Bitcoin is the most famous cryptocurrency in the world, it is not enough just to get it. You should ask: “What bitcoin wallet should I use and how to protect my coins?”. Last year, this coin reached its peak at almost $ 19,000 for bitcoin. For today, the world has more than 16 million BTC in its circulation. Each of them is a desirable object for intruders. In this article you can find your answers.
Table of content
- Secure your currency
- Bitcoin Core
- Armory Wallet
The technology of blockchain has changed the world irrevocably. Cryptocurrencies make it to become very popular . If a couple of years ago, the digital currency was something difficult to understand for “ordinary” citizens, now almost every average person heard about it. Today a lot of people invest in cryptocurrency, because its popularity is obvious.
This is understandable: the profitability of this asset is ten times higher than of traditional assets, and the state does not control cryptocurrency. That is the main reason to buy cryptocurrency.
But, the more investments appear, the more intruders arise who want to take advantage of other people's money.
Every day hackers try to attack cryptocurrency investors and take their money. Because this industry has an annual income of $ 200 million. Hackers have already acquired more than 14% of all circulation of BTC and ETH.
Secure your currency
Every cryptocompany tries to improve its safety, because, unfortunately, hackers do not sleep and want to take your savings. Moreover, every day there are more and more bitcoin wallets, where you can store your cryptosaving. Today we can talk about different types of wallet to defend cryptocurrencies. The first one is an online wallet. Here you can store your bitcoins on an external platform. The most popular is different stock exchanges or crypto wallets. The second one is an application for smartphones. A user can store his cryptocurrency, installed an app on his device. The third type is an offline wallet. You need to install it on your personal computer. The fourth type is hardware (the most secure way for storage). In this way you load your coins on an external storage device, like a flash drive.
Moreover, bitcoin wallets are divided into cold and hot ones. The meaning of the first wallet is that the investor needs to download the entire chain of blocks and, consequently, always download a new one. An advantage of this approach is that online platforms are much more likely to be attacked by hackers that these ones.
A disadvantage is that the installation of a cold bitcoin wallet is incredibly slow, and it takes up a lot of space (100 GB or more). This is due to the fact that the PC needs to download information about all transactions since the creation of bitcoin.
Hot storage, in turn, loads much faster, since only a certain part of the block history is downloaded during installation. But, at the same time, some of the data will have to be deposited to a third party, which is less secure.
So, what bitcoin wallet should I use? Let's consider the most popular bitcoin wallets.
You can store your currencies on the world's most famous cryptocurrency platform - Bitcoin Core. To install all the chain of bitcoin blocks you should have a big space on your computer - a minimum size is 150 GB. However, the installer itself weighs no more than 50 MB
To add new blocks, the walet needs a permanent access to the Internet to finish all the necessary downloads. At the moment Bitcoin Core runs on Windows, Mac OS X and Linux and supports 27 popular languages. In case you have, not a very strong computer, it is better to find another wallet. This one is very powerful for the weak PCs.
Advantages are the possibility to allocate the raised level of safety. Data on all transfers of cryptocurrency are stored in a separate file on the user's computer. To protect yourself from hacking, the file can be encrypted with a password. Cons, obviously is a large size, the lack of a mobile application.
BitPay created this platform. It can be installed on Mac OS, Windows, Linux. Also, Copay developed a mobile bitcoin storage for iOS, Android and Windows Phone. You can download and install very fast without much efforts. After installation, you need write your email, on which you will get all the important information. This step is optional, and you can skip it. Next, the repository will offer to make a backup. This option is important, because you can lose your device and information will disappear. So, with its help, all data, including the cryptocurrency itself, will be saved. You can work with Bitpay very easy, because it is simply in its usage. It supports 11 languages, including Russian and English. Also after the installation and backup, you have an opportunity to create another personal or shared crypto-wallet. Moreover, you have an opportunity to join the already created common wallet.
You can connect to two exchanges - Coinbase and Glidera, which are supported by Copay. This means that you can buy or sell bitcoins on these exchanges directly from your wallet. You can transfer the cryptocurrency to Copay using QR-code or by entering the appropriate address. Copay gives you an opportunity to can scan the address of the recipient. It support also a normal way, when you can enter the addressee, the amount and click “send”. In the Copay settings, you can select an alternative currency, and also set the priority of your own transactions. By default, it is in the normal mode. In this case, you have to wait around 30 minutes to make a transfer. Thus it is necessary to pay the commission in 384 satoshi / byte.
By priority, Copay divides them into:
- Urgent. Confirmation time: less than 20 minutes; commission: 767 satoshi / byte;
- Priority. Over 20 minutes - 511 satoshi / byte;
- Ordinary. More than 30 min. - 384 satoshi / byte;
- Economical. About 1 hour - 384 satoshi / byte;
- Very economical. Approximately 4 hours - 218 satoshi / byte.
Copay has a big advantage: you can use it simultaneously on several devices. Copay also works with BitCash, the cryptocurrency, which appeared as a result of bitcoin hardfork.
BitGO is an online resource for storage of bitcoin, which is recognized as one of the safest. This can be seen already at the registration stage. If other similar stores, in general, just need to enter a mailing address and come up with a password, then with BitGO, you also need to install two-factor authentication with Google Authenticator. BitGO will also provide a unique key for account recovery. After that, BItGO will allow you to create a cryptowallet on your platform. Its functions are standard: transfers and storage of coins. In addition to bitcoin, BitGO can store ligtecoins, bitcoin cash, as well as bitcoin gold.
It is another cold store. As a result you have to allocate a sufficient hard disk space for it, like with Bitcoin Core. The peculiarity of Armory Wallet is that it works offline and connects to the network only when it is necessary to make a transaction. It should be noted immediately, for ordinary users it is too complicated to use. The interface language is English.
Electrum, by right occupies one of the central places among the best platforms for cryptocurrency storage. Now Elektrum works on Windows, Linux and Mac OS. This is a simple, understandable repository with a wide range of functions. Electrum refers to a hot kind, therefore it is not necessary to load the whole chain of blocks, accordingly, the installation takes less than a minute. If you have an Android device you can install a mobile application on it, but unfortunately, it does not work for iOS. In the first input, Electrum will offer you to choose which cryptowallet to create: standard; with two-factor authentication; with multi-signature; import another bitcoin wallet.
After you can choose between two networks - standard or Segwit.
The last stage is when Electrum generates a 12-word code phrase. With its help you can restore your data, so keep it in a safe place. You also need to come up with a password. When everything is done, you can start working with the wallet Electrum. Its interface is very simple and consists of only three tabs: history, make an enumeration, get a translation.
Now you know the answer for the question “What bitcoin wallet should I use”. Go ahead!