How to Select the Most Reliable Cryptocurrency Wallet among All Options in 2021?


If you are a new or experienced cryptocurrency owner, you have certainly faced with an issue of choosing your wallet. To some extent, it was easy a couple of years ago as you chose among TOP-5 options only. At the moment, respective ratings suggest you choose among 15 or even 100 cryptocurrency wallet services. Do you want to look for something better than only a Bitcoin wallet?

Modern options focus on ensuring a higher level of security and diversity. It is possible to consider thoroughly and calmly pick an option where all important functions are integrated. Our advice is to review multi-currency wallets in the first turn. This blockchain wallet will enable to exchange Bitcoin, Ethereum, Litecoin, and any other cryptocurrencies easily and safely.

BitMarket Network Client may serve as a good example. This open-source and multi-platform wallet can work with various currencies. You can conduct any operations conveniently and as securely as possible. You don’t even need to register and complete verification for this wallet. Two-factor authentication and a user-friendly interface are also covered.

Key points about existing services you should emphasize while making your choice:

  1. Openness. The software can contain the closed source or open-source code. In the first case, you likely assume the entire trust in the software’s developer. But, the second one allows you and any other independent experts to audit this service and its code.
  2. Non-custodial storage. In this case, your wallet doesn’t deal with any private keys, passwords, and any similar information. That signifies security. The most important aspect here is that you control as a user all funds entirely.
  3. Privacy. Several features may indicate the reliability of the service, like crypto deals consolidation, rotation of BTC addresses, or address-delivery support.
  4. User-friendly interface. Beginners may enjoy basic functionality. Advanced tools may often overload the user-interface by complicating its operation.
  5. Segwit support.This is a compulsory feature as the newest Bitcoin addresses enable to conduct all operations faster and complete them by paying commission fees that are lower than the ordinary ones at least two times.

Also, keep in mind these features and proceed to choose your cryptocurrency wallet with the exact functionality you may need.

Online

This wallet is generally treated as a suitable option for cryptocurrency storage. But, its substantial drawback is the vulnerability to web-attacks.

Local

The tool is much safer as it excludes phishing. The local wallet can be multi-platform or made for a certain OS, or even independent from any OS. Here may be heavy and light clients. Heavy (decentralized) ones download the entire blockchain history due to the deficiency of trust to any certain node. Light clients hold the information about the section of certain transactions while the entire history is kept elsewhere on remote servers. All passwords, keys, and similar information are kept on the user’s side.

Hardware

This is a tool that usually looks like an ordinary USB-drive. So, it is not a web-service like the ones that were mentioned before. The hardware crypto wallets are usually called “cold”. It is independent of the Internet connection. All private wallet keys are secured in the specially designated area of the secured microcontroller. The price for this wallet starts from $45, and it may be a good and preferable solution for substantial crypto amounts.

Mobile

Users may find this wallet especially convenient. You may carry out any crypto transactions 24/7 where and when you find this is suitable. You need to have a stable Internet connection only. The payment verification procedure is straightforward and simple here. Still, this wallet is associated with virus and phishing threats.

Multicurrency

This wallet enables you to store, send, and withdraw an enormous number of cryptocurrencies. The main drawback this wallet may have is related to a security issue as different types of assets have to be held in separate accounts. In the case of the small amount, it may be easy to store and manage such. If you search for a good example of the multicurrency wallet, BitMarket Network Wallet may easily appear as one of this kind. It is safe and provides open access to its source code.

Summary

We have accustomed to go an extra mile for our customers to make their experience with us more convenient, safe, and effective from a time-cost perspective. In 2021, you can find this kind of service already. It emphasizes greatly the security of all transactions with cryptocurrencies and their diversity.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.



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