25 Jan
25Jan

   Cryptocurrency wallets are essential for trading, exchanging, converting and storing digital assets. wallets protect, secure and validate your crypto transactions, they make it possible to do deposits and withdrawals to third party platforms.

TYPES OF CRYPTO WALLET.

HOT WALLETS.

  They are also called software wallets, They  can be accessed from your computer or phone to manage and trade your crypto assets, hot wallets are always connected to the internet and other crypto networks, they're convenient, easily accessible but also vulnerable to cyber attacks.

COLD WALLETS.

 Cold or Hardware wallets are much more safer and secure than hot wallets. They enable storing of digital keys. Crypto assets are stored offline. Since your cryptocurrencies are stored on a platform not connected to the internet, They are safe from hackers and unauthorized access. Cold wallets come in form of a USB drive.

  If you're looking to buy and store cryptocurrencies like Bitcoin, Ethereum, Solana and more, You will need to choose not just any wallet, But the best ones in the market. Let's review some of the best crypto wallets in 2022.

Ledger Nano X - Best hardware wallet.

Exodus - Best for Desktop.

Electrum - Best for advanced users.

Mycelium - Best for mobile devices.

Samourai - Best for anonymity.

Coinbase - Best for beginners.

1. LEDGER NANO X.

   It's one of the most popular brand of hardware wallets, and the best offline crypto wallet in the market because of it's mobile trading abilities and top security standards. Ledger Nano X can support over 1800 cryptocurrencies and it's currently priced at about $119. It connects with Bluetooth or USB ports.

PROS AND CONS.

  • Large number of crypto assets(1800)
  • Live mobile trading capabilities with Bluetooth
  • Convenient and intuitive user interface
  • Much more expensive than other cold wallets
  • Bluetooth capabilities can result in cyber attacks
  • Safe and secure to store digital currencies

2. EXODUS.

   One of the most user-friendly and visually appealing wallet, Available on desktop, iOS and Android devices. Exodus supports about 150 cryptocurrencies, It's very fast in processing transactions and easy to use.

PROS AND CONS.

  • Built-in exchange
  • Large variety of cryptocurrencies(over 150)
  • 24/7 Customer support
  • Compatible with hardware wallets (Trezor)
  • High Transaction fees

3. ELECTRUM.

  Electrum has been around since 2011 and it's certainly one of the oldest wallets. It's available for all desktop operating systems and Android devices. It's not available for iOS devices.

Electrum is committed to Bitcoin(BTC) only. Due to it's complex options, it's more suitable and perfect for advanced Bitcoin holders. Electrum is open-source and allows users to choose between legacy Bitcoin and Segwit.

PROS AND CONS.

  • Hardware wallets integration(Trezor, Ledger and keepkey)
  • Customizable transaction fees
  • Can hold only Bitcoin
  • No customer support
  • Open-source code (Trusted)

4. MYCELIUM.

  Mycelium has been existing since 2008 and it's a mobile only software wallet available on only android and iOS supported devices. It's also open source and supports Bitcoin, Ethereum and ERC-20 tokens only. It's very similar to Electrum wallet.

PROS AND CONS.

  • Hardware wallet integration(Trezor)
  • Open-source code
  • Supports only mobile devices.
  • Crypto exchange 
  • Offline transaction capabilities
  • Can be confusing for new users
  • Supports only Bitcoin, Ether and ERC-20 tokens

5. SAMOURAI

  Created in 2015, Samourai wallet was built to be an anonymous Bitcoin wallet. it has robust privacy features like: No address re-use, VPN, Tor, and Stonewall technique. This wallet may be too advanced for lots of people, But it's perfect for anyone that wants privacy and anonymity at the highest level. there's also freedom to move money/digital assets without a trace. It's very secure and has a simple user interface. Samourai supports the storing and transacting of Bitcoin only and strictly.

PROS AND CONS.

  • Private transactions(Anonymity)
  • Tor and VPN support
  • Only available to Android devices
  • Highly secure
  • Advanced features
  • Supports only Bitcoin
  • Simple user interface

6. COINBASE.

  Coinbase is excellent for beginners with little to no experience with cryptocurrencies. It has a simple user interface that is easy to navigate. It has one of the largest exchanges in the world(Coinbase Exchange).

 Coinbase wallet can support over 500 cryptocurrencies and can also store digital collectibles like NFTs.

PROS AND CONS.

  • Access to decentralized exchanges
  • Easy to use interface
  • Over 500 Crypto assets supported
  • 2-Factor authentication support
  • Encountered security issues in the past
  • Only available on mobile devices.

     Think of a crypto wallet as an Email account, Before you can receive any email, You have to subscribe or give people your email address(Public key) But your email password(Private key) must never be shared with anyone besides yourself.

Cryptocurrencies are a relatively new and exciting financial asset, Risky and with wild price swings. They can be unpredictable and should be traded with caution.

 The above wallets work with the largest and popular crypto exchanges  and have efficient security measures in place. For any more Information regarding crypto wallets, You can send a message or leave a comment.


Disclaimer: Readers are advised to do their own due diligence, research or consult a Financial advisor/expert before taking any actions related to the above information provided. Sampedia is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this article.  

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