The safest wallets to store your cryptocurrencies

6 min read

In a previous article we talked about the types of wallet that can be used to store, send and receive cryptocurrency funds.

Summing up, there are basically 5 types of virtual wallets:

 

  • Paper Wallet
  • Desktop Wallet
  • App Wallet
  • Hardware Wallet
  • Web Wallet

Each of these wallet presents its advantages and disadvantages.

For this reason today we would like to tell you about those that are considered the safest wallets to keep your cryptocurrencies.

The safest wallets to store cryptocurrencies

Paper Wallet

The Paper Wallet is considered the safest method to store your cryptocurrencies offline. The paper purse, as the name indicates, is neither more nor less than a paper in which we are going to point or print the codes, the keys and the direction of a wallet created online. Not being connected to the internet, it is usually called Cold Wallet.

Although this type of wallet is one of the safest methods to store your crypto, if you are a little careless this is probably not the best solution since, if you lose it, you will also lose access to your cryptocurrency funds.

Hardware Wallet

A Hardware Wallet is a physical device (hardware) usually in the form of USB, which generates a private key and a public key (address of your wallet) so that you can access and manage your cryptocurrencies in a secure way and make payments quickly.

The high level of security guaranteed by this type of wallet is due to the fact that private keys are managed from the same hardware and that it does not have to be connected to the internet, which makes phishing and theft of the private key almost impossible.

One of the disadvantages is that this type of device is quite expensive, if we compare it with other types of cryptocurrency wallet and it is worth buying it when we already own a certain amount of cryptocurrencies.

Another small disadvantage is that, in case of breakage of the device, the keys and addresses created will be lost. For this reason, the ideal would be to use it together with a paper wallet, to record those keys and save them in case we need them.

Software Wallet

Within the Wallet Software, we find the Desktop and Mobile wallets.

The Desktop Wallet are programs that can be downloaded and installed on a computer or laptop and can only be accessed from the system where they are installed.

Installing a wallet directly on your PC guarantees you the control of your keys and codes and, therefore, offers you one of the highest levels of security. However, if your PC is hacked or has a virus, there is a possibility that you will lose all your funds.

The Wallet App are mobile applications, normally compatible with any type of device (Android, iOS, Windows), which you can download on your mobile and which allow you to manage, send and receive your cryptocurrency funds.

Among the benefits of the Wallet App there is the possibility of making purchases and payments from anywhere, without having to be connected from the same computer (as in the case of the Desktop Wallet).

Another great advantage of some wallet app is that they use a system that allows to restore your wallet, in case of loss or theft of your mobile. This system works through a security seed or 12 word recovery phrase that will be provided when you create your wallet.

When using the recovery phrase, all your private keys will be copied to a new wallet, along with the used addresses and the transaction history.

Obviously you will have to write down and keep safe this phrase to be able to restore your wallet on any other device and not lose access to your crypto.

Normally creating a wallet with an App is very easy and fast.

If you still do not have a wallet app, we advise you to try the Bitnovo Crypto Wallet, to see its ease of use and understand if the Wallet App is the ideal option for you.

We remind you that no system is 100% secure. Therefore, we recommend that you adopt all security measures to keep your cryptocurrencies safe.

Well, now that we have revealed which are the safest wallets for your crypto, you only have to choose the one that best suits your needs 😉