Best Cryptocurrency Wallet in 2020

In this article we make recommendations for the best cryptocurrency wallet in 2020. We will explain more about crypto wallets for beginners including Bitcoin cryptocurrency hardware, desktop, paper and app wallets.

If you are new to Bitcoin and the cryptocurrency space it can be challenging to understand the technology behind the cryptocurrency revolution. With thousands of cryptocurrency tokens and dozens of wallets for different tokens or coins, it’s difficult to keep up. Piggy Bank Coins is here to help you understand your options and make better decisions when investing in the new frontier of cryptocurrency.

Cryptocurrency Terminology

First, let’s define some terminology. We’ll assume you have a basic understanding of what Bitcoin is and what block chain technology is as well. In order to hold any kind of cryptocurrency, including Bitcoin, you need a wallet. What’s a cryptocurrency wallet?

What is a Crypto Wallet?

A cryptocurrency wallet is a platform where your public and private keys are stored securely. The public and private keys are simply long strings of characters. Moreover, your public key is what people use to send you bitcoin. It’s not a big secret. However, your private key is secret and can never be shared with anyone. Your private key is the critical link, the “key” to unlocking your cryptocurrency.

A cryptocurrency wallet can be a hardware wallet, a desktop wallet, a mobile application (“app”) wallet or a paper wallet. However, let’s discuss the differences between these wallets so you can better understand which one is best for you.

Best Cryptocurrency Wallet for Beginners – Exodus Desktop Wallet

The beauty of Exodus is its clean design that is easy for anyone to use. In addition, Exodus supports more than 60 cryptocurrencies. It’s a simple app that is great for storage. Also, It can also link with Trezor cold storage wallet and mobile app. One drawback is its limited ability to exchange and use apps on the platform, such as earning interest.

Best Cryptocurrency Wallet Overall – Robinhood

Robinhood features a desktop and mobile app presence that was chosen because of it’s simplicity, ease of access and sheer volume of what’s offered. Trade cryptocurrency? Check. Furthermore, you have the option to invest in stocks, gold, silver and more. This app is a one stop shop for investing. Finally, Robinhood is probably not the cheapest way to trade (long term) and you don’t hold your crypto keys with Robinhood, but it’s great for beginners and for set-it and forget-it.

Most Popular Cryptocurrency Wallet in 2020 – Wallet

Founded in 2012, the Blockchain Wallet has over 49,000 reviews on the Apple App Store. This wallet features real-time updates, ability to buy, sell and trade cryptocurrency. However, the only downside to this app is that it only supports a limited number of cryptocurrency coins.

Best Cryptocurrency Wallet Mobile App – Coinbase Wallet

Coinbase is the simple, easy go to for buying, selling and trading cryptocurrency in the U.S. First, it offers a desktop trading platform for on-ramping from cash to crypto, as well as a sleek app for mobile users. Second, it is a workhorse wallet and you know what you are getting with this one. Coinbase is a solid platform that will be around for a while. Probably doesn’t have the most competitive fees for buying and selling and when trading volume is heavy you may have difficulty moving in or out of trades. Finally, with more than 25 tokens to choose from on Coinbase and a seamless design, how can you go wrong?

Next Best Cryptocurrency Wallet Mobile App – Trust Wallet

Trust Wallet is a highly rated wallet which features many options including its decentralized exchange (DEX). Moreover, it is heralded as fast and features a limited number of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens.

2nd Runner Up Cryptocurrency Wallet Mobile App – Binance Crypto Exchange and Wallet

Binance earns high marks from reviewers and is a well known Asian-based trading platform. First, it boasts over 150 cryptocurrencies to buy, sell and trade, including the Binance Coin. Binance has proven over time that security is a serious player in the crypto space. Finally, if you want a variety of cryptocurrencies with dependability, Binance is a good choice. However, please note that Binance may not be an option for Americans.

Honorable Mention Best Cryptocurrency Wallet Mobile App – Wallet

Crypto has interesting features including the ability to earn interest on your cryptocurrency holdings. First, it offers a visa card with cash back options. More than 50 cryptocurrencies available for trading. In addition, this one is a growing market to watch and will probably be a serious player in the future of crypto. Note: not yet available to the US market.

Honorable Mention Best Cryptocurrency Wallet Mobile App – Coinomi Wallet

Coinomi features more than 1700 tokens for buying and selling. Moreover, it Boasts superb security features and strong encryption. In addition, Coinomi offers enhanced anonymity with little or no Know Your Customer (KYC). Finally, this is a mobile app that almost has it all.

Best Cryptocurrency Hardware Cold Storage Wallet –

Securely stores your private keys to your digital assets, from cryptocurrencies to passwords. Works with USB-C and micro SD card.

