Best Bitcoin Wallets

While the concept of Bitcoin may be new to some, this well-known cryptocurrency has been around for more than a decade. Bitcoin (BTC) is one of many digital currencies that have become fairly common investment holdings among tech-savvy households.

Proponents of cryptocurrencies argue that digital currencies are easier and safer, and come with better privacy, than traditional currencies. Because of its limited supply, Bitcoin has shown up on some people’s radar as an investment opportunity as well. Even the widely used PayPal mobile app is offering an option to buy, sell, and hold cryptocurrencies in its wallet. However, it should be noted that cryptocurrencies are still risky investments.

In short, Bitcoin wallets store a collection of Bitcoin private keys. Typically, the wallet is password- or otherwise protected from unauthorized access. A Bitcoin wallet is controlled solely by its owner, not distributed and shared like blockchain technology.

Coinbase

Coinbase is primarily a cryptocurrency exchange and not a personal wallet. While users can deposit or withdraw Bitcoin from their accounts, users do not have access to the private keys of cryptocurrency held on the exchange. As a result, users may face an increased risk of loss due to hacking, and assets held on the exchange are not insured by SIPC. But, Coinbase does allow users to hold cryptocurrency traded on its platform.

Trezor

The Trezor One is a secure device that includes multi-factor authentication and supports well over 1,500 digital coins. The more expensive Model T supports more coins, offers a better screen and interface, and a few other useful features.

The Trezor hardware wallet is a device that can store your digital coins offline. It plugs into your computer or smartphone. The device has a small screen you can use to manage your secure connection. Currently, you can buy the introductory-level Trezor One for $60 or the higher-end Model T for $194.

Ledger

The Ledger Nano X and Ledger Nano S are hardware wallets that keep your Bitcoins safe on an offline device. About the size of a USB flash drive, Ledger devices connect to your phone or computer to store and access your digital holdings. The device is surrounded by a stainless steel cover, which makes it very durable.

Sofi

SoFi is a brokerage platform. While the company does not meet the strict definition of a Bitcoin wallet or cryptocurrency exchange, it does help users who want to invest gain exposure to cryptocurrencies. However, SoFi users are not able to deposit or withdraw cryptocurrency from their account, and do not have the same security as some other Bitcoin wallets.

How Does a Bitcoin Wallet Work?

A blockchain is a shared public ledger where all Bitcoin transactions are conducted, from Bitcoin wallets. When a transaction occurs, there is a transfer of value between more than one Bitcoin wallet. Typically, a single party is exchanging some value of Bitcoin for another asset or service with another Bitcoin wallet. When this occurs, every individual Bitcoin wallet will use its secret data to sign and validate transactions, providing a mathematical proof that the buyer or seller is the owner of their Bitcoin wallet. Your wallet can safely keep as much Bitcoin as you’d like without any limit.

How Much Does a Bitcoin Wallet Cost?

Using a Bitcoin wallet doesn’t cost you anything if you’re just storing Bitcoin in the wallet. However, if you’re completing a transaction, then the owner of the exchange or device that is housing your wallet will charge you various fees depending on what you’re trying to do. Purchasing a wallet could cost you anywhere from $0 to $200 or more. If you’re using a wallet as part of exchange then you’ll likely pay either a flat fee of a few dollars or a percentage of the total transaction value.

Nutshell

Security is a big consideration, so it’s important to use a wallet that is well used and has plenty of security protocols in place. It’s also important to choose a wallet that works well with some of the larger exchanges so that you can quickly complete transactions in the open market.

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