If those people buy cryptocurrencies just for the purpose of holding them as speculative investments, there will be no real need for crypto wallets. Online exchanges and brokers that can convert dollars into bitcoins such as bitcoin will store all that digital money for you like how much is in your bank account.
But cryptocurrency wallets (aka “blockchain wallets”), which have been around since the early days of Bitcoin, serve many purposes beyond just Bitcoin. HODLing Cryptocurrencies without fees.
The wallet can also store Digital collectibles like NFTs that you may want to buy, sell, trade, or transfer to someone else or even to another wallet you own. They can make it easier to send and receive digital currency to and from other people’s accounts, cryptocurrency exchanges, or digital markets. And, because they are often decentralized, even if they are created by an exchange like Coinbase Wallet or Binance’s Trust Wallet, you control the account. That means only you are responsible for what is in the wallet, remembering the password and secret seed phrase to unlock the wallet and manage the funds it holds.
While the concept is simple – a place to store your cryptocurrency and use it – choosing a crypto wallet can be an extremely intimidating experience. Is there somewhere in Neighborhood of 150 different wallets to choose from. Some handle only a few popular cryptocurrencies; others allow you to trade and store obscure types of digital tokens. Ready to get started?
Choose a wallet
The first thing you need to decide is what you intend to do with your cryptocurrency.
If NFT markets are what you are interested in, choose a wallet that can connect to NFT markets such as OpenSea, Super rareand Solanart. Some of these markets operate on a specific blockchain, and that may determine your choice of wallet. For example, OpenSea Ethereum, Polygon and Klatyn blockchain support; most transactions use Ethereum and a lot of NFT traders use Metamask to buy, sell, store and list the NFT purchases they receive through OpenSea. Some top NFTs on OpenSea including “CryptoPunks” and “Bored Ape Yacht Club”, you may have heard of.
For Solanart, which is based on the Solana blockchain, where NFTs like “Degenerate Ape Academy” are traded, you may want to choose a wallet commonly used by Solana crypto holders. such as Phantom, Solflare or Sollet.
If you are not interested in NFT and just want a place to store or send and receive crypto, Coinbase, Trust Wallet, Atomand Migration are good places to start.
Another thing to ask before you choose a wallet: Is there a mobile app version? Some wallets are designed for desktop use as a browser extension and aren’t as mobile-friendly as you might expect, especially if they aren’t set up like some. wallet software mentioned here.
If you care most about security, you may want to consider a hardware crypto wallet. These usually come in the form of USB sticks that you can disconnect from your system (and the internet) for added security. We’ll talk more about that in the final section below. Some examples of popular hardware crypto wallets include Trezor ($63 to $220 for its two models) and Ledger Nano X ($149).
