As the global economy struggles to recover from the shock treatment delivered by the pandemic, cryptocurrencies seem to be strengthening their resolve to scale new heights. In the past few days, against the backdrop of US Dollar’s not so stellar performance on the forex market, analysts are expecting Bitcoin to gain more value.
The changing economic scenario is expected to encourage more people to adopt cryptocurrencies, which also means that there is going to be an influx of new members into the Bitcoin community and a lot of them would be looking for ways to handle the new asset class in their portfolio. Any crypto-related transaction will require a wallet and creating a cryptocurrency wallet is the first and almost unavoidable step one needs to take in order to own Bitcoin or any other cryptocurrency.
There are so many Bitcoin wallets out there, which one to consider? It is not going to be an easy decision as there are different kinds of wallets, each with their own advantages, disadvantages, and associated complexities. Here are few crypto wallets that may suit the requirements and assure the safety of funds, as long as one doesn’t get too careless.
Bitcoin Core Wallet
Bitcoin Core wallet is the very first cryptocurrency wallet, that is part of the Bitcoin blockchain. It is also the most secure and feature-rich wallet that incorporates all the functionalities supported by Bitcoin. The wallet is part of the Bitcoin client and contains a full node that is responsible for validating and relaying transactions over the Bitcoin network. The Bitcoin Core wallet is open-source software and offers the highest level of privacy as users can generate addresses, connect over any secure network of their liking, and also set whatever fees they want for each transaction. When it comes to safety, the Bitcoin Core wallet is installed on the user’s computer and as long as the computer itself or the private key is not compromised, there is no way anyone can hack into it.
However, Bitcoin Core comes with one huge drawback, literally. Downloading and using Bitcoin Core wallet means downloading an entire Bitcoin node with transaction records etc., dating back to the day Bitcoin was launched, which makes it a ridiculously HUGE software that is close to 200GB in size.
Unless you are an enthusiast, a developer, or someone who wants to see how Bitcoin Core wallet works, using the Bitcoin Core wallet could become a hassle.
Electrum is another popular Bitcoin wallet that has been around for close to a decade. Available since 2011, the Electrum Bitcoin wallet is available for all devices and it was one of the most widely used wallet applications before other alternatives cropped up. There are many people who still swear by the Electrum wallets.
Electrum wallets have undergone various iterations so far, keeping up with the developments in the cryptocurrency industry to provide high levels of security to its users at all times. The wallet is a lot easier to use…