For physical forms of fiat currency, basically anything can serve as a wallet. If it helps you keep your money nice and tidy, it can be a wallet. However, the same can’t be said for cryptocurrency.
While most physical wallets basically work the same way, cryptocurrency wallets have different traits that make them more appealing depending on your needs.
For example, most wallets support only a limited number of coins, usually the ones that are traded the most. You can’t just choose a wallet and expect it to work perfectly. You need to do the research and find the one that suits you.
Here are 5 of the most popular wallets you can choose from:
For people who are solely focused on Bitcoin, there is no better app than Mycelium, which is a software wallet that has everything you could need and has a beginner-friendly user interface that will make using it a snap. It also requires little in the way of verifications or requirements. Mycelium is also well-established and supported, one that has had praises heaped on it since 2014, and is available on both iOS and Android.
One of its more important features is that you can remove the private key from your device, keeping your wallet safe in case of physical theft. You can always restore functionality by inputting a seed-key, which regenerates your wallet address and lets you recover your coins.
For those looking for a hardware wallet, they may want to strongly consider the Ledger Nano S. Developed by a French startup, it’s a wallet that closely resembles a USB drive that you can plug into any appropriate port. It has no internal battery, is only active when plugged in, and supports numerous cryptocurrencies from Bitcoin to Stellar.
For the security-conscious, it comes with a built-in integrity check that’s automatically run whenever it’s plugged in. It requires input of a pin code to access and offers a way to recover lost access through a 24-word phrase. For more savvy users, it offers companion applications that can make transactions easy to perform.
For people who are exceptionally concerned about their wallet’s security for whatever reason, Trezor is the solution. Many wallets have been lost due to hacks, the hosting company going bankrupt, or confiscation by authorities for whatever reason. These issues cannot happen with a Trezor.
The Trezor wallet boasts the standard suite of protections, such as a recovery seed that lets you recover its contents should you lose it, as well as an encryption passphrase and a PIN. Aside from that, it also possesses anti-key logging security, which makes it safe to use even in public settings. It’s also opensource, so more technologically savvy cryptocurrency traders can verify its security for themselves.
People who want to diversify their holdings may also find the Trezor useful, as it supports a wide variety of currencies, from the innocuous Dogecoin to the ubiquitous Bitcoin.
Cryptocurrency traders looking for a wallet with a high development rate should consider getting a Jaxx, a digital wallet that supports numerous coins. It’s a frictionless wallet, as it requires no sign-ups or registration to use. Just download it and you can start securing your coins within minutes.
Much like any other great wallet, Jaxx has a great suite of features, including seed keys that allow for wallet recovery should you lose control of your computer or mobile device. It also has coin trade functionality through ShapeShift integration, so you don’t need to bounce your assets from wallet to exchange whenever you see a profit opportunity. As an added bonus, it’s accessible on desktop, iOS, Android, and from Google Chrome.
For those who feel that their desktop is secure enough to handle their wallet needs, Exodus is the way to go. It’s the first multi-cryptocurrency wallet that you can access right on your desktop. This makes it fantastic for people who want to build a full crypto portfolio for numerous reasons.
One of Exodus’s greatest advantages is its beautiful user interface. Everything is clean, distinct, and easy to understand. It also boasts ShapeShift integration, allowing direct coin sales, trades, and purchases, right from its interface. Not only that, but it also has a market tracker that will help you make those decisions from a single program. This level of convenience has made it a beloved wallet around the world.
For some further reading, check out this review of Exodus on Crypto.com.au.
While these are far from the only great cryptocurrency wallets available, these should give you a great idea of what to look for in one. Looking for the perfect one might seem like a hassle, but it’s a burden worth shouldering. It’s your money and potentially your future financial independence you’re protecting. It’s worth the effort.