Since Bitcoin emerged in 2009, it has gained a lot in value, while its popularity has increased heaps too. In fact, nowadays when someone mentions crypto one immediately thinks about Bitcoin. Of course, this does not have to be the case, as there are other popular cryptocurrencies out there as well. The Ethereum price has been rising a lot lately for example, which is also the case for the Ripple price index. Even though this is good news when you have invested in these coins, it has some bad sides too. For example, hackers are realizing more and more that there is tremendous value in cryptocurrencies. Because of this, they have created ways to hack crypto traders to steal their coins. Thankfully you can prevent this from happening by using one of the wallets mentioned below.
Electrum is an original Bitcoin wallet that has been around since 2011, just two years after Bitcoin was created by Satoshi Nakamoto. Since then, not a lot has changed. This wallet is quite bare-bones because of that, especially when you look at its user interface and commitment to BTC. However, it does really excel at its primary function. Besides that, it is good to know that Electrum is a hot wallet that offers an option for cold storage. Furthermore, it is compatible with hardware wallets such as Trezor and Ledger. Another advantage of Electrum is that it is free to use, while it also offers a greater level of security than many other hot wallets.
Trezor Model T
If you prefer a cold wallet over a hot wallet, which would make sense as this offers more security, the Trezor Model T is certainly a good option. This is the second generation of hardware wallets created by Trezor. It gives the user the ability to access third-party exchanges, including CoinSwitch and Changelly, directly in its website interface. This is of course very conventional for you as a user of the Trezor Model T. Unfortunately it has one massive con: its expensive price tag of nothing less than 181 US dollars. It is hard to justify this price tag, but the Trezor Model T does have a touch screen which makes it easy to use.
Just like Electrum, Mycelium is a hot wallet with a cold option that costs nothing at all to use. It is possible to use it in combination with a hardware wallet created by Trezor, Ledger or KeepKey. Besides that, it is good to know that Mycelium is an open-source Bitcoin wallet that is mobile-only. At the moment, it only supports Bitcoin, ETH, the FIO token, and ERC-20 tokens. This is an advantage compared to Electrum, which only supports BTC. Furthermore, Mycelium’s user interface is way more refreshed than Electrum, while it has a built-in exchange too. However, Mycelium might be a bit hard and confusing to use when you employ it for the first time.
Ledger Nano X
The Ledger Nano X is a hardware or cold wallet, just like the Trezor Model T. At the moment it has a price tag of 119 US dollars, so it is much cheaper than Trezor’s wallet. Ledger is a company that was launched in 2014 in France. The Nano X looks like a USB drive and can be connected to your device, which is possible via both Bluetooth and USB. This means that you do not have to use a computer, you can also use your phone to connect to your wallet. A big advantage of Ledger Nano X is that it supports a lot of cryptocurrencies, while the list continues to grow.