Top Cryptocurrency Wallets

To keep your cryptocurrencies safe and secure.

In this article you will find details of the most recommended cryptocurrency wallets.

Getting into the world of cryptocurrencies and feeling safe are directly related. It is therefore crucial to know how to choose a cryptocurrency wallet. Among the knowledge base articles we explain how to invest in cryptocurrencies.

There is a lot of talk about the risks in the crypto industry and having the knowledge about what a crypto wallet is will help you decide how to safeguard your cryptocurrencies safely.

WHAT IS A WALLET?

First of all, it is necessary to understand what a cryptocurrency wallet is and what it is used for.

It is called “wallet” because in English it means wallet, but a cryptocurrency wallet is a virtual wallet, a software that stores your public and private keys, which always go together and also allows you to send and receive cryptocurrencies through the Blockchain, store the ones you want and control your balance whenever you want.

To simply illustrate, it works in a similar way to homebanking, where you can use an app to digitally make movements in your account with fiat money. The big difference is that these are cryptocurrencies, which, as you know, are part of decentralised finance, i.e. they are not organised by any bank or entity and do not exist in a physical form.

A wallet can be used both on a computer and on a mobile device. It is important to clarify that “wallets” do not house “cryptocurrencies”, although they are called “wallets”, similar to their physical analogue, they are actually key-generating codes that work to interact with the blockchain, i.e. the wallet only stores the keys to access them.

The private keys would be like your card’s PIN number used to access your account and the public keys would be like your digital bank account.

By accessing your cryptocurrency wallet you can send or receive crypto funds, but keep in mind that if you forget the password to your wallet you will lose all the cryptocurrencies you have in it because you cannot access them. It would be like losing your physical wallet.

Now, having a general idea of what a cryptocurrency wallet is, we can start talking about what kind of wallets exist.

What types of wallets are there?

Paper wallet:

A paper wallet is also a cold wallet, because it is offline. They are totally immune to any computer attack precisely because they are not connected to the internet, but if you lose the paper, you lose everything. Basically a Wallet of this type is a printed document that contains a public address where you can send cryptocurrencies and a private key. That allows you to trade with it in a simple way.

Mobile Wallet:

It is simply software installed on our mobile phone through which we can make transactions directly. The problem in this case is that it is certainly insecure, as anyone who can access our mobile phone will be able to access our wallet.

Wallet Online:

This is an Online Wallet or Web Wallet that stores your private keys on a server controlled by the company providing the services. In this case the servers are constantly online and are always controlled by one person, so the key is to choose the right wallet.

Desktop wallet:

As the name suggests, this type of Wallet is installed on your own computer and stores your private keys on your hard drive. Keep in mind that the security will be linked to your computer and the proper functioning of the disk.

Physical Wallet/Hardware wallet:

Physical wallets are physical devices, which operate as wallets without an Internet connection and keep private keys securely stored inside them. They contain with them a security chip that prevents your private keys from being entered into a computer. The way to trade your cryptocurrencies is simply by entering a PIN code in the wallet. In this case, the good thing is that if you lose it or it breaks, you can get it back.

Knowing the types of cryptocurrency wallets we can recognise the differences when choosing one to trade with.

Top 5 Cryptocurrency Wallets of 2022

What is the best wallet for cryptocurrencies? Let’s keep in mind that it is always subjective, as each type of virtual wallet can be the best, depending on the user’s needs. However, we would like to mention the following:

Trust Wallet:

Trust Wallet is a multi-currency wallet; that is, you can store a wide variety of cryptoassets in it; as well as view their prices, store your NFTs and use decentralised applications.

Trust Wallet is a wallet that allows you to trade cryptocurrencies within the same app and is available for Android and iOS devices.

Bitpay:

This option is a simple wallet and is available for Windows, Mac and Linux operating systems, as well as Android and iOS. It is a wallet that is practical to use and perfectly fulfils its function by providing maximum security to the user.

One feature of Bitpay that makes it stand out is that it allows you to accept bitcoin payments on your websites.

Coinomi:

This wallet is unique in that it accepts an infinite number of cryptocurrencies. In general, most wallets focus on bitcoin and the occasional stablecoin, but Coinomi offers the possibility of operating with a much wider range in terms of the diversity of digital assets with which it can operate.

As for its type, it is an open source software that stores cryptoassets encrypted locally on your devices such as mobile or pc. It can be used on your Smartphone with iOs or Android, also on your PC with Windows, macOs and even Linux.

Trezor:

This is the case of a hardware wallet and at the same time, a cold wallet (it works offline). Trezor is a physical wallet selected among the best in the world in its category and allows access from smartphones, tablets or PCs.

These wallets generate a 24-word recovery phrase and a security key, which will serve as a backup for the cryptoassets stored there. As an extra security measure, they have a physical button that must be pressed when making any transaction.

There are two models:

• Trezor One with a value of around $55.
• Trezor model T with an approximate value of 170 dollars.

Electrum:

Electrum is one of the best known desktop wallets, considered one of the best in the world in its category and is compatible with Windows, Mac, Linux and Android operating systems.

It is a fairly light version of a virtual wallet, as it does not download the entire blockchain and is deterministic (HD), meaning that it generates a seed that can later be used to restore your funds. It is also developed to support physical wallets such as Trezor and Ledger.