7 Top cryptocurrency wallet 2018— create cryptocurrency wallet address
7 Top cryptocurrency wallet to store your coins
If we assume conventional way than the easiest definition of Cryptocurrency wallet address is same as your bank account number and that bank account number is created by Bank i.e. cryptocurrency wallet.
While in the terminology of Cryptocurrency, place where you create cryptocurrency wallet address is known as Cryptocurrency wallet i.e. where you store your cryptocurrencies
So in simple terms
cryptocurrency wallet address -> Bank account number
cryptocurrency wallet -> Bank where your bank account number is created
Cryptocurrency wallet is a software program where cryptocurrencies are stored.
To be technically accurate, cryptocurrencies are not stored anywhere;
There is a private key (secret number) for every cryptocurrency wallet address that is stored in the cryptocurrency wallet of the person who owns the balance.
There is a public key which is open to public i.e. cryptocurrency wallet address.
In simple terms, you can assume that private key is your email id password and a public key is the username of your email id which facilitates sending and receiving Bitcoins which is done via Bitcoin wallet address.
Types of cryptocurrency wallet
There are mainly three types of cryptocurrency wallets
- 1.Online or Web wallet
- 2.Desktop Wallet & paper wallet
- 3.Hardware wallet
Cryptocurrency web wallet or online wallet
The first type of cryptocurrency wallet is the online wallet or web wallet.
They are hosted by the third party server i.e. you don't have access to your private keys
So your coins security depends on the service provider, as your private keys are stored on another server.
So, security can be little susceptible (drawback of online cryptocurrency wallet)
Beginners who deal with the lower amount of cryptocurrencies can use web cryptocurrency wallet because they are easier to use and maintain as you can access your wallet from any device connected to the internet.
So transactions are very easy on web cryptocurrency wallet are useful in small day to day transactions.
Desktop/Mobile cryptocurrency wallet & paper cryptocurrency wallet
Software cryptocurrency wallet is a software which can be installed on your device i.e. desktop or mobile.
Software cryptocurrency wallet gives you complete control over your coins as your wallet address private keys are hosted on your device. As long as your device is not compromised your coins will be safe.
So software cryptocurrency wallet is more secure than web cryptocurrency wallet.
Cryptocurrency hardware wallets are the most secure way to take your coins offline altogether with a cryptocurrency hardware wallets. It is a device that can be connected to your desktop, laptop, tablet, and smartphone.
These are as secure as any other cold storage like a paper wallet and can be as comfortable in day to day transaction like an online wallet.
They are designed to keep private keys of your currency in an offline setting. Private keys are generated via your wallet when you needed to spend Bitcoins.
Your Bitcoins will always be safe even if your machine gets hacked or someone stole your hardware wallet.
Because without knowing the secret pin of your hardware wallet nobody can transfer your currency to any other address or device.
Cryptocurrency hardware wallets also provide a backup option which adds an extra security layer, so you can access them even if your device gets damaged.
7 Top Cryptocurrency wallet 2018 list
+Ledger Nano S is a USB device with smart card security in a very compact package and ranked first on the list of 7 Top cryptocurrency wallet 2018
It was developed in France by three France companies BTchip, Chronocoin, and La Maison du Bitcoin in December 2014. It is a compact USB device with an extra security layer.
The smart card provides an additional security layer and eliminates some safety issues that may arise due to any compromised device which is based on multipurpose microcontrollers.
It comes with a tiny screen that means you can operate it independently of your computer otherwise, it can be vulnerable to malware.
Ledger Nano S hardware wallet is made up of brushed stainless steel and plastic. It weighs only 16.2 grams
Ledger Nano S hardware wallet is compatible with Windows (7+), Mac (10.8+), Linux or Chrome OS.
Ledger Nano S is based on a dual chip architecture (ST31/STM32, Certification level: CC EAL5+). The firmware integrity is guaranteed by cryptographic attestation.
Ledger Nano S ensures only you can access your accounts by requiring a 4 digit PIN code each time it is plugged into your computer. It also offers 24 words back up seed keys which is useful in case you lost your wallet.
Ledger Nano S guarantees the safety of your coins at very attractive price 79$ (price varies)
Trezor was launched in August 2014. It is founded by Czechoslovakian company satoshi labs.
One of the company’s founders is Marek “Slush” Palatinus, who also created the first mining pool for Bitcoin (founded in 2010).
It is the most reputed cryptocurrency hardware wallet and second on the list of 7 top cryptocurrency wallet.
