We have come to the end of the year and among many other things, the crypto space continues to hold a steady ground. Funds are invested day in and day out to further the cause of cryptocurrency, and the blockchain technology has also made progress in leaps and bounds. It is thus, safe to state that cryptocurrency and blockchain technology shows no signs of slowing down in the years that shall follow.
Therefore, the wisest decision on our part would be to learn a bit about how to deal with cryptocurrencies in the safest ways possible and use the features that they come with to our advantage. Cryptocurrencies are rapidly spreading out in every aspect of our lives, and there shall come a time when they would become a household name, just like any other payment app.
Speaking of the safest ways of dealing in cryptocurrencies, especially that of Bitcoin (the first-ever cryptocurrency to be launched), crypto wallets are the best way to go about it. They ensure that your digital currency is safe and sound, and keeps a tab on the amount that comes in and goes out of it. We shall learn a bit more about what these are before we could move on to discuss the most secure Bitcoin apps that can help you ease your transactions involving this currency.
What Are Cryptocurrency Wallets?
The very first thing that you must understand about cryptocurrencies is that these digital currencies are decentralized in nature. This means that unlike traditional money, there are no intermediaries like banks and other financial institutions to keep tabs on the way transactions take place using cryptocurrencies. But, there are crypto (or Bitcoin, in this case) wallets that could be treated as an equivalent to a bank account.
Cryptocurrency wallets have safety pins that are only accessible to their users. These pins are responsible for the security of your digital currencies. In a nutshell, these little things are some sort of a storehouse for your private keys that give you access to the cryptocurrencies.
Types of Crypto/Bitcoin Wallets:
Now that we have spoken at length about the nature of Bitcoin wallets, it is time we talk a bit about the types that we have in the crypto space.
Hardware Wallets
You can treat one of these as a pen drive that needs to be connected to a computer for you to be able to spend the cryptocurrencies stored in it. If you were wondering which Bitcoin hardware wallets are the most secure, Ledger Nano X and Trezor T are the ones that you must go for. Ledger Nano X is easy-to-manage, and you can handle 23 crypto coins at a time in the most secure way possible. Also, you can win rewards that you can use securely later.
One of the greatest perks of having one of these is that you can keep your private keys secure from external threats, especially the ones from the internet. They also allow you to store your keys offline, which means that hackers cannot reach your coins. This is a feature that is unique to hardware wallets and one that is not found in other kinds.
Hot Wallets
These work on similar principles as the hardware ones in the sense that they need an internet-based system to operate. This means that you have to use a computer or a tablet, but with a stable internet connection to get the wallet working. This thus, by default means that the security is comparatively lesser than that of hardware wallets. Since there is no way to store the coins offline, hackers could have access to them as soon as they find an internet connection. But, that is a rarity. Crypto wallets are trusted by millions around the globe, owing to their sheer feature of providing security.
Now, speaking of the strengths, here are a few points to consider-
- They act as brilliant storehouses to small amounts of cryptocurrencies, especially that of Bitcoin
- Dealing in these cryptocurrencies using hot wallets is easy as ever
- Certain hot wallets also have the feature of allowing access throughout multiple devices
Bitcoin Apps That Can Ease Your Transactions:
We have spoken about the two broad divisions of Bitcoin wallets. And now it is time to talk a bit about the wallets/apps that android users can have on their phones for easy and quick transactions.
Samourai Wallet
The Samourai is hands-down the best android app meant for cryptocurrencies. No app has been able to knock it off from the topmost position so far due to the kind of security and comfort it provides. This app has been around for three years now, and its developers are working relentlessly to add more features to it to enhance its utility.
Mycelium
If there is any crypto app that could possibly replace the popularity of the Samourai app, it is Mycelium. This app comes with an instructions panel that comes immensely handy when you want to back-up your wallet. Also, the ease at which you can receive and make payments with this app is impressive and is what makes it so popular among Bitcoin users. Talking about Bitcoin apps, there are also payment gateways that are trustworthy and secure for transactions that involve cryptocurrencies.
Edge
Unlike the other two mentioned in this list, Edge is an app that can be used on iPhones and Androids alike. One of the most exciting features that set it apart from the others on this list is that it has the feature of automatic back-ups. Therefore, you do not have to fret over backing up your app manually. The app, besides various other features, takes care of this too.
Conclusion:
The apps we have mentioned in this article should be enough to help you make the right decisions regarding which Bitcoin app to go for when you consider investing in one of these currencies. However, it is crucial to understand that no matter which app you use, the onus of being safe and aware falls upon you.
