The interest in cryptocurrency is still growing and it is no longer just a game for geeks or an easier way for the (much) shadier businessmen of the world to conduct their financial transactions. Trading and accumulating cryptocurrency is now being viewed as a legitimate investment opportunity by some more forward thinking people from all walks of life – from a lawyer like www.atlantacaraccidentlawyer.com to Reading real estate brokers, and many more.
There are a number of basics the cryptocurrency newbie needs as they build their new skills – and potentially their new wealth as well. One of the most important of all is a good wallet
What is a Wallet for Cryptocurrency?
As cryptocurrency of any kind is not actually a physical commodity you obviously do not need a traditional physical wallet to keep it in, but you do still need a wallet. Most of those currently on the market look more like a USB storage card than anything else – if they have a physical component at all, some are just software – but within their tiny ‘brains’ investors store their currency, make their trades and keep up with their records, all within a secure, portable environment.
As cryptocurrency gains popularity so does the number of these wallets available. So which should you choose? Here’s a look at our top three wallet choices
Trezor – Hardware Wallet
As far as hardware wallets go, it is Trezor’s reputation for maintaining the best possible security measures to prevent both physical and virtual theft that is usually considered to set it ahead of the rest of the crowd.
From a looks standpoint it is not as stylish and sleek as some of its peers, but it boasts excellent functionality and versatility, able to store multiple currencies and, even if you make use of a PC that then falls victim to a malware attack your private currency keys are guaranteed to be safe. And that kind of security is probably well worth the style trade off any day of the week.
Ledger Nano S – Hardware Wallet
This is, in the mind of many, the very best choice when it comes to a hardware-based cryptocurrency wallet that is reasonably priced (around $65). Thanks to a series of proprietary apps, it can accommodate multiple currencies at one time – it currently supports Bitcoin, Ethereum, Altcoins and Ripple – and it can be used in conjunction with almost any PC, laptop or tablet via a simple USB connection. Once connected it embeds a secure OLED screen to double check and confirm transactions. Its security features are considered to be second to none but as it is a larger investment in terms of price than many of its peers it may be a purchase to delay until you are sure you’re serious about the whole endeavor in the first place.
Jaxx – Software Wallet
Some people just don’t want to be bothered with a traditional cryptocurrency wallet any longer but they find that restricting themselves to a PC based software is inconvenient as well. Until recently though it was a choice of one or the other but the launch of Jaxx has changed that.
You see, Jaxx is an app, an app available for both iOS and Android devices. Once installed – and it can be installed to a PC as well – you can receive funds, view transactions, scan codes and more, even if you are miles from the nearest USB port. There is one downside though. Making use of Jaxx calls for a fairly high level of technical know-how and it does boast a pretty steep learning curve versus a hardware wallet. However, if you have the time and patience to learn, then this free app (yes, free) might very well be worth a try.