The 5 best and safest wallets for Bitcoin, Ripple and other cryptocoins

The 5 best and safest wallets for Bitcoin, Ripple and other cryptocoins

By DoRi | A guide to crypto | 1 Jan 2020

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One of the most important decisions you have to make when working with Bitcoins or other cryptocurrency is which and what kind of wallet you are going to use. There are several options, one of which is a bit more secure than the other. These are the five best Bitcoin wallets to store your coins in.

Bitcoin, Ripple or other cryptocoins are stored in these wallets.

1. Blockchain

Blockchain is a so-called online wallet. We will immediately add that online wallets are not the safest wallets, but it can be easy for beginning cryptocurrency users. With an online wallet, your coins are stored somewhere in front of you and you can access them from any Internet-enabled device. However, if the place where your coins are stored is hacked, there's a good chance you've lost them. Blockchain is free to use, comes with an easy-to-use interface and uses two-factor authentication along with a few other security features to keep your coins safe.

2. Exodus

Your wallet doesn't necessarily have to be online. You can also go for an offline software variant. The advantage is that when a scholarship is hacked, you don't lose your coins. However, it can still happen that you are hacked yourself. With an offline software wallet you can easily receive or send coins and you can usually use them to shop in certain shops.

Exodus is one of the best offline software wallet. It supports Bitcoin, Ethereum and Litecoin, among others, and is committed to privacy and security. However, it does not have two-factor authentication.

3. Ledger Nano S

Ledger Nano S is a hardware wallet and should be a lot safer than Blockchain and Exodus. A hardware wallet is not connected to the internet, which of course makes it very difficult for hackers. The moment you want to do something with your cryptocurrency, you can connect your hardware wallet to your computer.

A disadvantage of course is that you could lose your wallet, because it is a physical thing. Just think of Sheldon who lost a USB stick with Bitcoins in The Big Bang Theory. Ledger Nano S supports Bitcoin, Litecoin, Ethereum and other cryptocurrency based on Ethereum. It is a small USB device with an OLED display. Furthermore, it supports two-factor authentication and you need to use a pin code to unlock it. Another disadvantage of a hardware wallet is that it costs a bit more.

4. Trezor

Trezor is also a hardware wallet and is one of the oldest on the market. It is less advanced than Ledger Nano S, but is still one of the safer options out there. It comes with a simple interface and several security features. You can buy the hardware wallet in the Trezor webshop.

5. BitcoinPaperWallet

Finally, there are also paper wallets. This is literally a wallet of paper on which different codes are printed. This is a non-electronic way to store your coins, but the danger is of course that paper is rather vulnerable. Also, paper wallets are quite complicated to "install" and may not be the best option for novice users. A good option for a paper wallet is BitcoinPaperWallet. It is free to use and you can take extra options such as holograms for a fee.

If you are or are busy with cryptocurrency, there are other important things to watch out for besides your wallet. You should at least do these five things. Think of them as good intentions for the New Year.

A guide to crypto
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