Cryptocurrency is a digital currency that does not rely on banks or government for transaction verification. It’s a peer-to-peer system that allows anyone to make and receive payments from anywhere. Cryptocurrency payments exist solely as digital entries to an online database identifying specific transactions, rather than as tangible money carried around and exchanged in the real world. The transactions that you make with cryptocurrency funds are recorded in a public ledger. Digital wallets are used to store cryptocurrency.
1. Exodus Wallet:
Exodus Wallet is a popular multi-asset crypto wallet that offers a user-friendly interface for beginners to manage their cryptocurrency portfolios. It has a built-in exchange that is available on PC and mobile. It caters to the most basic demands of beginners.
Exodus Wallet allows users to buy, trade, and earn interest on their digital assets by staking them. It supports more than 180 digital assets including Bitcoin. The users also get to experience the world of non-fungible tokens (NFTs).
Exodus is a software wallet, also known as hot wallet, which means that only you have access to your crypto assets through a protected password. Hot wallets are connected to the internet and while they may be more prone to attacks, they’re faster and easier to trade. The popular wallet also provides hardware wallet support, also known as cold wallet, for increased security as it is not connected to the internet so it is difficult to hack.
Electrum is an open-source Bitcoin-only wallet that has been storing digital currency for Bitcoin holders for over ten years. The Bitcoin-only desktop wallet is still one of the best options on the market. It is a software wallet which offers users a balance of security and is convenient to use. However, it is only ideal for daily spending but not for storing large amounts of money for longer periods.
Electrum enables users to securely store, transfer, and receive Bitcoin payments. Additionally, Electrum allows users to send and receive Bitcoin over the Bitcoin Lightning Network using open payment channels.
The wallet is not beginner friendly and offers no customer support hence beginners may struggle with Electrum’s simple user interface, which was clearly designed with functionality in mind rather than user friendliness.
Electrum has a number of advanced features, such as compatibility with hardware wallets for ultra-secure cold storage, multi-signature wallets, and custom transaction fees, making it a good wallet for seasoned Bitcoin users.
Mycelium is a popular mobile cryptocurrency wallet that lets users handle Bitcoin, Ethereum, and ERC-20 tokens safely. It is a both cold and hot wallet.
While the mobile app’s user interface is not particularly user-friendly for beginners, it does offer a number of advanced wallet capabilities like cold storage integration, spending accounts, and a single address savings account.
The Mycelium wallet is excellent for Bitcoin and Ethereum users who want to keep their funds safe and private in a mobile wallet.
4. Coinbase wallet:
It is a non-custodial, multi-asset crypto wallet that allows users to safely buy, sell and store thousands of cryptocurrencies including Bitcoin and non-fungible tokens (NFTs) while also providing seamless access to decentralised apps (dApps).
Coinbase Wallet is the company’s response to the growing demand for non-custodial crypto wallets that allow customers to use web3 applications. It supports over 500 digital assets to be stored in one place.
Coinbase Wallet has some of the lowest fees in the cryptocurrency wallet ecosystem, making it an appealing option for active Web3 users to participate in the world of dApps, DeFi, and NFTs. It enables customers to keep control of their cash by holding their own private keys.
5. Ledger Nano X:
The Ledger Nano X is a cold-storage/hardware wallet that keeps your digital assets safe on an offline device. It supports over 1,800 digital coins and tokens including Bitcoin, ether and XRP. Ledger also supports coin staking, in which you can earn rewards based on your balance.
Ledger devices are about the size of a USB flash drive, which are connected to your phone or computer via Bluetooth to store and access your digital holdings. The device is surrounded by a stainless steel cover, which makes it very durable.
With included Ledger Live software, you can check your balance and send and receive currencies. To get started, create a PIN and then a 24-word seed phrase. The seed phrase serves as the private key for your wallet. You won’t lose your crypto assets if you keep the private key safe, even if you’ve lost your wallet.