Because as far as Bitcoin is concerned, a perfect crypto wallet is equally important.
We live in an era where technology advances in minutes. Change is at the door, and a new world is unfolding before your eyes. What was on the agenda yesterday does not mean that we will be there today. What we thought about or even dared not think about is now dressed as the present tense.
We trade virtual currencies, and in some countries, they use them to pay in stores. Just like the era when paper money appeared, now is the information era. However, perhaps the future will be a virtual era. So, do you want to be the first person to make history? Do you want to make a lot of money with Bitcoin? If so, please keep reading.
Are you curious about Bitcoin and the best crypto wallet options? We put these two in the same sentence because they are a pair that should not be separated.
You want to know if it's worth it and will it be rewarded? Can a Bitcoin wallet really guarantee the security of your cryptocurrency?
You can think of a cryptocurrency wallet as your bank account, and there are already many accounts available. Now you can choose between offline or "cold" wallets and online or "hot" wallets.
You can choose among them according to your preference for functions or other standards that conform to your principles and lifestyle. We chose to write on this topic because we saw a lot of unreliable information. Therefore, we want to provide an article with actual objective information.
The best company for your Bitcoin wallet:
Ledger Nano X is by far the best way to protect your Bitcoin offline. It is for people who are crazy about safety. Ledger has been creating hardware crypto wallets since 2014, and so far, it has sold 1,100,000 devices and has customers from 165 countries. Today, the company's value is approximately $1.5 billion.
If you are familiar with Ledger Nano S, you should know that this digital wallet is only an upgrade in 2019. Some of the differences between them are the size of the device and the size of the buttons, because they are both larger. In addition, the device has a Bluetooth connection and a built-in battery, which can be used on the move with a smartphone.
Using Ledger Nano X is very simple because there are only two buttons. You can use these buttons to navigate left and right, and when pressed at the same time, you can confirm your choice. To add a new bitcoin, just go to the manager menu and click the blue install button.
Why choose Ledger Nano X?
Ledger has a unique operating system that they use to improve security, called BOLOS. The operating system integrates a security chip for the Ledger wallet series. The company is the only company on the market that offers such technology.
What items are included in the package?
Is Nano X difficult to set up?
In fact, to set up this device, you need to perform two main but simple steps. They include:
After power on, this hardware will ask you to set a PIN code, you can choose 4-8 digits in it.
Although the PIN is the key to your device, the recovery phrase is the key to your coin. Therefore, please perform this step with the utmost attention, as it will only be given to you once.
Here, the Ledger screen will display one word at a time, 24 numbered words, you should write these words on the recovery phrase card in the package you received. Also in this step, you need to confirm your recovery phrase.
The third step is to connect the mobile phone to the device and complete it via Bluetooth, then install the Bitcoin application, add a Bitcoin account, and you can start.
Customer reviews vary, because some people are satisfied with the option of storing multiple digital assets. However, some people are not satisfied with customer support. Others recommend it as the most convenient, easy-to-use, safe and portable wallet. So, if we sum up the comments, if you only have Bitcoin and don’t just buy from the official website, that’s really good.
Trezor Model T is one of the most expensive hardware wallets on the market, but it makes up for its price with advanced features, universal support, and ease of use.
SatoshiLabs' Trezor is one of the oldest products on the market and was first released in 2014 to meet the needs of HODLers and active traders. The name Trezor comes from Czech, meaning "safe" or "safe."
Trezor launched a prototype of Trezor One in 2012, but the product came out in 2014. In addition, the Model T was released in 2019.
Model T is a bit larger than Trezor One, the main difference lies in the screen size and color display.
Why choose Trezor T?
They offer the following packages:
The device has an SD card slot that allows you to store and encrypt passwords. The card will replace the integration with Google Drive and DropBox, which will allow you to store your own backups instead of a central server.
Another feature is Shamir Backup, which you can use to create up to 16 shares that can be used to restore encryption. In this way, you can protect backup phrases in different locations and split them into shares.
What else is useful to you? Contains in-wallet exchanges because you can use them to buy cryptocurrencies or convert cryptocurrencies.
Another option for this device is that the account can be renamed, you can place notes and tags that will be saved through the DropBox integration, or you can even design the home screen with images.
Messages can also be signed and verified in Trezor wallet. You can even export transaction history if needed for tax preparation, audit data or general bookkeeping. You can do this by clicking the export option and choosing whether you want CSV or PDF format.
You cannot connect to Bluetooth, but this is to limit the attack surface.
What items are included in the package?
How to set it up?
The setting is almost like in Ledger, but instead of 4-8, it is 0-9 digits. We strongly recommend that you use the full 9-digit number. As far as the PIN is forgotten, after 16 failed attempts, the device deletes its contents.
