports incorporated exchange, and Ledger doesn’t. You are getting a device with a touch screen, making it easy to use and understand even for those with basic knowledge in this field. You can sync it with the website, and access to all the supported cryptocurrencies, and choose the Bitcoin as one of your favorite. If you are a first time user, we can recommend you not to choose a physical wallet, because it can be confusing. Sometimes, it’s better to learn how something is used before you buy it and realize you can’t really use it.
What’s the difference between the hot and cold type
There are so many differences between them, but the basic one is that the hot ones are online, and the cold types are the physical devices investors own. Both options have advantages and disadvantages, but we can simply say that beginners should choose hot wallets because, at the first moments, they are more simple and understandable. On the other hand, hot wallet owners should have a piece of advanced knowledge in this field, especially about safe and secure transactions.
Understanding how the crypto market works is very important before you try taking any action in it. Cryptocurrencies are similar to real money, but they are not the same, and there are different rules you need to follow, so you can be a part of that community. We recommend you to take little steps because if you have too high expectations, you can easily lose a lot before you can even see some benefit of your crypto activity.
