All You Want to Know About Bitcoin Wallets

Bitcoin is the most popular cryptocurrency. The value of bitcoin is increasing day by day. Many investors are willing to invest in bitcoin. It is essential to learn about how to store bitcoin safely.

Bitcoin wallet

We can store bitcoin in a bitcoin wallet. They will validate our BTC transactions. The wallet will keep a private key to validate our transactions. This private key will help to prevent a 3rd party from using our bitcoin.

There are many free wallets available in the market. But some of them cost between $100 to $ 200. While choosing a bitcoin wallet, we should take some factors into consideration. They are security, purchase costs, and reviews. The main factor is security. So it is important to purchase a wallet that follows strict security protocols. Bitcoin Introduction, is very important before we get more information about wallets.

Some important bitcoin wallets

• Exodus

It is one of the best hot wallets. Exodus is a free wallet. No cost is needed for its purchase. It is a desktop wallet. The advantage of the exodus is that it is mobile-friendly, and it has an in-built exchange. Its user interface is easy to operate. Exodus is the best wallet for beginners. It gives support to the beginners who are gradually entering into the bitcoin network. Exodus can swap between a vast number of cryptocurrencies. Users can charge custom fees. The only disadvantage of the exodus is that it is a closed source type of wallet. The code of exodus is closed for others. It is against the idea of blockchain technology. So it can create some security issues. But users can rely on the team behind the exodus. They will ensure that there are no loopholes in the security of the wallet.

• Electrum

Electrum is also a hot wallet. It is an example of an original crypto wallet. This wallet was founded in 2011. Electrum is a free wallet. The primary function of this wallet is excellent. Electrum is an open-source wallet. Users can set custom fees, and they can also choose between segwit and legacy BTC. Electrum is more suitable for advanced users. Its options are more complex than an exodus. Users can determine their security levels. The user interface of the Electrum is bare- bone. It only works for BTC. Customer support from the team is low. The advantages of Electrum are its security features and its ability to charge customs fees. Electrum will help users to elongate seed phrases using custom words. 

• Mycelium

It is a hot wallet. It has open-source software. This wallet can only be used in mobiles. Mycelium only supports BTC. The user interface of Mycelium is more refreshed. Its exchange is in-built. Mycelium is similar to Electrum. Mycelium is also one of the original wallets, and it can again charge custom fees. The most distinct feature of Mycelium is that its support for hardware wallets. A user can store their bitcoin in a hardware storage device while using the user interface of Mycelium. It has complex options. So it will be a bit confusing for beginners.

• Ledger Nano X

It is a cold wallet. This hardware wallet is manufactured by a French company called Ledger. It is a 2nd generation wallet. Ledger Nano S is the first hardware wallet manufactured by Ledger. 

This wallet is similar to a USB Drive. It can be connected to our device using USB. Nano X can be used on our android or iOS devices. We do not need a computer to use this wallet. Nano X supports a massive number of cryptocurrencies. The purchase cost is $119. Ledger has designed live software to provide a simple user interface. Ledger wallets are the most famous wallet in the market. This wallet can be connected via blue tooth. Ledger wallets offer good customer support. 

• Trezor Model T

It is a cold wallet. Model T is a 2nd generation wallet manufactured by Trezor. This wallet provides access to 3rd party exchanges from its interface. The cost of Model T is $170. This wallet has a touch screen, which is more comfortable for beginners. There is also a slot for Micro SD cards in Model T. This wallet can be connected to both smartphones and computers. It supports a vast number of cryptocurrencies. Model T is an open-source wallet.