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7 Best Bitcoin wallets to choose from in 2020 + Best wallet tips

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It is hard to avoid the phenomenon that is Bitcoin. This new technology and cryptocurrency is changing sector after sector.

Bitcoin is standing tall and strong, no matter how many times certain people like Warren Buffet or Jamie Dimon calls it worthless or a fraud. Here it is, still strong.

That was what attracted me a lot to this crypto space and Bitcoin. So if you are here after investing in Bitcoin, or if you are planning to buy Bitcoin and now you are researching what the best Bitcoin wallets are then welcome.

I will give you my thoughts on what the best wallets for Bitcoin are right now in 2020. I have used several different wallets for my BTC. So I am sharing my thought on my preferred wallets to use for Bitcoin.

I’ve also discussed best wallet alternatives for BTC with some friends and checked on Reddit/Bitcoin on what their favourites are.

7 of the best wallets for Bitcoin in 2020

1 ) Ledger Nano X (hardware wallet)

Ledger Nano X

The Ledger Nano X is one of the most popular Bitcoin wallets around. It is a hardware wallet created for maximum security, but it also comes with added benefits of the modern Ledger Live application.

With Ledger Live you get a complete overlook of your Bitcoin holdings in a nice modern look. You can track the value of your portfolio and easily send and receive new transactions.

The Ledger Nano X is the upgraded version launched after the previous success of the Ledger Nano S. It comes with added Bluetooth which makes it possible to use it with a mobile device. Added storage space, now you can download and install over 100 wallet apps to your device.

And of course some added hardware and software updates to make it even more secure.

Ledger Nano X and S are compatible with macOS, Windows, Linux, iOS and Android.

The Ledger devices has one of the best supports for cryptos by all wallets, find out the full asset support list here.

Pros

  • One of the most secure hardware wallets on the market
  • Easy to Ledger Live software application
  • One of the supports for coins and tokens (1200+)
  • Integrated with many other 3rd party wallet applications
  • Decent price for the value it brings
  • Easy to use and reliable
Cons

  • It’s not cheap but it is still a lot cheaper than the Trezor Model T
  • Not very mobile-centric, you probably don’t want to travel with a hardware wallet
  • Not fully open-source yet, OS is but not firmware

2 ) Trezor Model T (hardware wallet)

Trezor Model T

Here is the latest hardware wallet from SatoshiLabs, the Trezor Model T.

It comes with a touchscreen (no more buttons) and now you enter your PIN, passphrase and recovery phrase all from the device.

Previously it was all done in the online web wallet.

The Trezor Model T comes with upgraded firmware so it’s faster and much better support for cryptocurrencies than the Trezor One.

The Trezor devices are compatible with Windows, macOS, Linux, Android, and iOS.

Pros

  • Very secure and reliable hardware wallet
  • Great support for most popular coins and tokens (1000+)
  • Open-source firmware (compared to only open-source OS for Ledger)
  • Nice UX and it’s easy to use, with a useful large touchscreen
Cons

  • Quite expensive, and even more so than the Ledger Nano X- $60 more
  • Not as good cryptocurrency support as the Ledger devices

3 ) Ledger Nano S (hardware wallet)

Ledger Nano S an excellent choice for storing your Litecoins

The Ledger Nano S was the first hardware wallet produced by this French cryptocurrency team. And it still today remains one of the most popular Bitcoin wallets around, and it is highly popular.

The main reason why some like I, have upgraded to a Ledger Nano X is because of the added storage space. I am used to using my desktop so that’s fine. But others might enjoy Bluetooth which also comes for the Ledger Nano X.

But other than that this Ledger Nano S is still one of the most secure wallets you could pick for your BTCs.

The Ledger devices has one of the best supports for cryptos by all wallets, find out the full asset support list here.

Ledger Nano X and S are compatible with macOS, Windows, Linux, iOS and Android.

