Bitcoin has known to take the world totally by storm. It is a new type of money which allows a unique and innovative network of payment. It offers currency alternatives to the currencies known from everyday use. Many people have seen it as an opportunity for investment in a couple of years seeing its popularity, safety and skyrocketing value. However, like any other cryptocurrency, there are certain risks involved that need to understand before putting any money into it.
Bitcoin wallets store the private or/and public keys to the spending and receiving of a bitcoin. They should be used if you do decide to move further with bitcoins. So, here are the top 5 bitcoin wallets to help you in your venture:
- Coinbase: Coinbase is said to be the easiest approach to hold, buy and sell cryptocurrencies, which has made it the number one among others. It is a wallet that is online and presently supports Bitcoin, Litecoin and Ethereum. Apart from being simple to use, Coinbase has firm security policies and updates regularly to improve the user experience.
- Trezor: Trezor is a simple place that will help you store Bitcoins. It is a device that physically plugs into a phone, tablet or computer to access the coins. The wallet handles multiple currencies, besides working as a device for two-factor verification, password manager and other similar useful features.
- Electrum: Electrum is the wallet which works with a software, meaning you Bitcoin gets stored into sets of files in computers or laptops. It is presently available for Android, Linux, Mac OS X and Windows. The wallet can also work with physical wallets. It also supports a process of recovery which allows the creation of “cold storage” that physically gives handwritten or physical keys set.
- Blockchain: Blockchain is known to be the technology which allows the existence of Bitcoin and similar digital currencies. It is also a wallet available online, but it does not support direct selling or buying. So, your storage of Bitcoin lies separate from the Bitcoin marketplace. It is said to be a very secure site and the separation has added an additional security level along with complexity level in the use of Bitcoin.
- Robinhood: Robinhood had started off as a platform for stock trading without any costs and recently increased its horizon to include investments and support options like Bitcoin. It is an exchange and a wallet as well. It is a platform which is mobile-first. What sets it apart is that no commissions are charged when Bitcoin is bought or sold, just like the stocks put on its platform.
Different Bitcoin wallets provide different features which may suit the needs of people in their own way. Just remember to choose the correct one according to how you wish to use the cryptocurrency and store it. Simple use, complexity, safety, trading and storage facilities are some of the things to be compared and considered before jumping on with your bank account. Tread carefully and know all the regulations before getting involved.