What is the Best Cryptocurrency Wallet?

If you are a cryptocurrency enthusiast, then you are acquainted with ways to protect your precious stash. Due to ever-changing cryptocurrency standards, trends, technologies, and values, it is daunting tracking your crypto assets. A most important consideration for digital asset investors, owners, and traders is the storage of accumulated treasures. Given this reason, it is imperative that you understand which cryptocurrency wallets suit your specific needs.

 

Cryptocurrency wallets come in different flavors including online, offline and hardware wallets. All of these approaches have their strong points as well as drawbacks.

So, read on to find out more about the best wallets for each approach.

Online Digital Wallets

Online wallets let crypto-asset holders store their stash in a location easily accessible from anywhere using any device. Typically, these wallets are linked to an online cryptocurrency exchange. In turn, they make trading in fiat currencies and other digital assets fast and a breeze. It is easy setting up an online wallet and most have a smartphone companion app. Online wallets have decent security features such as two-factor authentication or photo IDs.

Even so, they are not completely anonymous in comparison to other types of digital wallets. To top that, users often rely on third-party providers for technical support. In case an exchange is hacked, heavy traffic, or DDOS attacks you could lose your digital assets or be unable to access your currencies. Also, social engineers and hackers can steal your remotely stored identity and make off with your collection. This is why these types of wallets are recommended for those who are just starting in cryptocurrencies. Reputable examples in this category include MyEtherWallet, Blockchain, and Coinbase.

Hardware Wallets

Hardware wallets offer the most security and are ideal for those with large cryptocurrency fortunes. Excepting theft of a hardware wallet, it is practically impossible for hackers to access your fortune. Often, they consist of a hard drive installed with software or specially designed devices for storing cryptocurrencies. Hardware wallets are secured against the elements using fireproof safes. Also, these wallets can be connected to any computer for initiating real-world transactions. The contest between ledger vs trezor  illustrates the demand for hardware wallets by crypto enthusiasts and purists.

Offline Wallets

Alternatively, known as “desktop wallets”, though some have mobile apps. An advantage of offline wallets is that you get to enjoy independence. Exchanges can fail to function for any number of reasons. Offline wallets let you retain control and access to your digital assets. For you to lose your stash, it requires that you be specifically hacked. Also, your cryptosphere identity is protected, as there is no sign-up or photo ID verification. Often, online digital wallets have companion mobile apps for seamless transfer of digital coins between users and real-world applications.

However, these wallets are not a 100% secure, malware and hackers can attack them too. Notable digital wallets in this category include Exodus, Electrum, Breadwallet, and Mycelium.

In summary, note that each digital wallet discusses above has its own cons and pros. so, before acquiring one it is imperative that you carefully consider these aspects. In addition, keep in mind the volume of cryptocurrency you own and your trading habits. Overall, as long as you are nagging in cryptocurrencies you need a place to store your stash. Hence, you should select a wallet depending on your unique circumstances.



Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Leave a Comment

*

May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
biking to work, bike commuting, alternative to driving

How to Make Bike Commuting Even Easier Than Driving

I’ve been in love with bike commuting for years now. At one point, my commute was 19-miles per day. I’ll admit, that was... more →