It is no longer news that Bitcoin has taken the world by storm. It cryptocurrency offers an alternative to the government-backed currencies we use day today. Per the arguments put forth by proponents, digital currencies are easier to use, safer and offer better privacy compared to fiat money. The value of a single Bitcoin against the U.S dollar and other stronger currencies has meteorically risen over the years, and there is evidence to many people that cryptocurrency is a viable investment opportunity.
Before putting a dollar into Bitcoin and other crypto assets, it is critical to understand the possible risks. While the coin’s value could effortlessly double over the next few years, it could just as easily go downhill to near zero. So, you need to invest only what you know you can afford because there is a likeness you will not get it back. If this is understood alongside other risks, you are ready to proceed. To start, you need Bitcoin wallets. Any of these best for 2019 should have these covered.
Basically, Electrum is a software wallet. This means that your Bitcoin will be stored in a set of encrypted files on your PC or desktop. The service is available for Windows, Mac OS X, Linux, Python and Android. The digital wallet can work with a couple of physical wallets, and it has a degree of flexibility when compared to simply using a hardware wallet - Trezor, for example. With Electrum, the selling point is that users can get up and running fast, and as well store their Bitcoin on their own computer. Supposing an accident occurs which leads to the computer crashing, you could, however, lose your coins. The app does not make provision for a recovery process. Nonetheless, you can create physical cold storage with a printed or handwritten key set.
Just like Electrum, Exodus comes in the software form. However, the latter is more beautiful and intuitive to use. Exodus offers a similar range of benefits for security but has a different look. Through a desktop-only, Trezor-integrated wallet, the service is able to turn your digital assets into a portfolio comprising graphs and charts. Inside the application, you can exchange and store your cryptocurrencies. Because there is no account set up with this one, your wallet and currency are just for you. But you must be very careful with that computer and bear in mind that Exodus provides private key encryption as well as other security tools. By way of a graphically rendered portfolio, it is fit for anyone with investing background.
A relatively new crypto wallet, Jaxx wants to simplify the blockchain and attract the masses to buy into its selling proposition. The multi-chain wallet offers support for dozens of altcoins, including Ethereum, Litecoin, Bitcoin Cash, REP, Ethereum Classic, Dash and many others. The wallet affords you complete control over your digital assets, a highly accessible platform via desktop and mobile compatibility. With Jaxx, users can quickly convert between the cryptocurrencies. Probably as a result of this, the service has been named as one of the best multi-currency wallets on the crypto wallet space. It is available as a desktop app, Android and iPhone application, and a Chrome extension. The only risk is that you may lose your asset if your phone is lost or damaged.
The first multi-cryptocurrency wallet, Guarda support the most popular digital coins and tokens. You can use Bitcoin, Ethereum, Zcash, Ripple, Dash, latest EOS, ETC and other altcoins on this wallet. Per reports, the service not just safe and reliable, but as well easily handled from any device. Hence, it is regarded as one of the best cryptocurrency wallets for the year. In similarity with other wallets, Guarda does not store any wallet data, client information or private keys. They are stored in the device’s safe memory and automatically deletes when the user logs out from it. You will be able to swiftly shift your assets from one coin to the other without registration, restrictions and complex verification processes.
During its early days, Robinhood was a free stock trading platform. With time, it expanded to include support for other options and investments, providing use cases for crypto money like Bitcoin. In semblance to Coinbase, Robinhood is a wallet and exchange hybrid - everything is in place. Regardless, currently, users are not able to transfer coins to and from the platform with other wallets. Even though Robinhood is a mobile-first platform, it has a desktop version for a lot of its stock trading customers. The thing that is unique about Robinhood is that it is free of costs. When you are buying or selling Bitcoin, you do not have to pay any commissions, like the platform’s stocks. If it secures enough for stocks, then it should be secure for coins as well.
A hardware Bitcoin wallet, Trezor also acts as a USB device, operating majorly on a zero-trust approach. This eliminates the compromise coming from a third party. Trezor stands as one of the best-known multi-cryptocurrency wallets, according to concerned reviews. On the upside, Trezor is secured by a password or a PIN and provides you with a recovery seed just in case you lose your wallet. The interface user-friendly has hack and theft-free features which afford it a place on the list of top crypto assets. On the downside, Trezor limits its interaction with other devices. When the USB device is not connected, the wallet will be turned off until otherwise is done.
Crypto wallets work in semblance to digital keys. They take the form of hexadecimal codes that can be written down and meticulously stored somewhere. With your private keys, you will be able to access your digital wallet and authenticate coin transactions. The best advice here is: store them somewhere safe from where it can be retrieved when you need it.
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