what is the best cryptocurrency wallet

5 cryptocurrency wallets everyone ought to know

The practical guide to cryptocurrency wallets

A cryptocurrency wallet is an encrypted digital wallet used to store cryptocurrency and blockchain tokens.

A cryptocurrency wallet will allow you to:

  1. Store cryptocurrencies and tokens
  2. Send your cryptocoins to another person
  3. Receive payments if you are merchant
  4. Make everyday transactions

crypto wallets explained

Choosing the best wallet depends on:

  1. The safety of your private keys.
  2. How you intend to use it.

There are cryptocurrency wallets which store only one cryptocurrency and those which store several types of cryptocurrencies and tokens.

Let’s discuss the types of wallets and who they are meant for:

1. Online Wallet

Online cryptocurrency wallets are online digital wallets which can be accessed online through your internet browser.

Some wallets like My Ether Wallet, or MEW for short, offer a browser extension which makes the wallet easily accessible.

Online crypto wallets are best for everyday transactions and are the preferred wallets of cryptocurrency traders.

Most cryptocurrency exchanges will offer you a free wallet on their platforms.

Pros:

  • Easy to set up
  • Easy to access
  • Free

Cons:

  • Fake websites are endlessly trying to phish your private key.
  • The platforms hosting the wallets are often subject to hacker attacks.
  • You can not disconnect from the network in case of attacks.
  • Cryptocurrency exchanges are the favorite targets of hackers to be sure to protect your private key with Metamask.

Who is it for?

  • Beginners,
  • New cryptocurrency traders
  • Small amounts of cryptocurrency

2. Desktop Cryptocurrency Wallets

A deskstop cryptocurrency wallet is a software which you download to your deskstop and can access offline.

Deskstop wallets are considered safer than online cryptocurrency wallets because if ever your computer gets a malware attack, you can easily disconnect your pc from the internet and stop the attack.

Desktop wallets are great for those who like to be able to easily access their cryptocurrency even if they are not using it everyday.

It is great mid-term storage of option.

offline cryptocurrency wallets

Pros:

  • Easy to set up
  • Easy to access
  • Less subject to attacks than online wallets
  • Safer for online purchases
  • Great for mid-term storage

Cons:

  • Regular updates
  • If your computer crashes you can lose your wallet if you did not save the private key.
  • Not practical to carry around.
  • Not a longterm solution
  • Might carry additional fees for its services

Who is it for?

  • Beginners
  • Those who want to flip a coin or token

3. Mobile App Wallet

A Cryptocurrency Mobile  Wallet is a digital wallet installed on your smartphone.

The mobile wallet is very practical to use for everyday transactions.

mo

Pros:

  • Very easy to install
  • Very easy to set up
  • Practical to carry around
  • Practical to make physical purchases

Cons:

  • Private keys get lost very easily
  • You can accidentally delete the app
  • Many mobile wallets are unreliable because the teams have not been updating them
  • Some terms and designs may be confusing for non-techs

Who is it for?

  • Shoppers
  • merchants
  • Beginners
  • Physical purchases in stores

4. Hardware Cryptocurrency Wallets

A cryptocurrency hardware wallet is a pendrive-like wallet which stores your private and public key.

The hardware wallet extremely versatile because they are easy to carry.

Pros:

  • Your private keys are completely disconnected
  • Less difficult to use
  • Multipurpose

Cons:

  • More expensive
  • Not all models are user friendly

Who is it for?

  1. Miners
  2. Experienced investors,
  3. People who lose paper wallets,
  4. Those who have accidentally deleted their mobile wallets
  5. Those who don’t trust Windows (like me)

5. Paper Wallets:

A cryptocurrency paper wallet is the private key and public key written or printed on paper.

The paper wallet guarantees full control over your private and public keys.

Paper cryptocurrency wallet

Pros:

  • A great back up system from your wallets other wallets.

Cons:

All the reasons you don’t keep valuable information on paper

  • Paper gets damaged over time
  • In some cases ink might not be visible after a few years
  • It is very easy to lose a piece of paper

Who is it for?

  • Those who don’t want to carry around all their cryptocurrency
  • Long-term investors or hodlers
  • Cryptocurrency Miners

My Thoughts:

Cryptocurrency wallets are above all softwares which allow you to access your private and public keys.

The best crypto wallet for you is ultimately the one which is most practical for you to use.
You might also want to be on the lookout for multucurrency wallet…

They are also great reflection of how this technology is still as its early stages.

Cryptocurrency Wallet meme

Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

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