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Bitcoin is one of the most popular and the first cryptocurrency. Since its introduction in 2009, Bitcoin sparks up the word ‘Blockchain’ or ‘Crypto’ in people’s minds.
Bitcoin is indeed extremely volatile, but one Bitcoin is still worth USD 32,700 approximately. Cryptocurrencies like Bitcoin need to be mined. This implies that you need to solve a mathematical equation or a problem, and as a reward, a certain amount of Bitcoin is rewarded.
It is currently extremely tough to mine Bitcoins as a lot of people already mined them and have stored them carefully. Now, if you get your hands on some amount of Bitcoin, where do you keep it? There are specific wallets that are specifically designed to store cryptocurrencies like Bitcoin.
Some wallets offer more safety and other features like storing more than one type of crypto-currencies.
Now, let’s see some of the most popular and best Bitcoin Wallets.
Best Bitcoin Wallets
Exodus
Exodus is one of the popular desktop and mobile wallets. This comes in a straightforward and understandable user interface.
Exodus comes with a very admirable feature that allows its users to swap between many cryptocurrencies. This wallet currently provides over a hundred different cryptocurrencies.
Due to its simplistic user interface, it is compatible with beginners too. This is essential as the market, as a whole, is very confusing.
Let’s see some of the pros and cons of Exodus.
Pros:
- Supports a wide range of cryptocurrencies
- It comes with a built-in exchange system, where users can convert their cryptocurrencies into their choice currencies.
- Excellent customer support, who guided you through any problem.
Cons:
- A closed source software
Electrum
Electrum is one of the earlier Bitcoin wallets, which was released to the public in 2011. The user interface has only gone through minor changes since then. Even though the UI is not that satisfactory and is only available for Bitcoin, it provides complete Bitcoin flexibility.
Due to its confusing interface design, Electrum suits for advanced users who have prior knowledge of Bitcoin and Bitcoin wallets.
Electrum is open source and allows the users to set a specific transaction fee too.
Now let’s see some of the pros and cons of Electrum.
Pros
- Provides customizable transaction fees
- Provides a sturdier security system than other wallets.
Cons
- A very complicated user interface
- Available only for Bitcoin and doesn’t support other cryptocurrencies.
- Does not provide any customer support
Mycelium
Mycelium is yet another open-source and mobile-only Bitcoin wallet. Mycelium currently only supports Bitcoin. We can say that this is similar to Electrum but can be accessed mobile-only.
Mycelium comes with a straightforward and smooth user interface, making it easier for the users to understand.
Mycelium also offers a built-in exchange system, where users can convert their bitcoins to other currencies.
Here are some of the pros and cons of Mycelium.
Pros:
- Offers customizable transaction fees
- It comes with the ability to use hardware wallets.
- Mycelium is completely open-source software.
Cons:
- It can be accessed mobile-only.
- Currently only supports Bitcoin.
- Beginners may find it challenging to use Mycelium.
Trezor Model T
Trezor is one of the most popular crypto wallets. The Trezor Model T is one of the second generation hardware wallets, which were recently created. Trezor has a very interactive and simple user interface. This wallet supports more than 1,500 cryptocurrencies.
One of the other exciting features of this wallet is that it gives the users the ability to access other third-party exchange centers like Shapeshift. But, this comes with a catch, as the Trezor Model T comes with a hefty price tag.
The Model T comes with a touch interface, which makes it easier for beginners to understand. Now, let’s look at some pros and cons of the Trezor Model T.
Pros
- A web-based user interfaces with built-in exchanges.
- Supports a wide range of cryptocurrencies.
- Provides unlimited wallet storage.
Cons
- The price of the Model T is exceptionally high.
- A small device, which makes it challenging for the users to access.
- Using it is a confusing endeavor for a beginner.