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Best Bitcoin Wallet to store your bitcoin and digital assets

Best Crypto Wallets

Best Bitcoin Wallet

Unlike the traditional financial assets, safeguarding the digital asset like Bitcoin is a bit tricky. The Spiderman quote “with great power comes great responsibility” is completely appropriate for digital assets.  

On one hand crypto digital assets give you the power of a bank and on the other hand, you are 100% responsible for the safety of these digital assets. There is no FDIC or Bank to go and ask for a refund if you lose your private keys or access. 

As the crypto community says “not your private keys, not your coins,” and that is why it is not a good practice to store your digital currencies on an exchange, as you are not in complete control of your private keys and your digital assets.  

There have been occasions where investors have lost their digital assets to hacks and misuse of APIs on an exchange. The exchanges can go down anytime, for example Mt. Gox, a Tokyo based exchange, went bankrupt taking millions of dollars (now Billions) worth of bitcoin with it. 

It begs us to ask  one very important question?

Where to keep / store your bitcoins safe?

You have multiple options to store your bitcoins and digital assets.  At the time of this writing, following are the options:

  • Cold Wallets
  • Hot Wallets
  • Hardware Wallets
  • Desktop Wallets
  • Mobile Wallets

Before you lean on any one of these options, you should think about these questions:

  • Do I have complete ownership over my private keys and passwords?
  • Is the Application (wallet) error proof?
  • Do they have a good developers’ team or a community that is always easy to reach out to?
  • If it’s a mobile app, always get a good look at the reviews and how often the updates are done.
  • How simple and easy is the interface?

What are Cold and Hot Wallets?

Cold Storage / Cold Wallets: The wallets that are not connected to the internet and are stored on a physical device offline are called Cold wallets.

Eg: Hardware Wallets, such as Ledger Nano X, Ledger Nano S.

Hot Wallets: The wallets that are connected to the internet are called Hot Wallets. 

Eg: Wallets on an exchange, Mobile wallets and Desktop Wallets.

Since you are aware of the factors you need to consider before choosing the wallet, lets see the kinds of wallets that are available in the market.

  • Hardware Wallets
  • Desktop Wallets
  • Mobile Wallets

Hardware Wallets 

As the name suggests, the hardware wallets are the physical devices where you store your keys offline, which makes them one of the safest way to safeguard your digital assets. These hardware wallets provide an extra layer of security with 2FA.

As the tokens stored are not connected to the internet, you can regard hardware wallets as “Cold Wallet.”

Eg:  Ledger Nano X, Ledger Nano S, Trezor Wallet.

What happens if you lose your Ledger Nano or Trezor device?

Even if you lose the device you can always activate a new one with the keys associated with the old lost wallet and retrieve all your assets.

Desktop Wallets 

Desktop wallets are very similar to any other computer installed programs. These wallets come with a private key or a phrase which you need to store and hold in order to access your assets at any given time. As these wallets are connected to the internet they may be vulnerable to hacks. 

Eg: Jaxxx Wallet, Exodus, Electrum, Coinomi, Bitcoin Core.

What happens if you lose your private key or Password?

If the password is lost, you can always restore the wallet back with your private key. If the private key is lost, there is no way your wallet can be retrieved.

Mobile Wallets

Mobile wallets are Similar to desktop wallets, but operated on your smart phones via Apps. The wallets come with a unique private key which gives you control over your wallet. As the wallets are connected to the internet, these are categorized as Hot Wallets.

Eg: Electrum, Coinomi

What happens if you lose your private key/mnemonic phrase or Password?

If the password is lost, you can always restore the wallet back with your private key. If the private key is lost, there is no way your wallet can be retrieved. 

Let’s take a closer look at the Top hardware wallets to store your bitcoin and Cryptocurrencies.

Ledger Nano X

Ledger Nano X is a hardware wallet from Ledger and a predecessor to Ledger Nano S. This is not a replacement to Ledger Nano S, but comes with extra features that are not available on Nano S model. Unlike Nano S, Ledger Nano X can be used on the go and can be handy for the serious traders who need access at any given time.

Ledger Nano X review

Source: Ledger

This is thought to be one of the safer than storing your bitcoin and crypto assets on the exchange

This device supports over 1100 cryptocurrencies along with bitcoin and allows installation of almost 100 applications. Here are the cryptocurrencies supported by Ledger Nano X.

Cryptocurrencies supported by Ledger Nano X

                                                                                                           and more…

Warning: Always store your Key phrase safe, you could lose your holdings if you forget or lose the keys.

