Bitcoin is a digital or virtual currency (cryptocurrency) that you can install on your phone or desktop. A Bitcoin wallet is a software program in which Bitcoins are kept. It also enables the sending and receiving of Bitcoins. It also shows the equity of bitcoins one has. The wallet comes in many features; the major four are mobile, desktop, hardware, and web.
Risks of a Bitcoin Wallet
Like every other software, security is always the key precaution. Below are some of the possible risks that can affect your wallet.
Your Bitcoin account can be bugged and within a short while, all your Bitcoins can vanish.
Malicious software can encrypt your hard drive and find all the links to your wallet, then know how much money you own and they demand it all.
A digital exchange can run off with all your money.
Since a Bitcoin wallet is installed your phone or laptop may be stolen.
How to get around these risks.
You can keep away from using just any kind of wallet that requires an internet connection, instead use the cold storage option.
Always double-check and be careful. In case you receive an email that seems like it’s from BlockWallet but it’s actually from BlockWalet. If granted permission it could immediately make all you Bitcoins disappear.
Types of Bitcoin Wallets
Coin base. It is the most trusted and overall best Bitcoin Wallet. It’s the easiest, secure, and convenient wallet to use. It is a mobile and web kind of wallet and you do not pay for anything to use it. Today over 35 million people trust it to buy, sell, use, earn, and store Bitcoins.
Trezor. It is offline hardware for desktop and mobile devices. The Trezor hardware wallet is a device you keep your Bitcoins in. It is affordable. It is secure. If you don’t want to lose your Bitcoins you have to ensure you never lose your Trezor or your Trezor password.
Ledger. It is the best offline hardware wallet when it comes to durability. Two types of ledgers keep your Bitcoins safe: the Ledger Nano X and Ledger Nano S. The Ledgers are about the size of a USB flash drive, you can easily connect them to your phone or computer to see your digital holdings.
SoFi. It is best for beginners. It is a financial company where you can invest by buying, holding, and selling Bitcoins. It is a mobile and web type of wallet. It is easy to get started, manage investments, and a Bitcoin account.
Exodus. This is best for desktops. It is software that you install on your desktop computer or laptop. It has an attractive user interface that brings many investor-focused tools to your hands. It integrates with the Trezor wallet by turning you Bitcoins into a portfolio with graphs and charts.
In summary, as discussed above you can choose the best Bitcoin wallet that suits your preference.