Where to store cryptocurrency?

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Everyone who somehow works with cryptocurrency, earns bitcoins, pays with them or invests their funds in them, sooner or later ask themselves the question: where will it be safer and safer to store them? The most obvious of all the existing storage methods is to start a cryptocurrency wallet. But no less important is the choice of the wallet itself, its safety and ease of use.

Can you say that there is a specific, best, wallet for storing your bitcoins? Yes and no. Each user chooses the best option for himself from all those offered, based precisely on his needs. It all depends on the goals of creating a cryptocurrency wallet, the amount of funds used, security criteria, reliability and personal preferences of a particular user.

At the moment, there are only four types of crypto wallets:

  1. Online (or web) wallets. They are easy to use, work through a browser and provide quick access to funds from anywhere with the Internet. But this type of wallets also has a significant disadvantage - they are not resistant to external threats. That is, any system failure or cyber attack on the wallet service calls into question the security of your funds. Therefore, such wallets are considered the most unsecured, despite their convenience. Some of the most trusted online wallets are Coinbase, Blockchain, Xapo, and Coinapult.
  2. Desktop wallets. These wallets need to be installed on a device (computer or laptop) as a standard program, but they are much more reliable than the online versions. The most popular of the desktop wallets are GreenAddress, BitGo, Electrum, Bitcoin Knots, ArcBit, and Bitcoin Core.
  3. Mobile wallets. They are an application for a mobile phone and are much more convenient than their computer versions. They make it possible to significantly simplify the work with cryptocurrencies, since they support the function of paying for goods and services using bitcoins. There are applications for Android, iOS and Windows Phone. For the Android operating system, you can use the following wallets: GreenAddress, Bitcoin Wallet, GreenBits, Electrum, Mycelium, Airbitz Bitcoin Wallet, ArcBit, Coin.Space, Copay. For IOS: Airbitz, Coin.Space, GreenAddres, Bitcoin Wallet, Bither, Coin.Space and Copay. For Windows Phone: Copay, Coin.Space.
  4. Hardware wallets. This is by far the most reliable type of cryptocurrency wallet out there. These wallets store private security keys without an internet connection. It is a small electronic device connected to a computer that is a kind of safe designed to securely store your cryptocurrency. If this device is lost or damaged, you can easily restore access to your funds using a special recovery code, and fraudsters will not be able to use your money, since this gadget is protected by a PIN code. The only drawback of hardware crypto wallets is their relatively high cost. But at the moment it is the best solution for the reliable storage of significant funds. The most popular hardware wallets are Trezor (costs about $ 99) and KeepKey (costs around $ 135).

So what should you choose? Obviously, hardware wallets are best suited for storing large cash savings because they are the most reliable and most secure for storing your money. For small amounts and carrying out all kinds of online purchases and exchange transactions, you can easily use other types of wallets, the most convenient and practical of which are online and applications for smartphones.