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Different Types of Bitcoin Wallets as of 2020!

Posted: November 21, 2020 at 11:54 am   /   by   /   comments (0)

The very first thing that people think while hearing the word blockchain or crypto is the bitcoin. The emergence of bitcoin in 2009 has astonished people, and because of its highly volatile market, it seems it is not going anywhere soon. Some investors consider bitcoin’s volatile market as a disadvantage, but the volatile market has made one bitcoin worth hundreds of dollars in today’s time. Because bitcoins are limited in number, and cryptocurrencies like bitcoin are appreciated, this is attracting a lot of investors across the world. But before you start investing in bitcoin, you must learn how to store bitcoins first.

Photo by Roger Brown from Pexels

Unlike traditional currencies, bitcoin is a virtual currency, and therefore it involves less risk of fraud but must be invested safely. The digital currencies are stored in wallets. The wallet is a storage store that doesn’t technically store the bitcoins but store them in cloud storage. There are many different types of wallets to choose from, including hardware, online, mobile, desktop, and paper. You can know the Value for Cryptocurrencies by utilizing the right wallet and making a profit.  

All the different wallets have different features of security, accessibility, and more. Users need to choose the wallet according to their needs and preferences. Here, in this article, we have gathered a list of some top-notch bitcoin wallets that we will gain knowledge on.

Top-Notch Bitcoin Wallets

Electrum

Electrum is considered one of the best and original bitcoin wallets. This wallet was introduced in 2011 and offered an excellent user interface to users. It is only committed to bitcoin and is suitable for advanced users. Electrum has some complex options which beginners may not understand; therefore, only advanced users can use it.

It is an open-source wallet that allows users to adjust the custom transaction fee. It also allows users to choose the level of security that they want for their bitcoins. Electrum allows users to set different security producers, including multi-factor or two-factor authentication.  

Exodus

Exodus is both mobile as well as the desktop wallet. It offers a quite simple and easy to understand user interface to its users. The best feature of this wallet is that it provides the ability to exchange a large number of cryptocurrencies. Investors who are getting into the world of cryptocurrencies must choose Exodus because it is easy and simple and great for beginners. 

It provides great support to beginners who enter into this confusing market. The advanced users may not find it attractive because it is specially made by considering beginners’ needs.  

Trezor Model T

The Model T of Trezor is a hardware wallet that Trezor has created of the second generation. This wallet provides the ability for users to access the exchanges of third-parties easily. This wallet is quite expensive and less convenient. Beginners can easily understand it because it uses a touch screen that makes it easy to operate. The Trezor Model T has a memory card slot that allows users to encrypt the PIN and secure the device from external attacks and frauds. 

Ledger Nano X

Ledger is a French company that is dealing in cryptocurrencies for plenty of years. Ledger creates its second-generation wallet named Ledger Nano X that is similar to a USB drive. It gets connected to your device through Bluetooth or USB. This doesn’t necessitate you to have a computer and make you connected to your Android or iOS device. This hardware wallet supports more than 1500 cryptocurrencies, and the best thing is that the list grows with each passing year.

The Ledger has produced the Ledger Live software; this provides interfaces to users for their holdings. This means users can add their new wallets of different cryptocurrencies to devices. 

Ledger Nano S

The first generation hardware wallet created by Ledger is Ledger Nano S. this wallet is compatible with a plethora of cryptocurrencies. It is not similar to Ledger Nano X because it doesn’t have a USB Type-C cable. This allows users to use their smartphones, but they may sometimes face difficulty while connecting wallets to their devices. This hardware wallet lacks Bluetooth connectivity but supports more cryptos and is considered the successor of Nano X. 

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