Ever since Bitcoin came into being on 3rd January 2009, it created a buzz in the financial world. If you have been following blockchain crypto news regularly, then you must be knowing about how Bitcoin became the best alternative to the government-backed currencies, which we use daily for making transactions. It made such an impact on people from all over the world that now they have started regarding digital currencies a better alternative to traditional currencies because they offer better privacy in comparison to them, and also are safer and much easier in comparison to them. Over the years, the value of Bitcoin has skyrocketed in the financial market, in comparison to the US dollar and other currencies. To understand Bitcoin, you need to understand about Bitcoin wallet. So today we will be updating you about the top 6 Bitcoin wallets of 2020.
Introducing The Concept of Bitcoin Wallet
Before we explore the top 6 Bitcoin wallets, let us have a clear understanding of the Bitcoin wallet concept. Bitcoin wallet can also be understood as a digital wallet. Now with the term wallet, you will relate it to your physical wallet, which you carry in your pocket to buy goods. But just like Bitcoin is the digital version of cash, the Bitcoin wallet is also equivalent to wallets, but in digital form. These digital wallets are software programs where the storage of Bitcoins takes place. But technically, every Bitcoin address has a secret number or private key, which is saved in the user’s Bitcoin wallet, who is the owner of balance.
Bitcoin wallet allows its users to send and receive Bitcoins. It even gives them ownership of Bitcoin balance. There are multiple forms of Bitcoin wallet, which are web, hardware, mobile and desktop.
Listing Top 6 Bitcoin Wallets Of 2020
After getting a concise understanding of the Bitcoin wallet, now let us move forward to know some of the top Bitcoin wallets of 2020 from the following list.
1. Blockchain
Blockchain is among the top 6 Bitcoin wallets of 2020 and is the best Bitcoin wallet. It is digital technology, where Bitcoins and other digital cryptocurrencies function. Blockchain wallet is somewhat similar to Coinbase in terms of the online wallet where users can buy and sell directly through the platform to multiple countries. Besides this, the technology also facilitates its users to send and receive cryptocurrencies for a small fee. When it comes to the safety of your wallet, blockchain performs the task by backing up your funds.
2. Coinbase
Coming next in the list of top 6 Bitcoin wallets is Coinbase. It is one of the easiest digital platforms to buy, sell and hold cryptocurrencies. By referring to Coinbase, a user can transform the dollars simply in or out of his wallet. Currently, Coinbase is supportive of Ethereum, Bitcoin Cash and Litecoin too.
3. Robinhood
It started as a free stock trading platform. It expanded itself to render support for investments including cryptocurrencies like Bitcoin. Although, it is both an exchange and wallet like Coinbase. However, it is unable to transfer coins from other wallets.
4. Electrum
Electrum is also one of the top 6 Bitcoin wallets of 2020. Here you can store your Bitcoins in encrypted files on your computer machine or even laptop. You can find Electrum on Android, Windows, Linux and other systems. The major benefit of Electrum is that you can store your Bitcoin on your personal computers. But it has a disadvantage. If in case, your computer gets hacked or corrupted, then you will lose all your coins. However, it has a recovery provision and lets the user create physical cold storage with a handwritten or printed set of keys.
5. Mycelium
Mycelium is the only mobile Bitcoin wallet which features versions like iPhone and Android. Although it does not include the desktop interface, it very well maintains the anonymity and makes users keep their Bitcoin in the everywhere they go. But Mycelium is not that simple when it comes to comparison with other Bitcoin wallet counterparts.
6. Trezor
Although Trezor may not be a full buying or selling platform in comparison to Coinbase, it is the best place, where users can store their Bitcoins. It is known to be a physical device that can be easily plugged into your computer or tablet to access the Bitcoins.
Conclusion
So these are the top 6 Bitcoin Wallets of 2020. Besides it, you also got to know about the clear understanding of the Bitcoin wallet. These digital wallets include four different forms, including a desktop wallet, which is installed in your computer desktop and provides the complete authority of the user over the wallet. And then there is a Mobile wallet, which is used for making payments through scanning QR code. Similarly, there are two other forms like web wallet, which allows the user to use Bitcoins from any browser. And then there is a hardware wallet, which is the most secure form to keep Bitcoin wallet in physical forms like a USB port or computer.