Although Bitcoin is a digital currency, you still need a safe and secure place to keep it. Crypto wallets are digital vaults for your Bitcoin that keep your bitcoins safe and help you manage them. These wallets are built on the analogy of physical wallets, and instead of holding physical currency, they store cryptographic threads, which are your cryptocurrency.
There are several wallets online that provide different rates and various benefits. However, only the best wallets allow you to trade crypto, send and receive Bitcoin or any currency you own, notify market updates and discover new ways to use your cryptocurrency.
This guide will discuss the key factors you should consider while choosing the best wallet for your currency.
The security factor is the first thing you will want in a place where you choose to keep your money. A system that secures your money is important in case of theft and fraud. To keep your cryptocurrency safe, wallets require you to pass a security check every time you want to open it by asking for a PIN or a password. Recently, many wallets have introduced the facial recognition and fingerprint feature to make it easier to unlock your wallet, as you might want to do it several times a day.
Crypto wallets can have built-in technical flaws due to having complex mechanisms. These flaws can be due to flawed design or by accident and can affect the intended security of your wallet. Hence, it is necessary to pick a wallet of a reputable wallet designer, so there is minimum chance of any flaws.
The Bitcoin wallet, introduced in 2017, is one of the best wallets based on its reputation. To assess your options, you can research Bitcoin or other crypto forums and read first-hand experiences to know which wallets are reputable.
Access to Private Keys
Public and Private keys are the two types of keys you get with your wallet. Public keys are basically the account numbers that you can share freely, and they are used when transferring crypto to another account. However, it is the private keys that are essential for you to have control over your Bitcoin. If you do not have private keys, you can not access your crypto for any use.
Your wallet is a gateway to the blockchain system where your crypto is stored. The crypto wallets generate passcodes randomly that are 12-24 characters long. These passcodes are your private keys to the Bitcoin address that are associated with the blockchain system. Whoever has the private keys is the custodian of the Bitcoin linked to those keys. Hence, make sure that whichever wallet you choose provides you with private keys, or you will only have as much as a verbal claim to your Bitcoin, and you will not be able to use it.
This is a useful feature that only the best wallets provide for user convenience. Fee customization refers to the preset options you can choose from to set your transaction speed – high, medium, or low. Your transaction will be quicker when you choose high, but you will have to pay the public blockchain miners a higher fee. In contrast, the slow option will charge you less, but the transaction speed will take more time.
Some wallets also offer the option to choose the exact fee from a price range. Fee customization is a convenient factor to have when choosing a wallet so you can adjust according to your affordability.
Some other features that are useful to have in your crypto wallet are:
- Backup option
- Shared wallets
- Personal notes
- Display currency
- Unlimited wallet creation
There are numerous crypto wallets out there with different features. While we recommend the top wallets like Bitcoin wallet, Electrum Crypto wallet, and Exodus Crypto wallet, you can do your research at http:/bitcoin-prime.app for more details on crypto wallets and which wallet is best for your cryptocurrency.