Digital Wallets are a virtual replacement of the physical wallet. (You can think of PayPay or Apple Pay. But that’s another topic for another time.) Specifically to cryptocurrency, you need to choose a wallet to store your coins. You cannot walk into a store and buy a wallet (yet). And the “best digital wallets” is really a subjective question, but let us help you figure it out.
Coinbase (online exchange) with a hot wallet option. Coinbase is very user friendly, download the app, and you ca not only use Coinbase to buy, sell, exchange and trade bitcoin on Coinbase, but you can store your bitcoin in a wallet there. Coinbase is a hot wallet. An online wallet.
Blockchain.info. Blockchain.info is a Web-based, online wallets can have security risks because they live online. When a wallet lives online, they have hacking risks. (But you know this already, because the same rules apply for your emails, or your online bank accounts.) Blockchain.info says it has over 15 million wallets on it’s network.
Electrum. Electrum is a software wallet. (link software wallet). Electrum is a popular, free storage option in the bitcoin community, and is one of the most, if not the most, well-respected desktop storage apps out there. It’s also available on your mobile phone and to-date is the only mobile wallet for android.
Ledger. The Ledger is a hardware wallet. Which means it’s a ‘cold storage’ wallet. Cold storage is one of the safest options out there because it reduces the risk for hacking; it’s also mobile (in the sense that you can physically take the wallet with you). If you want to buy a ledger wallet, check it out (link to Amazon?) – let’s the reviews do the talking.
Trezor. The Trezor is a hardware wallet. Which means it’s a ‘cold storage’ wallet. Cold storage is one of the safest options out there because it reduces the risk for hacking; it’s also mobile (in the sense that you can physically take the wallet with you). If you want to buy a ledger wallet, check it out (link to Amazon?) – let’s the reviews do the talking.’
Paper Wallet. A paper wallet is a physical paper document that contains all the information you need to generate your bitcoin private keys. A paper wallet is an actual piece of paper with a QR code that can be scanned into a software wallet.
Other wallets include:
-Mycellium
-GreenBits
-Copay
-Samourai Wallet
-Breadwallet
-Airbitz
Disclaimer: BitcoinGlossary.org is not giving investment advice. This is purely educational information. With any investing, please take extreme caution and understand your money is never safe.
