It is pertinent to know that thousands of exchanges and wallet providers have flooded the market as the number of demands from users increases every day as regards new ways to either spend, trade, or save their cryptocurrencies. As a result, users of cryptocurrencies now have the leverage to choose from the alternatives for maintaining their holdings.
But with so many the number of different types of crypto wallets available, it can be very challenging to choose which set of characteristics makes the most sense for your particular crypto usage style, especially for the newbies. However, since it has been a blind road for some till they discover the best path to trade, it is best you read this article through.
This article will describe the various wallet kinds in more detail below, which should enable you to make a more informed choice with your good judgment.
What is A Crypto Wallet?
Going with the assumption that everyone understands what a crypto wallet won't be a good one. So, it is important we know what a crypto wallet is.
A cryptocurrency wallet is one that allows users to handle a variety of cryptocurrencies, including Bitcoin and Ethereum. This wallet help makes money transfers simple. This is because they are cryptographically signed (more like a mathematical technique), and transactions are safe.
More so, the wallet can be accessed from web-enabled devices, including mobile ones, and the user's identity and privacy are upheld. Therefore, a crypto wallet offers all the capabilities required for risk-free and secure fund transfers and swaps between various parties.
Qualities of A Crypto Wallet
Now that you can tell what a crypto wallet is and how it works, it is important we also know the qualities it has.
First and most good quality is that it is simple to use. This is because it functions exactly like any other piece of software or wallet that you may use for regular transactions.
Highly secure. You only need to protect your private key. What is a wallet without the quality of protecting users' coins?
Allows quick transactions between geographies. Additionally, there are no barriers and no middlemen involved. This will mean that you can make transactions in Nigeria and the person who is receiving is in another country.
Minimal transaction costs. Compared to using regular banks, the cost of money transfers is significantly lower. This should give you more reason to get a crypto wallet.
Types of Crypto Wallet
- Coinbase Wallet - Best for Newbies
- MetaMask - Best for Ethereum
- Exodus - Best for desktop
- Mycelium - Best for mobile
- Ledger Nano X - Best for offline crypto wallet
- Crypto.com - Best Defi wallet
- Electrum - Best for Bitcoin
For the purpose of this article, we will only be considering two wallets that have proven to meet users' intent and also delivered some good qualities. Read through carefully as it will help in your choice of a good crypto wallet.
Coinbase
The best cryptocurrency wallet for newbies is Coinbase Wallet since it is user-friendly, extremely safe, and supported by a reputable exchange.
For those who are new to cryptocurrency and have little to no experience, Coinbase Wallet is a great wallet. The software connects to the majority of major bank accounts and features a user-friendly interface. Non-fungible tokens (NFTs) and digital collectibles can be kept in Coinbase Wallet.
MetaMask
Since MetaMask's user-friendly design makes it simple and quick to access hundreds of tokens and decentralized applications over the Ethereum network, it is highly recommended as the best cryptocurrency wallet for Ethereum.
With more than 30 million active users each month, MetaMask is one of the most popular Ethereum wallets. The wallet enables users to interact with decentralized apps and may store and send cryptocurrencies that are compatible with Ethereum.
What a long read right? some things requires a good amount of information especially when it has to do with money and also cryptocurrency related. You can go on to make a choice. If by any chance you don't feel satisfied with this information, you can make more research as learning never stops.
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