Previously on this blog KEYCOM, there was a post on how to prevent your wallet from being hacked. Since there are alot of newbies in the world of cryptocurrencies, we will be highlighting some of the popular wallets for storing Bitcoin and other cryptocurrencies and also highlight their pros and cons. The information is not only for newbies but also for the long-term users and investors since we included some updates of some of these wallets.
Wallets can be classified into 4
1. Online Wallets
With these, you can access your money on any device that is internet connected. Private keys are usually stored online. This means you can always have access to your money whether you are at home on your PC or even in the subway on your internet-connected mobile devices. An example of this is Spectrocoin
2. Hardware Wallets
These are physical devices ( small computers/smart cards) that you can use to store your bitcoin and other cryptocurrencies. Unlike the Online wallets, private keys are not stored online but instead they are stored offline. The method of storing bitcoin on devices like this is known as cold storage. An example of this is Trezor
3. Software Wallets
These are softwares that can be downloaded on your personal computer. They are available on Windows or the Mac. An example is the Bitcoin core
4. Paper Wallets
These used to be a popular form of cold storage of bitcoin some years back before the advent of hard storage devices like Trezor. These are privatekeys which are printed out on a sheet of paper
We will now try and highlight the pros and cons on some of the popular wallets below
Bitcoin Core Wallet
Like it was mentioned earlier, this is an example of a Software wallet. It is also known as Bitcoin QT.
Advantage : Good security for your money and it is very reliable and stable. It also offers you a higher level of privacy than other wallets
Disadvantage: The bad part is that it is too slow to download on the PC, takes alot of computer disk space. Also it has no mobile Application and also no web interface which makes it difficult to use on a go. You can download it here Bitcoin Core
This is another example of Software wallet.
Advantage: You are in full control of your money. You can also set up a secure offline-signing in to your account. Let me also state here that it is highly secure
Disadvantage: It is too complex for an average newbie and so some technical know-how may be required
This is the most popular bitcoin wallet. It has users from all parts of the world. It also supports other cryptocurrencies like Ether and Bitcoin Cash.
Advantage: A foremost and reputable company and so trust factor is very high. You can also use their mobile application or simply login to the website Blockchain
Disadvantage: A 3rd party trust is usually needed. Anonymous payment can hardly be made here
Coinbase Bitcoin wallet
The company behind this wallet is also a highly reputable company in the Unites States. It was rumoured to be planning to raise capital from the public at a time but the CEO eventually said there was nothing like that for now.
Advantage: An average beginner can easily use all the features. Also, there is ease of buying bitcoin and some other cryptocurrencies on their platform with your credit or debit cards
Disadvantage: Some level of control over your money and that may not be too good. The service is just in the United states of America and some other 18 countries of the world and so people from most developing countries cannot use the service yet.
Its an example of a hardware wallet like i mentioned above. Its popularity has been on the rise ever since its invention
Advantage: It can be described as the safest means of storing a large amount of bitcoin since its usually in a cold storage. Hackers can hardly have access to your cryptos when they are stored offline.
Disadvantage: Price; expensive compared to similar products in the category