The entire global economy is going digital, this means in coming years everything will be paperless! Cryptocurrency are the most volatile and new digital payment system which is already in boom from past couple of years, thanks to BITCOIN the most successful cryptocurrency.
1 Bitcoin was close to $0.08 in July 2010 and currently 1 Bitcoin is equal to $47,283.50, see the difference in this cryptocurrency in the last 11 years. Many people have become millionaires and billionaires because of this cryptocurrency.
Why CryptoCurrencies are so Important?
Safe and Secure Transaction.
Customers and merchants can have a safe and secure financial transaction, since there is a use of private key that are given to holders, a holder without a private key is useless. Moreover, Cryptocurrencies are stored in a secured wallet. Wallets ensures the risk of thefts.
For Physical currency there is a centralized body with name bank, which everyone knows! But, here no one has ownership and no single individual can own it. This means Bank cannot control these digital currencies, therefore there is no headache of regulation.
Faster to Process.
Payments are done immediately within seconds, unlike physical currencies which can take days or even weeks to process.
Introduction to Crypto Wallet
Just like you require a physical wallet for storing your cash, credit cards and debit cards, a crypto wallet is required to store your cryptocurrencies or your digital currency.
The crypto wallet stores information about your public and private keys, using this keys, you can send or receive cryptocurrencies while keeping your private key encrypted. Now, your crypto wallet can be a hardware wallet or a software wallet.
A hardware wallet can be a USB drive or a paper wallet. A software wallet are online wallet which can hold your private keys, normally software wallet are connected to an exchange. We will have a glance on some of the best and safest Crypto Wallet. Let us look at the 5 best cryptocurrency wallets.
1. Binance Wallet
Binance wallet is an exchanged-based way of storing your cryptocurrencies. Binance is a cryptocurrency exchange which is currently the largest exchanges in the world in terms of daily trading volume of cryptocurrencies.
Pros of Binance.
Over 500 cryptocurrencies to trade.
One of the cheapest platforms to use.
Massive selection of transaction types.
Cons of Binance.
US customers can’t use the Binance platform.
No built-in digital wallet.
Regulatory trouble in several countries and currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegation of money laundering and tax offenses.
2. CoinBase Wallet
Founded in year 2012, as on March 2021, it was the largest cryptocurrency exchange in the United States by trading volume.
Coinbase is one of the most secured cryptocurrency wallet. Graphical user interface is easy to navigate and provides a good end user experience.
Pros of Coinbase Wallet.
Wallet is equipped with two-factor authentication.
The wallet implements multi-signature access for all users.
The wallet is backed up by Coinbase that is a reputed exchange in the cryptocurrency world.
Cons of Coinbase Wallet.
The wallet may act as a hosted wallet by storing the private keys elsewhere.
The wallet doesn’t support Bitcoin Storage, which is the most successful cryptocurrency!
3. Paxful Wallet
Founded in year 2015, Paxful wallet helped in bringing together Bitcoins Buyers and Sellers. Paxful commits to keeping the process of buying and selling bitcoins as simple as possible. Paxful is a peer-to-peer cryptocurrency exchange and digital wallet provider.
Paxful has more than 4.8 million users supported by 200+ employee’s with global offices in Hong Kong, Estonia and Philippines.
Pros of Paxful Wallet.
Free, Convenient, and safe to manage cryptocurrencies. Very easy to buy and sell Bitcoins.
Wallet can be downloded to PC, mobile device or via API trading.
0% commission fees.
Cloud backup protection.
Best Crypto wallet for iPhone.
Cons of Paxful Wallet.
Users can buy only Bitcoin (BTC), and Etherum (ETH). No other digital cryptocurrencies are available to purchase.
Minimum limits for BTC transactions apply.
CoinDCX was launched in April 8th 2018, CoinDCX was built with an aim to provide a user-friendly experience where users can access a wide range of financial products and services backed by industry-leading security processes and insurance protection.
CoinDCX is an ISO certified company that provides the highest quality liquidity.
More than 4 million user have access to CoinDCX wallet with over 40 million daily trading volume.
It is perhaps the largest cryptocurrency exchange in India, backed by Coinbase and other notable names.
Pros of CoinDCX wallet.
Instant deposits and withdrawals with zero fees.
Using Insta, buy from a list of 100+ cryptos in an instant.
User funds secured and insured with BitGo.
User-friendly interface, fast and simple, and ease to use for experienced investors and beginners.
Cons of CoinDCX Wallet.
Only supports one fiat currency i.e Indian National Rupee (INR).
Verification required for higher fiat limits.
Founded in year 2015, it supports more than 100+ digital assets. Exodus is a multi-currency wallet that supports multiple cryptocurrencies. The wallet was originally available only on desktop, but now it is available for iOS and android platforms as well. This is the best crypto wallet for Android.
The in-built design of this wallet is different from other wallets like CoinBase and CoinDCX. It is a light wallet that uses simplified payment verification, which means it doesn’t download complete blockchains and instead uses a series of servers to track wallet balances.
Pros of Exodus Wallet.
Total control over your crypto assets.
Integration with Trezor hardware.
Earn rewards for staking.
Cons of Exodus Wallet.
Network fees may be higher as compared to other crypto wallet like Coinbase.
Can’t withdraw to a fiat currency.
No advanced buying and selling options.