Best Bitcoin wallets – How to Keep Your Bitcoins Safe?
The popularity of cryptocurrencies has increased with the increase in the value of Bitcoin.
On Dec 11, 2017, the price of bitcoin reached an all-time high of $17549.67, which even surpassed the price of an ouch of gold for the first time.
This mouth dropping multiplication of the value of the price of bitcoin has increased the interest of people in the investment of Bitcoins and other cryptocurrencies.
It is now common to the people to own some part of bitcoin. But to keep the bitcoin safe, you need to have a wallet.
Most of the people who are unaware of Bitcoin wallets leave their bitcoins in the exchange itself which increases the risk of loss. So it is highly recommended to store your bitcoins in a wallet than to leave in the exchanges.
A Bitcoin wallet is like an online bank account, from where you can regulate your money. Bitcoin wallets work similar to that, you need to have a wallet and its private keys to spend or use your bitcoins.
Simply, it is an app, software, website or device that can be used to regulate or manage your bitcoins. So you might have been confused, which wallet should I use? Which one is best for use and safe?
Best Bitcoin wallets
The Bitcoin wallets will provide you with a private key and you can even keep a backup to your private keys and codes. Owning a wallet is having full control of your coins rather than keeping in any insecure exchanges.
Here we have sorted out the best bitcoin wallets to keep your bitcoins safe:
Exodus is a desktop wallet with an easy to use UI. It is one of the best desktop bitcoin wallets and gives you full access to your private key. Exodus has got built-in shapeshift feature, so you can exchange more than dozens of cryptocurrency with your bitcoins without using any other exchanges.
It is free to use and stores your bitcoins itself on your device. Exodus is also a world’s first multi-currency wallet so you can also store other cryptocurrencies with your bitcoins in it.
Exodus does not require any personal information or registration or identity verification to use it. It will send you one-click link recovery feature in your email to back up your seed key which can always be used to recover your wallet with the link and your password.
Jaxx is a multi-chain wallet which gives you certainly a lot of features in just a single wallet. It supports seven different cryptocurrencies and it also has the shapeshift feature so you can exchange your bitcoins or other coins within your wallet.
It is free to use and compatible with nine different platforms with easy sync feature. The platforms that are available are Windows, Apple, Linux, Android mobile and iOS mobile and tablet, and also it can be added as an extension in Google Chrome and Firefox.
Similar to the exodus, it also gives full access to its user and does not take any fees for itself and like any other wallet transaction fees go to the network which is used.
You do not need to provide any information or verification for signing up in Jaxx wallet. And to back up your wallet, it provides a single master seed, which will help you to restore your bitcoins in your wallet.
Mycelium is a mobile wallet which is used to trade and store bitcoins. It is a highly reputed bitcoin wallet and considered as the best mobile app as a wallet. It is free to use but transaction fees can be subject to transaction size. It is only available to store bitcoins and also only compatible with Android and iOS mobiles only.
Mycelium also allows you to buy bitcoin in its wallet with fiat currency. It is a secured platform which gives you feature to protect your private key with a pin code but the private key will be stored in its network.
Mycelium is backed up with HD security and extensive security features to secure private keys. You need to keep a backup to your wallet in case you lost your device. You need to write down securely the 12-word phrase, provided as the backup seed to you to recover your wallet.
3. Paper wallet
A paper wallet is also a hardware wallet, which is a most secure wallet and available in a paper form. You can print out the public key and private key to use offline.
You should keep backup of your paper wallet as multiple copies securely so that you can use it if the paper wallet is lost or damaged. You have to scan your QR code of private key through a smartphone to spend your bitcoins in a paper wallet.
It is important to keep your private key safe and not to be shared with anyone. But it is difficult to keep a paper safely every time and can get damaged due to water or other factors.
It is regarded as extra security as it does not require to have internet interface. The key is generated by the browser without sending data to the internet and the key gets printed in QR code format.
Trezor is a hardware wallet which provides a safe environment to store and trade bitcoins even you are using any compromised computer.
It comes with a USB cable to get connected to a PC and even if your pin code is known by other without your Trezor device they will not be able to withdraw funds.
It is a more secure way to keep your bitcoins safe as it provides you two-factor authentication. Like the desktop or mobile or web wallets, Trezor is not free and will cost around $110.
