When we talk about the world of cryptocurrencies, the first thing that comes into mind is Bitcoin. Since the emergence of bitcoin, even after being volatile, its popularity is increasing rapidly. With increasing popularity, its price has increased and is worth thousands of dollars in today’s time. Individuals at this time are more interested in investing in bitcoins or cryptocurrencies instead of fiat currencies. But before owning bitcoin, it is crucial to have complete knowledge on how to store bitcoins.
As bitcoins have no physical appearance, they are stored in a virtual wallet. A digital wallet is a software on the cloud or a user’s computer. The wallets do the work of protecting the bitcoins and transactions from fraud or attacks. Many different types of digital wallets differ in their features and security levels as per bitcoin trader . The main concern while choosing the wallet is security.
There are some wallets that store bitcoins and store many more cryptocurrencies and provide excellent safety measures. Let us explore the best wallets of 2020 for beginners and advanced users and know what features they provide.
Exodus is a popular mobile as well as a desktop wallet for beginners. It is specially designed to provide ease to beginners as it has quite a simple user interface and a built-in bitcoin exchange. This digital wallet allows users to swap a huge number of popular cryptocurrencies. It provides the facility to swap more than 100 diverse cryptocurrencies.
Exodus’s interface is user-friendly and provides 24/7 support to users, especially beginners in the world of cryptocurrencies. It is built for beginners to help them understand the market of bitcoin, and advanced users find it deficient because there are no advanced features. Because this wallet is a closed source wallet, it may have some security concerns.
Mycelium is a mobile bitcoin wallet and is an open-source for users. This mobile wallet supports only bitcoin and no other currency. It offers a great user interface and has an exchange built-in. Mycelium is one of the wallets that was introduced so early in the crypto space. This wallet allows you to set the transaction fee in advance, as this will help you know how long you need to wait for your transaction to get complete.
It provides great security to bitcoins because it is an offline storage device. As it is only a mobile wallet, it can be a bit confusing for first-time users.
Trezor Model T
Trezor is cold wallet storage, which provides the users with the facility to have access to third-party exchanges. The Model T of Trezor is the second generation model of hardware wallets. This is a very convenient wallet, but it is quite expensive and costs around $170.
This new model provides a touch screen to users that make it easy to use. It has a MicroSD card slot that allows users to utilize SD cards to protect them by encrypting the PIN. The best thing about this wallet is that it supports over 1400 cryptocurrencies and is considered a secure wallet.
Ledger Nano X is the most popular second-generation hardware wallet that has gained popularity by being into the crypto space for many years. This wallet has a USB drive, and you can connect it to your Android or iOS device, and a computer is not required. Ledger Nano X supports more than 1500 cryptocurrencies, and there is no stopping because the list keeps on growing more every year.
This is a cold storage hardware wallet, but it provides the Ledger Live software facility that supports almost all users holding by providing a different user interface. This is the most popular bitcoin wallet in the cryptocurrency world.
Electrum is the oldest and original bitcoin wallet. It was launched in 2011 just two years after the creation of bitcoin. The user interface of this wallet is outstanding and is specially designed for advanced users. Beginners may find it confusing because of the complex options. This is an open-source wallet, and it provides the facility to set transaction fees. It also allows users to choose the security level by paying extra money for the security they want.