Pros

  • Very secure and reliable hardware wallet
  • Great support for most popular coins and tokens (1000+)
  • Open-source firmware (compared to only open-source OS for Ledger)
  • Small and nimble wallet
  • Affordable price
Cons

  • Not as good support for coins and tokens like the Ledgers
  • A bit small screen to read
  • Feels a bit plasticky and not so solid

4 ) Trezor One (hardware wallet)

Trezor wallet cryptocurrency

The Trezor One is the original hardware wallet, and one of the most popular choices together with the Ledger Nano S. The team behind the Trezor wallets is SatoshiLabs, famous for the work in the cryptocurrency space.

It comes with two buttons to operate it and a screen. It is quite small in its size so that’s both positive as it’s small and nimble but the screen can be quite small I’ve found it.

The Trezor devices are compatible with Windows, macOS, Linux, Android, and iOS. And it supports Bitcoin but most popular cryptocurrencies.

Pros

  • Very reliable and secure hardware wallet
  • Fairly cheap now since the new Ledger Nano X was released
  • Easy to Ledger Live software application
  • Integrated with many other 3rd party wallet applications
  • Easy to use
Cons

  • You can download and install maximum 4-5 apps on it at one time
  • No mobile support (only desktop)

5 ) Edge (mobile wallet)

Edge mobile iOS wallet

Right here we got a new favourite mobile Bitcoin wallet of mine, the Edge wallet.

Firstly this is a very slick mobile wallet that comes with all the features one could look for in a modern cryptocurrency wallet.

This multicurrency wallet has support for iOS and Android. It’s a very easy to use and intuitive wallet.

You can follow the value of your Bitcoins, you can trade and buy more Bitcoins directly from the wallet, etc.

And it is open-source which adds another comfort knowing the source code has been tested and can be verified by anyone.

With Edge you can have all your cryptos under one roof. Log in using PIN or fingerprint login.

Check out this video with the CEO of Edge wallet where he talks about Edge and Bitcoin.

Pros

  • Very modern-looking and easy to use
  • Has a built-in cryptocurrency trade feature
  • Fully open-source
  • Support Bitcoin but many other popular cryptocurrencies
  • Non-custodial
Cons

  • Not as good cryptocurrency support as Ledger, Trezor, Atomic wallet, and others on this list
  • Mobile wallets are not as secure as hardware wallets
  • As it’s a mobile wallet it might be easier to lose it or break your phone, so make backups

6 ) BRD wallet (mobile wallet)

BRD mobile Bicoin wallet

I have put another interesting mobile BTC wallet on my list, and it is BRD wallet.

Like Edge this is a modern and extremely nice-looking Bitcoin wallet. Here you can access your Bitcoins, but tons of other cryptocurrencies too.

But you can also trade and buy more BTC right from the wallet here also.

The BRD wallet like the Edge wallet is fully open-source and free to use.

BRD is available for download to Android and iOS devices.

Pros

  • Popular modern Bitcoin mobile wallet
  • Fully open-source under MIT license
  • You can trade your cryptos and buy more directly in the app
  • Support Bitcoin but a few other popular cryptocurrencies
  • Non-custodial
Cons

  • Not as good cryptocurrency support as Ledger, Trezor, Atomic wallet, and others on this list
  • Mobile wallets are not as secure as hardware wallets
  • As it’s a mobile wallet it might be easier to lose it or break your phone, so make backups

7 ) Atomic wallet (mobile wallet – desktop wallet)

Atomic wallet for Bitcoin

This intuitive multicurrency and multi-device wallet is one of the most popular Bitcoin wallets today in 2020.

Like other popular modern crypto wallets, it comes with portfolio tracker and built-in cryptocurrency trade exchange.

With Atomic Wallet you can access your BTC here, but lots of other popular coins and tokens.

Atomic Wallet comes in a desktop or mobile app. For Windows, macOS, Linus, Android, and iOS.

Pros

  • Very popular and modern Bitcoin wallet for both desktop and mobile apps
  • You can trade your cryptos and buy more directly in the app
  • Support Bitcoin but many other cryptocurrencies too
  • Non-custodial
Cons

  • Not as secure as hardware wallets like Trezor and Ledger
  • Not open-source

How do I pick a good Bitcoin wallet?

