The digital currency revolution is upon us. If you want to invest in cryptocurrency and be able to spend it, your 19th-century bank account isn’t going to cut it anymore. There are many different cryptocurrency wallets you can choose from. With all the recent hacks and millions of dollars worth of cryptocurrency stolen, you need to have confidence in the company holding your coins. To give you all the information you need in one place, we have compiled some of the best cryptocurrency wallets in 2021.
What is a Cryptocurrency Wallet?
First things first, if you’re not steeped in everything cryptocurrency you might not know what a crypto wallet is. Luckily for you, we’re here to help. To put it in the simplest of terms, a cryptocurrency wallet is the digital currency version of a bank account. This wallet is where you can store your coins and the wallet address acts as a routing number for you to make purchases. Many companies allow you to purchase cryptocurrency on their platforms and, in return, hold your coins for you.
Now that you’re up to speed, let’s take a look at some of the best cryptocurrency wallets to hold your hard-earned coins.
Best Cryptocurrency Wallets
The first cryptocurrency wallet on our list is Coinbase. This cryptocurrency exchange went public in April and is one of the most well-known trading platforms in the United States. Coinbase makes it simple for new investors to buy, sell and hold some of the most popular cryptocurrencies in the world such as Bitcoin, Ethereum, and Dogecoin. If you want to start training with Coinbase all you need to do is download the app from the Apple App Store or Google Play, add some fiat funds, and you’re good to go. The Coinbase Wallet is non-custodial, which means only you have the key to access it.
If you’re only looking to trade and spend the most popular cryptocurrencies like Bitcoin and Etherum, Paypal is a great place to store your coins. The tried and trusted internet payment provider only allows you to purchase the most stable coins on the market such as Bitcoin(BTC), Etherum(ETH), and Tether(USDT). PayPal is trusted all around the world for millions of financial transactions every day. I didn’t hesitate to let PayPal handle the security of my hard-earned cryptocurrency and you shouldn’t either.
For ultimate security, you should consider getting a physical-digital wallet like the Ledger Nano X. This handy little digital lockbox is about the size of a USB flash drive and supports more than 1,800 different cryptocurrencies. The Nano X uses a 24-word seed phrase that acts as your wallet’s key. After you set up your seed phrase it is totally encrypted and only you and whoever you give that key to will have access to your coins even if you lose the device. For the purpose of transparency, I must note that the company did have a security breach in 2020 but no assets were able to be stolen, only minor personal information.
All in all, these are just a few places you can store your cryptocurrency but there are tons of others. Whichever you choose, just be sure to do your research and make sure they’re on top of security. You don’t want to wake up one day to discover all your assets are gone and the company has closed up shop.
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Drew Blankenship is a former Porsche technician and lifelong automotive enthusiast. Recently, he began writing for several websites and is enjoying the career change. He lives in North Carolina with his wife and their dog Enzo.