When it comes to recovery phrases or recovery seed codes, you should buy Billfodl, which is a metal recovery option. Don't let yourself lose $1,000,000 of Bitcoin in a fire or flood.
In addition, Ledger also provides passphrase support, which means you can enter 24 1 recovery phrases. You can also add the 25th seed word, which is officially called a password. Or, to take your security to a new level, the T-type allows you to set up a multi-signature scheme, in which your signature is separated between devices.
After you get the device, please check if there is a hologram that can verify its authenticity. If there is no hologram seal, please do not use it and contact customer support.
Customers applaud this security, and some even call it a CIA device. There are also some who are dissatisfied and find it very complicated. However, our conclusion is that there may be credit card issues and delivery errors when purchasing this product, but it is a good product with customer support that exceeds expectations.
"Caution" is the best word to describe Ledger Nano S. The device sold more than 1.4 million units, about the size of a cigarette lighter, with two small buttons and a screen.
We give the company background in Ledger X. So, let's jump to the product.
Security is the number one reason you should buy a Ledger wallet. If we say that the company exceeds industry security standards, we will not exaggerate, because none of the managed wallets have been hacked. Ledger has installed a certified Secure Element (SE) chip on these Nanodevices for tamper-proof Common Standard (CC) EAL5, so your private key is kept on the secure chip.
Why choose Ledger Nano S?
Like Ledger X, Ledger S uses its own proprietary operating system BOLOS. Unlike the apps obtained by the device, the wallet account is not restricted and can be renamed as needed. They also provide software tools to verify that the hardware is genuine. The software is called Root of Trust Plus, and it has a variety of colors to choose from, including green, pink and transparent.
What items are included in the package?
How to set it up?
First of all, you need to know that the device can be set up without using a computer at all, because all Nano S requirements can be obtained via USB.
After owning the device, it is easy to set up and use. You must first download Ledger Live to your computer or mobile device. The hardware wallet, just like in Ledger X, requires a 4 to 8 digit PIN, and then you will get a 24 word recovery phrase. It also has passphrase support (aka 25th word protection). You have 3 attempts to enter the correct PIN, after that, the Ledger will enter the timing lock state.
It also has multi-signature support, which is good because some advanced crypto investors use multiple hardware wallets to sign encrypted transactions.
Finally, set up Ledger Live and install the app for your coins. You can install 3-5 until the memory runs out.
Most customers are satisfied with the product. Some people have problems downloading updates, but 80% are satisfied with the quick response and patience of customer support.
Unlike the other Bitcoin wallets we have listed, Exodus is a hot storage wallet that is connected to the Internet. The company was established in Nebraska in 2015 and received Class A approval from the U.S. Securities and Exchange Commission (SEC) in April 2021.
The brand was jointly developed by JP Richardson and Daniel Castagnoli, and Richardson's experience is tremendous. Before founding this company, he wrote code for many cryptocurrencies. On the other hand, Castagnoli has worked as a designer for companies such as Apple, BMW and Nike.
When trading on Exodus, it has built-in trading functions provided by the trading platform Shapeshift, which can convert one currency to another very quickly and easily.
We should also note that they are very transparent in transactions. For example, when sending or receiving cryptocurrency, the wallet will show you the transfer fee it will charge, the value of the cryptocurrency that will be debited, and the amount of cryptocurrency that will be added when you exchange between the two cryptocurrencies.
If you need customer support, they are one of the best options for this feature. There is a chat box on their website, you don’t even need to talk to the hardware wallet support staff, it will give you suggestions for answers as soon as you write down the question.
Exodus is a decentralized or so-called "distributed" exchange. You own the platform, but they don't follow your transactions. Instead, it supports peer-to-peer transactions.
In addition, they have compound finance, similar to crypto savings accounts. With this, you can get a floating interest rate of approximately 3.74%.
Last but not least, they have email recovery options. After you create your account, you will receive an email with a link to your account. Clicking on this link will restore your account.
First, you need to download the wallet from the official website. It will have a security certificate, so please double check. Then, you need to install it, just like other brands, you choose a password and a 12-word seed phrase to help you retrieve your password.
So far, Exodus has the highest percentage of brands mentioned on Trustpilot. As they said, the overall experience is very good, and customers get exactly what they ordered. Some people say that it needs to be translated into more languages and reduce costs.
This is the Bitcoin platform, more like the "default Bitcoin wallet". However, the downside is that it is a hot wallet, first released as an Android app in 2013, and later also available for iOS.
Mycelium was founded in 2008 with the original purpose of developing a mesh network project. However, after the emergence of Bitcoin in 2009, the company became interested in blockchain technology. It is the technology-savvy team behind this company that illustrates the reliability of this company, which makes them one of the most experienced people.
In addition, Mycelium has also been recognized because it was named the “Best Mobile App” of 2014 by Blockchain.info.
This wallet provides an impressive feature called Watch Only, you can use it to view your current funds without your private key.
