Are you looking to invest in Bitcoin or some other form of cryptocurrency?
Over the past few years, interest in cryptocurrency has skyrocketed. According to Market Watch, 1 in 10 Americans have invested in crypto in the past year. If you’re going to invest in cryptocurrency, one of the first things you need to think about is what crypto wallet you’re going to use.
Read this guide to learn about the best crypto wallets of 2021.
What is a Crypto Wallet?
Unlike regular wallets, which hold actual cash, crypto wallets don’t technically store your cryptocurrency. Rather, they act as a place for you to store your private keys, keeping your cryptocurrency safe and accessible.
With a crypto wallet, you can easily send and receive Bitcoin, Ethereum, and other cryptocurrencies. There are several types of crypto wallets, including:
- Mobile Wallets: This type of wallet runs as an app on your smartphone.
- Web Wallets: This type of wallet stores your private keys on a server. The server is constantly online and monitored by a third party. In some cases, you can link your mobile wallet to your web wallet.
- Desktop Wallets: This type of wallet is downloaded and installed onto your computer.
- Hardware Wallets: This type of wallet stores the private keys on a secure physical device.
- Paper Wallets: This is essentially a physical document that lists the private key and public address for receiving Bitcoin.
Before choosing a wallet, make sure you look into the security features that each one offers. Some wallets also let you take out money at Bitcoin ATMs. To learn more you can check out Byte Federal Bitcoin ATM locations.
The Best Crypto Wallets of 2021
Knowing which crypto wallets are the most popular will make your decision easier. Here are the best crypto wallets of 2021:
Exodus
This wallet is great for beginners and comes with a lot of customer support. You can store a huge variety of cryptocurrencies in your Exodus wallet, and there’s even a built-in exchange for buying and selling crypto.
However, while this wallet is beginner-friendly, more advanced users may find that it lacks some features.
Mycelium
Mycelium is another popular crypto wallet because it can be integrated with a hardware wallet. With this wallet, you’ll have more control over your transaction fees. The wallet allows you to set a custom transaction fee so you can state how long you’re willing to wait for a transaction to be completed.
The downside to Mycelium is that it’s a mobile-only wallet, and some beginner users may find the wallet to be confusing.
Electrum
Electrum is another great option for a crypto wallet. This wallet has been around since 2011, and while it’s a bit bare-bones, it excels at its primary function- keeping your coins safe and accessible.
Electrum is an open-source wallet that allows users to set custom transaction fees. It’s a great wallet for the more advanced user who wants superior security features and customization options.
Crypto Wallets: Are You Ready to Choose?
Now that you know about the best crypto wallets of 2021, it’s time to choose which one is right for you. With the right wallet, you’ll have peace of mind knowing that your cryptocurrency is safe and secure.
For more info on cryptocurrency, check back in with our blog.