8 Best Bitcoin Wallet to Use

best bitcoin wallet

There are a plethora of bitcoin wallets in the market that crypto users can use to protect their assets. But in this article, we have outlined the best wallets you can use to store your bitcoin.

In recent times, cryptocurrency has maintained top spots on the financial charts as lots of people now call it the new gold mine. The industry since it began operation in 2009 has seen steady growth with lots of people maintaining a positive prospect opinion. The first cryptocurrency the world knew was Bitcoin which was created by a pseudonym person Satoshi Nakamoto.

The value of the Bitcoin digital asset has steadily been on the rise and lots of people who acquire these assets have kept on looking for the best ways to store these assets. As a result, this article will be looking into the eight best Bitcoin wallets you can use as a store to keep your digital currency holdings safe.

First of all, let’s briefly look into what this digital currency is all about.

What is Bitcoin

This question has been asked by lots of people who are just starting on their cryptocurrency journey. Bitcoin is a decentralized digital asset that aids transactions as well as functions as a mode of payment. It is decentralized in the sense that it is not controlled by any company, government, or state in what so ever way. The market solely depends on supply and demand for its fluctuations, increments, and decrease.

This digital asset runs on a platform called blockchain that makes all the transactions carried out to be transparent while the initiator of each transaction is kept safe. On the blockchain, all transactions are recorded and information about all competed transactions is made available to everyone all over the world. On this note, the blockchain is a decentralized ledger that keeps track and record all digital transactions carried out on the platform.

There are thousands of wallets used to store these assets. You cannot successfully own these assets without having a purse (wallet) where these coins will be stored.

First of all, it is important to note the categories of wallets in existence; hot and cold wallets, centralized and decentralized wallets, hardware and software wallets, etc. all these categories still function as a store to keep these currencies safe.

What Is a Cryptocurrency Wallet

Just like we have or real wallets used to store valuables like documents and cash, a digital wallet is a technological innovation we use to store our digital assets as soon as we purchase them.

Here are the 8 best Bitcoin wallets to use;

Trust Bitcoin Wallet

Trust Wallet is one of the best wallets one can store Bitcoin assets. This wallet is decentralized in the sense that you can only assess the wallet you have its keys. Once you open this wallet, you are provided with a 12 key phrase. As soon as you lose these phrases, your funds are gone forever. The general advantage of this wallet is that no one can assess your funds unless you let them by providing the necessary key phrase. On trust wallet, you can also purchase bitcoin through DApps or with your local currency. There are provisions made for these transactions.

Binance Bitcoin Wallet

Binance is one of the widely accepted platforms where lots of cryptocurrencies can be bought, exchanged, and stored. This platform is a decentralized exchange that supports also allows users to purchase coins with local currency. You can also purchase your coins through the regular P2P where you pay to verified accounts that provide you with the needed cryptocurrency. Binance has a perfect UX design and also a top-notch security system that guarantees the safety of everyone on the platform.

This makes Binance centralized exchange a worthy and trusted wallet provider to store your Bitcoin asset holdings.

Coin Base Bitcoin Wallet

Coin base is another cryptocurrency centralized exchange that also provides suitable wallets to store the Bitcoin asset. This wallet supports the exchanging, buying, selling, and storing of various cryptocurrencies of choice. It is also a user-friendly platform that has top security which remains difficult to be broken. Digital assets of choice can be stored in the wallet provided by this top-notch exchange.

Related: Best Ethereum wallets

Trezor Model T Bitcoin Wallet

Trezor Model T is a top hardware wallet that can be used for the storage of various cryptocurrencies. Being a hard wallet means it’s not online-based as you need to own the Trezor Model T device before you have access to the wallets. On this wallet, there are no third or second parties as it’s just yourself and the device. It is important to keep your hardware safe to avoid tampering. To purchase any of these devices, check out the various technology stores online.

Ledger Nano S Bitcoin Wallet

The Ledger Nano S is another hardware wallet where cryptocurrencies are stored. This wallet share close similarities to the Ledger Nano X hardware wallet. Owning a Ledger Nano S Wallet is a safe way to store your assets. Provided you don’t get this wallet lost, you can go ahead with purchases on any online digital store.

Ledger Nano X Bitcoin Wallet

Ledger Nano X wallet is different from Ledger Nano S even though they share similarities. This Nano X is Bluetooth enabled and also hardware in nature. Hardware wallets are cool because only the owner has access to your portfolio. Nevertheless, there are disadvantages associated with hardware wallets as they can get lost or stolen. In that case, although your funds remain safe if you have a strong password enabled, you can’t get your funds since the wallets are no longer in your possession.

KuCoin Bitcoin Wallet

Kucoin is among the top-rated exchanges that provide a perfect wallet to store your coins. Just like Binance, you can exchange, buy, sell and swap your cryptocurrencies. Wallets here are divided into 2. Spot wallets and funding wallets. It’s left to you to decide where to store your digital assets. You can click here to sign up right away.

Kraken Bitcoin Wallet

There are advantages and disadvantages associated with exchange wallets, hardware wallets, and software wallets. It’s left for every individual to choose the challenges he is capable of coping with within selecting how to store cryptocurrencies.

Also, take note that cryptocurrency is measured as one of the risky investments since it has a very high level of volatility. You can lose a huge amount of money as well as gain. In other to manage this problem, it’s always good to have a perfect trading strategy to escape the very volatile market from going against you.

Kindly leave your questions and comments in the chatbox for further clarifications.

See also: Common Mistakes Crypto Traders MAake and How to Avoid Them

See also: What is Dollar Cost Averaging

4 Comments on “8 Best Bitcoin Wallet to Use”

Leave a Reply

Your email address will not be published.