What is Bitcoin?

Bitcoin is a decentralized, digital currency. Unlike other currencies, it does not have any form of physical representation, such as coins or paper notes. One of the key features of bitcoin is its decentralization – it is completely controlled by its users and miners around the world and not a central authority like banks and governments. It was first introduced to the world in 2008 by a mysterious programmer, Satoshi Nakamoto – whose real identity is still unknown.

Bitcoin is actually a software that everyone can download for free from bitcoin.org. Once you have this software installed on your computer or mobile device, it will connect to the bitcoin network and begin downloading blocks of data (called the blockchain). This is basically a public ledger that contains all the transactions ever made using bitcoin, and when new transactions take place, they are added to the blockchain.

Each block in the blockchain can contain 1Mb of data about recent transactions. The size of each block is part of the consensus rules for bitcoin – this means that everyone who uses bitcoin has agreed to the same blockchain.

The transaction data in each block is cryptographically signed so that transactions are secure and cannot be tampered with later on. Every block in the blockchain contains the hash of its previous block so, it is dependent on all previous blocks for its existence.

Basic things you should know first about Bitcoins

Although Bitcoin has been passed a decade, it is a new thing to many peoples basically who is not connected to the modern world. There are many peoples who is investing in Bitcoins to make money Bitcoin. These investments are popular among families who use technology a lot.

Some people argue that cryptocurrencies are safer and easier than traditional currencies. Bitcoin is among them. You will be surprised to know that, currently, the PayPal app can sell, buy, or hold crypto coins like Bitcoin in its wallet. But you should keep in your mind that, of course, these investments are risky.

Bitcoin wallets are where people store their bitcoins. They are password protected to stop other people from getting access.

This article will try to find out the best Bitcoin wallet for the major cryptocurrency Bitcoin. Let's start with Coinbase.

Coinbase wallet for the Bitcoin

Coinbase is one of the best cryptocurrency wallets in the cryptocurrency world. Where users can buy, sell, and hold their cryptocurrencies, including Bitcoin. With Coinbase, you can transfer money in or out of your account. Users are also eligible to use it on their mobile phones.

This is a digital site that lets you buy and sell coins. It can be used to trade currencies. There are over 60 different kinds of coins that you can buy or sell with this site. This coin is pegged to the dollar. Some coins earn interest too!

Coinbase might charge you too much for transactions. There are transaction fees, plus the currency conversion fee. These can add up. They also sometimes have problems that make it hard to buy or sell.

Pros of the Coinbase wallet

·         It's very easy to get started with the wallet.

·         Most trusted and well-known crypto wallet ever.

·         Most secure wallet ever until this day.

·         Most valuable tokens are available.

Cons of the Coinbase wallet

·         The transaction fees are high than other crypto wallets.

·         There were downtime incidents that happened.

·         Most of the customers joined with them so, sometimes the server goes down.

Trezor wallet for Bitcoin

The Trezor One is a device that helps you keep your money safe. You can use it to help protect your money, and it supports over 1,500 different coins. There is another version or Model available from Trezor which is more expensive they called it Model T. The Model T will help you more secure your money.

The hardware wallet of Trezor is used to store your digital coins like Bitcoin while you are not connected to the internet. There is a small screen available on the Trezor hardware wallet, you can see the connection or transaction on the screen. If you are interested in the Trezor wallet you can buy the basic one for $60 and the high-level value Model T for $194.

Please don't lose your Trezor and its recovery information. If you do, then your bitcoins will be lost.

Pros of the Trezor wallet

·         The Trezor wallet is ultra-secure offline storage.

·         Most supported cryptocurrencies over 1500.

·         A touchscreen is available on the special Model T that makes it easier.

·         Trezor is a hardware wallet, and it’s always safe than hot wallets.

Cons of the Trezor wallet

·         It won't be very clear for newbies during setup.

·         Need to buy first to use the wallet services.

·         If the device destructed, your coins could be lost.

The Ledger Nano wallet for Bitcoin

There are two versions of the wallet Ledger Nano X and S both are very small and we can carry the device in our pocket. You can use them to connect to your phone or computer so you can tell if something happens with your bitcoin account. The device is made out of steel, which makes it very strong.

Ledger Live is software that you put on your laptop. It has an app for your phone. Users are eligible to see their balance with the device also they can send it while needed. Ledger supports over 1,800 different kinds of coins and tokens.

The Ledger Nano S costs $59. You can use this to store up to three apps at the same time. If you want to store more apps, you can buy the Ledger Nano X, which costs $119 and lets you save up to 100 apps simultaneously.

Pros of the Ledger Nano wallet

·         Offline storage is available, which makes it more secure.

