New to Cryptocurrency? Here’s the Best Wallet for You

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People are always looking for the best cryptocurrency wallet to store their

funds in. There are so many different types of wallets that it can be hard

to decide which one to use! To help you out, here’s an overview of some of

the most popular wallets, their benefits, and their drawbacks…Finding The

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Right Crypto Wallet

When you’re first starting out with cryptocurrency, it can be hard to figure

out which wallet is best. There are tons of options available (each with its

own pros and cons), but choosing one that fits your needs is paramount

in getting started. Here’s a list of some common crypto wallets, and my opinion

on them: Coinbase is – Good wallet if you’re looking for somewhere safe to

buy and store Bitcoin, but not a great place to actually buy and sell cryptocurrency.

I personally use Coinbase more as a way to keep track of my holdings rather

than using it as an actual currency exchange.

Desktop Wallets

The original cryptocurrency wallets were desktop wallets, which are software

programs installed on your computer. Desktop wallets are typically safer than

mobile and web wallets, as they don’t store any of your currency online—the

software is entirely offline. That makes it significantly harder for hackers to

compromise a desktop wallet than other types of digital wallets. If you do have

a significant amount of cryptocurrency, using a desktop wallet should be one

of your top considerations when it comes to protecting your investments.

Mobile Wallets

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If you’re a cryptocurrency newbie, a mobile wallet is your best bet. It’s a lot

less risky than carrying around your entire crypto portfolio in one place. In fact,

Coinbase – one of the most popular mobile wallets out there – allows you to

store and trade just three different coins: Bitcoin, Ethereum, and Litecoin.

(Related reading: How Do Bitcoin Transactions Work?) If you’ve been bitten

by more innovative cryptocurrencies, like Ripple or IOTA, your wallet options

are going to be limited. The good news is that more comprehensive wallets

are on their way; we just have to wait for them. (See also: Is Now a Good Time

to Buy Ripple?)

Online Wallets

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One of these options is an online wallet, which is connected to a web

server. If you’re dealing with cryptocurrency on a daily basis, it’s essential

that you use an online wallet; it will make transaction times much faster

and help prevent transaction fees from eating up all your profit. The

downside is that your account can be hacked or suffer downtime—so,

if security is a concern, go with cold storage.

Hardware Wallets

Ledger, KeepKey, and Trezor are three hardware wallets that allow you to

safely store your cryptocurrency. The most popular wallet is Ledger, a

A USB device that stores Bitcoin and Ethereum on a single device. It doesn’t

require any software or Internet connection making it very secure. Another

great option is KeepKey, which also has a screen. This allows you to send

cryptocurrency directly from your device without having to connect it to

another computer.

Paper wallets

If you’re uncomfortable with third-party cryptocurrency wallets, paper

wallets may be a good alternative. They use a separate computer to

generate your address and private key, which are printed on a piece

of paper. It can then be stored safely (e.g., in a fireproof safe) or hidden

away somewhere more remote if necessary. Offline storage is more

secure but can make it difficult to access your money when you need it.

Paper wallets can be generated by many websites and apps; just do a

quick Google search for a paper wallet generator and you should find plenty

of options—such as BitcoinPaperWallet or BitAddress—to help you get started.

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1 Comment

  1. Ch.Kram

    Very good information

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