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Before getting to the Best 2021 crypto wallets’ list, here’s a short definition to explain what a cryptocurrency wallet is. A cryptocurrency wallet is basically a software that allows you to track, send, and receive coins via the blockchain, much like a bank account. Each wallet has a public key and a private key.
” Not your keys, not your coins “
What this means is that if you store your cryptocurrencies on an exchange (e.g. Coinbase, Binance, or Kraken), you do not actually own those coins because you do not have the keys to the corresponding wallets. You can gain access to these wallets by signing up with these exchanges, but your account could – in theory – be deleted in an instant, or the exchange be hacked, etc…. And with that, your funds can also disappear forever.
So in order to own your coins, you need to own your keys.
Your public key is what identifies your account on the network. Think of it as your email address, because when someone wants to send you cryptocurrency, they will send it to that address.
Your private key is made of 64 characters that can be generated from a 12-word seed phrase. It basically serves as a password for your account. It is used to sign transactions and to prove that the associated public key belongs to you.
4 sorts of Wallets.
You can use 4 types of wallets and you should ideally choose the one that best suits your crypto habits. You should avoid using web wallets. As always, you should choose the most secure wallet type if possible to minimize the risk of losing your cryptos.
Hardware / Offline / Cold Wallet: An offline storage device (e.g. hard drive, USB stick). You may have heard the names Ledger or Trezor, these are the 2 biggest brands right now. Ledger supports over 1200 cryptocurrencies, while Trezor supports over a thousand. It’s also the most secure way to store your cryptocurrencies.
Mobile Wallet: Apps that can be installed on your smartphone. Beware of some apps that can store cryptocurrencies, as for example, Coinbase mobile app. This website is an exchange, which means they control your coins. I recommend the apps from Exodus or Atomic if you decide to use a mobile wallet.
Desktop Wallet: Wallets that can be installed on various desktops and are compatible with Windows, Mac and Linux. Your keys are stored on your computer and you can use this wallet even when you are offline. Desktop wallets tend to be more advanced than mobile wallets with more features that can increase privacy or allow more flexibility in transactions.
Paper wallet: A paper wallet is essentially a basic piece of paper with your public / private keys or a QR code (you can scan and add keys to a software wallet to make a transaction). It’s a really secure way to store your cryptocurrencies because your keys are not connected to a server, unless you lose it or get it stolen.
The best hardware wallets.
Ledger Nano (S and X): The most popular hardware wallet brand in the world currently offers 2 different sticks. A cheaper alternative ( The S), and the Nano X, which has a larger storage. This last one also has Bluetooth 5.0 support.
Be aware that in July 2020, Ledger was the target of a cyberattack that resulted in a data breach ( about 272,000 detailed information such as mailing address, last name, first name, and phone number of customers). However, not a single coin was stolen as the hackers did not gain access to the private keys.
Trezor (One and Model T): Trezor is another popular hardware wallet brand. Same display, with the Trezor One being cheaper while the Model T has a more advanced feature and also supports cryptocurrencies like ADA, XMR, XTZ, etc…
As a reminder, avoid buying used hardware wallets, even though both Trezor and Ledger have security measures in place to prevent attempts to install malware.
The best desktop wallets.
Exodus: Probably the most popular desktop wallet. User friendly and available for Windows, Mac and Linux as well as Google Play Store and AppStore.
Atomic: It supports more than 500 assets and allows you to stack various cryptocurrencies. User friendly too, available for Windows, Mac and Linux.
If you choose to use a mobile wallet, Exodus or Atomic are available for iOS and Android, some coins also having their dedicated wallets, such as Kalium for Banano, or Natrium for NANO .
Of course, there are several other reliable wallets but these two have proven to be the most user-friendly and easy-to-use wallets so far.
Disclaimer: All details found on this post, and more generally on this website (neverfomoagain.com) are for informational purposes only. I don’t provide any financial advices. Please, Do your own research before undertaking to any investment/trading actions.