In native language, it translates to “vault”. Because of its unparallel security features, it is also called as Bitcoin safe. it comes with an OLED screen and can be used for password management and document signing.
It generates 24 words recovery seed and 9 digit pin which can be used for recovering the private key in case device is broken or stolen.
You can instantly wipe your Trezor device in case of an emergency. Like other cryptocurrency hardware wallets, your private keys are stored in an offline environment.
It supports all major cryptocurrencies excluding Ripple ( major drawback)
Trezor hardware wallet is priced at 109$. Trezor hardware wallet is one of the renowned and one of the 7 top cryptocurrency wallet in the list
Keepkey is third on the list of 7 top cryptocurrency wallet in 2018. It offers the same functionality as of Trezor and Ledger hardware wallet but at a higher cost.
KeepKey is made up of Aluminium metal and Polycarbonate so it tougher and a larger OLED display but it makes little inconvenient to carry.
As it has a larger screen so that adds extra security feature of wallet recovery using the cipher.
It offers hidden/alternate wallet which can be accessed via a passphrase
It generates 12 words Recovery seed which is useful while recovering your wallet information in case your wallet is stolen or lost. So security of your coins is never compromised.
Exodus is a Desktop cryptocurrency wallet and listed at fourth on the list of 7 top cryptocurrency wallet in 2018.
Exodus is a multicurrency wallet which supports 7 top cryptocurrencies excluding Ripple coin. It also has an inbuilt shapeshift instant cryptocurrency exchange which allows users to convert one cryptocurrency to other instantly.
It is free to use and has an attractive UI. As it is desktop cryptocurrency wallet your private keys never leave your desktop. So unless and until your system is not hacked or compromised your coins will be safe.
There are features like one-click email recovery and backup seed keys for restoring your wallet which adds an extra security layer.
So desktop cryptocurrency wallet is second most secure ways to keep your cryptocurrencies safe after hardware wallets. However, to access Exodus, you need to always be connected to the internet.
Jaxx is also a desktop cryptocurrency wallet and sits at fifth on my list of 7 top cryptocurrency wallet in 2018.
Jaxx was developed by the Canada-based company, Decentral in the year 2014.
Like other Desktop cryptocurrency wallet, private keys never leave the device, and functions like 12 words seed keys enable you to restore your funds in case of mishappening.
It supports 13 major cryptocurrencies excluding Ripple cryptocurrency and has very simple easy to navigate interface.
It equipped with inbuilt instant cryptocurrency exchange i.e. shapeshift.io which exchange one cryptocurrency to another cryptocurrency in no time.
Jaxx supports platforms like Windows, Mac OS, Linux.
It also supports chrome & firefox extension and it can be downloaded on your (android, ios) mobile
Electrum is python-based multicurrency desktop/mobile wallet and ranked sixth on my list of 7 top cryptocurrency wallet.
Electrum is free software released under the MIT License. No single entity controls the electrum wallet. It has been around since 2011 and one of the most trusted desktop cryptocurrency wallet.
Electrum is equipped with features like you can set transaction fees, use change addresses, create invoices, determine expirations, and much more.
Electrum has very easy to use and clean interface
Electrum supports Windows, Mac, Linux for desktop and Android, IOS for mobile.
Electrum generates the 12-word seed keys as you create your wallet and ask to enter 12 keyword phrase in next step so it is compulsory to write them down.
In case your system gets crashed, you can install it on another machine and use the seed to restore your coins.
You can also export your private keys and use them in other Bitcoin clients. Electrum is fast because it uses servers that index the Bitcoin blockchain.
As electrum cryptocurrency wallet is decentralized and redundant hence wallet never got down
It also supports Multisignature services which split the permission to spend your bitcoins between several wallets
Electrum also offers two-factor authentication and it is completely malware-proof
Coin base cryptocurrency wallet is most trusted web wallet and ranked seventh on my list of 7 top cryptocurrency wallet.
It is much easier to use and has very simple, smooth, clean and beginner friendly interface.
However, the major drawback of web wallet is that your private keys are stored on Coinbase’s hosted servers. So you don't have complete control over your cryptocurrencies
Coinbase wallet is also available for android and ios mobile users.
It let you create wallet address of 4 supported cryptocurrencies.
Coinbase wallet is one of the top cryptocurrency web wallets if you want to make small day to day transactions.
For beginners, it is the best cryptocurrency wallet to start your cryptocurrency journey.