3 Ways to Choose a Bitcoin Wallet for Yourself
The market has dozens of Bitcoin wallets to choose from today. This has been triggered by the growing demand for such wallets as centralized exchanges look like an increasingly risky way to store cryptocurrencies. For someone new to crypto, this automatically raises the question, how do you choose a good Bitcoin wallet for yourself?
Who controls the keys controls the Bitcoin
When choosing a crypto wallet for IOS, ensure that it gives you full control over your private keys. Regarding the management of bitcoins, safety and security are the two most important factors. That’s why it’s crucial to choose a bitcoin wallet that allows users complete control over their private keys. Having such control grants you the ability to keep your funds secure and make transactions more efficient since your own keys are used to sign each transaction. Furthermore, with complete control over your private keys also comes increased privacy which helps keep your financial activity anonymous. All-in-all, finding the best bitcoin wallets that provide full control over one’s private keys is essential in adequately managing cryptocurrencies. With such capabilities, you will never have to worry about a hack or FTX-type event affecting your crypto investment. However, it is important to remember that you must be more responsible with full control. If you lose your keys, then no one can help you retrieve them. They are lost forever.
Ease of use
The best Bitcoin wallets have an easy-to-use interface. When searching for the best Bitcoin wallet, usability should be at the top of your list of requirements. An easy-to-use interface is essential because Bitcoin wallets need to be user-friendly to appeal to users. A confusing maze of menus and buttons can be a huge deterrent, so investing your time in looking for a wallet with an intuitive layout that’s easy to navigate pays dividends. Furthermore, look for one with clear explanations about sending and receiving Bitcoins and how the different features work. The best Bitcoin wallets strike just the right balance between simplicity and functionality, allowing you peace of mind when tackling any crypto-related task. For instance, the OWNR wallet is so easy to use that even someone who has never used it can easily figure out their way around it.
Altcoin support
When selecting the right Bitcoin wallet, support for cryptocurrencies and tokens other than just Bitcoin is also an important feature to consider. Executing transactions with Bitcoin may be a great start, but having the power to transfer or trade Bitcoin for any cryptocurrency within the same wallet can be a major advantage. Of particular importance is the need for your chosen wallet to have ERC-20 compatibility, as this will enable you to use common tokens like USDT (USD Tether) and USDC (USD Coin) within it. Access to these features will allow you to diversify your financial holdings and increase their value. More importantly, they will give you complete control over them with enhanced security and flexibility. To understand why this functionality is important in a crypto wallet, consider the fact in the 2017 and 2021 cryptocurrency bull markets, altcoins, especially ERC-20 tokens, outperformed Bitcoin by a considerable margin. Due to their lower market cap and lower entry price points, altcoins will likely keep beating Bitcoin going into the future. As such, focusing on wallets that allow you to store your altcoins alongside Bitcoin makes sense.
Recap
With the increased security issues around centralized exchanges, investors should consider storing crypto in a Bitcoin wallet. However, not all Bitcoin wallets are made equal. The best ones give you complete control over your private keys. They also have an easy-to-use interface that even a beginner can use. Lastly, a good Bitcoin wallet also has multiple altcoin support. The idea is to help you diversify your crypto holdings.
