It is crucial to have a safe place to store your keys.
Not your keys… not your coins.
Like a physical wallet, bitcoin wallets come in various shapes, sizes, and preferences.
These bitcoin wallets are incredibly secure and require multiple passwords and keys to access them. The keys to access your bitcoin are stored in the wallet.
There are a variety of different bitcoin wallets to choose from, such as an app or website. Let’s take a look at some of the best on the market today.
Crypto Wallet for Beginners
Exodus Wallet
Send, receive & exchange cryptocurrency with ease. Desktop and mobile software wallets.
- Earn interest with ‘apps’ that add more functionality to wallet
- Built-in Exchange (how they make money)
- Sync Exodus desktop app with IOS and Android mobile apps
- Manage crypto assets in Exodus securely from your Trezor hardware wallet
Visit Bitcoin.org to find a Bitcoin wallet to store your Bitcoin. Browse by needs, device and operating system.
Hardware Wallets
Hardware wallets are an external device used specifically to store bitcoin.
These devices are extremely secure and will protect your currency from malware and other types of viruses that may exist on your computer.
Affiliate Disclaimer – We earn from qualifying purchases. Prices and currency conversions are subject to change.
Wallet Image | Brand Name | Price in $ CAD | Where to Buy |
 | $159 | ||
 | $240 | ||
 | $89 | ||
 | $750 | ||
 | $75 | ||
 | $75 |
A hardware wallet is essentially an external device that plugs into your device.
Because they are not constantly connected to the internet, these prove more secure and are less prone to hackers.
Therefore, hackers have no access to your private key as they would on a software wallet. For a hacker to enter your hardware wallet, they would have to have the physical device in their possession to access the key.
Frequently Asked Questions About Hardware Wallets
What is the best bitcoin hardware wallet?
The best bitcoin hardware wallets are:
These two hardware wallets are the most trusted by bitcoin investors.
Can Hardware Wallets Be Hacked?
Yes. However, because the hackers need to physically steal the wallet for this to occur, it is extremely unlikely.
Are hardware wallets worth it?
Yes, they are worth it due to the high-security aspect and that they cannot be hacked, even when plugged into an infected computer.
Hot Wallets
Hot wallets are connected to the internet and are stored on computers, smartphones, and tablets. These are less secure than hardware wallets because your code is vulnerable to hackers.
These wallets are great if you value convenience, as your bitcoin will be available on almost any device connected to the internet. This is also the ideal way to store small amounts of bitcoin for frequent use.
However, if you are looking to store bitcoin in bulk, this may not be the best option for you, and a hardware wallet is likely your best option. Hot wallets are great for the convenience aspect; however, they leave a lot to be desired for security.
Frequently Asked Questions
Are hot wallets safe?
Although hot wallets have a key for keeping your currency secure, they are always vulnerable to hackers due to always being connected to a device with internet access.
Is Coinbase a hot wallet?
Yes, any digital wallet that is connected to the internet is considered to be a hot wallet.
How to Choose the Right Bitcoin & Cryptocurrency Wallet
If you’re new to the world of bitcoin, it can be difficult to decide which wallet best suits you. If you plan to invest or save your bitcoin for long periods, a hardware wallet may be ideal. If you regularly exchange bitcoin, enjoy added convenience, and a wallet free of charge, then a hot wallet may be best.
Both hardware and hot wallets are great for their various purposes, and each type of wallet is designed for different uses of digital currency. Often, hardware wallets are more for those who need security for long term storage, like a savings account, while hot wallets are similar to a checking account, where the money is constantly flowing.
Let’s take a look at how each wallet works.
How Does a Hardware Wallet Store Your Bitcoin?
A hardware wallet is a physical device that is plugged into your computer like a USB drive. This allows them only to be connected to the internet when plugged in and remain offline when unplugged.
When purchasing a hardware wallet, it is important to purchase one with a screen because it will translate data to you without plugging it in. The screen on a hardware wallet is often believed to be more accurate than the computer’s readings.
Here are some of the best hardware wallets for your bitcoin.
Ledger Nano X
The Nano X is one of the most secure wallets available and is one of the latest on the market. Because it is a high-end wallet, it includes a screen for an accurate key readout.
Trezor Model T
The Trezor Model T is an advanced cryptocurrency hardware wallet. Store Bitcoin, passwords, tokens and other keys with confidence. Invented for your digital independence.
How Does a Hot Wallet Store Your Bitcoin?
A hot wallet is always connected to the internet, which allows for convenience. However, this convenience is often sacrificed for security, as hot wallets are always vulnerable to hackers. These wallets are usually an app on your phone or installed on your desktop computer and store your key. It is best to use wallets that secure their wallets themselves instead of hiring a third party vendor.
Let’s check out some popular wallets for desktops and smartphones.
Desktop
Exodus
This is a great option, as the company takes security seriously, and their software is compatible with hardware wallets.
Electrum
This is a great option, as the company takes security seriously, and their software is compatible with hardware wallets.
Blockstream Green
This is one of the easiest wallets to use; however, it is not as secure as other similar options.
Smartphone
BRD
This open-source wallet is excellent for convenience and trading. It earns top marks for security as you manage your key, making it more secure than other comparable apps.
Edge
This is a convenient wallet for trading bitcoin. It has automatic backups making security a breeze.
Getting Started with Hardware Wallets
Both hardware and hot wallets have their advantages and disadvantages. It is crucial to choose the right wallet, for example, a hot wallet for trading and a hardware wallet for storage and investing.
It is essential to know what you will be doing with each type of wallet and how long you plan to store your bitcoin before investing. Hardware and hot wallets are both great options. However, it is a matter of personal preference and how often you move your bitcoin to invest and spend.
No matter which type of wallet you choose, both are viable options to keep your digital currency safe and secure.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