When compared to desktop and mobile wallets, it is not very user friendly. A small video on how to use a Ledger Nano X. 

Ledger Nano X Tutorial – How To Setup Device – Beginners Guide

Ledger Nano X Tutorial – How To Setup Device – Beginners Guide In this tutorial I will explain how to setup the new Ledger Nano X cryptocurrency hardware wal…

How to update your Ledger Nano X?

Similar to the programs on your computer, Ledger also releases firmware updates. Though there is no update required for Ledger Nano X as it comes with the latest version: 1.2.4-1.

Ledger Nano X Firmware

Source: Ledger

Buy Ledger Nano X

Ledger Nano S

Similar to the previous model, this is also a cold hardware wallet, but it can only be used as a backup to store your assets and can’t be used on the go to manage your cryptocurrency assets for trading like Nano X.

Ledger Nano S review

Source: Ledger

Nano S supports about 1000 major cryptocurrencies, and any ERC20 tokens. Unlike Nano X, this only allows 3 to 20 applications to be installed depending on the app size on your device.

Nano S is quite cheap compared to Nano X. Here are the cryptocurrencies supported by Ledger Nano S.

The ledger wallets also let you stake your coins using Ledger Live.

Ledger Nano S Tutorial 2019 – FULL CLASS!!! (for Absolute Beginners)

Ledger Nano S Tutorial in 15mins in 2019 (https://www.ledger.com?r=c74208ff7924) – this tutorial will show you step by step how to setup the hardware wallet …

How to update your Ledger Nano S?

For information about upgrading your Ledger Nano S click here

Ledger Nano S – Update to firmware version 1.6.0

This tutorial explains how to update your Ledger Nano S to the firmware version 1.6.0.

Source: Ledger

Buy Ledger Nano S

Trezor

Started in 2014, Trezor happens to be the first hardware wallet ever made to store cryptocurrencies. Trezor is a small physical device that connects to your computer with a USB. This hardware wallet provides an extra layer of security to your assets and is not connected to the internet, hence a cold wallet.

Trezor review

Source: Trezor.io

Based on its features they have two Trezor devices: Trezor One and Trezor Model T

The device supports over 1000 coins. Check out the link for the list of coins supported by Trezor.

Here is a video explaining how to use trezor wallet:

Trezor – Initial Setup & First Bitcoin Wallet Transactions

In this video I go through the process of setting up the Trezor for the first time and sending my first Bitcoins to and from the hardware wallet. In this vid…

Note: Always buy the hardware wallets from their official site.  Do not buy refurbished or used hardware wallets as the person selling you the hardware wallet may be able to access them using the private keys they hold.

Atomic Wallet

Atomic wallet is one of the leading decentralized web wallets, that supports all the leading ERC20 and BEP2 cryptocurrencies., And the new tokens are added to the list everyday.

Atomic wallet is available for All desktop, Mac users as well as for Android and IOS devices.

Atomic wallet review

How to use Atomic Wallet?

All you need to do to get started with an atomic wallet is to download the application and signup. You will be given a Mnemonic seed which is your key to access your wallet and assets in it. 

Note: Always store your mnemonic seed either written on a paper or take a print. Without your mnemonic seed you cannot access your wallet. Have redundant copies in a safe and secure place.

The wallet comes with an import feature, which makes it easier to open your wallet on a new device anytime.

Adding custom tokens

The Atomic wallet allows users to add custom tokens by adding the contract address. This feature makes this wallet more user friendly.

Atomic wallet lets the users buy cryptocurrencies with the help of a Debit/Credit Cards as well as an exchange on its platform for the leading cryptocurrencies.

Download the Wallet and get 10 AWC tokens. Use promo code 16DTTT during signup to get extra 5 AWC tokens.

Setting up an Atomic Wallet for Crypto currencies

AMAZING trading system with two alt coins https://youtu.be/P7XDpbhng2w Part One of Trading Series https://youtu.be/M8iKAxdAEQ0 BITCOIN (BTC) wallet 371sY35Jk…

Some Important FAQ

Is it safe to buy a trezor on Amazon?

-We always suggest buying it directly from the maker.

Is it safe to buy a ledger wallet on amazon?

-We always suggest buying it directly from the maker.

Are hardware wallets safe?

-Yes, compared to web(hot wallets) and paper wallets, they are safe with an added layer of security for all your transactions.

What happens if a Ledger/trezor is lost?

-You have your mnemonic seed which can be used to import your assets on a new device even if the device is lost.

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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