With the cryptocurrency market becoming as well-known and widespread as the stock market, it should come as no surprise that it has changed the way people pay and invest nowadays.
In contrast to standard government-backed currencies, Bitcoin provides a decentralized alternative that can be used for various transactions around the world. There is a general consensus that the decentralized digital currencies are easier and safer to invest in as compared to traditional currencies. Additionally, it is also worth noting that cryptocurrencies offer a greater level of privacy in comparison with traditional currencies, making them a safer alternative for online transactions.
With the skyrocketing of values for cryptocurrencies, such as Bitcoin, Ether, and Ripple, digital currency has become a hot topic in the financial investment industry. Every single cryptocurrency holds the potential to become an investment opportunity that can generate maximum returns in a short amount of time. The field of cryptocurrency trading has grown significantly over the last few years, becoming easier to access for anyone that wants to capitalize on the wealth of available opportunities.
Before you take out a chunk of your savings and make an investment in cryptocurrency, however, there’s one more factor to consider: cryptocurrency wallets.
What are cryptocurrency wallets?
Cryptocurrency wallets are vital for purchasing any type of cryptocurrency, as they are a prerequisite for a transaction to take place. Generally, every cryptocurrency wallet operates on the sole basis of storing various forms of currency in the safest manner possible.
To start your journey into the world of cryptocurrency off on the right note, here are a few cryptocurrency wallet options that you should consider:
The option for beginners and overall usage: Coinbase
As one of the most predominant cryptocurrency wallet options in the market, Coinbase provides a convenient and well-rounded experience for both beginner and expert crypto traders alike.
Coinbase is regarded as a crowd favorite for convenience because it can be connected to a U.S. bank account that easily converts and transfers dollars to and from your wallet. Additionally, Coinbase supports Bitcoin Cash, Ethereum, and Litecoin, making it the prime option to go for if you’re investing in any of these three digital currencies.
The option for airtight security: Trezor
Trezor has amassed a loyal following and continues to provide satisfactory cryptocurrency storage experience. As opposed to other cryptocurrency wallets, Trezor is a physical device that can be carried around, making it secure on all ends as it is less prone to hacking or compromised security. On top of it, Trezor also reinforces its internal security with two-factor authentication systems, a password manager, and other add-ons.
The option for combined trading and storage at no cost: Robinhood
You’ve most likely heard of Robinhood a few years ago through aggressive social media advertisements and forum talk, but there’s a reason that it has created so much buzz. Initially starting out as a free stock trading platform, Robinhood has evolved to accommodate both the storage and trading of cryptocurrencies, keeping everything in one place. A noteworthy characteristic that Robinhood has is that it is free and will most likely stay as such in the years to come.
The option for the Bitcoin investor on the go: Mycelium
If you’re mainly dedicated to trading Bitcoin, but you heavily rely on your smartphone to keep track of your investments, then Mycelium is the best option to go for. As a mobile-only Bitcoin wallet, Mycelium is best for purists of the cryptocurrency that need bank-grade security and anonymity in a storage space that can fit in their pocket.
As the common saying in the cryptocurrency trading industry states, every investment that you make is only as good as the wallet where you store your currency. By picking the right cryptocurrency wallet to use when making your investments, it will be much easier to have a secure and convenient experience.
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