Mycelium also has simplified payment verification (SPV) technology. With SPV, you can confirm transactions without downloading the entire blockchain.
In addition, the app allows advanced users to create a backup of the wallet, which involves backing up the 12-word seed and then setting a PIN.
In 2016, Mycelium also introduced a feature that helps you buy Bitcoin directly on its platform. This means that you can add bitcoins through Cashila and Glidera that have been integrated into the mobile wallet platform.
When opening a new account, the profile will ask you whether you want to restore from a backup or create a new wallet. If you choose the option to create a new wallet, it will create a hierarchical deterministic (HD) wallet.
So, download the app, write down 12 words, set a PIN, and you can trade Bitcoin.
Some people say that the transaction takes a lot of time, but it is a good product. On more relevant review sites, they stated that it is not suitable for beginners. However, some customers have different opinions, and they recommend it because it is easy to use. So, all in all, it can be used for beginners or experienced traders.
Privacy Pros is not an encrypted wallet, but it is an online store where you can find multiple encrypted wallets, including the Ledger and Trezor hardware wallets we have discussed.
Its mission is to protect the privacy of the wallet, for which they designed Billfodl specifically. As they said, they are so fascinated by it that they become experts just to allow you to keep your Bitcoin private key securely.
If you want to take Bitcoin backup to a new level, Billfodl is your best choice. It is made of 100% 316 stainless steel and has a very high melting point. Unlike 304 steel, it has strong corrosion resistance.
Usually, everything starts with a seed, just like the idea of a seed, and then, like a snowball, the idea will grow and become a reality. This company started with a seed problem-how do we store seed phrases in an unbreakable way? This is how they invented Billfodl.
If you still find a way to destroy Billfodl due to an unfortunate accident, the product will be refunded at 125%. This proves how deeply they believe in their products.
The price of Billfodl has recently dropped, so you can buy a 24-word backup device for $99 with free shipping in the United States
When buying Bitcoin, you should understand the entire Bitcoin network, and all conversions are held by a common data structure called the blockchain. When you receive bitcoins, such as 0.1 BTC, you will see them listed under the bitcoin address in your wallet. At the same time, bitcoins are not stored in wallets, they are just a simple entry in the public blockchain.
The main classifications of Bitcoin wallets are as follows: hot wallets and cold wallets.
A hot wallet is a wallet connected to the Internet, while a cold wallet is not connected to the Internet. You can think of a hot wallet as an online vault that can run on different blockchains and give you the opportunity to exchange cryptocurrencies in different currencies. they can:
A desktop wallet is a wallet installed on a PC or laptop. They can only be accessed on the downloaded computer, if it is hacked or infected with a virus, you may lose all your funds.
This kind of wallet works on cloud principles and can be accessed from any computer where you store your private keys online. The keys are actually controlled by a third party, which makes them easier targets for hackers and theft.
This is the simplest explanation. These types of wallets run on apps on your phone.
As you might have guessed, cold wallets are more secure, the only drawback is that they don't accept as many cryptocurrencies as hot wallets.
With a cold wallet, every transaction initiated online is temporarily transferred to an offline wallet stored in a USB, CD, hard drive or similar device.
The safer option for you is a hardware wallet, which stores the user's key on a hardware device such as USB. Transactions are not online because they are stored in offline storage, which increases security.
The last type is a paper wallet, which refers to a piece of software that is used to securely generate a pair of keys and then print them out. Transferring bitcoins to your paper wallet is done by transferring funds from the software wallet to a public address. This process is like "scanning", it can be done manually or by scanning the QR code on the paper wallet.
Only buy this product from its official website, never buy it from other websites such as eBay or similar websites. If you buy from an unofficial website, we do not guarantee its quality. Therefore, you should only buy from the official website to avoid manipulation by third parties and thieves, who can steal all coins from your hardware wallet in the future.
In addition, it is important to understand that you should never keep large amounts of cryptocurrency in a software wallet. The software wallet is not bad, but not as reliable as the hardware or physical wallet options. Having said that, please store only the amount of loss you can afford.
To ensure further security, you can implement a virtual account on the device, and you will store as much content as possible on the account.
The device can only be purchased through a verified seller or directly from the website. Never buy a used hardware wallet.
Do not use the wallet that has been set up. You should choose your own PIN code and make a backup yourself. This should not be provided by anyone.
Unlike traditional "pocket" wallets, digital wallets are software programs that don't store money. The fact is that currency is stored in multiple locations. What exists is your public and private keys and interfaces with various blockchains. The function of the wallet is to store your secret private key belonging to the address.
Since the advent of cryptocurrency, hardware wallets have existed. People need to store data, so they were very creative in the beginning. However, the first digital wallet provider was the white paper wallet, and they started the first hardware wallet service. The mass market form appeared in Trezor One in 2014.
