As we make our way into the roaring 20s; all anticipation for flying cars as seen in “Back to the Future” has been abandoned. But despite that letdown, we have smarter banking options such as cryptocurrencies which use advanced blockchain technology to provide us with digital currency.
The demand for better cryptocurrency wallets is ridiculously high because of the growing cases of crypto exchanges getting hacked. Hence, we have compiled a list of the best cryptocurrency wallets to keep an eye out for in 2020 to help you keep the funds in your wallet secure and away from hackers.
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Table of Contents
Coinbase
Coinbase is the most comfortable way an individual can hold and handle cryptocurrencies, making it a highly recommended digital wallet. It has a straightforward process of connecting to one’s bank account to move money in and out of your digital wallet. Praise for the ease with which an individual can use Coinbase is heard far and wide, it has an overall positive review in the market.
Despite the praise, Coinbase still has its downsides and has continued to work harder, learning from their past mistakes. Coinbase is backed up by a reliable security system, and with the help of regular updates, it never fails to cater to the needs of their clients.
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Trezor
Comparison of Trezor to a USB is standard, because of the function of being a place to store your Bitcoin. Trezor operates on a “Zero Trust Approach” that completely takes any form of third party out of the picture. It has been awarded as being one of the best multiple cryptocurrency wallets in the market.
The pros of Trezor is that it is password protected to keep your Bitcoin safe, and the recovery process is a tough one as the individual is provided with recovery seed. Trezor is physical hardware which limits the communication between multiple devices; potential users should pay attention to this con.
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Electrum
Electrum is a digital software wallet that stores your Bitcoin in encrypted files on your laptop. It is more flexible wallet compared to the others in the market. It is easy to adapt to because of the software’s intuitive interface and have running in no time.
Also, It uses the Simple Payment verification method, which helps verify the transactions in the span of a few seconds. It has a very secure database as it has two levels of encryption to protect your money.
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Exodus
Exodus is a desktop-only software wallet that supports several different cryptocurrencies; an estimate of thirty plus cryptocurrencies has been given. This desktop-only software converts your digital currencies into a portfolio, complete with graphs and charts. Exodus has an excellent interface, thus receiving the title of the best digital cryptocurrency wallet by comparison to the others. Despite all the positive reviews, there have been several security concerns raised due to the absence of two-factor authentication.
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Robinhood
Beginning as a free stock exchange platform, Robinhood later expanded cryptocurrency wallets such as Bitcoin. It is a mobile run platform that is easily accessible and adaptable. What sets Robinhood apart from the other cryptocurrency wallets is the fact that it is entirely free. Unlike other wallets, there are no commissions to be paid while buying or selling Bitcoin.
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Blockchain
Blockchain is a technology that allows the exchange of digital currencies such as Bitcoin to exist. And Blockchain is similar to Coinbase in terms of it being a platform where you can buy or sell directly without the involvement of a third party.
This online wallet allows the individual to send or receive currency for the cost of a small fee. Users praise Blockchain for its security system that consists of the technology recommending the completion of the three key features in your account. The three key features include the email verification, two-factor authentication and a back-up security phrase. It also backs up the client’s funds apart from the elaborate security protocol in place.
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Mycellum
Mycellum is a Bitcoin wallet entirely dedicated to the mobile, available for both Android and the iPhone platforms. It is known for its complexity; it has been dub to be challenging to use when compared to the other Bitcoin wallets present in the market.
Mycellum claims to have “bank-grade security” for their mobile-only platform, which causes some suspicion in potential clients. It is one of the few digital currency platforms that grant its users with the choice of anonymity. As it is a mobile-only platform, it allows the individual to take their funds with them everywhere they go.
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Final Words
In a world full of options, it is essential to choose the right one. Investing in Bitcoin comes with its share of ups and downs. To help navigate this puzzle of digital currencies, we have compiled a list of best cryptocurrency wallets of 2020.
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