Best Bitcoin Wallets in 2020
Virtual currencies like Bitcoins have made great progress in the past few years. One of the great ways to send and receive payment without any need for intermediaries is Bitcoins. It’s a great choice for freelancers who want to receive payments from abroad. It is also helpful in receiving remittance securely from different countries. Many brands like Microsoft, Burger King, KFC, and Twitch have started accepting Bitcoins as a mode of payment .
Bitcoins are gaining popularity among Millennials for their ease of use, low transaction cost, International acceptance, and security. Apart from that, Bitcoins are also showing to be one of the best ways to invest your money. According to Data , the Cryptocurrency market was valued at USD 1.03 Billion and is expected to reach USD 1.40 Billion in 2024. A CAGR growth of 6.18%. The crypto market has a total market capitalization of over $ 155 Billion in March 2020 and Bitcoins make up to 63.8% of cryptocurrencies market value.
If you are new to Cryptocurrency then a Bitcoin wallet should be the first thing to have to make the transaction possible. Bitcoin’s wallet is a software program which facilitates the transactions to provide the ownership of Bitcoins to the user. Quite similar to a physical wallet in terms of storing the wealth, the bitcoin wallet is used to store digital currency. A bitcoin wallet is helpful if you want to make or receive payment to someone internationally without exposing your data.
There are many different types of bitcoin wallets available including Paper wallets, Desktop wallets, Mobile wallets, hardware wallets, etc. It might be complicated to find the best cryptocurrency wallets which provide all-important services and are also secure. To ease your search here is the list of best cryptocurrency wallets –
Exodus
Exodus is one of the best closed source cryptocurrency wallets when it comes to ease of use and interface. Designed by JP Richardson and Daniel Castagnoli, It is known by many to be as beginner-friendly due to how intuitive it is. Exodus can trade with a large number of cryptocurrencies. It is easy to swap between over 100 different cryptocurrencies on Exodus.
Cryptocurrencies like Bitcoin(BTC), Bitcoin Cash (BTH), Bitcoin Gold (BTG), Ethereum (ETH), Augur (REP), and Civic (CVC) are some of the examples of cryptocurrencies available to trade on the platform.
The Exodus wallet has an inbuilt trading system and easy to read portfolio to make it easier for beginners who are new to cryptocurrency. It also has a backup system, so that you can retrieve your data if your device is lost, stolen, or damaged.
Electrum Wallet
Electrum is one of the oldest Cryptocurrency wallets which is still existing even today. Electrum is a great Bitcoin wallet if you are more advanced into Bitcoins. This wallet deals only with one cryptocurrency transaction which is Bitcoins. Being an open-source wallet, it has many more options than a closed source wallet. First and foremost, it lets you set the level of security you want for your Bitcoin wallet. You can also set your custom transaction fees which are not possible in closed source wallets. Due to all the aforementioned reasons, Electrum makes a great choice for those who make security as their priority.
Bitamp
Bitamp is a great open-source and free wallet which is also intuitive and full of features. If you are a beginner and only want to receive and send money in Bitcoin, Bitamp would be a great choice for you. Bitamp currently supports only one cryptocurrency and that is Bitcoin. However, the trading platform is fairly new and it might be possible in the future that more types of cryptocurrencies can be added.
The main advantage of Bitamp is that it is web-based. You can access it from any device which has an internet connection and a web browser. It is also easy to make an account on this platform. This makes Bitamp a compact, beginner-friendly, and accessible Wallet for Bitcoins.
Mycelium
Mycelium is one of the most popular mobile-based Bitcoin Wallets available. It has a respectable rating of 4.2 of Google play store and over 1 Million Downloads. Mycelium is one of the oldest open-source wallets. Founded as an android app in 2013 it went through many changes in its interface and features to suit the needs of users. Now it supports both Android and ios platforms alike.
Mycelium is an open-source software which means you get all the privileges like the ability to set custom transaction fees and set your level of security like two-way authentication. Currently, mycelium only works with Bitcoins. It also has many great inbuilt features like support for hardware wallets and an inbuilt exchange system.
Ledger Nano X
Ledger Nano X is the first hardware cryptocurrency wallet that we have included in our list. The reason being, it stands out from other hardware wallets. It has a wide range of over 1500 cryptocurrencies to choose from. Ledger is a French company that is known for its work in the cryptocurrency realm. It was founded in 2014 and is a leader in online security services.
The elegant Ledger Nano X is an open-source cryptocurrency wallet that matches a USB drive. It can be connected to your mobile phones and desktops alike. This feature makes it much more intuitive to use. After you purchase it, you have to download Ledger Live which is a supported software and helps to control the device.
Best Bitcoin Wallet in 2020 Conclusion
Cryptocurrency is in trend nowadays. More people are willing to trade in cryptocurrency than ever before. Cryptocurrencies like Bitcoins make a secure option for freelancers and other businesses to receive the payment. It is important to choose the right and well-known wallet which has a good number of security features for your transaction. The above mentioned Cryptocurrency wallets will help you to find the best wallet for your need which is feature-rich and intuitive to use. Make sure you choose an open-source cryptocurrency wallet if security is your main concern.
Author Bio: Hitesh is a digital marketing strategist and entrepreneur with more than 15 years of experience in digital marketing, start-ups, branding, and customer acquisition strategies. Hitesh is the CEO and Founder of Reposition Group, which specialises in digital growth strategies for companies in the cryptocurrency market such as Bitamp.com.