Which is the best wallet to store bitcoins, Ether or other cryptos?
Are you someone who is deeply interested to start buying/trading cryptocurrencies? First, let me congratulate you for your decision to enter into the world of cryptocurrencies. When compared with other investments like stocks, mutual funds etc, the crypto world is not regulated or controlled by a centralized system. But, slowly many governments are turning their attention towards the cryptos. And, many international merchants (like Overstock.com) are now accepting bitcoins and other cryptocurrency coins as payments.
Do you know? Besides, the most popular bitcoins and Ethereum, more than 1500 cryptocurrencies are available for trading. You can spend some time to study the market and choose the right cryptocurrency coin based on your budget. For example, if you cannot afford to buy 1 BTC, you have the option to even purchase 0.001 BTC. Not only for bitcoins but this concept of buying cryptocurrencies in fractional amount is applicable to any type of cryptocurrency coin like Ether, Litecoin, Dash and more.
Before buying the cryptocurrency coins, you need to spend some time to find out the best wallet for storing your cryptos. What is a wallet? A cryptocurrency wallet is generally used to store the private key of your bitcoins or other cryptocurrencies. Without a private key, you cannot make any transaction in the crypto world. Losing your private keys is equivalent to losing the transaction password for your bank accounts. So, you need to give utmost importance to store your cryptocurrency coins than buying the same.
There are different types of wallets available for storing the bitcoins and other cryptocurrencies as given below:
Mostly, this type of wallets are offered by the exchanges where will you buy bitcoins or other cryptos. If you are someone who is entirely new to the crypto world, you can choose the web wallets provided your invested amount is low. In case of web wallets, the private keys will be stored on the exchange's server and you don't have any option but to trust only the exchange. If someone is able to hack the server, then your cryptocurrency coins will not be safe anymore. Web wallets are also called hot wallets because they are always connected to the internet.
Standalone / Self-supported wallets
Here, you can install the wallet on any of your devices like mobile, desktop, laptop or even tablets. These wallets provide a better level of security than web wallets because the private keys are stored only on your own devices. But, still, you cannot completely rule out the possibility of risk because if your device is lost, stolen or broken, then you will lose your cryptocurrency coins.
Instead of storing the keys on any electronic devices like mobile or laptop, you can simply write down the keys on a piece of paper. But, there is one major drawback to using paper wallets. When you want to send your cryptos to someone, then you need to digitally transfer the private keys to your mobile or laptop, before making the transaction. Simply, paper wallets will be good only for receiving the cryptos.
Storing the cryptocurrency coins in a hardware wallet is the best option to keep them 100% safe. A hardware wallet is also called cold storage wallet because it is not connected to the internet and always stays offline. But, you can connect the hardware wallet to the internet whenever you want to send/receive cryptos. Also, the wallets provide 2FA (Two Factor Authentication) for any kind of transaction related to your cryptocurrencies. What does it mean? You need to verify every transaction using the physical device. Like, the OTP (One Time Password) you receive on your mobile phone to authenticate your financial transactions.
If you are thinking of a long time or lump sum investment on bitcoins or any other cryptocurrencies, then buying a hardware wallet is the right choice. Because it is wiser to make a one-time investment than risking your investment on a daily basis. Ledger Nano S, Ledger Blue, and Trezor One are some of the best hardware wallets which can be either bought directly or from a local retailer based on your geographical location.
If you are someone located in any of the GCC countries including UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Oman, then you can place an order for any of the hardware wallets such as Ledger, Trezor or Keepkey directly from our store page. We offer same day shipping for all orders placed within any of the Our customers anywhere in the UAE – Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah also get to choose Cash-on-delivery (COD) during checkout and pay cash at their doorstep.