Features a touch screen display. Quick set up with Windows, mac OS, and Linux. Offers a money back guarantee.

Best Hardware Wallet Under $75 – Ledger Nano S

Send and receive crypto assets, securely and conveniently. Connects directly to your computer and keeps your private key safe. Uses 8-digit pin code for security. Supports over 30 cryptocurrencies and all ERC20 tokens. Easy and intuitive to use, it features a display and the ability to confirm with using the two physical buttons. Has the ability to backup and restore as well.

Best Next Level Security for Ledger Nano S and Trezor One

Not willing to risk losing your bitcoin? The Steel Bitcoin Wallet for hardware wallet backup by Billfodl takes security up a notch. This is a stainless steel device that backs up the Nano Ledger and Trezor. Designed for cold storage, tested for worst case scenarios, offering fireproof, waterproof and shockproof protection. Claims to be hacker proof. You be the judge.

Clearly, using a hardware cold storage wallet is the most secure method of storying cryptocurrency.  The hardware wallet stores the user’s private keys and is how professionals store their Bitcoin. Hardware wallets are interactive and rival even the security of paper wallets.

Desktop Wallet

Desktop wallets are essentially software that you download on your laptop or home computing device. Private keys are stored on your hard drive and your personal computer becomes your interface to the cryptocurrency block chain. Following a security protocol with desktop wallets can provide a quality level of security, such as minimizing internet access or time online, using anti-malware protection and limiting what sites you visit and what is downloaded on the computer. However, the level of security for desktop wallets is still less than hardware cold storage wallets.

Mobile Application “App” Wallet

Mobile Application Wallets are those that you will use on your mobile device. They are designed to be simplified windows into buying, selling and trading cryptocurrency from your phone or tablet. Unfortunately, with convenience frequently comes security issues. Much like the wallet you may carry in your pocket or in a purse, you shouldn’t carry all the money you own with you. Only carry what is necessary for limited trading or spending. Hackers are always lurking and there are many ways to lose your cryptocurrency.

Paper Wallets

These are the simplest and potentially safest cold storage “wallets” that you can have to store cryptocurrency. It can be as simple as writing down your public and private key on a piece of notebook paper and tucking it away somewhere. Another option is to print your keys and/or QR code out on paper. Clearly you want to protect this paper because if you lose it, or it gets destroyed, then you’ve lost your bitcoins forever. Thousands of Bitcoins have been lost over the years in just this way.

One note about cryptocurrency and its power. Holding the keys to your Bitcoin is a powerful thing. No one but you are responsible for your cryptocurrency and that means that securing your investment is paramount.

General Guide for Securing Cryptocurrency

Whatever way that you store your cryptocurrency, you should always have backups and use redundancy. Store your keys in more than one location or more than one medium. Store your keys, wallets, computers and other cryptocurrency devices in a safe place. If you had a gold coin, you wouldn’t just leave it out where anyone could access it! Do the same with your cryptocurrency holdings. Beware of scams! If it sounds too good to be true, then it probably is. Don’t risk your hard earned money. Be cautious when using Wi-Fi networks. Using a VPN when accessing your cryptocurrency is recommended. Also, consider using two-factor authorization when possible.

Buyer Beware!

Owning Bitcoin and other cryptocurrencies requires a great deal of discipline and responsibility. Do not store significant amounts of cryptocurrencies on your mobile devices or even on a home computer or laptop. In addition, using cryptocurrency exchanges, such as Coinbase and Gemini are usually secure, Bitcoin should not be stored on exchanges. For example, in 2014, Mt. Gox was the biggest Bitcoin exchange in the world. That same year, it was discovered that the exchange had been hacked and more than 850,000 Bitcoins (valued at over $10 Billion in 2020) had been removed.

You should also know that Bitcoin, the grandfather of all cryptocurrency has only been around since 2009. Since then, there has been revolutionary change in the crypto space in every way from how Bitcoin is mined, stored, traded and used. With Bitcoin and other cryptocurrencies rapidly evolving each day, there is always a replacement for that new wallet, exchange or other tool that you were using yesterday. Learn to change with cryptocurrency and be flexible.

Want to learn about personal finance and wealth? Check out Piggy Bank Coin’s post on Principles of Money Management.

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Disclaimer: It is important to note that Piggy Bank Coins does not provide financial advice. We don’t endorse or recommend any financial investments. Instead, we provide information for educational purposes to those seeking knowledge regarding personal finance. However, in the spirit of transparency, note that the author is an investor in cryptocurrencies, precious metals and some equities.

In addition, The Federal Trade Commission (FTC) requires that Piggy Bank Coins disclose to readers that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. Moreover, we try our best to keep things fair and balanced, to help you make the best choice for you.

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