Hardware wallets are the most secure medium to trade and store bitcoins and Trezor has been one of the best Bitcoin wallets. You can recover your coins sent to wrong cryptocurrency wallets.
You can switch to different cryptocurrency in Trezor as it is a multi-currency wallet. Trezor is compatible with windows ( 7 and higher), OS X (10.11 and higher), Linux and Android (which supports USB).
If you lost your Trezor wallet or it is not available to you, you can restore your bitcoins using your recovery seed in any compatible wallet like Mycelium, Electrum, etc.
1. Ledger Nano S
Ledger Nano S is a hardware wallet exactly similar to Trezor. It has a better look and most importantly less expensive than the Trezor wallet. It only cost around $100 which is very much less than the price of Trezor.
Ledger Nano S is a multi-currency wallet and supports more than a dozen altcoins to store in it. It operates with its own interface of wallet known as Ledger app which is a free Google Chrome applications and other compatible wallets also can be used.
Ledger Nano S developers claim it as unhackable. It works with Windows, Linux, Mac, and Android too. You need to connect your Ledger Nano S with a USB cable to your device to use it.
When u set up your new Ledger Nano S wallet you need to create a PIN to secure your wallet and it will provide you with 24 words as a backup phrase to recover your wallet if it is lost. You should keep your backup phrase at a safe place so that you can use it whenever you needed.
It is almost impossible to hack into your wallet but even if you are using a compromised computer, your wallet remains still safe to perform a transaction through that compromised device.
If your Ledger Nano S is lost or damaged, you can buy a new Ledger Nano S wallet and can restore all your cryptocurrencies with a single 24 words backup phrase. So Ledger Nano S stands out to be the best bitcoin wallet as it is hundred percent safe and secure than any online wallet and even cheaper than any other hardware wallet.
Can Bitcoin Be Hacked?
It is almost impossible to hack the bitcoin and its network as it uses the blockchain technology. A blockchain is always reviewed by its users and miners, to carry out the transaction so it makes bitcoin very much secure.
But it does not mean that it is completely a safe investment to invest in bitcoin. As it has the most potential risk during its trading and transactions. Yet there is no way to hack into blockchain technology but instead of that hackers mostly target the exchanges and online wallets.
As the bitcoin cannot be hacked, but if it is stored in an online wallet or exchanges then it is at most vulnerability situation.
Mostly hackers attacks on exchanges and people are sent phishing emails. There are also scams related to investment, Ponzi schemes, bitcoin doubles scam or high yield scam, etc.
You can try to keep yourself safe from such scams by double checking them before investing and using any kind of Bitcoin wallets and exchanges.
How to keep your bitcoins safe?
As soon as you trade or buy your bitcoins, it is a must do a thing to store in a wallet.
Wallet will provide you with a basic level of security to encrypt your bitcoins in the wallet with a password. A bitcoin has two keys, a public key, and another private key. A public key is important to receive bitcoins in your address whereas private key is used to send you bitcoin to other.
So it is very much important to keep your private key secure and should not be shared with anyone. Anyone who has the private key is considered to be the owner of the bitcoins. Here are some more ways to secure your bitcoins other than just keeping in wallets:
1. Backup your wallet
Backing up your wallet will help you, if any mistakes are occurred due to human faults or if your computer or smartphone is damaged or any failures come to the device.
It is even helpful to recover your encrypted wallet from stolen devices and smartphones. You will have to do a regular backup so that every new bitcoins can change their address and to also get included.
If your smartphone or wallet is encrypted, every time when a fund is tried to withdrawn, it will secure your fund from unauthorized access. Encrypting your smartphone or wallet with a strong password will keep your wallet safe from thieves. You must always remember your password or try to write it down in a safe place. Always create your password by including characters, symbols, and numbers.
3. Use up to date software
Always update your bitcoins software. Using an outdated version will surround you with insecurities and other problems. Try to regularly update to new software as soon as possible because a new and updated version will have more function and helpful features.
It is the most important feature in bitcoin that provides a feature to have multiple approvals from different members or individuals. To complete a transaction in this feature selected members should grant permission independently and individually.
It can be helpful if a group or organization or different person’s shares are in bitcoins. It protects your bitcoins from thieves who can manipulate a single device or person but with multiple signatures, it is almost difficult to manipulate all devices at the same time.
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