Hello! Friends,
Knowing that Bitcoin has bursted into the mainstream sucess, many new crypto enthusiats begin to have interest in Crypto currency. The interest in this digital asset shows two types of people. There are those with clear mind to know what the hype is about which is therr focus and on the other there are those who is not ready in and not ready to make money through Bitcoin.
Cryptocurrency security when talking about storage is important which result to understanding and knowing the best holding wallet that is fully functioning with high level of security.
Designed by: samest
This draw our attention to the safest wallet for the first digital asset options and where exactky to locate them.
You may ask why I want to focus my discussion on Bitcoin:
As a potential investor in cryptocurrency you need to know this followings;
- Bitcoin Anonymity:
Bitcoin being the first digital asset present absolute anonymity especially when its comes to transaction you perform or the one you take part.
The moment you enter transaction there is generation of random address on your behalf and no way to track this transaction, therefore with Bitcoin you have safe secret.
- Bitcoin Decentralization
Bitcoin as first digital asset is a decentralized coin which make it stand on its own with no one claiming the ownership of it. Due to the fact that is decentralized, their is no way someone get involved with any transaction you made with someone or organization, it is what we called peertopeer transaction with no involvement of any third parties.
- Bitcoin Transaction Is Fast & Cheap
Considering fiat mode of sending and paying money, Bitcoin mode of payment is super faster than fiat and also very cheap. The taxes government do claim on fiat transaction Bitcoin dogged it, and no matter the location you are, you can transaction which same fee and speed of receiving your transaction.
There are many advantage Bitcoin has over fiat that made people have great interest in Bitcoin when talking about it. Sequel to these, Bitcoin became popular and adoption of this coin increase daily and the security of where you keep your coin become something important.
Let's consider different types of Bitcoin Wallets we have in Crypto Space.
Since the launch of Bitcoin 2008 till date, we have so many types of safe wallet you can hold Bitcoin, but it is important to know those that I know are safest. Is this not important?
Let me tell you that, your safety is important and your security when is come to where you keep your Bitcoin is based on two main types, this discussion is not about exchange because your coin in an exchange wallet is not control by you because you own no secret key of that wallet except password yo login into the exchange platform. I will find time to talk about exchange storaging coin.
Two Types Of Main Bitcoin Wallet
Hot Wallets
Considering hot wallet in this context, it simply focus on those wallet on desktop. In this type of wallet, you have your (Bitcoin or any crypto coin) stored in an encryted software, which are online servers. This wallet is called digital wallet and is the most commonly used wallet when talking about Bitcoin safekeeping.
There are reason for this wallet to be popular and most used wallet, some of the reasons are;
It is easy to get free of charge. You only need to go on website, register and confirm your email and some KYC there you go. There are some you download the app and start using them.
This wallets are paid wallet but we all get them free digitally.
Secondly, this wallet can store almost all Crypto currencies. For every single digital wallet, it is impossible to store all Crypto currencies because team that create Crypto do also develop wallet along side but majorly, digital wallets are usually multifunctional and have huge variety of functions. There are some with exchange, transfer micropayment, and many functions.
Though, digital wallet has its own downside which is security. Due to the fact that digital wallet storage software is connected to internet and mainly your data is online, if there is hacker breach or technical malfunction it is possible your coin might be stolen.
This risk makes some websites gives better protected arrangement and a more secure of wallet, but still the risk is there.
Cold Wallets
These are physical device you can see, hold, and touch that are designed in a way to store your Bitcoin in a sturdy and safe environment. This type of wallet offers high level of protection, but not popular like digital wallets.
If Cold wallet protection is on high-level, why then people are not using it like the way they embrace digital wallet?
Firstly, cold wallet is expensive to get and you agree with me that, for a beginner investor in Crypto world you seek for free wallet to start with. Physical storage device in Crypto has price tag, so you can't get it free of charge.
Also, cold wallet (physical Crypto storage device) are mainly designed to stored only a specific types of Crypto coin. Cold wallets are easily get for Bitcoin, Ripple, Ethereum, and for some popular coin, but when it comes to less popular token or coin, it is very difficult to get or rather they may not exist.
Advantage that Cold wallet has over Hot, is ability to store token with no requirement of internet which makes it safer from.any hacker's breach or technical malfunction.
Now, you ask which one superior?
It is certain you receive different opinions when talking about the superiority of Crypto storage.
I feel is more like personal view and the specific purpose that determine someone stand. Again, there is one salient point here;
Think about you holding 20 Bitcoins by the present price and you carried out research on wallet that suit your needs and you send all your coin into the wallet, just a week later, you find out that your wallet has been hacked and all Bitcoin gone, how will you feel?
What do you see in what I just explained above? The overview of what I am talking about is security.
Knowing that you are now left with nothing, you can never think about transfer rate of a wallet or UI just because all your money is gone
Security is the number one thing when thinking about the superiority of selection (digital or offline wallet).
Now, let's consider some popular and secure wallet dominating Crypto Space this days.
Best Hot Wallets
Starting with best digital wallets;
Coinbase Wallet
Considering coinbase as digital wallet is quite unconventional. This particular wallet is wanted by many because of its reputation and again its multifunctional with an integration of transfer, buying, selling of crypto into its function and its free are super low with fast transaction and this wallet is friendly for every beginner.
Coinbase gives 100 percent insurance on all your cryptocurrencies which makes your Crypto safe even if anything happened the site or organization takes responsibility of it. It also has 2-step verification system and for maximum security you can store your coin inside of vaults.
Jaxx Wallet
This is hybrid wallet. It is the first ever smartphone wallet which can also be use on desktop. Sometimes we look at Jaxx as physical wallet but is not. It has every features a safe and secure digital wallet should have, but because of its constant updates and the new integration there is possibility that it may be hard for a beginners to get hang on it.
Let's talk about Crypto Physical Wallets
Best Cold Wallets
Here, i will share just two also, which are;
Trezor
This is typically the original Bitcoin storage hardware. For every crypto holder looking for safest Bitcoin wallet here you have Trezor.
The best area of strength of Trezor is in its security and this is the quality that they sell. Their device is known as the vault of physical wallet which can be plug into any device no matter the virus in that device, your coin is safe, but be careful not to try it..lolz.
I think the price for a standard Trezor wallet s around $100.
Ledger Nano S
This is the main competitor for Trezor, as its offers similar service with high level of security also. The only difference is the price tag.
The price of Ledger is lesser than Trezor, you can get standard Ledger wallet at $65-70 and this is a great alternative to Trezor.
This both are the one dominating the world of Crypto storage when talking about cold wallet.
With all this explanation, what is the safest Wallet?
The safest wallet is mainly on security, as we have many wallet invading Crypto space, your main key of selecting Crypto wallet for storage should be the level of security.
Now, let's have you opinion on the safest bitcoin or any cryptocurrency wallet you agree with.
Submit your answer and let's see if you really draw out the most important things out from this discussion.