What is a blockchain wallet? Maybe that is indeed the best question to start with. A wallet is best described as that leather bound “fold-over” pouch you store things in. This can be your cash, credit cards and that photo of your first dream car that you are planning on buying when your bitcoin goes to $200k each.
Well, how do we explain the blockchain? It is a new database of the future. It is a platform that features Cryptocurrencies that reside in a wallet to exchange, utilize and redeem them. This is a virtual environment, that operates much like that wallet currently in your back pocket, but it exists in the data world.
Looking for the best way to upload CASH or FIAT (Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.) into Cryptocurrency? We use the blockchain wallet with COINBASE (we suggest you set this up! Its the best way to learn and earn more. You get $10 in BTC (Bitcoin) just for joining).
From there, there are several other wallets – all with set purposes and resources within blockchain, cryptocurrency and the growing digital future that is dawning for us all.
One such wallet is STAKEBASE. And when we break down this Wallet, you need to be sitting down. Take this in… and get ready to participate in something historic. STAKEBASE is a blockchain wallet and a fully functional “Staked Coin” haven. Here you can purchase and participate in “Staked Coins” within their exchange. This allows you to “Stake” coins and manage the process for you as well.
Blockchain Hacking
Blockchain “wallets” are said to not be hackable and tamper proof. No database system exists that can not be hacked into! Because of this, a crypto currency hack would have to involve more computers than the Crypto system itself is using. Doing this has made it impractical so far. As technology advances, we will see!
Bitcoin has taken the world by storm, offering a currency alternative to the government-backed currencies we all know. many people argue that the digital currencies are easier, safer, and offer better privacy than our traditional currency. The value of Bitcoin compared to the U.S. dollar as well as other currencies has skyrocketed over the years. It has also shown up as an investment opportunity as well.
Before you put any of your money into Bitcoin or any other cryptocurrency, it is very important to understand the risks. Bitcoin could easily double in value over the next few years. But, also, it could just as easily drop to near zero in value. Only put in what you can afford to lose. This is because there is a chance you won’t get it back. If you understand the risks and you’re ready to move forward, any of these best Bitcoin wallets should have you covered.
Best Overall: Coinbase
Coinbase is one of the easiest ways to buy, sell, and hold cryptocurrencies. With Coinbase, you can connect to a U.S. bank account and easily transfer dollars in or out of your wallet. You can use those dollars, or transfer in new ones, to buy and sell. In addition to Bitcoin, Coinbase currently supports Bitcoin Cash, Ethereum, and Litecoin. There are constant rumors of additional currencies may get support from Coinbase as well.
The big upside of Coinbase is its’ ease of use. That is offset with some worries about security. Mt. Gox was at one point the dominant platform for Bitcoin and other currencies. That is until it was hacked and lost nearly half a billion dollars in user currency. But Coinbase did learn from Mt. Gox’s loss, and has very firm security in place. Because of this action, there are regular updates that improve the entire user experience.
Best for Security: Trezor
Trezor isn’t a buying and selling platform like Coinbase is. Instead, it is simply a place to store your Bitcoin. Trezor is a physical device that plugs into your computer, tablet or phone to access your coins. The Trezor wallet works with multiple currencies and also works as a password manager. This allows it to be two-factor authentication device and a rather useful tool.
This wallet offers some protections against lost passwords and lost devices. But,you should learn from other’s hard lessons and make sure that never, ever happens. The entire point of this digital Bitcoin wallet is to keep others from stealing your Bitcoin. So, just assume the recovery process is not necessarily an easy one.
Best for Desktop: Electrum
Electrum is a software wallet. This means your Bitcoin is stored in a set of encrypted files on your laptop or desktop computer. It is currently available for Windows, Mac OS X, Linux, Python, and Android. Electrum can also work with some physical wallets. A, it has a little flexibility compared to just using a hardware wallet like Trezor.
It’s big benefit is that you can quickly get up and running and store your Bitcoin on your own computer. But, if you have a computer crash, is lost in a fire, gets hacked or corrupted, you could lose your coins. The app does support a recovery process and allows you to create a physical “cold storage” with a printed or handwritten set of keys.
Best Online: Blockchain
Blockchain is the technology that allows Bitcoin and other digital currencies to exist. The Blockchain wallet is similar to Coinbase in that it is an online wallet. Therefore, you can buy and sell directly through the platform in more than 35 countries.
Blockchain also allows you to send and receive cryptocurrencies for a small fee. This includes Bitcoin, Bitcoin Cash, Ethereum, Stellar Lumens, and more. To keep your wallet safe, Blockchain operates on three key security features: email verification, two-factor authentication, and a back-up security phrase. Blockchain backs up your funds for added security.
Best for Free Buying and Selling: Robinhood
Robinhood started life as a free stock trading platform. It has expanded from there to include support for options and other investments. This includes cryptocurrencies such as Bitcoin. Robinhood is both a wallet and an exchange like Coinbase. This makes life much easier as everything is in one place. However, you can’t currently transfer coins to and from Robinhood with another wallet.
Robinhood is a mobile-first platform, but has a desktop version for many of its stock trading customers. And, what really sets Robinhood apart is the FREE COST. There are no commissions when buying or selling Bitcoin, just like stocks on the platform. Some may argue it is less secure for reasons we already discussed, but if it is secure enough for your stocks, it is most likely secure enough for your Crypto coins.
Best for Intuitive Desktop Use: Exodus
Exodus is a software wallet like Electrum. But, it is much more beautiful and intuitive to use. It offers similar benefits like security but looks a lot different. The desktop-only, Trezor-integrated wallet turns your digital currencies, Bitcoin and many others, into a portfolio. This comes with graphs and charts. You can exchange and store coins right in the app also.
There is no account setup, so your currency and wallet are just yous. Be careful with that computer! But ,also know that Exodus includes private key encryption and other useful security tools. Thanks to the portfolio and graphic views, it is great for anyone with a background in investing who wants to make the jump to digital currency.
Best for Mobile: Mycelium
Mycelium is a mobile-only Bitcoin wallet. This comes with Android and iPhone versions as well.. Mycelium is known for being a bit more complicated to use than some other Bitcoin wallets. But, advanced users should be just fine navigating the experience.
There is no desktop interface. But, Mycelium boasts “bank-grade security” for its mobile app, which can be integrated with third parties such as Trezor. It also allows for anonymity and keeps your Bitcoin in your pocket or bag pretty much everywhere you go.