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Where Can I Safely Store My Cryptocurrencies? [Best Wallets]

After knowing the world of cryptocurrencies, there are many users who join this adventure and begin to look for the crypto assets at their disposal to mine, however, the types of virtual wallets in which we can save our earnings must also be known In this article we will give you some recommendations. Although if they are new, they may know how to start in the world of cryptocurrencies and from there achieve the necessary interest to be able to fully get involved with this online adventure.

Users have a great concern when starting in this world, to be able to generate income and they often forget that they must also have a virtual wallet in which they can safeguard their earnings safely. We recently met on our blog about one of the new platforms to obtain crypto assets in the world, a project that has an application in which they immediately save their money, so in principle, there is no major problem with virtual wallets.

Because if you are working with a page that brings its own purse, there will be no problems. Now, the focus of this article is on presenting options to the user to know how to create a wallet in which there is no problem to preserve money.

To create a virtual wallet we must first know the security it provides, the technology by which we can handle it, the cost of withdrawing your assets, and in turn the ways in which you can withdraw them and the amount of cryptocurrencies that you can store there.

Characteristics of a virtual wallet

Privacy: We must know how much information is revealed by the virtual wallet when it is created. Some disclose the IP address, the reuse of wallet addresses, and whether they allow the use of the Tor browser from which other users are prevented from using the account in illegal transactions.

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Scope

Virtual wallets can be found in fragile areas (which can suffer virus attacks), in protected areas (such as smartphone apps prepared for this), and in highly protected areas (such as physical wallets), depending on the area. Security mechanisms must be activated (complicated passwords, two-step verification, among others).

Money management

In virtual wallets, you can use three types of money management. The individual (made by the owner of the portfolio), joint management (in which two or more users can access), and management through third parties (business option), depending on what they choose will increase or decrease the risk of suffering losses in funds.

Transparency

The level of transparency will let us know if we can trust more or less the administrators and developers of the wallets. Full transparency (the codes can be audited and verified by the user) will be the most attractive option, transparency (we can audit but not verify the codes) is a feasible option and only wallets without transparency (you cannot audit or verify their codes) will be beneficial to our funds.

Now that we know a little more about the characteristics of the wallets, we can check the list of virtual wallets available, those with the highest degree of reliability according to the benefits they provide, then it will be up to us to know which of these to choose knowing that all are good options.

Different types of virtual wallets

Wallets for PC

They are the ones that, as their name implies, are installed on the computer, as if it were a program. And although they are usually very heavy, they bring with them a high degree of security for the user.

Bitcoin Core

This is the Bitcoin wallet, so within it, Bitcoind (the Bitcoin library) is included with a great graphical interface that is easy to maneuver.

Its main virtues are its high levels of stability, security, and privacy. It is an application that is prepared to be handled by all users who have the necessary knowledge.

It is open-source, which allows users to access, consult, verify, and complement its source code.

Tools you have:

  • Overview: In this section, we can see the status of our wallet, recent transactions, the balance, and operations that have not yet been confirmed.
  • Send: This window is accessed when we need to make a payment to another account. With the name of the user, the label and the amount to be transferred, you can carry out the operation.
  • Receive: In this option, we will be able to get the label that will be used to receive transfers from other users, when pressing “request payment” the label will be automatically generated.
  • Transactions: This window shows the complete history of our operations, both inbound and outbound. This is why it would be nice to tag addresses with a name or keyword to keep control.
  • Addresses: In this, you can see the addresses you have used.

Electrum

The popularity of this wallet has been growing because it is light to download, easy to use, and because of the constant work to improve the platform. Besides this, it has compatibility with cold wallets.

It offers the advantage of being able to save the private password on the computer, on a hard drive, or even on a Pendrive or any other storage device. Likewise, it has a method that works with keywords that are useful when recovering the password of the wallet in which it is lost or forgotten.

It is quite similar to Bitcoin Core because this platform emerged from it, so the use is easy and practical.

  • Tools you have:
  • History: In this, we appreciate the history of operations carried out, with amounts and balance sheets included.
  • Send: In this tab, you can send to other accounts that are associated or will be associated.
  • Receive: In this section, they will get the label so that other users can send them without any problem.
  • Addresses: It will serve to preserve the addresses that they are using or that may serve in the future.
  • Contacts: In this, you will see the list of contacts registered in the virtual wallet.

Smartphone Wallets

These types of purses are very similar to those previously described, however, they weigh much less and this lowers their security a bit but there will be no need to worry if they are handled well.

Mycelium

This is one of the best known and most used applications within mobile phones around the world, its security is extensive and perhaps that is one of its strongest characteristics. It was created specifically for bitcoin and has high effectiveness in its hardware, software, and security.

This wallet allows you to save, send, and exchange bitcoin from a mobile device in a simple way. In addition, it is quite light and easy to use, it is compatible with Android and iPhone devices.

It has received awards such as the “Best Mobile App” in 2014 for being one of the best mobile wallets in the bitcoin industry.

Tools you have:

  • Balance: In this window, we can see the balance of our account and the address of the wallet.
  • Receive: By clicking here they will be able to receive payments from other accounts, they will see their address and they will be able to share it.
  • Send: In this tab, you can make payments in a simple way, by pressing the button, they will open a series of options from which you must choose the one that suits the operation you need.
  • Address book: In this window, the application allows you to affiliate all accounts to which you make recurring payments in order to streamline operations.
  • Transactions: In this section, you can view the history of your transactions and be able to check the details of each one.

Online wallets

These are internet pages that offer the service of saving funds, some have greater security than others, while others are more useful for making operations to cold wallets or other purses.

Xapo

Known around the world for the advantages it offers to keep income cold, that is, off the internet, which provides greater security that they will not be diverted or removed by other users.

The application, being online, does not present a variety of options and is limited to the basic options

Tools you have:

  • My address: Here you can see the history of transactions made.
  • Transfer: In this, you can make transfers to other purses or wallets.
  • Send: In it, they can generate the label that other users must have in order to transfer to their wallet.
  • Vault: This option allows you to safely protect all funds, one of the options that give Xapo an advantage over other pages.

Cold wallets

They are devices that offer the convenience of being able to move them and thus always have the bitcoins with you. Some come with a USB connection which makes them easy for the user who has little use of technology, they also work with a QR code reader or work wirelessly; however, these options tend to have a higher cost in the market.

Trezor

It is a hardware that comes prepared so that any user can keep all their cryptocurrency assets well-protected. It is easy to learn how to use it and in just minutes you can enjoy this device because it is quick to set up.

It also works with several digital currencies, this being another of its advantages in the current crypto-asset market. The virtual currencies that can be handled in this tool are Bitcoin, Ethereum, Ethereum Classic, ZCash, Litecoin, Namecoin, Dogecoin, Dash, and Bitcoin Testnet.

It comes in a box that comes with a USB cable to connect it to other devices, a user manual, and of course the Trezor. It is compatible with Windows, Linux and OS X. Its mode of use is totally simple; Furthermore, when starting the adventure with Trezor, it shows us step by step how to configure it and learn how to use it.

Knowing some of the tools available for your comfort and security, from where do you want to manage your cryptocurrencies?

Always remember to take into account the characteristics that best suit your workspace, your amount of coins, and your security primarily, all this with the sole purpose of avoiding long-term problems.

Deepak Gupta

Deepak Gupta is a tech geek who is a founder of TechShali, a popular tech-blog dedicated to help people all around the world.

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