WHAT IS A WALLET?
Let’s start at the beginning, what is a wallet? (Cryptocurrency Wallet) Which bitcoin wallet is best?
A wallet is a software that stores your public and private keys (they always go together) and allows you to send and receive cryptocurrencies through the Blockchain, store the ones you want and control your balance whenever you want.
It may sound a bit complex but I’m going to put it in a little simpler terms so that you can introduce yourself little by little. A wallet is a wallet where you store your cryptocurrencies.
It fulfills the same function as your physical wallet where you keep your bills or perhaps a better analogy is the cards.
Which bitcoin wallet is best?
Why do I say this? because the cryptocurrencies themselves are not stored in the wallet but the keys to access those cryptocurrencies.
Private keys are like the PIN number of your card and are used to access your account. Public keys are the closest thing to your bank account.
In summary and always simplifying as much as possible, your purse or wallet is where all the cryptocurrencies you have are stored, and the one that you can later use to send and receive the cryptocurrencies. Of course, keep in mind that if you forget the password of your wallet you will lose all the cryptocurrencies that you have in it because you cannot access them. It would be like losing your physical wallet.
TYPES OF WALLETS
This type of Wallet is totally immune to any computer attack since it is permanently offline, but if you lose the paper you lose everything. They are the type of storage called cold because they are disconnected.
Basically a Wallet of this type is a printed document that contains a public address where cryptocurrencies can be sent and a private key. This allows you to operate with it in a simple way.
It is simply a software installed on our Smartphone that allows us to transact directly.
The problem is that anyone who can access our cell phone accesses our wallet.
A Web Wallet stores your private keys on a server controlled by the company that provides the services. The servers are constantly online and are always controlled by one person.
Here the key is to choose the wallet well.
Desktop Wallets are installed on your own computer, storing your private keys on the hard drive. The security will be linked to our computer.
Physical wallet/Hardware wallet
The physical Wallets have with them a security chip that prevents your private keys from being entered into a computer. To operate with your coins you simply have to enter a PIN code in the Wallet.
The good thing is that if you lose or break the wallet, you can recover it.
It could be said that they are one of the safest but they have a much higher cost than the others.
With this you have a mega simplified summary of the most common wallets. Now we see 7 wallets that you can use.
BEST DIGITAL WALLETS FOR CRYPTOCURRENCIES
What is the best wallet for cryptocurrencies ? Let’s see some virtual wallets for cryptocurrencies.
1 – Coinbase
I could not stop naming one of the most used and well-known wallets.
Coinbase’s virtual wallet is one of the safest digital storage options for cryptocurrencies. Despite being a mobile app, Coinbase Wallet offers a level of security very similar to that of hardware wallets.
It is the option that I recommend the most for its practicality, whether you are going to use it only for protection or to move money to make investments.
2 – Coinomi
What I like about this alternative is that it accepts a myriad of cryptocurrencies. Most wallets focus on bitcoin and the odd stablecoin, but here we have a much wider range.
It is an open source software that stores encrypted crypto assets locally on your devices such as a cell phone or PC.
You can use it on your Smartphone with iOs or Android, also on your PC with Windows, macOS and even Linux.
3 – Trust wallet
Trust Wallet is an app that was initially intended for the Litecoins cryptocurrency, but today it accepts many more such as bitcoin, dash, stellar, in short, all the most popular ones.
The interesting thing about this wallet is that it pays us an interest that is between 5 and 7% for certain cryptos since it puts them to work for us with the staking system.
4 – Vault
I did not want to stop putting a hardware wallet.
Trezor is a physical wallet selected among the best in the world within the category of cold wallets.
Allowing access from both smartphones, tablets or PC.
These wallets generate a 24-word recovery phrase and a security key, which will serve as a backup for the crypto assets that we have stored there. In addition, they have a physical button that must be pressed when making any transaction, further increasing the security of this virtual wallet.
It has 2 models.
Trezor One with a value of around 55 dollars.
Trezor model T with an approximate value of 170 dollars.
5 – Electrum
One of the best known desktop wallets. It is compatible with Windows, Mac, Linux and Android operating systems.
This wallet is also lightweight so it does not download the entire blockchain and is deterministic (HD) so it generates a seed that can later be used to reset your funds. It is developed to support physical wallets like Trezor and Ledger.
It is known as one of the best wallets in the world in its category.
6 – Bitcoin Core
One of the forerunners of the entire wallet world. A bitcoin wallet.
It is open source, so all changes and improvements are proposed by the developers who wish to contribute to the system. It also maintains a very high development activity. Bitcoin Core offers fairly high levels of security, privacy, and stability, but is primarily designed for advanced users.
A peculiarity of this client is that when you run it on your computer, you become a network node and end up running a full client. In this way, you contribute to the decentralization and integrity of the Bitcoin network.
It is not recommended if you are a beginner.
7 – Bitpay
How not to name it. It is available for Windows, Mac, and Linux operating systems, as well as Android and iOS.
It is a simple, practical wallet that perfectly fulfills its function, providing maximum security to the user.
One of its outstanding features is that you can accept bitcoin payments on your web pages.
So far the 7 best wallets for cryptocurrencies.
THE MOST USED CRYPTOCURRENCY WALLETS
I would like to let you know which are the most used crypto wallets within the 7 best ones. This is something interesting if we can’t tell each other which wallet to use.
1 – Trust Wallet
2 – Coinbase
3 – Electrum
ALTERNATIVE CRYPTOCURRENCY WALLETS
To finish, I would like to leave you a YAPA, good cryptocurrency wallets that did not reach the top but certainly deserve at least one mention.
They are those who are fighting to get on the podium and who can dethrone those already seen at any time.
Do not rule out these alternatives for not being on the podium because they are undoubtedly excellent alternatives.
I am only going to name them so that you have them in mind. We have: