Choose the right Bitcoin wallet and start make money on crypto
Firstly, after purchasing your bitcoins, you should ensure that your cryptocurrencies are secure. To do this, select the bitcoin wallet on which you will store them. It will also be use to send and receive BTC or other cryptocurrencies. ( If you already got your wallet, learn how to make money on crypto – link at bottom of page)
There are many types of wallets, both for Bitcoin and other digital currencies. In this article we present the most important ones, so that you can control your funds efficiently.
When choosing a wallet, you should be guided by how you will use your cryptocurrencies. Larger amounts of cryptocurrencies, instead of on the stock exchange, are definitely safer in a wallet. In other words you have full control of your crypto.
Hot and Cold wallets
Firstly, lets start by dividing the portfolios into two main categories: Hot Wallets and Cold Wallets, which we additionally divide into types:
- Desktop (installed on the computer)
- Online (running in the browser)
- Paper and Steel
Most people with digital assets have both cold and hot wallets because they are designed for different purposes. Although their functionality is constantly evolving.
It is a Bitcoin wallet with no Internet access: hardware and paper / metal. These wallets are very secure and are mainly used to store larger amounts of our cryptocurrencies. It is also worth following a certain “Golden rule” to buy hardware wallets directly from the manufacturer! because buying from a broker may result in a third party’s interference in the software, which involves the theft of our funds.
This Bitcoin wallets are connecting to the Internet, for example on a computer, mobile phones and online sites. Hot wallets have the advantage of providing quick and easy access to our cryptocurrencies. However, convenience comes with risks. Such wallets certainly have a high susceptibility to hacker attacks and thefts. Moreover, private keys often are stored online and controlled by third parties (online wallets), which increases vulnerability. Therefore, it is recommended to use hot wallets, just like the wallet which you are using in the real world. Keep only a small amount of money for daily expenses
Recommended Hot Wallets
Desktop Wallets – are installed on your own computer and are available for all popular operating systems. They offer a good combination of safety and convenience. However remember, hacker could access your device remotely and then he could access your wallet.
Mobile wallets – download a mobile application that also allows you to spend coins in a physical store by scanning the QR code. Such a wallet provides portability, ease and practicality to serve as a great option for people actively trading or using cryptocurrencies on a daily basis
We recommend EXODUS Wallet. They have in offer both – mobile and desktop wallets.
Recommended Cold Wallets
Hardware wallets – wallets in the form of a USB key. They are characterized by a high degree of security at the expense of fairly low mobility. We can use them on any computer or laptop that has a free USB port. On the other hand we will not pay them for example for dinner in a restaurant. Bitcoin hardware wallets differ primarily in design and capabilities.
Ledger Nano S
It is one of the most popular and reliable devices of this type on the market. Nearly 1.5 million wallets sold all over the world. Ledger has its own BOLOS (Blockchain Open Ledger Operating System). In addition intelligent, cryptographic chips and CC EAL 5+ security level according to international standards. Ledger Nano S currently supports over 1,100 cryptocurrencies.
Trezor Hardware Wallet
TREZOR is the first and one of the most popular hardware wallet. It’s a device for signing transactions and generating and storing private user keys. They are on the market since August 2014 (SatoshiLabs). Although, Trezor is the 2nd in terms of the number of cryptocurrencies which support. At the moment you can store coins such as:
- BTC – Bitcoin
- BCH – Bitcoin Cash
- ETH – Ethereum
- ETC – Ethereum Classic
- NMC – Namecoin
- LTC – Litecoin
- DOGE – Dogecoin
- ZEC – Zcash
- DASH – Dash
- Stellar (XLM)
- Monero (XMR)
- NEM (XEM)
- and others ERC20
Got wallet? Learn how to make money on Crypto
Finally, I hope you know what wallet will be the best for you. When you chose it, time to learn how to make money on crypto. Click button below and read our tutorial.