Despite the fact that some have rejected cryptocurrencies as a whim or even a scam, they have prospered even though the economic future looks bleak. The intensifying popularity corresponds to the fact that cryptocurrencies offer potential gains and a highly transparent financial system. People are rushing towards it. To purchase a cryptocurrency and start trading on platforms to know the benefits of crypto for vacation gateway, you must have a place where you should store it. The article explores the safest and most reliable storage places for your digital coins in 2022.
What are crypto wallets?
Crypto wallets are similar to your fiat currency wallet where you store money. However, it has different functionalities. They exist virtually and do not have a physical existence. Crypto wallets can be categorised into hot and cold wallets.
Hot wallets correspond to online operable wallets whereas cold wallets refer to those which are also available offline. It can be in hardware or software form. These work by public and private keys. Public keys are shared with the public for receiving funds whereas private keys are kept for personal use.
Best Crypto Wallets 2022:
Hot wallets are highly vulnerable to cyber-attacks. For this reason, it is hard to choose which one to go for. Keeping in view the quality of services and security measures, the best crypto wallets for 2022 are listed below:
Exodus:
It is a desktop and mobile wallet that is highly recommended to beginners. It has an extremely simple user interface. Its fascinating features include the capacity to exchange with other growing currencies. It is a closed source wallet. It means that it can be operated by the Exodus team only. This goes against the transparency property of cryptocurrency as it is not available to everyone. It is free to begin and costs minimal transaction fees. It also offers cold wallets and a cloud storage option.
BitPay Wallet:
It is among the most popular crypto wallets. It is available on mobile apps. It offers high security to its customers through two-step authentication and multi-signature options. It gives you complete authority over your finances as it is open-source software. It provides a credit card that is linked to various online retailers. However, it does not offer decentralized applications. It offers a simple user interface and cloud storage.
Electrum:
It does not provide a simple user interface which is why it is recommended for advanced Bitcoin users. But, it provides security more than usual hot wallets. It does not support cryptocurrencies other than Bitcoin. It provides customized transaction fees and several security features including two-factor authentication and multi signatures system. It was founded in 2011 and is considered a genuine Bitcoin wallet. It also offers a cloud storage option.
Atomic Wallet:
It is a multi-dimensional system that provides ease for both beginners and advanced users. It supports up to 500 cryptocurrencies and is super easy to handle. It enables you to purchase your digital coins directly from the wallet without going to the exchange. It provides rewards to the users for staking their digital coins. The security measures include random 12 words, which is not much reliable source. It lacks two-factor authentication and multi-signature services and asks for a VPN which reduces its security as compared to the other ones.
Trezor:
Trezor is a hardware wallet that supports several cryptocurrencies. It connects the users with third-party exchanges, such as CoinSwitch, directly from its web interface. It is not free of cost and costs about $200. It works on an open-source software system and connects the users to customer support and services. It is highly secure than other hardware wallets due to its various features such as Bluetooth connectivity, USBs, Micro SD cards, encrypted pins, and much more.
Coinbase:
Coinbase is also counted among eminent crypto wallets. With its ability to store almost every verified digital currency, it provides a simple user interface. It has several features, such as dApps, exchanges, digital assets, and NFTs. It has faced some cyber-attacks in the past due to which it offers self-custody to its customers. It gives you control over your crypto keys, thereby, preventing them from being stolen on the back end. As a result, you must secure and retain your keys in a secure facility.
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