What Types of Bitcoin Wallets Are Available?

April 3, 2018

With the undisputed surge of Bitcoin on the trading markets, it is entirely understandable that more and more people are asking financial advisors where they can access the most efficient Bitcoin Wallets.

It is essential to understand that all types of cryptocurrency come with risks attached. However, provided you have armed yourself with the knowledge of such risks, these are some of the more popular of Bitcoin Wallet choices:

Coinbase: Best Overall Bitcoin Wallet

Coinbase is considered as one of the easier of wallets when it comes to buying, selling and holding cryptocurrencies. It also supports Bitcoin Cash, Litecoin, and Ethereum. Coinbase has taken note of recent hacks with certain Bitcoin providers and significantly improved its security with continuous updates.

Trezor: Most Secure Bitcoin Wallet

Though not an entirely selling platform as such, Trezor allows customers to store their Bitcoin here. It was designed with the idea in mind that many traders experience password loss and even device failure, meaning their Bitcoin gets lost too. This wallet ensures others cannot steal your Bitcoin.

Electrum: Bitcoin Wallet Most Suited for Desktops

A software Wallet, Electrum can store your Bitcoin files on your PC, getting you up and running immediately. However, it is worth noting that if you lose your PC, you run the risk of losing your coins if you do not develop a recovery process for this method.

Mycelium: Best Bitcoin Wallet for Mobile Use

A mobile-only wallet, Mycelium can seem slightly tricky to navigate, but those more advanced users should have no problems here. With added security, Mycelium ensures that you can have your Bitcoin to hand wherever you are in the world.

Robinhood: Best Bitcoin Wallet for Free Buying and Selling

Robinhood is both a wallet and an exchange, therefore offering everything in one place. The cost of this wallet is its advantage as it is currently free to operate and there is no commission levied when buying or selling Bitcoin.


6 Comments

  • John

    April 4, 2018

    I am considering getting into Bitcoin but find it a bit out of my reach! Thanks for this though.

    Reply
    • Dita

      April 6, 2018

      I second this advice John, get comfortable with it first before you invest your time and money. Try reading as many articles as you can.

      Reply
      • Linda Macy

        Linda Macy

        April 6, 2018

        Knowledge is what is needed here, and Dita is right. Added to that, even some industry experts don’t fully comprehend this cryptocurrency, so we aren’t alone in our lack of understanding!

        Reply
    • Linda Macy

      Linda Macy

      April 8, 2018

      John, I know exactly what you’re saying – almost everyone I speak to is nervous about this subject. My advice – read as much as you can and then take small steps.

      Reply
  • John

    April 9, 2018

    Thank you both for your help. Linda, I think you may need to do a series or run a workshop on Bitcoin soon!

    Reply
    • Linda Macy

      Linda Macy

      April 9, 2018

      John, that sounds like a great idea. Watch this space!

      Reply

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