Working with cryptocurrencies requires more than just buying them and selling them. Sometimes, you might want to keep them, put them in storage, and wait for an appropriate price shift that might allow you to make a profit.
However, you cannot just leave them in an exchange. While exchanges have done wonders to improve their security systems, this is still not safe enough, and there is always a possibility that all of your digital assets might be swiped overnight. This is why you need to employ a wallet that will keep your money safe, secure, and as far away from the thieving hands of hackers as possible.
But, with hundreds, or maybe even thousands of crypto wallets out there, which one should you choose? Which one is good enough, safe enough, but at the same time – convenient enough? This is what we will explore today, and recommend top 5 online wallets that can let you store your Bitcoin or Bitcoin Cash tokens.
The first entry in this category should not really come as a surprise since BTC.com is one of the best Bitcoin and Bitcoin Cash wallets to date. It was created in 2016 by Bitmain, a large crypto mining company, and it offers a safe, and user-friendly environment. It is available for iOS and Android users alike, and it has both, the mobile and the web version.
It is better from most other wallets since it allows users to hold their own private keys, and to sign transactions with their personal device. This eliminates the need for a third party that would be in charge or private keys, and in turn, improves the safety and security of your funds.
The wallet is simple but powerful. It focuses mostly on BTC, and it stays true to its philosophy. Now, despite the fact that hardware wallets will always be much safer than software wallets, this one is pretty much the best you can get from a wallet available online.
Coinbase is definitely one of the easiest wallets to use. It has limited applications, and it is very user-friendly, which makes it perfect for newcomers to the crypto world. Right now, it offers a very limited selection of coins, but even so, both Bitcoin and Bitcoin Cash are among them. Another practical thing about Coinbase is the fact that it is also an exchange, in addition to being a wallet. This allows users to trade the coins which wallet supports for one another. However, it should be noted that the fees can go quite high, so this may not be the best thing to do.
Additionally, fees can be avoided if the user decides to go for Coinbase Pro, which won't completely eliminate the fees, but they will be significantly reduced. The only issue is that coins need to be send from one wallet to another whenever users wish to trade them.
So far, the app has over 5 million downloads for Android alone, which makes it extremely popular. Additionally, some features that the wallet offers are available only in the US. Another big reason why many users decide to go for Coinbase is the fact that Coinbase insures the funds stored in its wallet. This is an important aspect, especially in light of all the recent hacking attacks that have plagued the exchanges.
The third wallet that we will cover today is Blockchain.info. The company behind it is very reputable and strongly-backed. Their website is a block explorer that is regularly used by a lot of crypto enthusiasts, and their reputation also extends to their wallet.
The wallet is very old by crypto standards and has been around since 2011. It supports up to 37 languages, but it offers only 3 coins. Luckily, both Bitcoin and Bitcoin Cash are among them, with the third one being Ethereum. The wallet is pretty easy to use, and it is very straightforward. While it is not as safe as a hardware wallet, it is more than decent in the software-wallet category.
Additionally, Blockchain.info also offers an exchange that is Shapeshift-supported. Similarly to Coinbase, this means that users can swap coins for one another whenever they feel the need. This grants certain flexibility since there is no need to visit separate exchanges to do the trade. One thing that should be noted here is that there have been security breaches caused by phishing attacks. All users are recommended to always carefully check the addresses they use, and bookmark them, just to be safe.
Coinomi is a wallet for those who wish to have access to a large number of cryptos. It supports up to 119 coins, and around 382 tokens, which means that, in total, this wallet hosts around 501 cryptos. Despite the fact that a large majority of these coins is quite small regarding their market cap, they still need to be protected and kept safe.
The wallet also has a mobile app, it supports 28 different languages, and it uses Changelly and Shapeshift for transactions within the app itself. It allows crypto purchases via credit card, which makes it more than a decent place for storing altcoins. Basically, by employing this wallet, the user will eliminate the need to go to any exchange. As for security, it is also pretty good, since users can keep their private keys safe themselves.
Finally, we have Jaxx. This is a 4-year-old wallet, created in 2014, and it was developed by Anthony Di Iorio, who is also known for being one of the co-founders of Ethereum. The wallet is available on many platforms, including Apple, Windows, Android, and even Chrome. It provides support for 69 tokens and coins, some of which aren't even within the top 100 regarding the market cap.
The wallet has faced some criticism from certain users who claimed that the app fails to perform transactions and exchange, but it also received a lot of praise for offering many features and having a great design. It offers a Shapeshift-supported crypto exchange, which allows users to buy new coins from the profit they made previously.
One thing that might not sit well with some users is the fact that the wallet doesn't allow crypto-to-fiat transactions. This wallet is great for those who wish to trade in different altcoins, but it might not be the best option for those interested strictly in Bitcoin itself.