The best Bitcoin Wallets in 2020
Bitcoin is the first-ever Cryptocurrency that was created. This Crypto asset has grown in value to become one of the most formidable forms of currency in the world today. At the time when Bitcoin just flooded the market, it was almost entirely valueless. Still, in a matter of only a few years, it had risen to start competing with significant currencies in the world based on the current worth of the Cryptocurrency.
Bitcoin, like most other Cryptocurrency, has a feature that makes it hard to trace even when a crime or fraudulent activity has been perpetrated using it. This property of Bitcoin is called the pseudonymous property.
The pseudonymous feature of Bitcoin was initially intended as a way to protect the identity of traders who participated in Bitcoin trades because it protects the integrity of both buyers and sellers of Bitcoin.
With the pseudonymous feature comes a lot of advantages. It, however, has been a significant issue in the Crypto trading world in recent times. There has been a lot of Bitcoin theft and scams in recent times, and the subject of securing Bitcoin investments in safe wallets is now a significant concern in the Cryptocurrency trading world.
In choosing a wallet for Bitcoin safe keeping as well as use, there are a lot of factors to consider. However, the most crucial one of them is the security provision of the platform because no matter how much a crypto wallet offers, it all makes no sense when the security is breached.
The security of a crypto wallet is a preeminent issue. This concern is because there have been Crypto wallets that have been hacked in times past. Because Bitcoin is a decentralized currency, there's just so much the government (or anyone) can do about such fraudulent activities. The most painful part of a Bitcoin security breach is the fact that the hacker (or the perpetrator) cannot be traced because of the Pseudonymous features of Bitcoin. The list in this article is some of the best wallets to keep Bitcoin investments in recent times. One must, however, note that the Crypto world is a continually evolving one, and as such, the factors that are favorable today may not be tomorrow.
THE BEST BITCOIN WALLETS 2020
Below is the list of the superb Bitcoin wallets that a Crypto trader can choose from in 2020:
THE EXODUS WALLET
This wallet is a hot wallet, one that allows Crypto traders to send and receive their Crypto payments online without any hassle. Purchasing an Exodus wallet is free for anyone. The Exodus wallet has a lot of other significant features that make it one of the best wallets for safe Bitcoin trading and keeping in 2020.
For one, the interface of this Crypto wallet is straightforward to understand and quite user friendly. The user-friendliness of the Exodus interface makes it the ideal Crypto wallet for newbies of the Crypto trading world.
(check out our beginner guide for more information about holding/selling Bitcoin)
Crypto trading can get very complex at some levels, and asides trading it, keeping and utilizing Bitcoin can be a grave concern when a new trader does not know his/ her way around the market. The Exodus wallet is, however, one that makes all these things possible in a user-friendly manner, thereby making it the wallet of choice for beginners of the Crypto trading world.
One of the other factors that make this wallet a great one is a fact that its platform allows traders to swap between Cryptocurrencies without having to pay any extra fee or charge. There are over a hundred Cryptocurrencies available on the Exodus platform, and it is compatible with the Trezor Wallet, which makes it one of the best hardware wallets 2020.
THE MYCELIUM WALLET
Mycelium is also a hot wallet that allows Crypto traders to utilize their Crypto savings even while it is being held in savings. This wallet is free to purchase. The Mycelium wallet works only on mobile interfaces, and this can be both a pro and con, depending on the perspective. The fact that this wallet works on a mobile device makes it easy for Crypto traders to monitor their Crypto savings on the go, and this can be an advantageous factor for Bitcoin traders, especially in the world where the value of currencies changes in the twinkling of an eye. On the other hand, the fact that this wallet is only available on mobile devices makes it one that can be limiting, especially for pro traders who desire to monitor their trades on a computer interface. This mobile wallet comes with an inbuilt exchange on its system.
One other interesting factor in the use of this wallet is the fact that it supports only Bitcoin. This monotony also can be an advantage or a disadvantage depending on the angle of view. It, however, makes the Mycelium wallet a streamlined one as it focuses its activities around a single Crypto asset. This Crypto wallet supports hardware wallets such as Trezor and Ledger, and this also makes it qualifies to be one of the best Bitcoin hardware 2020.
THE LEDGER WALLET
Although the purchase of this wallet is not free like the previously mentioned Bitcoin wallets, it, however, is one of the best Bitcoin hardware 2020, because it is a cold wallet. A cold wallet is a Crypto wallet that holds the Crypto investments of the trader in completely offline storage. A French Crypto company operates this Crypto wallet. The Ledger wallet makes Bitcoin safekeeping very easy as its wallet is a USB lookalike device that can be connected to all of one's Crypto investments. This Crypto wallet supports over a thousand Cryptocurrencies, and the least grows every year as it keeps adding new Crypto inventions to the list annually.
This Crypto wallet is not just available in an offline device; it also has an interface that allows Bitcoin traders to send and receive their Bitcoins via the internet. Another fantastic feature of this hardware wallet is the fact that a trader can connect it to his/ her mobile device and monitor all trade activities from a simple mobile device. It also has a USB Type-C cable port that enables it to be connected to a Personal Computer. It even supports Bluetooth connections. The purchase of a Ledger wallet costs about one hundred and nineteen dollars ($ 119)
THE TREZOR WALLET
This wallet is also another cold wallet that makes it possible for Bitcoin traders to store the Bitcoin savings in an offline device. This wallet, just like the Ledger wallet, is not free as it costs about one hundred and seventy dollars to purchase a single account on this network.
A fantastic feature of this wallet is the fact that it works with third-party exchanges, thereby making it easy for traders to trade with their Crypto assets while their finds are being kept safe. This wallet isn't just one of the best Bitcoin hardware wallets 2020, as it is one of the most formidable Crypto wallets that has trended across timelines.
This Bitcoin wallet hardware comes with a slot that allows for SD cards to allow for further encryption of the wallet by its user. It supports close to 1,400 Cryptocurrencies, and it also has a USB Type-C port for connection to a PC as well.
THE ELECTRUM WALLET
Electrum is another hot Crypto wallet. It allows traders to utilize and send their Crypto savings even while it's being kept safe in their Electrum Wallet. This wallet is not incorporated, but it is compatible with both the Ledger and the Trezor hardware wallets, which are among the best Bitcoin hardware wallet 2020. The Electrum wallet is one of the earliest Bitcoin wallets created basically for Bitcoin. It was invented only two years after Bitcoin was created. This wallet may not be easy to work around for newbie traders of Bitcoin. It, however, is desirable for traders who are experienced and want an interface with which they have more control in their Crypto savings.
The list of Bitcoin wallets that are suitable for Bitcoin's safekeeping and use is a very long and inexhaustible one. In choosing one, however, a trader or hodler must carefully scrutinize the wallet, its nitty-gritty, and a series of other factors to safeguard his/ her Bitcoins from scammers and hackers of the twenty-first-century world. The recommendations from this article do not depict that the wallets are infallible; they are just wallets that have been proven to give a fantastic user experience over time.