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If you’re planning on bringing your business into the crypto world in the coming year, you’re going to need a cryptocurrency wallet for your business. In this post, we offer a brief review of some of the most sophisticated among them.
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What Is a Cryptocurrency Wallet?
A crypto wallet can be a device you hold in your hand, or it can be an online service. Basically, it is a secure place for holding the keys to your cryptocurrency wealth.
It is important to note that the cryptocurrency itself does not reside in a cryptocurrency wallet. Instead, according to Wikipedia, cryptocurrencies are stored and maintained on a public ledger known as the blockchain.
Who Uses Cryptocurrency Wallets?
Some major industries, including the gambling industry and casinos, have already started accepting cryptocurrencies. It’s only a matter of time until other industries follow suit.
Bitcoin, as the first of the cryptocurrencies, led the way. As its price rose, it became a popular way of making financial transactions.
Obviously, if you’re going to begin using one of the various cryptocurrencies for some of your own financial transactions, you’re going to need a way to securely store that wealth. As the cryptocurrency movement has gained momentum, various crypto wallets have emerged for this purpose.
Here is a brief list of the most useful and sophisticated crypto wallets currently available.
Ledger Nano S is one of the most widely used of the hardware cryptocurrency wallets. Developed by the French company Ledger, this cryptocurrency wallet keeps your investment secure.
Many people like the idea of storing their private keys on a secure physical device. What’s more, cryptocurrency keys that are stored on the Ledger Nano S device are kept offline, which means they cannot be hacked.
The Ledger Nano S is handy and compact. In fact, this USB device is based on technologies similar to those of a smart card. Moreover, its hardware supports almost every cryptocurrency and is capable of running third-party apps.
Trezor, a Prague-based company, has built a hardware cryptocurrency wallet that is elegantly designed. Compatible with Windows, Mac OS X, and Linux, the Trezor wallet is easy to use. Just plug it into the USB drive on your laptop or PC and connect to your chosen interface.
The Trezor wallet is also one of the safest of the hardware devices, since every time you enter it, you have to generate a random code on your wallet. This adds another layer of security for your cryptocurrency keys.
This can be useful if, for example, you should happen to have a keylogger in your computer recording your activities for malicious purposes. Due to the randomly generated code, they won’t be able to gain access to your wallet because the pin changes every time you log in.
The chief drawback to the Trezor One is that the hardware does not support the cryptocurrency Ripple.
MyCelium Cryptocurrency Wallet
MyCelium is almost as old as Bitcoin itself. Established in 2008, this crypto wallet is one of the most secure—and therefore most popular—of the mobile cryptocurrency wallets.
MyCelium supports both Android and iOS versions. Its system decidedly secure, and it offers five types of accounts. These include the DH, Bit HD, Single Address, Watch Only, and Hardware accounts.
It also features encrypted PDF backups and an integrated QR code scanner. While MyCelium is one of the best of the crypto wallets, it is not a good choice for beginners.
The Coinbase wallet is the easiest to use for buying, selling, and holding cryptocurrencies. For example, with this cryptocurrency wallet, you can connect to a US bank account and easily make transfers. This wallet supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
As we mentioned above, the gambling industry has begun accepting cryptocurrencies. Casinos find crypto an easily accessible means of payment, especially when it comes to no-deposit casino bonuses.
Last but definitely not least, Electrum is one of the oldest cryptocurrency wallets on the market. Invented in 2011, it wasn’t until 2016 that it became available for desktops and Android devices.
The biggest benefits of this wallet are that its transactions are super speedy and it’s easy to use.
Also, the user’s keys are not stored on a server but are encrypted. This gives the user full control and ownership over their private keys. Additionally, this wallet can be integrated with some of the other existing solutions such as Trezo or the Ledger Nano.
The Electrum platform is highly secure. However, Electrum supports only Bitcoin and, like MyCelium, is not all that friendly for beginners.
Choose a Cryptocurrency Wallet That’s Right for Your Business
Are cryptocurrencies right for your business? Then make sure to keep your investment safe by choosing a cryptocurrency wallet that works for you and your business.