In short, a blockchain is a system in which conversions are recorded and maintained between multiple computers linked in a peer-to-peer network.
Blockchain technology is used to create a digital ledger system for transactions.
Primarily, the term ledger is associated with written or computerized transaction records.
Therefore, we can say that the cryptocurrency public ledger is a record keeping system. Here, you should know that the ledger maintains the identity of participants anonymously.
There are different prices for cold wallets. For the ones we choose, we put the price in the article. Unlike cold wallets, hot wallets are free because you only need to pay a fee to the owner of the exchange or the trading device.
If you value safety, they are definitely worth it. However, it is not necessary to have your own wallet. Exchanges such as Kraken, Coinbase Wallet, or CEX.IO provide their own wallets, but you cannot fully keep your funds through these wallets.
Cold wallets are expensive but much safer. Hot wallets are more suitable for a small amount of coins.
You cannot directly convert Bitcoin to cash. You first need to sell bitcoin anonymously on the blockchain to get the fiat currency you want.
Most wallet brands provide guidelines for using their apps, but the process is not much different from email settings.
The important thing to keep in mind is that some wallets are not available on all platforms. Therefore, please make sure that the platform you are using supports the wallet you own.
It depends on how long it takes for the wallet to construct the transaction block. Bitcoin's standard requires six confirmations before the translation can be implemented. Usually, it takes an hour.
However, some people have more confirmation. For example, Ethereum requires 24 confirmations, but it only takes a few minutes to complete the translation.
HODL means not succumbing to the impulsive nature of human beings. This means don't sell on impulse when cryptocurrencies fall or rise sharply. "HODL" stands for "Hold on for my dear life". You will see it in various cryptocurrency forums and social media circles.
How the word appeared, this is actually an interesting story. It originated from a post on a forum shortly after the Chinese government took action in 2013 that caused the price of Bitcoin to fall sharply. A drunk person shared "I'm holding", talking about his poor investment luck and his hope to continue holding assets in the future.
Although some exchanges are sufficiently secure, we recommend using encrypted wallets in all cases to increase security. The wallet address is important to you, so your digital currency is under your control.
Therefore, technically speaking, you don't have to put Bitcoin in a cold storage or download a hot wallet program, because many cryptocurrency exchanges have their own wallets on the exchange.
However, it is up to you to decide where to store the cryptocurrency, whether in your own wallet or in a wallet provided by an exchange such as Coinbase or Kraken. Crypto purists will say "No!" to the latter.
However, the risk of hacking still exists. When KuCoin (the fifth largest exchange) was hacked and lost $200 million, we were witnesses.
If you are considering investing in Bitcoin, then you must be aware of the costs and risks involved. There is no minimum amount you should buy. However, your investment should not exceed the amount you allow yourself to lose.
In general, prices vary. In 2017, it was US$13,000, and in 2018 it dropped to US$3.500. Then in 2021, it was $43,454.
Yes, you can choose to invest $100 in Bitcoin. In fact, you can buy bitcoin shards, which means you can not buy the entire bitcoin. The minimum amount is 1 Satoshi, which is 0.00000001 Bitcoin. However, if you decide to buy Satoshi, it is impossible to buy only 1 Satoshi on any exchange.
When it comes to the lowest price, you can even buy Bitcoin for $2 on some websites.
Suppose you invested $5,000 at this specific moment. This is approximately 0.11 of Bitcoin. If Bitcoin makes $60,000 per coin and you sell it, you will make a profit of $2,800, which is not bad.
However, as of 2021, you need to buy more than 23 bitcoins to make a profit of $1 million.
MicroStrategy is a listed company that can boast the most bitcoins on its balance sheet, followed by Tesla, Galaxy Digital Holdings, Voyager Digital, Square, and Marathon Digital Holdings. According to the price on September 21, 2020, they hold 105,085 Bitcoins worth 4.5 billion U.S. dollars
We hope you find this review of the best bitcoin wallets interesting and we provide you with a better perspective. We have collected all relevant information so that you can make the right decision before deciding to invest.
Ledger Nano X is best for beginners who plan to grow bigger and have many cryptocurrencies on their Ledger Live app. All things considered, Trezor Model T is the best hardware wallet for anyone who wants HODL encryption, and you can also get a color screen. Then, Ledger Nano S is the most affordable and certified option. Exodus has excellent design and pledge rewards, and you can easily use it through your mobile phone. In addition, it has educational articles. Mycelium is the mycelium that is rewarded and has the most experience in this field.
In short, you must put your cryptocurrency somewhere. Some websites offer to stack them there, but we don’t recommend you to do this. Buy a hardware wallet, if you can afford it, the most secure encrypted wallet. If not, please use another wallet and you will still be happy. Don't forget to create a virtual account and store the losses you can afford. good luck!