A Bitcoin wallet can be used to make transactions with Bitcoin, but also with other cryptocurrencies. Hot or cold, both have both advantages and disadvantages. You just have to make the right choice to get the most out of it.
Zengo is the best Bitcoin wallet for various reasons. It provides a high level of security using its technology called MPC or multi-party calculation. It is also possible to convert to cold wallet on a desktop computer.
A crypto wallet helps protect access to your digital assets. Indeed, such a type of asset must be protected by secret information. Difficult to choose between custodial or non-custodial wallet. One, like the other, presents risks although their degree is not the same. Furthermore, the asset transfer cost between different portfolios becomes higher and higher. As a result, some users adopt multiple wallets for trading and storing assets. If you are one of the latter, then our top 5 of the best crypto wallets interests you.
Zengo: the best hot bitcoin wallet
Currently, new technologies make it possible to secure a crypto wallet. Among these, there is what is called multi-party calculation or MPC, allowing transactions to be made, but also to secure digital assets. Zengo uses this new cryptography, which is why this wallet got the first place in our top 7.
Unlike institutions, Zengo is the first wallet intended for the general public that operates in this way. It thus aims toincrease security and avoid any problems on the management of private keys and recovery phrases. So far, none of its wallets have been victims of phishing, hacking or any other form of hacking.
If you use Zengo as a Bitcoin wallet, you can convert to cold wallet on desktop. This wallet is, however, better for storing your assets online. Additionally, it supports over 1000 assets.
It should be noted that Zengo does not support certain cryptocurrencies like Solana or Cardano. No desktop version is downloadable. Nevertheless, it remains the best wallet for users of the oldest cryptocurrency.
Technical characteristicsSafePal: the best hybrid Bitcoin wallet
If you prefer a hybrid wallet instead, we suggest using SafePal. Its solutions integrate easily with each other, whether software or hardware solutions. Indeed, you can choose between using only its hot or cold crypto wallet.
SafePal is available as an app or browser extension. It can also be presented in material form by adopting various models of cold crypto wallets. Also, any user who adopts both types of wallet at the same time gains flexibility and has a additional layer of functionality.
Currently, SafePal supports more than 15 languages. There are also more than 30,000 digital assets, including Bitcoin, on more than a hundred blockchains. The icing on the cake is that it provides crypto wallets Web3 compatible. Therefore, users can interact with dApps, trade NFTs on marketplaces. They even have the opportunity to test DeFi projects.
Technical characteristicsTrezor: the best high-end cold crypto wallet
SatoshiLabs developed Trezor, as the first hardware crypto wallet. He is among the premium hardware wallets never conceived in the world of cryptography. Today it presents two models incorporating the best security measures. Each template also supports various assets.
It offers an entry-level model, Trezor Model One, available for around $60. Apart from that, the brand also has a more expensive model, with a touch screen, available for just under $200.
In addition, with this Bitcoin wallet, it is possible to stake and purchase cryptocurrencies using its software products. Otherwise, Trezor offers integrations with other companies like Exodus. For this, you can choose between the mobile version, Trezor Suite Lite and the office offer.
Technical characteristicsCoinbase Wallet: the perfect Bitcoin wallet for beginners
Because of its intuitive interface and high level of security, Coinbase proves to be the best hot wallet for beginners. The connection of its application to the majority of bank accounts is among its impeccable assets. In addition to this, you can store the most famous cryptocurrencies such as Bitcoin and Dogecoin in this wallet.
Additionally, although you don’t have an account with its exchange, Coinbase, you can still use it. Furthermore, it is not not depositary. Which means that it is your device that saves the private key and not its servers. Therefore, its security level is high; you don’t run no risk of cyber attack.
Technical characteristicsElectrum: the exclusive Bitcoin wallet
To finish our top 5, here is Electrum, the exclusive Bitcoin wallet. In other words, it only supports this cryptocurrency. Fortunately, it is the most widespread and popular crypto on the market.
Electrum is a free open source crypto wallet which offers two-factor authentication. Furthermore, it supports multisignature transactions, in order to increase its level of security. Currently, it is only available as a desktop app and a mobile app for Android. So iOS device users cannot use it.
Technical characteristicsCrypto Wallets FAQ
What is a crypto wallet?
Despite its name, a crypto wallet does not actively store cryptocurrencies. In reality, it is a place where traders store their secure codes needed to interact with a blockchain. This interaction is justified by the need to identify the cryptocurrency associated with the user’s address in the blockchain.
A crypto wallet, such as a Bitcoin wallet, functions as the very identity of its owner on a blockchain network. As a result, it allowsaccess your transaction history.
How does a Bitcoin wallet work?
When it comes to digital transactions, sending a cryptocurrency, such as Bitcoin, to a wallet does not mean the actual transfer of coins. In fact, it is the signature of ownership of this crypto to the wallet address. In other words, once the transaction is completed, the crypto sent, the Bitcoin in this case, now belongs to the wallet address of its new owner.
Such a process requires the use of two digital codes or keys : a private key and a public key. A private key is a series of letters and numbers whose owner is the only one who knows it. A public key, on the other hand, is a chain automatically generated by the Bitcoin wallet provider.
The private key can be thought of as the password to your email address while the public key is your address itself. If you want to transact, you must share your public key with other people. However, you are not going to give them the private key, that is the same as giving your password to anyone. This risks compromising your own safety.
The two keys must match in order to confirm the digital transaction. Verifying these two keys thus completes the transaction, that is to say the increase or decrease in the balance of your crypto wallet.
What is a hot wallet?
It is said to be a hot wallet when its use requires an Internet connection. In this case, the user can access it via desktop or mobile device to trade or to check their balance. Some Bitcoin wallets are also available as a browser extension or via the web.
A hot wallet is more convenient because it stores keys (public and private) on the website or app. As a result, they can be accessed from anywhere, as long as you have an Internet connection. However, this ease of access exposes it to a risk of cyberattack, particularly for web wallets hosted by crypto exchange platforms.
What is a cold wallet?
Unlike the hot wallet, this one provides a offline storage for digital keys. Generally, this type of portfolio comes in the form of USB key. Any cryptocurrency exchange is therefore carried out by connecting it to a computer.
If it is a “paper” wallet, the keys can be obtained via a printed QR code or written on a piece of paper. These can also be engraved on a stronger material like metal.
The big advantage with a cold wallet is that it keeps hackers away. The only possible way to hack digital keys remains phishing. Otherwise, the thief must first steal the USB stick and decrypt the password to be able to access your Bitcoin wallet.
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