To transfer and receive digital currencies like Ethereum and Bitcoin, you need a crypto wallet that securely stores your keys, which are passwords that provide access to your assets. The list of crypto wallets ranges from physical devices like the USB-stick-shaped Ledger wallet to digital ones like the Bitgern wallet.
Blockchain wallets do not store your cryptocurrency; they hold other digital assets. Everything you own is recorded on the blockchain, but only you have the private key to access it. Your keys enable you to perform transactions and establish ownership of your digital money. Money is only possible if you place your private keys. For this reason, you should either utilize a reputable wallet service from the list of crypto wallets companies or ensure the security of your hardware wallet.
Using A Crypto Wallet
A list of crypto wallets is available, from easy-to-use applications to advanced security systems. Here are the most common kinds of wallets:
- Keys are physically written on paper and then kept in a secure location called a paper wallet. Since crypto is a digital currency, it can only be spent online, naturally making it more difficult to utilize.
- A thumb drive is used to store keys. It is maintained securely and only linked to a computer when the owner wants to access their cryptocurrency. The goal is to find a happy medium between safety and ease.
- With online Blockchain wallets, you may keep your keys in an app or software; just ensure it has two-factor authentication. This makes transacting with cryptocurrency as simple as using a web-based bank, payment processor, or brokerage.
Each version has advantages and disadvantages. Because they are kept offline, paper and hardware wallets are more difficult for malevolent users to access. However, they have limited functionality and are at risk of being lost or destroyed.
List of Crypto Wallet
Your goals for your cryptocurrency and the level of security you want will determine which Blockchain wallet is best for you. Some options you can consider from the list of crypto wallets are:
Hosted or Virtual Wallets
Hosted Blockchain wallets are the most common and simple way to store cryptocurrency. All cryptocurrency purchased using an app like Bitgern is stored in a hosted wallet by default. Like a bank’s checking or savings account, a third party holds your cryptocurrency for you, which is why it’s called hosted. Using a hosted wallet eliminates the need to fret about “losing your keys” or “losing your USB wallet,” two common problems consumers often experience.
One major benefit of using a hosted wallet is that your cryptocurrency will remain safe even if you lose or forget your password. One downside of a hosted wallet is its limited functionality. However, with the addition of additional capabilities to hosted wallets, that may change.
Directions for creating a hosted wallet:
- Select a reliable platform. Prioritize safety, user-friendliness, and conformity with all applicable financial and governmental standards.
- Sign up for an account. Choose a strong password and enter your personal details. Two-factor authentication, or 2FA, is another suggested security measure.
- Transferring or purchasing cryptocurrency is the next step. Purchase cryptocurrency on most platforms and exchanges with a bank or credit card. You can also move your existing cryptocurrency holdings to your new hosted wallet.
Non-custodial Wallets
You are granted full control over your cryptocurrency holdings using a non-custodial wallet. Your cryptocurrency is not entrusted to a third party (or “custodian”) via non-custodial wallets. You are solely responsible for remembering and protecting your password, even if they provide the software to hold your cryptocurrency. Passwords (sometimes called “private keys” or “seed phrases”) are essential for accessing crypto, but they are useless if you misplace them. Plus, your assets will be completely accessible to everyone who finds your secret key.
Advanced crypto activities such as staking, yield farming, lending, and more are available, and you have complete control over the security of your coin in the non-custodial wallet. However, a hosted wallet is the most convenient option if your only concern is buying, selling, sending, and receiving cryptocurrency.
Step to setting up a non-custodial wallet:
- Get yourself a non-custodial wallet One of the most popular choices is the Coinbase Wallet.
- Sign up for an account. Unlike a hosted wallet, you may build a non-custodial wallet without disclosing any personal information. Not even a working email.
- Make a note of your private key. It appears as an arbitrary 12-word sentence. Make sure to store it somewhere safe. You can only access your cryptocurrency if you remember this 12-word phrase.
- Move cryptocurrency to Blockchain wallets. Non-custodial wallets don’t always support buying cryptocurrency using fiat currencies like USD or EUR. Therefore, you’ll have to find another means to get cryptocurrency into your non-custodial wallet.
Hardware Wallets
Your cryptocurrency private keys should be stored offline in a hardware wallet. Although hardware wallets provide some advantages—such as keeping your cryptocurrency safe in the event of a computer hack—most individuals choose not to use them due to their high cost and complexity. They could run for over $100, and their strong security features make them difficult to use compared to software wallets.
The steps for setting up a hardware wallet are as follows:
- Run the software installation. When you set up your wallet, you’ll need the software with your specific brand..
- Like non-custodial wallets, hardware wallets usually don’t let you purchase cryptocurrency using fiat money like dollars or euros. Instead, you’ll have to move cryptocurrency to your wallet.
Cryptocurrency storage options from the list of crypto wallets are as varied as traditional banking and storing options: in a bank vault, a safe, or even beneath their mattresses. When it comes to cryptocurrency, the option is yours. You may go for simplicity with a hosted wallet, complete control with a non-custodial wallet, more security with a hardware wallet, or even numerous wallet types.
Bitgern offers the fastest and the most reliable crypto exchange with its Secure Wallet! With our user-friendly application, you can easily start earning from crypto with a few swipes and touches. Read more about our Terms and Conditions here.
