BEST BITCOIN WALLETS
A Bitcoin wallet is a program for sending and receiving bitcoins. A Bitcoin wallet carry-out transactions by interacting with Bitcoin’s ledger, known as the blockchain. The full list of mined blocks since the creation of Bitcoin is called blockchain. There is also a company called Blockchain.info which supplies various Bitcoin services such as a block explorer and a bitcoin wallet but they have no control or authority over Bitcoin’s blockchain. Bitcoin wallet programs are available for mobile phones, desktops, web platforms and even as a standalone piece of hardware (more will be discussed as you proceed). Bitcoin wallets are similar to how emails work. If you want to send and receive emails, you need some sort of a program to do so (Gmail, Yahoo, Outlook etc). Like emails, receiving Bitcoins requires a unique personal address. This unique address is called your Bitcoin address, and like your email address, you can share it with anyone who wants to send you bitcoins. It is strongly advisable to use more than one wallet, both a mobile and a hardware wallet. For example, you can use a hardware wallet for large sums of bitcoins and a mobile wallet with a small balance on it for daily payments. This way, even if your mobile phone breaks or gets stolen, you’re not risking a lot of money.
Types Of Bitcoin Wallets
For the sake of security, easy understanding (newbie friendly) I’ll be recommending just two.
Software wallets (Hot wallets) &
Hardware wallets (Cold storage wallets)
Software wallets (Hot wallets): These are software programs or apps that can be run on a smartphone or computer. Software wallets are usually used for making smaller transactions when shopping both online and offline with bitcoin. It is the most convenient way to store your Bitcoin. Transactions can only be performed with access to internet connection. They are called hot wallets because they have to be connected to the internet before access and transactions can be made. These wallets can be installed in your computer device, mobile phone device while some run as web platforms. The following are the types of hot wallets;
• Mobile wallets.
• Desktop wallets.
• Web wallets.
Mobile wallets: These wallets store your private key on your mobile phone. This is not actually the most secure of all wallets. As phones are frequently lost, broken, or stolen, it’s strongly advised that you enable two-factor authentication, password-protect your wallet, and create a private key backup.
Mobile wallets are highly convenient and are designed to provide as much security as possible. Regardless of the security put in place, substantial sums should not be stored in a mobile wallet unless it’s being used simultaneously with a hardware wallet.
Below is a list of some of the few best and most secure mobile wallets:
Below is a list of some few best secure desktop wallets;
Reliable and competent web wallets service providers are those that provides two-factor authentication with options like text message, email authentication or google authorization code for validating login attempts and transaction verification. Despite such security installed, it is not advisable to store large amount of cryptocurrencies in a web wallet to avoid risk of losing your bitcoins or altcoins in situations where the platforms get hacked as exchange & trading platforms are valuable targets to hackers.
Below is a list of some reliable and secure web wallets;
Hardware wallets are built to protect your private key even when the device that it’s been connected to has been compromised by malware or Trojans. You can even use them in a computer device you don’t trust like a public computer. To send bitcoin at anytime to someone using your hardware wallet, you need to have an internet connected computer connecting to your hardware wallet and a webpage that is ready to transact when confirmation button is pressed on the hardware wallet.
Hardware wallets are the best for securing your bitcoin/ altcoins. It’s also easy to use and understand. The only thing that seem like a limitation is that you’ll need your hardware wallet with you at all times when you need to send bitcoin, which we all know might not be possible to carry around always, although it is small and mobile to avoid it getting lost or accidentally ruined (this is hardly ever going to happen) because if any of the above happens, the company only insures your hardware wallet meaning you can get it back but they will not insure your Investment (whatever you have stored in the wallet in cases where it gets missing or ruined).
Below is a list of the most recognized hardware wallets for easy transacting;