[vc_row][vc_column][vc_column_text]Cryptocurrency is enjoying a moment in the technological spotlight. Whether you are a newbie in the cryptocurrency world or a seasoned digital currency investor, you will want to know the most secure platforms which you can store your digital assets.
There are numerous organized platforms online where you can exchange bitcoin and other cryptocurrencies. However, if you are more interested in storing your digital currencies and spend them at a later time, you will need a cryptocurrency wallet.
Not all cryptocurrency wallets will suit your style or purpose and that’s why you must choose the most secure crypto-wallets. In this guide, we will show you how to determine the best and most secure cryptocurrency wallets.
What are crypto wallets?
A cryptocurrency wallet operates just like a bank account. It allows you to store, send and receive cryptocurrencies. But there’s more to it than just allowing you to store and transact with digital currencies. A cryptocurrency wallet is a program or device that allows you to store your private keys. There are wallets that allow you to have complete control of your private keys (non-custodial) and others that do not grant you access to your keys (custodial).
Types of wallets
Here are the main types of wallets you will come across.
Paper wallets: paper wallets as the name suggests, is a type of cryptocurrency wallet that you use to record your private and public keys on a sheet of printed paper. In order to use this wallet, you simply transfer your cryptocurrency to the address written on the paper wallet. You can also spend your digital currency by reprinting your wallet. QR codes make it easy to process tedious typing work by scanning. Most people see paper wallets as a type of cold wallet because of its offline nature as well as its method of storage. However, paper wallets can be easily lost or destroyed and it is advisable that you have printed copies. Also, they are less secure since a person who accesses your private keys can use it to steal your money.
Hosted wallets: a hosted wallet is a custodial type of wallet where the cryptocurrency wallet manufacturer has control over your keys and store them in secure servers. On the flip side, hosted wallets are more vulnerable to hacker attacks as opposed to a single user storing their keys. They store thousands of other people’s keys and hence are more likely to be targeted by malicious hackers. Most hosts require that you begin your transaction within the hosted environment as opposed to simply trading or connecting with anyone you like. Privacy is also a raging concern with most hosted wallets.
Desktop wallets: these type of wallets allow you to store your keys in your computer. They are a type of hot wallet. However, their security depends on how safe your desktop computer is.
Mobile wallets: while these offer more convenience, they might be less secure compared to other types of wallets. Mobile wallets allow you to store your private key on your mobile phone. Phones can be stolen or broken, which can expose your private keys. If you must use a mobile wallet, then ensure that you have a private back up and two-factor authentication.
Hardware wallets: hardware wallets store users’ private keys in a secure device, typically a USB drive. They can be used for online transactions when plugged in an internet-enabled computer or device. Their offline nature means they are more secure. However, hardware wallets are more expensive than other types of wallets.
Top 3 most secure wallets
Security is a prime factor when choosing the type of cryptocurrency wallet and the manufacturer of the same. Here, we provide you with the most secure crypto wallets.
Trezor is one of the most reliable hardware wallets with world-class security. It allows you to store your digital currencies like bitcoin. It comes as a physical device that you can plug in your computer, phone or tablet and access your virtual coins. The wallet supports multiple currencies and includes a password manager. Some of its robust features include two-factor authentication, an intuitive interface, compatibility with a wide variety of other desktop wallets among other features. There are two main Trezor models that you can buy; Trezor One and Trezor Model T.
KeepKey is regarded as one of the safest and most secure hardware wallets. Founded in 2015 by Darin Stanchfield, it is beautifully designed and supports up to 40 different digital assets. KeepKey’s large screen and other security features make it a popular choice for storing bitcoins and other crypto coins. Alongside the hardware wallet, the KeepKey wallet package comes with a USB cable to connect to your computer and a card where you can write a sentence for recovery processes.
LedgerWallets is a company with a solid reputation in the crypto world. Their products include the Ledger Nano X and Ledger Nano S. Ledger Nano X is a flagship hardware wallet that can manage more than a hundred crypto assets at the same time. Ledger Nano S which is a predecessor to the Ledger Nano X has an intuitive design and built from a plastic finish and stainless steel just as the X version. If you are looking for convenience and security, ledger wallets provide you with all the features that you are looking for.
Choosing the most secure cryptocurrency wallet may be the most important decision you make. The digital wallet that you choose should guarantee safety and functionality. Despite being more expensive, hardware wallets are by far the most secure type of cryptocurrency wallet because of their storage options. On the other hand, hot wallets provide you with more convenience at a fraction of the cost even though not as secure. The choice will depend on which wallet is best suited to your needs.
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