Best crypto wallets to use in 2023 for new investors
2023 looks promising for cryptocurrency investors because the market has settled in 2022 and trends are going up once again. Newcomers need to join the marketplace to buy Bitcoin (BTC), Ethereum (ETH), or Dogecoin (DOGE) as some of the most popular ones.
However, you need a crypto wallet to hold your assets before buying them. Choosing one is easy if you know how to compare them. Here’s a quick guide to orient you all about crypto wallets and how to choose what’s best for you.
Introduction to wallets
A crypto wallet (normally just ‘wallet’ among traders) is a program that serves as your personal bank. It stores your private keys which you need to authorise transactions similar to how cheques and contracts need signatures. You can get them as quickly as just making an account at a wallet app or in any crypto-related service like Bitcasino live casino. Others require you to pay a premium for their features and the money you spent supports the developers. You should look for the ones that offer the best services.
Two kinds of wallets:
All wallets that can be found on any website or marketplace have something unique to offer. It can be in how it keeps itself secure or how it approaches every duty that is expected of it. Crypto traders simplify their differences by putting them into one of two major categories namely hot and cold.
- Hot wallets
Hot wallets are the easiest to access. Most of them require you to install their client which doesn’t take up much storage. Each one can be downloaded within minutes before they are ready to use. A few examples of these are MetaMask and Coinbase Wallet which can be both downloaded into mobile devices or installed as a Google Chrome plugin.
Some won’t need installation at all like Portis. It has a mobile app you can install but it can also be used on the website only on desktop computers. Sometimes, the browser already is a wallet service like Brave and Opera. You just need to generate your address private keys to use them.
- Cold wallets
Cold wallets are more often known as ‘hardware wallets’ because they are classified as being functional in a physical device separate from computers and smartphones. They come in a variety of sizes ranging from as small as a thumbstick driver like the Ledger Nano X to look like a smartphone like ELLIPAL Titan.
Wallets in this category are all pricey but it’s worth the investment because they are impossible to hack in any way. Hot wallets are secure enough because their developers improve their systems occasionally but a cold wallet never needs any update. It will remain impenetrable from the day they bought them forever. Many Bitcoin investors today still have the cold wallets they started with in 2012.
What to look for in a wallet
You’re not stuck with whichever wallet you choose. Many crypto traders have two or three at a time. Many of them even have full support to access your savings from one wallet to another. Thus, they can all share unique innovative features rather than compete for having a better solution to common problems. However, you need to start only with one or two if you are a beginner and you might as well go with the best one available for you.
You only ever really need two factors in a wallet namely security and ease of use. Security can cover topics like where are the private keys held and how many factors are required to verify your identity as the owner. Ease of use, on the other hand, refers to the quality of life features of the wallet.
It should be secure but the ability to keep your experience as a user comfortable should not be ignored. Ease of use will also consider factors like speed of processing transactions and how to support other services. For example, you will want a fast wallet to send your deposits to an online casino as quickly as possible to get its rewards. A Bitcasino bonus can change every day so you’d want to have your bankroll built before the sun sets.
Top five crypto wallets to start with for beginner investors
All wallets below are both secure and easy to use. The only question is, which one is the best for you specifically. Here are quick descriptions of how each of them works as well as what makes them good in specific situations:
Ledger Nano X – The best cold wallet
The Ledger Nano X is the most popular cold wallet because of how ergonomic it is as well as how easy it is to use. Simply connect it to a desktop or smartphone where your Ledger Live wallet is installed to use your cryptocurrencies. It’s the best wallet overall but it can be quite expensive. Get it if you are willing to invest in a device but you can consider the other options.
Coinbase Wallet – Most user-friendly and versatile
User friendliness among crypto wallets is easy to find today thanks to some that have served as great examples like Coinbase Wallet. It is among the first hot wallets to be accessible in multiple platforms be it as a browser wallet, a mobile wallet, or a plugin. What puts most users off is how it’s a centralised service and closed source. The plus side to being a centralised wallet is that there is a customer service you can contact for any assistance you need. They are responsive which explains their popularity and trustworthiness in the crypto industry.
MetaMask – Best for Ethereum developers
MetaMask has exactly the same features as Coinbase Wallet. The main difference is that it is an open-source wallet, allowing every business to support it however they wish. However, MetaMask is an Ethereum-only wallet. It can hold all ERC20 tokens as long as they are all made on the Ethereum network, but it cannot be used for Bitcoin. MetaMask is truly decentralised where no company is behind its development and maintenance. You can get your support from the community forums page on the wallet’s main website.
Electrum – Most convenient and simple for Bitcoin
Bitcoin had few options for wallets back in 2011 and Electrum was one of the startups during that year. Its service stood the test of time and is considered one of the most reliable for Bitcoin users and crypto in general. Despite its amazing feat, the wallet itself is too simplistic for modern users. It’s still updated well enough to serve traders’ needs today but it wouldn’t have been successful if it were introduced today. Regardless, Electrum is a great option for complete beginners and is reliable enough to work for years.
ELLIPAL Titan – Most secure wallet
Most wallets stay as simple as possible but ELLIPAL Titan is not afraid to go for style. It’s big, it’s durable, and it looks like a smartphone, giving it one of the most intuitive interfaces for any hardware wallet. The ELLIPAL Titan Crypto also comes with a few more important pieces like the Mnemonics Metal to store important data. The hardware wallet, meanwhile, also comes with air-gap functionality, allowing you to use it without exposing your private keys to the internet. The only reason not to go for it is its complexity and cost. It’s a great wallet if you’re willing to get the hang of it but most traders don’t need to bother.
Choose the wallet that suits you best or get more than one
Any of the crypto wallets above can serve you well as a crypto trader or as an online casino gambler. There are so many other options you can also consider but any of the ones listed above are better in every way. If you can’t decide but need to get one ASAP, then settle for any of the free ones for now. That means Coinbase Wallet, MetaMask, and Electrum as a great starting wallet.
None of the crypto wallets have limits. You can store all of the digital assets you own regardless of quantity or variety as long as the wallet supports it. This gives you plenty of options for Bitcasino live casino betting if you’re the type who likes to hodl multiple crypto at once. It’s a great strategy for non-stop gambling.
There will be times when you don’t want to spend Bitcoin during a certain market trend but having another crypto, like ETH or DOGE, can be used instead. You can also store different assets in separate wallets just because you can. This allows you to benefit from all of their unique services rather than stay with one device at a time. There is no limit to cryptocurrency and you should enjoy everything that it offers.