Top 5 Bitcoin Wallets for Beginners That Every Novice Investor Should Know

Bitcoin is something that has taken the world by storm. It is a new sort of money that provides for a unique and innovative payment network. It provides currency alternatives to the most commonly used currencies in the world. Because of its popularity, safety, and growing value, many people have recognised it as an investment potential in the next several years. However, just like any other cryptocurrency, there are significant risks that you need to be aware of before investing any funds.

If you are looking to buy and store your bitcoins and any other cryptocurrencies. Then you might be looking for a bitcoin wallet. In this article, we have listed the top 5 Bitcoin wallets. Continue reading to learn about some of the top Bitcoin wallets on the market today.

What is a Bitcoin Wallet

A Bitcoin wallet is a digital wallet that holds your Bitcoin and verifies your transactions when you use it. A wallet stores private key or seed information that is used to validate and "sign" transactions so that your Bitcoin may be used to make purchases or exchanged for another asset. This prohibits someone else from utilising your Bitcoin or a third party from tampering with the transaction.

When individuals talk about a Bitcoin wallet, they usually mean a crypto exchange that has one as part of their account services. In this sense, a wallet is simply a place where you can keep all of your cryptocurrencies or fiat money for future usage.

How much Does a Bitcoin Wallet Cost?

If you're only storing Bitcoin in the wallet, using a Bitcoin wallet costs nothing. If you're trying to complete a transaction, however, the owner of the exchange or device that houses your wallet will charge you different fees depending on what you're trying to do. A wallet can cost anywhere from ₹ 0 to ₹ 15,000 or more. You'll most likely pay a fixed fee of a few dollars or a percentage of the total transaction value if you use a wallet as part of an exchange.

Top 5 Bitcoin Wallets

1. Coinbase

Coinbase is considered to be the simplest way to hold, purchase, and trade bitcoins, making it the best among others. It's an online wallet that currently supports Bitcoin, Litecoin, and Ethereum. Coinbase, in addition to being simple to use, has strict security regulations and routinely updates to improve the customer experience.

2. Trezor

Trezor is a straightforward platform for storing Bitcoins. To access the coins, it is a gadget that physically plugs into a phone, tablet, or computer. In addition to handling numerous currencies, the wallet serves as a device for two-factor authentication, password management, and other similar functions.

3. Electrum

Electrum is a software-based wallet, which means your Bitcoin is saved in sets of files on your computer or laptop. It's available for Android, Linux, Mac OS X, and Windows right now. Physical wallets can also be used with the wallet. It also offers a recovery process that allows for the establishment of "cold storage" that allows for the setting of handwritten or physical keys.

4. Blockchain

Blockchain is the technology that enables the existence of Bitcoin and other digital currencies. It's also an online wallet, but it doesn't allow for direct selling or buying. As a result, your Bitcoin storage is separate from the Bitcoin marketplace. It is said to be a very secure site and the separation has added an additional security level along with a complexity level in the use of Bitcoin.

5. Robinhood

Robinhood began as a free stock trading website, but it has since expanded its horizons to include investments and other choices such as Bitcoin. It functions as both an exchange and a wallet. It's a platform that focuses on mobile. It differs from other exchanges in that when Bitcoin is bought or sold, no charges are charged, exactly like when equities are traded on its platform.

In Conclusion

Several Bitcoin wallets have different features that may suit people's needs in different ways. Just remember to select the appropriate one based on how you intend to utilise and keep the bitcoin. Simple usage, complexity, safety, trading, and storage facilities are just a few of the factors to examine and weigh before opening a bank account. Before getting involved, tread carefully and familiarise yourself with all of the rules.

Written By- Melita Pinto