July 5, 2018
The task of safely storing your Bitcoin is as perhaps the most important bit of acquiring coin.
Especially given the security challenges ushered on by the internet age.
It is an undeniable that Bitcoin has captured the world’s imagination. This alternative currency has the promise of freedom; freedom from centralized regulation. Proponents would argue that is a safer, easier and more private option. The rise in value particularly in the past two years has made it a considerable investment option for many
Therefore, decisions as to the kind of wallet to store your coin can’t be made lightly. As a matter of fact it is a barometer on the seriousness of your coin venture. This is an engaging process whereby you have to balance your customer needs with security.
The list provided is not necessarily of the 5 most secure wallets. Instead, other parameters were taken into account to come up with a collection that works for most users.
Figure 1: Trezor Hardware Wallets
There is nothing like absolute security for your Bitcoin but this is as close as they come. Trezor wallet is essentially a removable physical device used to store coin. It is also called a cold wallet. This wallet should cost about $99 from stores or even at online retailers with considerations given for buying three. There is also a similar cold wallet called Ledger which is pretty much the same in functionality.
Figure 2: Electrum Wallet
As the title suggests, this is a desktop software wallet. Electrum allows the storage of Bitcoin in a series of files on your computer.
Figure 3: Blockchain Info
Thus may be easy to remember because of the name blockchain. You probably know that this is the technology on which the entire cryptocurrency ecosystem runs. That said, there is a distinction between the two.
Blockchain.info wallet is an online wallet, separate from the Bitcoin marketplace. To illustrate better it is eerily similar to the Coinbase wallet.
You may wonder about what this wallet does and even its presence in the list. However, for investors big on trading and other investments, this is a no-brainer. Robinhood is both an exchange and a wallet.
Figure 4: Mycelium Wallet
This wallet is really the minnow in the list. However, with more cryptocurrency platforms increasingly focusing on mobile, it is worth mentioning. Mycelium wallet is a unique mobile-only Bitcoin wallet. There are Android and iPhone versions available for the same.
Mycelium can be complicated compared to most other wallets. However, an advanced user should cope just fine. The fact that it is a mobile app means the interface and functionality cannot be as extensive as other platforms hence the direct nature of the app.
The task of making a final pick depends on each user. As we have seen, some wallets are suited for users who are keen on long term storage while others are not. Alternatively, some like the Robinhood wallet are excellent for those who trade regularly. Desktop wallets are perfect for small volumes and so on.
Therefore it is upon an investor to assess each option here or elsewhere keenly and see what works best for them. The variety is a great thing as there is always general improvement from this kind of competition.