7 top Cryptocurrency Wallets you need to know
Cryptocurrencies are the most sought-after means of exchange in the world and even Elon Musk one of the richest men in the world is using cryptocurrencies especially bitcoin.
Cryptocurrencies are also known as electronic money and it is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
As of the time of writing this article, there are more than twenty (2000) cryptocurrencies available in the world and some are still coming out also as at the time of writing this.
Before we proceed to list the types of wallets that one should use, it is important to take note of some definitions like the definition of a wallet and types of wallets.
Wallet: A wallet is a means of storing your cryptocurrencies and some wallets are multi wallets while some are good for storing only one cryptocurrency. A wallet can either be cold or hot and a cold wallet is an offline wallet and this does not need a network connection to operate it while a hot wallet needs a network connection to operate it.
Wallet Address: Every wallet has an address that one can use to send payments and it can be likened to the account number of an account that one can use to send money to that account. Wallet address can change at any time and the frequency depends on the Wallet you are using.
Recovery Key: A recovery key is a set of keys mostly short phrases that one can use to recover his/her account once the password is forgotten.
Examples of cryptocurrencies are bitcoin, bitcoin cash, dogecoin, binance, litecoin amongst others.
7 top Cryptocurrency Wallets
The following are the types of cryptocurrencies that you can use to store your cryptocurrencies:
Blockchain: Blockchain is the most popular cryptocurrency wallet and it ranks first in the world and it is used by a lot of bitcoin exchanges. Bitcoin is a multi-wallet and some of the cryptocurrencies that you can store with blockchain are bitcoin, bitcoincash, XRP, and Ether.
Blockchain has a chart of the current prices of the various cryptocurrencies that it supports and you can also exchange your bitcoins for dollars on blockchain but you would have to pay a huge transaction fee
Coinbase: Coinbase is a cryptocurrency wallet that was created in the year 2012 by Bria Armstrong, and Fred Ehrsam, and the company was named after the coinbase transaction. Coinbase supports the following cryptocurrencies bitcoin, bitcoincash, ethereum classic, ether, and litecoin. Coinbase also has a means by which people can exchange their cryptocurrencies for money but also note that the charges might be higher than usual and coinbase is supported in more than 25 countries including Nigeria.
Exodus: Exodus wallet is my favourite wallet and this is due to a lot of features that it has not common in other wallets. Exodus wallet is a crypto wallet that was created in the year 2015 by JP Richardson and Daniel Castagnoli. Exodus wallet is available for both Desktop and mobile devices and it supports over 20 cryptocurrencies. Exodus wallet also has a conversion table where the amount of your crypto in dollars is estimated at any particular time and each cryptocurrency has its own unique wallet address so the safety of your cryptocurrency is assured. Exodus is available on windows playstore and apple store and it has a rating of 4.8 and 4.7 respectively.
XAPO Wallet: XAPO is a very popular online crypto wallet and it is registered and incorporated in Gibraltar with NO 118088 and is a licensed company. XAPO is very strict with its security and there is a page that shows all the transactions or transfers done on the application.
Paxful Wallet: Paxful is a new cryptocurrency wallet that supports a lot of cryptocurrencies and they have a lot of payment options especially for those in Nigeria. The various means of payment supported for Nigerians are Bank transfer, MTN mobile money, Chipper Cash, perfect money, and cash deposit to banks. Paxful supports over 300 payment platforms and this is one of the largest for a cryptocurrency wallet.
Metamask: Metamask is a cryptocurrency wallet developed by Consen Software Inc and it is used to mainly store ethereum. Metamsk was created in 2016 and it is available on the IOS and Android operating software and it can also be installed on your chrome browser. Metamask is a new kid in the block but with time, it might grow to become one of the biggest ethereum wallets.
TrustWallet: Trustwallet is a multi-cryptocurrency wallet that was developed by DApps and it can store a lot of cryptocurrencies of which some are mentioned below:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Litecoin (LTC)
- Ripple (XRP)
- Polkadot (DOT)
- Stellar (XLM)
- Dogecoin (DOGE)
- Smartchain (BNB)
- Dash (DASH)
- TRON (TRX)
- Tezos (XTZ)
- Cosmos (ATOM)
- Kava (KAVA)
Other wallets exist but these few are the trustworthy ones that we can vouch for any day and any time. If you want to sign up for alternative ones, then please ensure that the customer service is top-notch because that is an underrated aspect.