Do you own Bitcoins, or you want to buy some and are wondering which wallet to use? There are many things to consider in picking such a wallet. The purpose of owning a wallet is to securely hold your Bitcoins, therefore you need to be careful.
First, you need to make sure the wallet is highly secure. The wallet should have security features such as self custody, which is the ability to manage your own private keys. This is not the case if you keep your Bitcoins on a crypto exchange.
The wallet should also be easy to use, especially if you’re a beginner just entering the world of crypto.the process of using cryptocurrencies is risky enough, you don’t want to use a complicated wallet that will increase your chances of making a mistake.
You should also consider a wallet that you can use across multiple platforms, especially on mobile devices. Most people use mobile devices more than any other device, so a wallet that is supported on smartphones should be a priority.
Based on these factors, here are five of the best Bitcoin wallets you should consider using for safely storing your Bitcoin and carrying out transactions.
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Electrum
If you’re a Bitcoin maximalist, chances are you’ll find this wallet most appealing. It is a Bitcoin-only wallet, and one of the oldest wallets designed for Bitcoin. Electrum is also a highly secure wallet, with private keys stored on your device rather than in the software.
The wallet is super fast, as it uses servers that directly index the Bitcoin blockchain. In addition, Electrum has a multisig feature, which allows you to split permission to spend your coins across several wallets.
In case you lose your wallet, you can recover it using your private keys, since it is a non-custodial wallet. One notable feature of Electrum is the Replace by Fee feature, also known as RBF, which allows you to increase fees on an already published transaction if it hangs because of low fees.
On top of that, the wallet has a plain user interface with no unnecessary features. This makes it easy for even absolute beginners to use it on the first attempt..
Coinbase
Coinbase is a crypto wallet known for its simple design, making it ideal for beginners. It is a multi-asset wallet, supporting Bitcoin and hundreds of altcoins and stablecoins. If you’re a beginner with interest in Bitcoin and altcoins, this is the wallet for you.
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The wallet exists only as a mobile wallet, from which you can send, receive, store, and swap cryptocurrencies. Being a non-custodial wallet, you can recover it with your recovery phrase or private keys should anything go wrong.
If you’re a beginner looking for a wallet to hold your Bitcoins, Coinbase could be a great option since it is easy to use.
Exodus
Exodus has become quite a popular wallet for Bitcoin and hundreds of altcoins. It is also a non-custodial wallet, which means you get to control your private keys. Exodus is a modern web3 crypto wallet that supports features not currently found on other wallets.
Such features include support for non-fungible tokens (NFT), among others, making it a perfect wallet for those who are into web3. Exodus continuously updates its wallet to remain secure and up-to-date with the fast-growing web3 industry.
Ledger Nano S
Ledger Nano S needs no introduction, as it is a top wallet in the crypto space known for its high security. This is because the wallet is a hardware wallet, also known as a cold wallet. Because it is a cold wallet, it is mostly offline, making it highly secure.
Like the other wallets, it is a non-custodial wallet, with full control of private keys given to you. It is also a multi-asset wallet with support for Bitcoin and a long list of altcoins and stablecoins. If you’re looking for a high security wallet, Ledger Nano S is a great choice.
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