What is cryptocurrency wallet?

Before finding the best crypto wallets, you should know what it is and how does it work and some other things about them. Let's learn first what is it? A cryptocurrency wallet is a software program or programmed hardware device that stores public and private keys for sending, receiving, or storing cryptocurrency. There are a lot of wallets are available in the crypto world like Coinbase, Binance, Electrum, Mycelium, Ledger Nano X, Ledger Nano S, etc. These wallets are used to exchange cryptocurrencies between each other like Bitcoin, Ethereum, Litecoin, etc.We will try to find out the best cryptocurrency wallets all over the world.

How do works a cryptocurrency wallet?

Basically, there are two types of wallets used in the market software or hot wallets and hardware or cold wallets. They both do different things, but they are all meant to help you access your cryptocurrency safely.

Any kind of cryptocurrency wallet has a private key and a public key. These two keys are linked to each other in cryptography mathematics. These keys are used to transfer cryptocurrencies from one user to another. The sender uses his or her public address (key) when they want to send money to someone's wallet, while the receiver must use their private address (key) to receive the money.

Public vs. private keys—what’s the difference?

Public and private keys are really just a string of numbers and letters. The public key is the address at which you receive your cryptocurrency. When someone wants to send you money, they use this address to make a transaction. The string is matched with your public key (wallet) so that the coins can be transferred successfully.

Private keys, on the other hand, represent the ability to move your cryptocurrency from one address to another. In order for you to do anything with your crypto holdings, you must have your private keys.

What are the types of crypto wallets?

There are different types of cryptocurrency wallets that can be used to store your money. These wallet types are desktop, mobile,Paper wallets,Hardware wallets and Web-based Wallets.

Hardware Wallet

A hardware wallet is a preferred way to safely store your cryptocurrencies. They're small devices that you can carry around with ease - there's no need to worry about a fire or a flood at home since they're not connected to the Internet. The most common hardware wallets are the Ledger Nano X, and the Nano S. They can cost around $100-$170 USD, but that's an investment that will give you peace of mind when storing your cryptocurrencies.

Desktop Wallet

A desktop wallet is a program that you install on your own computer. Many of them are free. Best examples are Exodus, Jaxx, etc. You have to download the entire blockchain, which can take several days or weeks depending on the cryptocurrency being stored - so it's not very convenient for someone who wants to access their coins often. It offers more security than an online wallet because hackers would have to get into your computer system in order to gain access.

Mobile Wallet

Mobile wallets are apps that you install on your smartphone (iPhone or Android). Most of them are free to use and can be downloaded from the App Store or Google Play. Best examples are Blockchain, Coinomi, Jaxx, etc. Like desktop wallets, you have to download the entire blockchain - so it can take days or weeks depending on the cryptocurrency being stored. Unlike desktop wallets, they are considered less secure because smartphones can be hacked and infected with viruses.

Web-based Wallet

Web-based wallets store your private keys online, connected to a third party as opposed to storing them on your device. Best examples are Coinbase, Binance, etc. Online wallets offer the least security among all wallet types. They put your cryptocurrencies at risk of being hacked because they're connected to the Internet and thus vulnerable to breaches here; hackers can also use malware and viruses to steal your keys and private data and even empty your wallet. The best thing to do is to use them for short-term storage and transfer large sums of money to a more secure wallet type.

Paper Wallet

A paper wallet is exactly what it sounds like. You print out your public and private keys on a piece of paper - which you can store in a safe place. Best examples are MyEtherWallet (MEW), BitAddress, etc. Best paper wallets are the ones that you generate yourself offline. It can be time-consuming and complicated, but it's one of the safest ways to store your cryptocurrency long-term since there's no risk of losing money due to a cyber-attack or anything like that.

So, what are the best wallets to use?

Already it has been said that there are many cryptocurrency wallets available in the crypto market. It's really very hard to find out which is best among all. Best cryptocurrency wallets are those that can provide security, ease of use, and access to your coins anytime. Here are some most popular cryptocurrency wallets which is used by most crypto holders.

Coinbase crypto wallet

Coinbase is one of the most popular and Best Cryptocurrency wallets in this crypto world. Millions of users trust Coinbase for buying/selling/storing cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. It provides the best security by keeping 98% of coins in cold storage and the remaining 2% coins in the hot wallet to use whenever required. Coinbase also offers ease of use as you can send, receive and track your transactions from one place. Coinbase also allows converting coins into different currencies like Bitcoin to Dollars, Euros, etc.

Ledger Nano X crypto wallet

Ledger Nano X Best Cryptocurrency wallets is a hardware wallet launched by Ledger company in February 2018. Its security system makes it the best cryptocurrency wallet in the market. The best thing about Ledger Nano X is that it has a touch screen which makes it more flexible to its users.

 

Gatehub Best Cryptocurrency wallet

Gatehub platform offers cryptocurrency wallets to its users, but it's known as online web-based wallet system. It is one of the most popular cryptocurrency wallets in the market that is trusted by Ripple holders. Gatehub is a secure cryptocurrency wallet compared to other cryptocurrency wallets. Its easy-to-use the interface makes it the user friendly for beginners in the crypto world too.

Jaxx Best Cryptocurrency wallet

Jaxx is a multi-platform where they are offering a cryptocurrency wallet it is also known as the best solution for mobiles and desktops alike. It is the Best free cryptocurrency wallet that supports almost all cryptocurrencies like Bitcoin, Dash, Ethereum, etc. Jaxx also provides ease of use as you can easily backup your funds on a cloud server.

My Ether Wallet

MEW is one of the best cryptocurrency wallets not only in terms of ease of use but also insecurity. It's an open-source wallet system launched by Kvhnuke and Tayvano in July 2016. It's security is due to the fact that it's an offline wallet system. Websites like My Ether Wallet provide web-based wallets, but they're Best secure which makes them best among all.

Trezor Model T wallet

Trezor is one of the most famous offline hardware wallets. Its Best security system makes it Best among all as it offers similar features like Ledger Nano S, but at a higher cost than Ledger Nano X and other Best Online wallets. Trezor Model T costs around $189.

Exodus wallet

Exodus is a desktop wallet system launched by JP Richardson and Daniel Castagnoli in July 2016. It's one of the best Free cryptocurrency wallets which allows exchanging of cryptocurrencies within the wallet itself. You can convert Bitcoin into Ethereum, Ripple, EOS using Exodus. Exodus is an integrated best cryptocurrency wallet best exchange that can be used to trade between various cryptocurrencies very easily.

Gemini wallet

Gemini is another one of the best online wallets offering ease of access. It's a USA-based wallet system that offers web-based and mobile-based wallets for its users. It's one of the most popular cryptocurrency wallets in the US.

You will be glad to know that, you will be eligible to track the market prices in the current time from anywhere in the world where is internet connection available. The company makes it simple as possible. That's why there are people engaging with it daily more and more.

Coinomi

Coinomi is a mobile-based most secure cryptocurrency wallet which supports 300+ cryptocurrencies. It is a mobile-based lightweight wallet system that provides ease of use and security both to its users. Coinomi also offers the best rates when compared to other cryptocurrency wallets in the market.

Conclusion

These are some of the best cryptocurrency wallets available which you should look into before buying coins for other cryptocurrency wallet options as there might be a case where you have to choose from these Top cryptocurrency wallets only.

So, this was all about the most secure cryptocurrency wallets. You can choose any of them at your convenience and with ease of use. Hope you found the article helpful!