To know which the best bitcoin wallet is for you, we must first understand the basics of cryptocurrency wallet. To access the cryptocurrency, we must have secure keys. There are 2 different keys in a wallet, a public key, and a private key. A public key is used by other users to transfer Bitcoins to your account while the private or secure key can be used only by you to transfer the Bitcoins to others.
There are several types of wallets available in the market. You can choose the wallet according to your need, but first, we will take a look at five major criteria’s.
- Paper-based: –
This is the safest way of having a wallet, as you own both the keys on a piece of paper. This type of wallet is secure from online threats like malware and hacks.
Computer software is provided to you by the company to store the keys. Ex. Armory, Bitcoin core, Bither, Bitpay, etc.
You can buy a hard drive from the respective company in order to securely store your virtual keys. Ex. BitBox, ColdCard, KeepKey, etc.
This is the most common way to have a wallet, where you can store the keys on the company’s servers. Ex. Bitgo, BTC.com, Coin.space
Applications provided by the company like desktop software are used as a wallet to store the keys. Ex. Bitcoin Wallet, BLW, BRD.
From a casual user to a merchant, every individual has different requirements from the wallets. One can choose the best bicoin wallet from the various range which suits their necessity.