How to choose the best Bitcoin and cryptocurrency wallet
When acquiring bitcoin or other digital assets, selecting a suitable wallet is essential. A crypto wallet functions as a highly secure digital vault and an interface for managing your bitcoin and other digital assets. The ideal wallet allow users to:
- Send and receive bitcoin and other cryptocurrencies.
- Trade between different cryptocurrencies.
- Stay updated with market news.
- Engage with smart contracts.
The multi-coin
Bitcoin.com Wallet app is recommended for its extensive features, security measures, and ease-of-use. However, there are many quality crypto wallets available for different needs. Always research thoroughly before making a choice.
Key Factors to Consider:
- Security: Wallets should have a primary security measure to ensure they remain locked. While PINs are commonly used, more advanced methods like facial or fingerprint recognition can provide both convenience and security. The Bitcoin.com Wallet app integrates facial or fingerprint recognition, making access a breeze while maintaining the highest level of security.
- Reputation: Investigate the credibility of the wallet maker. Check forums and review sites to gauge user experiences and any potential security flaws. The Bitcoin.com Wallet app has been around since 2017 and is used actively by millions. You can see what people are saying about it on the App Store, Google Play, and Trust Pilot.
- Access to Private Keys: Having access to private keys means having actual control over your bitcoin. A private key is usually a 12 or 24-word passphrase linked to a Bitcoin address. Without it, you're relying on a third-party custodian who may charge fees or delay your transactions. Always opt for wallets giving direct access to these keys. The Bitcoin.com Wallet app provides you with access to your private keys, meaning that only you have access to your funds (not Bitcoin.com nor anyone else).
- Back-Up Features: Managing private keys can be challenging. Leading wallets offer backup solutions, like the Bitcoin.com Wallet app’s 'Cloud Backup', which stores encrypted keys in the cloud, allowing easier recovery.
- Fee Customization: Look for wallets that offer flexible fee settings for blockchain validators/miners. Options like 'fast', 'medium', or 'slow' can determine transaction speed and cost. In the Bitcoin.com Wallet app you can decide the precise byte/satoshi rate for Bitcoin transactions and the exact gas price for Ethereum and EVM-chain transactions.
- Shared Wallets (multisig): Shared wallets necessitate multiple approvals for a transaction. For instance, a '3 of 6 shared wallet' mandates approval from at least three out of six participants. This feature enhances security and is particularly useful for managing organizational funds. The Bitcoin.com Wallet app has the easiest shared wallet implementation in the industry. Set up a shared wallet in seconds. Find out more details on how shared wallets work and how to set them up in the Bitcoin.com Wallet app.
- Other Features:
- Personal Notes: Attach notes to transactions for clarity.
- Display Currency: Toggle between crypto units and local currencies.
- Unlimited Wallet Creation: Organize funds easily by creating multiple wallets.
For more information, check out this in-depth guide on how to choose the best Bitcoin wallet.