What is a digital wallet for cryptocurrency? This is an application designed to leverage blockchain technology to allow you easily send and receive crypto coins.
Although there are many types of digital crypto wallets, the commonest are hardware, mobile, desktop, and web-based models. To select the best option for your crypto needs, make sure to review the pros and cons of each.
This post is a review of the best digital wallets for the cryptocurrency you can get out there. We will further tell you the things to consider before selecting a wallet.
How Does a Digital Wallet Work?
A digital wallet is designed to help you receive, store and send cryptos. Consider it a sort of a ‘bank account’, but that holds crypto coins instead of fiat money. Depending on the crypto wallet you select, it might be possible to work with a number of coins.
We must indicate that crypto wallets are not 100% secure. Like other online services, they can also be hijacked, and it is important to carry out comprehensive reviews to identify the most secure option. Again, installing backup is crucial when working with a digital wallet for cryptocurrency.
Common crypto wallets that you can use today include Trezor, Exodus, Coinbase Wallet, and Exodus.
Do you Require a Digital Wallet for Cryptocurrency?
The answer to this question is dependent on the digital coins of interest. If you target storing coins such as Litecoin or Bitcoin that do not require specialized apps, a digital wallet might not be necessary. Instead, a free crypto wallet online, such as blockchain.com or Mycelium, might be sufficient.
We must point out that online wallets are pretty risky because of the looming threat from hackers. So, only go for it if you are sure of how to operate without risking your coins. If you are unsure of how to keep the coins safe, go for cold wallets that store private keys offline.
However, crypto coins like Dash and Ethereum or others that require specific software can only be stored in wallets that support them. The good thing is that most of them are designed to store multiple coins conveniently. Again, you will not need to download the entire client, which can be more than three gigabytes. After setting up the wallet, you are ready to transfer, buy, convert, and sell your coins.
Choosing a Digital Wallet: Here are the Things to Consider
- Security of the wallet. Check for things such as multi-factor authentication, in-built exchange features, and multi-signature support.
- Convenience, especially the ease of use when targeting crypto assets for passive income.
- Price of the wallet.
What are the Best digital wallets for cryptocurrency?
The following are the top five best digital wallets for cryptocurrency that you should consider:
- Coinbase Wallet: This is one of the most popular, and it can be used to store Litecoin, Ethereum, and Bitcoin. It is free and comes with a very intuitive user interface.
- Exodus Wallet: Considered one of the safest wallets, it comes with awesome features, such as custom trading fee options, ShapeShift integration, and chat features for the common operating systems.
- MetaMask: This wallet is designed for storing Ethereum-based tokens. It is very popular, secure, and can be used on almost all digital devices.
- Trezor Wallet: If you want to store your coins offline, Trezor wallet can be an excellent find. It comes with very many features and is pretty straightforward to use.
- Other wallets that you might want to consider include trust wallet and Bitgo wallet.
Remember that even if, at some point, you might have thought that you will not need a digital wallet for cryptocurrency, the truth is that it is impossible to work in the blockchain and crypto market without one. So, go for the most secure and reliable option.
hi.com Secure Digital Wallet for Your Cryptos
If you want to buy some crypto coins but have not yet decided which wallet to choose, we have a suggestion: hi Wallet. The wallet allows you to get into the crypto niche even with zero experience. It also allows you to send both fiat and cryptos using the hi app. Unlike with other apps, there is no software download or installation required with hi Wallet.
A wallet is also an excellent option when targeting to make passive income. You can use hi Wallet to hold your coins and earn up to 20% interest annually. Buying HI bringing referrals to hi.com can also help you earn more passive income.
To get started, visit WhatsApp and Telegram to register and immediately get your hi Wallet. You can also use hi.com to buy the preferred coin and channel them to your digital wallet for cryptocurrency.