·         All major cryptocurrencies are available.

·         Multi platforms supported

·         It can be used from smartphones.

Cons of the Ledger Nano wallet

·         A complex setup system for beginners.

·         Need to buy the wallet before using it.

·         Some extra disturbances need to face while loading Bitcoins into the wallet.

Robinhood wallet for Bitcoin

Robinhood started as a free stock trading platform for people to trade stocks. But now it has other things too, like Bitcoin. For example, Robinhood lets you store your coins in its wallet or buy them on the exchange.

Robinhood is a platform that you can use on your phone and the web. It is free to use and does not charge any fees for buying or selling Bitcoin. Currently, users of the wallet can buy or sell Bitcoins and 6 other crypto coins in their wallet.

Robinhood has had outages in the past. As a result, it may not be as reliable as other wallets.

Pros of the Robinhood wallet

·         There is no transaction cost for users.

·         A very short wallet to get started.

·         Trader-friendly charts will help you to use them frequently.

Cons of the Robinhood wallet

·         There was a downtime history available of the wallet.

·         Do not support all of the major cryptocurrencies.

·         Not secure than other hardware wallets.

Mycelium wallet for Bitcoin

Mycelium is a popular wallet for cryptocurrency. The authority said they designed the wallet for newbies who are not familiar with cryptos. On the other hand, it works well for experienced crypto enthusiasts who want features like QR-code-based payments and offline storage and control over their private keys.

Mycelium can do anything you need in crypto. That means you are eligible to trade, send or receive bitcoins and other cryptos in your wallet with your smartphone. Mycelium is free to install and use, but there might be fees if you use exchanges to send money.

Pros of the Mycelium wallet

·         Do not need to buy it before using it.

·         Cold storage is available, which makes it more secure.

·         Allow making payments and transfers.

·         Very fast online wallet.

Cons of the Mycelium wallet

·         It could not be very clear for newbies who are not experienced in cryptocurrency transactions.

·         Two-factor authentications are not available.

·         Not trusted than other wallets.

Exodus wallet for Bitcoin

Basically, it is a hot wallet or software which can be installed on your computer. This digital wallet has an attractive user interface for investors with many investor-focused tools.

There is a desktop and an app that is used to store cryptos like Bitcoin. You can also exchange different coins and look at charts about how much they are worth. This app is called the "desktop-first wallet."

You will not be asked for any account so there is no chance to access it by others it is all is yours. The company will give you a private key, you have to use the key to access your bitcoins. But you need to make a backup of the key in case something bad happens with your computer.

Pros of the Exodus wallet

·         A very fast desktop wallet.

·         Supports all major cryptocurrencies with over 100 assets.

·         The wallet is integrated with the Trezor wallet.

Cons of the Exodus wallet

·         For most modern security features, two-factor authentication is not available.

·         Some disturbances are available while making transactions.

How can I choose a bitcoin wallet?

There are many different kinds. Make sure to pick one that is right for you.

A lot of Bitcoin wallets have existed in the market. We are not here to highlight specific wallets because it is depending on the user's weather, how they will feel, and how the technology supports it totally depended on a user. But three main types of wallets are used in this era:

-Hardware wallets are digital devices that store your private keys in an offline environment.

-Desktop, mobile or online wallets store your private keys

Beginners:

When you are a beginner, you should focus on very low transaction fees wallets. SoFi, Robinhood, and Coinbase are the best ones to choose from if you do not have much experience investing. If you have a lot of experience in this area, then Robinhood, Exodus, and SoFi are good choices.

Experienced guys:

A hardware wallet is the best way to keep money safe. People who are very familiar with computers should not have any trouble with the extra steps. Trezor and Ledger are both good choices for this group.

Serious enthusiasts:

A cryptocurrency wallet is a place that holds your money. One way to keep your money safer is to have a dedicated one that does not help other people find you. Another is to have a different kind of wallet, which can be a better option for some people. Some good ones are Coinbase, Trezor, Ledger Nano S and X.

Conclusion

Here we have tried to cover five major cryptocurrency wallets that are most known in the crypto world. Without them, there are many cryptocurrency wallets also available like Coinmama, Metamask, Guarda, Gemini, Coinsmart, Paxful, Coinkite, FTX, CEX.io, Change, bitFlyer, Bitfinex, By bit, etc. These wallets are also offering good services all over the world. We are not recommending any specific wallet; we are just trying to help users choose the wallet by knowing the pros and cons. Our advice to the readers before getting started with a wallet is that users should know everything about the wallet. Already we have talked about many things here, the most important point is there is no central authority so it will be risky for users until there is no central authority.