One of the most occurring questions I get asked by those, whom I have introduced to the world of cryptocurrency is where do I store my own Bitcoins and Altcoins on daily basis? In approaching this issue, I have always found defining the purpose of the crypto in question as a first and foremost step to be taken. If the cryptocurrency was bought just for short term investment purposes, then it would usually be stored directly on the trading platform. The reasons for this are simple: such investments are usually of a not so terribly significant value and are meant to be traded as soon as any favourable opportunity arises with a predetermined rate. On the other hand, when speaking about the cryptocurrencies which I would HODL, the procedure would change dramatically — my crypto would be placed into a wallet. In such a scenario, it is quite obvious that just as any other serious crypto investor, I would need to carefully consider and research what type of a wallet would be the most beneficial for my purposes. Hence, I will now proceed to discuss a number of popular wallets within the industry so our crypto newbies (or anyone else interested) would get to know what the buzz around them is really about.

The market provides several commonly used crypto wallet options among which you should decide what type to would suit you, according to your needs and personal preferences:

Desktop wallets for Bitcoins and cryptocurrencies are installable software packages that are available for most of the desktop operating systems such as Mac, Windows or Linux.

Mobile wallets are wallets that you can run on your smartphone or tablet and use funds from them or conduct transactions.

Web wallets are a virtual resource to which you can connect from anywhere (not only from your computer), using a private access key. This is a convenient and very useful option for users who are not at home and do not have access to their PC.

Hardware wallet is an actual physical electronic device designed exclusively for storing and protecting your cryptocurrency. It is most commonly available on the market in form of a USB drive with an LCD/OLED display for direct interaction. The device comes with its native desktop app to support any further actions. Some of the hardware wallets are able to sync with your phone as well. If in a USB form, the device will be a battery-less one and will be able to connect to a PC/ mobile devices whilst being immune to computer viruses. This is a significant advantage of the hardware wallet, compared to any software wallets which must deal with such threats on daily basis.

is an actual physical electronic device designed exclusively for storing and protecting your cryptocurrency. It is most commonly available on the market in form of a USB drive with an LCD/OLED display for direct interaction. The device comes with its native desktop app to support any further actions. Some of the hardware wallets are able to sync with your phone as well. If in a USB form, the device will be a battery-less one and will be able to connect to a PC/ mobile devices whilst being immune to computer viruses. This is a significant advantage of the hardware wallet, compared to any software wallets which must deal with such threats on daily basis. Paper wallets are a cold storage. They will generate a public address, a private key in form of a QR code and a set of numbers and letters. A private key is then created on your device to which third parties do not have access or the ability to recognize it.

Which actual wallets can you pick for your cryptocurrency?

We have now whizzed through the most essential wallet types and their features available on the market, which allows me to move onto the juicier part of this topic: wallet reviews. I have listed several wallets which I tested out and actually thought they were solid:

Trezor (hardware wallet)

The wallet was already presented to the public for the first time in 2013. Since then, it has undergone some minor changes, but its working principle has not changed. The device has a display and two physical buttons, with its size being only slightly larger than a matchbox.

The Trezor wallet has many advantages because the product has been on the market for a long time. The device is able to sign transactions without an internet connection. Trezor works with the software provided by the manufacturer, but is also able to sync with any popular PC wallets. Its distinctive feature is that if you enter the password incorrectly, the launch time is doubled (limited to 6000 attempts). Trezor is able to store Bitcoins, Ethereums, Ethereum Classic, Litecoins, Zcash and Bitcoin Cash.

Ledger Nano S (hardware wallet)

The most popular model from the French manufacturer Ledger. Unlike Trezor wallets, the Nano S looks like a USB flash drive. This makes the device less susceptible to theft.

Its functionality is not much different from any other hardware crypto-wallets: a display, physical buttons and a connector to the PC to control the device. However, its real perks lie in the fact that the software is being regularly updated. This allows the user to add new types of coins to the store without the need of buying any new equipment. By default, the wallet supports the same coins as Trezor, as well as Stratis, Dash and Ripple.

Midas Protocol Wallet (mobile wallet)

This relatively new player in the field of crypto wallets fulfils all the basic requirements of a crypto wallet such as the ability to store and trade coins. However, the real added value of the Midas Protocol Wallet lies in its ability to help the wallet owner to manage and lay out his capital better. The wallet contains two different sets of charts — a line chart and a pie chart. The line chart displays the total value of the user’s portfolio and its behaviour over a period of time, while the pie chart represents user’s token distribution within the portfolio. Moreover, the Midas wallet can also connect with many different trading platforms, making swapping of one token for another a smooth, no fuss, speedy experience.

The Midas Protocol wallet is set for an update in near future, adding other useful features such as:

1. Support of multiple blockchains

2. Advanced Portfolio & insights (and support CEXs too)

3. Trading/Swapping with more DEX(s) directly from the Wallet (without the need to deposit/withdraw)

4. Personalized Crypto-news feed & Trading signals

The accessible, yet insightful nature of the Midas Wallet makes it an outstanding product in comparison with other wallets. The Midas Wallet is available on both Appstore and Google Play.

MyEtherWallet (web wallet)

MyEtherWallet is one of the most famous and convenient wallets for cryptocurrency, Ethereum and tokens created on its blockchain. This storage is created on your browser and does not require installation of any other individual applications. Using this wallet, you can store, receive or transfer your assets safely and easily.

Aside from the already mentioned wallets, there are many other wallets worth checking out such as Hideez Key, BitAddress, Jaxx, Bitcoin Core, Blockchain, Electrum, Coinomi, Exodus, Cryptonator, Coinbase… The cryptocurrency wallets are all very different from each other, providing a great range of variety and making it possible for any user to pick one which suits him the most. Depending on the user’s preferences and needs, the deciding factors could be convenience, availability, speed, or on the contrary greater reliability (in expense of the process speed). However, the real question still stands: how can you pick from such a variety?

As experience shows, hardware wallets are more suitable for the more experienced investors who purchase tokens for a long-term storage. On the other hand, mobile wallets allow their users to engage in speedy interactions: get their hands on their items, pay in cafes, restaurants, hotels and much more. If you work on your computer a lot, a web-wallet is exactly what you need in terms of convenience and functionality.

Nevertheless, no matter which type of wallet you pick, the fundamental thing to keep in mind is that your wallet should be chosen with safety as priority. After all, would you blindly entrust a stranger with your “actual” money? Neither should you your crypto.

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