How to Choose the Best Crypto Wallet
A crypto wallet is software used to store, send and receive financial transactions in the form of cryptocurrencies such as Bitcoin or other digital currencies. Each wallet consists of a public crypto address (much like a bank account number) and a private key (password) that gives the user access to the public address on the blockchain network.
There are many different wallet types to choose from which are most suitable depending entirely on personal needs. To facilitate, we at ScandiCrypto want to explore and try to help you find the cryptocurrency wallet most suitable for your particular use.
The Different Types of Crypto Wallets
Every crypto wallet offers different benefits in terms of security, ease of use, and accessibility. The first thing to think about is what type of device you want to access the crypto wallet from and from there we can divide the different variants into five main groups:
Computer wallets are software that is installed on your computer or laptop regardless of the operating system. They offer them a relatively good glance as well as a combination of safety and convenience. However, we would like to point out that depending on the security measures you take as well as how to use your computer also has an impact on the overall security of the wallet.
Recommended Computer Wallet:
|✔️ Beginner friendly
✔️ Support most OS
✔️ Supports 125+ coins
A mobile wallet just like a computer wallet is software that runs on your mobile phone. The advantage of mobile wallets is that in most cases it is the most convenient solution since our mobile phone is usually always available.
The disadvantage of having your cryptocurrency wallet on your mobile phone is first and foremost the security flaws that most mobile phones suffer from. In addition to the general security of mobile phones, there is also a greater risk that the unit will be stolen or lost.
Recommended Mobile Wallet:
|✔️ Staking of crypto
✔️ Beginner friendly
✔️ Great mobile app
As the name suggests, you can access your online wallet by using a web browser. Therefore, online wallets are arguably the most accessible wallet unless one has access to the internet from his device.
The biggest disadvantage of using an online wallet is that there are many more security flaws. To access the crypto wallet, you are communicating with an external website over the internet which exposes you and your data traffic to potential threats or attacks.
Recommended Online Wallet:
✔️ Mobile app
✔️ Circulation of address
Unlike all of the above, hardware wallets offer security through a dedicated device designed to keep your keys secure. This type of variant is considered to be the top choice if safety is of the highest priority.
The number of disadvantages of hardware wallets is very few as they are fully encrypted as well as offer security measures for devices potentially infected with some form of malware or virus.
Recommended Hardware Wallet:
✔️ Supports most OS
✔️ Aluminum grade
For those who do not trust any of the previous cryptocurrency wallet variants, there is also the opportunity to store their public and private keys in print, which is often done through QR codes. This is a very safe solution but is absolutely nothing to be preferred if accessibility and agility are something you are looking for.
The biggest disadvantage regarding the security of paper wallets is that the keys are printed on physical paper which can become incredibly expensive if lost or stolen.
What Is the Best Crypto Wallet?
The kind of crypto wallet that is best is entirely based on what the user himself is looking for when the balance between security and accessibility, we value differently. Therefore, you should take the time and ask yourself what qualities you value such as;
- How much are you willing to pay?
- How fast access to the wallet do you need?
- How many different cryptocurrencies and which ones do the wallet support?
- How important does the security of cryptocurrency mean?
The decision on which cryptocurrency wallet is not always easy and for many of us we experiment with many solutions before we first find the wallet that suits us best. It may feel overwhelming at first with all the different wallet variants, but we hope this guide was helpful and offered some guidance for the journey in the crypto world.