For veteran crypto enthusiasts, it’s hard to believe there are mainstream conversations about cryptocurrency every day but that’s the case. Everyone from teens to grandmothers is interested in this revolutionary financial technology. Along with this demand in users came an increase in product variety as well. For example, Bitcoin wallets used to be nothing but a key phrase and a piece of paper. In 2021 however, crypto wallets have evolved beyond anyone’s wildest imagination. So let’s take some time and compare some of the best BTC wallets out there and see which one’s best for you.
If you’re just now getting into cryptocurrency, then congratulations (you’re still early). It will take some time for you to get accustomed to new habits so why make it hard on yourself? The Exodus crypto wallet is an extremely user-friendly wallet that’s perfect for beginners. Exodus features a clean interface and built-in exchange capabilities so you can quickly exchange digital currency without leaving the app.
In addition, Exodus has a fantastic customer support team ready to answer any questions for crypto noobies. With over 100 cryptocurrencies on the app, it’s versatile enough to store, send, receive and exchange all the most popular cryptocurrencies on the market. Advanced users may get a little frustrated with Exodus though.
Exodus is not open source, meaning no one can see the code behind the wallet. This is a concern for some advanced users who know security issues are extremely important in this industry. Exodus wallet users only have one option for security and that’s relying on the Exodus team instead of being able to see the code and determine if there are any weak spots. All that being said, Exodus is a perfectly fine option for the majority of casual crypto fans.
Unlike Exodus which is an online, hot wallet, Ledger is a cold storage, hardware wallet that is the best option for safe and secure cryptocurrency storage. Ledger is a French company with a great reputation in the industry. The Ledger Nano S was the very first hardware crypto wallet and many use it as their primary option to store large amounts of cryptocurrency off of (sometimes) risky exchanges and hot wallets.
Ledger hardware wallets are not online. They must be physically plugged into a computer or connected via Bluetooth can access the contents. The hardware wallet is protected by a PIN and seed phrase. Hence, the only way for someone to steal funds from a Ledger is if they steal the physical device, and know your seed phrase or PIN.
For transparency, Ledger Wallets come with a Ledger Live app so users can see their various cryptocurrencies, transaction, price history in addition to accessing other features like staking, swapping, and more. The Ledger Nano X and Nano S are both worth checking out if you’re a big fan of security.
YouHodler represents a wave of new bitcoin wallets that go above and beyond what a normal crypto wallet can do. Typically, wallets are meant for storing, sending, and receiving and that’s pretty much it. YouHodler however was a full suite of deluxe services to help HODLers keep HODLing safely and securely while also giving them plenty of opportunities to trade and multiply their crypto.
Here is the full range of features on the YouHodler wallet:
Unlike Exodus, YouHodler users a mixture of hot and cold wallet storage to ensure maximum security. The company started in 2018 and has never been hacked due to its team hosting 3rd party security audits regularly. In addition, YouHodler uses Ledger Vault’s pooled-crime insurance which protects $150 million worth of funds in the event of a criminal attack on the platform.
Multi HODL, as mentioned earlier, is perhaps the shining star of this wallet. No other Bitcoin wallet has a feature like this. Multi HODL is essentially an easy way to long or short the market using loans. Users first pick a cryptocurrency from their wallet, choose a direction they think the price will move in, and then choose a multiplier level (up to x30 in some cases). If they guess the right direction, they multiply their crypto balance. It’s a really fun and efficient way to play with the various movements on the market.
Electrum is a wallet made for Bitcoin purists, by Bitcoin purists. It first hit the market in 2011 and hasn’t really altered that much since. Everything about Electrum screams “Bitcoin maximalist.” From its super simple interface that’s only dedicated to Bitcoin to its open-source nature, this wallet has everything a Bitcoin maxi will love. You can even choose your own translation fees.
That being said, the advanced options on this app may be a bit overwhelming for brand new users but it does have some nice security features like 2FA, PINs, and passphrase to help keep things safe. Of course, the major downside to this wallet is that it’s only for Bitcoin and nothing else. Also, you won’t find amazing customer service here like you would with YouHodler or Exodus. In fact, you won’t find any customer support at all.
The Bitcoin wallets mentioned above are a great mix of user-friendless, security, convenience, and innovation. Every cryptocurrency enthusiast has different motivations behind their actions. Hence, it’s important to try all different options to see which one works best for you.
This article is merely a guide to give you some suggestions. Ideally, you should do your own research and try each option yourself. As crypto becomes a more permanent part of our daily lives, bitcoin wallets will become just as useful as your everyday, leather wallet. So the sooner you find a crypto wallet you like, the easier it will be for you later.