Best Virtual Wallet for Cryptocurrency of 2021
Cryptocurrency wallets are used to store a collection of private keys that give you access to your cryptocurrency. They provide a means of securely storing and handling cryptocurrencies and come with varying features.
A cryptocurrency wallet could be an app, a website or hardware that handles the cryptocurrency’s private keys. Wallet apps operate on internet-connected devices and are also known as hot wallets. Cold wallets (hardware wallets) are electronic devices for storing cryptocurrencies. Crypto wallet apps are considered the best option for small amounts of any cryptocurrency and quick transactions as they are less secure than cold wallets.
With the emerging interest in Bitcoin and other cryptocurrencies, it is essential to consider the features of the numerous available wallets for storing and managing these assets. Some noteworthy features include the ability to store multiple coins and security. This article serves as a guide in choosing the best bitcoin or cryptocurrency wallet apps for you.
EXODUS
Exodus is widely known to be the best wallet for beginners because of its simple user-interface. It is free and compatible with both desktop and mobile devices. This wallet app allows the handling of up to 120 coins and provides excellent customer support for users. It also gives users the private key to access their digital assets.
Even though this app is considered beginner-friendly, more experienced users would not find it suitable for many reasons, mainly because it is not open source. Closed source apps can be regarded as a security threat for blockchain technology as users rely entirely on their engineers for the safety of the coins.
ZENGO WALLET
ZenGo, the pioneer of keyless wallet services, is one of the most secure and user-friendly multi-coin wallets that also offers trading services on its platform. It prides itself on its high-security measures to secure users’ private keys through advanced cryptography techniques.
Zengo is available only on mobile devices and offers support for limited cryptocurrencies compared to other multi-coin platforms.
ATOMIC WALLET
The Atomic Wallet, which is available on both desktop and mobile platforms, is a non-custodial wallet that allows the storage and managing of over 300 cryptocurrencies. It is user-friendly and gives the user complete control over funds.
One notable feature of Atomic wallet is that it allows the use of Atomic Swaps with certain coins without an exchange platform. Two exchange systems, Changelly and ShapeShift, have been integrated to handle seamless trading for cryptocurrencies that cannot be swapped.
Talking of disadvantages, the Atomic Wallet doesn’t offer free trading services. A fee is typically charged for atomic swaps.
COINOMI
Founded in 2014, Coinomi is the oldest non-custodial wallet app that supports multiple cryptocurrencies. With over 1770 coins under its belt, this app offers a high privacy level for its users. For its users, no KYC is required before funds are accessed, transactions are not tracked, and the identities of its customers are kept private.
Coinomi allows users to set custom fees for transactions and offers trading services on its platforms. It also supports Segwit, which offers low transaction fees and fast processing of Bitcoin, Litecoin and some altcoins.
It is available only on mobile devices.
EDGE WALLET
Edge is a highly-secured wallet that offers support for multiple coins on its platform. It provides ease-of-use for its users with its simple and beginner-friendly interface while allowing them to trade and manage their assets.
This wallet app is only available on mobile devices and offers limited support for coins.
BRD
BRD is a secure and straightforward non-custodial cryptocurrency wallet available on iOS and Android platforms. It is suitable for beginners who are more interested in just sending and receiving bitcoins. Its code is open source, thus making it one of the most trusted wallet apps.
BRD offers support for fewer coins than most multi-coin wallet apps out there.
Blockchain.com WALLET
Blockchain.com Wallet is one of the most popular cryptocurrency platforms. It is a non-custodial wallet that’s available on both mobile and desktop platforms. It is trusted by millions of cryptocurrency users worldwide and offers both wallet and exchange services for Bitcoin, Ethereum and other major coins.
This wallet app has poor customer service based on widespread reports and does not offer its users anonymity. It also has support for a few coins.
SAMOURAI WALLET
Samourai is the most secure and private wallet for storing only Bitcoins. It offers users privacy by using its coin-mixer feature and assigning a new bitcoin address for every transaction carried out. This ensures that users’ transactions and identities are hidden on its platform.
Samourai wallet offers limited support for users and is currently only available for Android users.
FAQ
How Do You Use a Bitcoin Wallet?
Some wallets also serve as an exchange platform for buying and selling bitcoins, while some are made just for storage. Based on your preferences, a bitcoin wallet can serve as just a virtual wallet for your coins.
How Do You Withdraw from Your Bitcoin Wallet?
To cash out bitcoin from your wallet, you can sell your bitcoins on an exchange platform for a fiat currency and then withdraw those funds to your bank account.
How Do You Fund Your Bitcoin Wallet?
To receive bitcoin, open your wallet and copy the wallet address.
Ensure the cryptocurrency for the wallet address matches the one you are expecting to receive. Send bitcoin to the wallet address through an exchange platform.
CHOOSING THE BEST WALLET APP
After looking at several wallet apps, it is evident that choosing the best app for beginners can be a daunting task. For beginners, Exodus is recommended as the most suitable wallet. It is essential to consider security as a top priority when choosing your next wallet app. Also, ease-of-use and support on exchange platforms are factors to consider to ensure your transactions are completed fast.