Bitcoin wallet illustration

For me a good cryptocurrency wallet is:

  • A safe wallet – I want to own my own private keys (what are private vs public keys). And that no one else has access to it. I prefer if the code is open-source so others can inspect it. Additionally, rigorous audits and source code testing is a must
  • An easy-to-use wallet – Good UX and intuitive experience is also very important to me. I’ve worked with UX for a long time so it is close to my heart and I realise the importance of it.

Any added benefits of live cryptocurrency portfolio tracking, tax reporting, alerts, etc are all nice to have features. But not a must for me. Maybe you are different?

For me, the security of my cryptocurrencies and Bitcoins is the single most important thing.

No matter what is your most important aspects for choosing a wallet for your Bitcoins I will here present to you a list of wallets with different use cases. Some hardware wallets, some mobile wallets, web wallets, desktop wallets, etc.

Other with lots of attractive user features and a modern look. Some with top of the line security protection, etc.

All so you can easily find your new favourite BTC wallet.

If you want to learn more about how cryptocurrency wallets work then check this guide out. In short we can say that the wallets are used to access and interact with our cryptos, that are stored on the blockchain.

Meaning sending and receiving them.

Frequently asked questions about Bitcoin wallets

How do I use a Bitcoin wallet?

With your Bitcoin wallet you can send and receive BTCs. You use your Bitcoin address from your wallet to request payments to, or send to yourself from another Bitcoin wallet.

The same goes for sending your Bitcoins to someone else’s wallet, you will then use their BTC address to send to.Bitcoin wallet illustration

Is there a minimum amount I need to buy and store?

There is no minimum amount to hold or send usually. But there are fees for sending Bitcoins.

So if you are sending an amount lower than the fee that might not always be possible. Or it also doesn’t make sense either to do.

Some wallets have set their own minimum thresholds so check the guides at each wallet website for more information.

What’s the difference between private and public keys?

The private keys are your secret codes to unlock your wallet. These should never be shared with others. Anyone with access to your private keys can access and use your BTCs stored in that wallet.

The public key is the public information for your cryptocurrency wallet. You generate new BTC addresses from your public keys.

What are Bitcoin addresses?

Bitcoin addresses (and cryptocurrency addresses) are what you send BTCs to. These belong to its respective cryptocurrency wallet.

Bitcoin addresses starts on either; 1, 3 or bc1 and its a long string of 26-35 alphanumeric characters

How do I fund my Bitcoin wallet?

You fund your BTC wallet by sending coins to it. Or when someone else sends their coins to your wallet. You can track transactions and wallets using a Bitcoin block explorer.

Examples of Bitcoin block explorers are; Blockchain.com, BTC.com and Blockcypher

How do I decide which BTC wallet to choose?

I have picked a wallet with the strongest security. But for you, it depends on what you are looking for. I would always recommend going for the safest option – a hardware wallet from Ledger or Trezor!

Otherwise, is mobile important to you? Do you want to trade within the app? Are there any other features that you want? Those are things to consider when choosing a good Bitcoin wallet for yourself!

Conclusion

I hope that this guide to some of the best Bitcoin wallets was insightful. And that you by now have a better idea of how bitcoin wallets work. But also what are some of the most popular choices of BTC wallets available.

However, you can pick whichever wallet you want. But I do recommend a secure hardware wallet. These are the most secure wallets for your cryptos. For me, that’s a choice I’ve never regret making.

These are some of the top BTC wallet choices. There are plenty more out there of course.

I’ve specifically looked at wallets that are non-custodial, preferably open-source, have a portfolio tracking tool built-in and of course are secure and then also user-friendly.

Find other Bitcoin guides:

  1. How to buy BTC with a bank account
  2. Where to spend Bitcoin list
  3. How to cash out your BTCs
  4. Best sites to use for purchasing BTC with PayPal
  5. How to buy BTC with cash

Source: https://gocryptowise.com/blog/best-bitcoin-wallets/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

Where to Invest?

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

The post has appeared first on thenewscrypto.com

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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