While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
The concept of cryptocurrencies has been around for close to a decade now. In the short period that cryptocurrencies have been around, there has been a significant rise in digital assets’ value, leading to an increase in the number of crypto investors. Bitcoin is currently the most valuable crypto asset and has become relatively common among tech-savvy households.
Proponents of the cryptocurrency revolution argue that digital currencies are easier and safer and come with better privacy than traditional currencies. As cryptocurrency investment becomes more lucrative, there has been an increase in demand for crypto-wallets. Over 36 million crypto wallets have been created so far, with exponential growth in crypto wallets expected in the years.
The considerable number of crypto wallets flooding the crypto market makes it challenging to choose an ideal cryptocurrency wallet in 2021. Nonetheless, to help you select an ideal crypto wallet, we have analyzed outstanding wallets (both hot wallets and cold wallets) that you may consider.
Best Cryptocurrency Wallets 2021
Coinbase- Best Overall
Type of wallet: Hot Wallet (Mobile and Web)
Compatibility with Hardware Wallets: Yes
Incorporated Exchanges: Yes
Supported currencies: 50+
Coinbase is an excellent crypto wallet with support for digital exchange. The wallet holds more than 20 cryptocurrencies, including U.S. dollars and the USD Coins pegged to the dollar. With the Coinbase exchange’s integration, the Coinbase wallet allows you to buy, sell, and hold cryptocurrencies. The platform allows you to connect to a U.S. bank account and easily transfer dollars in and out of your wallets.
Coinbase integrates crypto staking, where users earn free cryptocurrencies in exchange for watching videos and taking quizzes. One of the major downsides of Coinbase is the high fees and transaction costs. However, there are flat transaction fees plus a spread of Coinbase charges when converting between cryptocurrencies. It would be best if you also were keen on security, considering that Coinbase has recorded several hacking incidents in the past.
- Integrates to a leading crypto exchange
- Strong security track record
- High transaction fees
- Incidents of downtime are frequent.
Exodus- Best Cryptocurrency Desktop Wallet
Type of wallet: Hot Wallet (Desktop and Mobile)
Compatibility with Hardware Wallet: Trezor
Incorporated exchange: Yes
Supported currencies: 100+
Exodus is a software wallet built for desktop computers and also has a mobile app version. The wallet boasts an in-built crypto exchange coupled with a straightforward and attractive user interface that constitutes investor-focused tools. The wallet makes the management of your digital assets simple and effective thanks to its portfolio with graphs and charts. The wallet supports more than 100 different digital assets with the ability to swap between a growing number of cryptocurrencies.
The wallet is great for beginners just entering the crypto space. It also has excellent customer support-an an essential feature for beginners getting into the crypto space. The exodus wallet is also quite secure. Users are offered a private key to access their cryptocurrencies and other outstanding security tools to keep their assets as safe as possible. Nonetheless, the private key is still stored on your computer, and therefore you ought to have a backup of the key to ensure it’s safe should the computer stop functioning.
While the Exodus wallet is excellent for beginners, it lacks some advanced features needed by more advanced users. Additionally, Exodus is a closed source wallet- this is against the whole idea of decentralization in Bitcoin and blockchain.
- Extensive support for cryptocurrencies
- Built-in exchange
- High-quality user interface
- Integrates with Trezor
- Good customer support
- Lacks two-factor authentication
- High transaction fees.
Trezor Model T- Best Hardware Wallet for Security
Type of wallet: Cold Wallet
Cost: $ 170
Incorporated exchanges: Yes
Trezor Model T is a great hardware wallet offering ultimate security. The device is linked to your computer or smartphone via a USB Type-C cable. It consists of a touch screen for ease of operation plus a MicroSD card slot allowing users to use the MicroSD cards to encrypt the PIN and further protect the device from attacks.
The Model T supports nearly 1 400 different cryptocurrencies plus integrates to third-party exchanges such as Changelly and Shapeshift. What sets the model T apart from other crypto wallets is its multi-factor authentication and support for more than 1 000 digital coins. However, users should never lose their Trezor or Trezor password to avoid losing their cryptocurrencies for good.
- Supports over 1 000 currencies
- Easy-to-use touchscreen
- Ultra-secure offline storage
- Web-based user interface with built-in exchanges.
- Open-source software with customer and community support.
- Quite expensive
- Small touch screen making navigation sought of challenging.
Ledger Nano S/X- Best Durable Hardware Wallet
Type of wallet: Cold Wallet
Cost: $ 59 and up
Incorporated exchanges: No
Like the Trezor Model T, the Ledger Nano S or X is a great hardware wallet with support for over 1 500 cryptocurrencies and tokens and 100 wallets simultaneously. The wallet device is quite durable, thanks to the stainless steel cover. It doesn’t support the USB Type-C cable locking out users with modern smartphones.
The device integrates with the Ledger Live software, where users can check their balance and send or receive currencies in addition to coin staking. The Ledger Nano X also consists of Bluetooth connectivity with a bigger screen to enhance functionality. Users can choose to select a pin code for additional security and get a 24-word recovery phrase to recover their digital assets if they lose the device or forget the pin.
- Very secure offline storage
- Supports many currencies
- Supports Bluetooth connectivity
- No incorporated exchange
- Complex set-up
Edge Wallet- Best Mobile Cryptocurrency Wallet
Type of wallet: Hot Wallet (Mobile)
Compatible with hardware wallet: Trezor and Ledger Devices
Incorporated exchange: Yes
Edge wallet is an exemplary mobile cryptocurrency wallet that guarantees total privacy and security. Edge is a multi-asset support wallet supporting different assets, including Bitcoin, Ethereum, etc. The wallet integrates to exchanges enabling users to exchange between digital currencies/assets on the go seamlessly. Additionally, it incorporates an in-app buy and sells feature where users can exchange fiat money for the future’s financial support.
Cutting edge security, user privacy, and ease of use make Edge Wallet a strong choice for crypto enthusiasts looking for a mobile (iOS and Android) cryptocurrency wallet.
- High-end security with two-factor authentication support.
- Supports more than 30 popular currencies
- Lacks a desktop-web interface.
Conclusion – Best Cryptocurrency Wallets in 2021
Cryptocurrency wallets are essential tools in the crypto space to store and safeguard digital assets. The rising demand for wallets has seen a surge in the number of wallets in the crypto space. Choosing an ideal crypto wallet is quite daunting. It would help if you considered several factors, including security, accessibility, compatibility to other crypto platforms such as exchanges, and additional features. The wallets discussed in this piece are safe, easy to use, affordable, and efficient. They, therefore, suit typical crypto users.