Know where you will Store your Cryptocurrencies like Ripple and Bitcoin

The market of cryptocurrency is rising with a rocket speed. More than what cryptocurrencies are for, people are investing or buying such cryptocurrencies because of huge returns. The rate Bitcoin, Ripple, Litecoin and Ethereum are rising with a rocket speed. Bitcoin’s price is rising 1000 dollars on daily basis. From investor’s point of view, investing in such cryptocurrency is giving huge returns.

 

Many of you also would be interested in buying them but don’t know much about it. We here will explain to you how you can store these currencies and what cryptocurrency wallets are and what their use are.

 

Cryptocurrency Wallets:

Cryptocurrency wallets are used to store and spend keys. These wallets can support one or multiple cryptocurrencies. Wallets are better options to choose because they are relatively safe in case the site gets hacked. If you are storing your currency in these wallets then you need to trust them just like you trust banks. Apart from you these wallets will also have access to your currency. The wallets too have some vulnerabilities which may need to be scrutinized before you use them.

 

Before one choses any kind of cryptocurrency wallet one must be assured on few aspects of using it. Some of them are:

 

Cost: Look at what cost you have to offer to use such wallets. Cost is not much of an issue because most of them are relatively cheaper. $50 to $500 is what the maximum charge of a wallet is. Some of these wallets are also free.

 

Security: The issue of security is quite important. Cryptocurrencies like Bitcoin, Litecoin, and Ethereum are quite costly therefore their storage must be foolproof from any kinds of odd acts. You need to deeply analyze whether wallet holds all the required security aspects or not.

 

User Friendly: Whatever you use must be user friendly so that you don’t find trouble using it.

 

Style: Your wallet should hold all latest tech features so you don’t find inconvenience in using your wallet.

 

Mobility: How mobile is your wallet? Are you able to use it whenever you want? If the answer is yes then you can carry forward. The wallet must accessible from anywhere and must support multiple access points so you don’t have trouble in using it.

 

These features basically make a wallet. Now you also need to know about the characteristics of wallets and what type of wallets are there that you can use.

Types of Cryptocurrency Wallets:

  • Hot and Cold Wallet
  • Hardware Wallet
  • Software Wallet
  • Watch Only Wallet

 

Hot and Cold Wallet:

A hot wallet is the wallet that is connected to the internet while the cold wallet is the one that is not connected to the internet. A hot wallet that is connected to the internet may be prone to hacking or vulnerabilities, therefore, must not always be in access to the internet. In other terms, a hot wallet can be considered as software wallet that is connected and a cold wallet can be considered as a hardware wallet that is not necessarily connected to the internet.

 

Hardware Wallet:

Hardware wallets are known to be the safest forms of wallets where the private key is stored and doesn’t go anywhere. There are some hardware wallets that require you to press them or enter some pin to make the transaction successful. Two of the well know hardware wallets are Trezor and Ledgerwallet.

 

Software Wallet:

Software wallets are basically some website where you store your coins or applications installed in your phone, desktop or tablet. One needs to enter a password to use your private keys. These software wallets are made by third parties who store your coins. You can use the two-factor authenticator for safer login.

 

Watch Only Wallet:

Using Public key one can watch the transactions using watch only wallet. It is used to keep an eye on your transactions while the private key is stored somewhere else.

 

Wallets where you can store your Cryptocurrency

 

There are nearly 900 cryptocurrencies while the most common of them is the Bitcoin. Others who are trailing behind Bitcoin are Ripple, Litecoin, Ethereum and Bitcoin Cash. But it is generally not possible that you can store all these currencies in a single wallet. Different currencies support different wallets. Here are few of them.

 

Bitcoin: Bitcoin is one of the most known cryptocurrencies that is quite costly and has gained huge market price. If you have purchased Bitcoin then you need to properly store such a precious currency. Some of the wallets are:

  • Armory: Best Recommended desktop wallet
  • Bitcoin Core: Desktop wallet
  • Multibit: Desktop wallet
  • Bitcoin Wallet: Mobile wallet for Android
  • Xopo: Mobile wallet for android
  • Blockchain: Mobile wallet for android
  • Coinpunk: IOS mobile wallet
  • Coinbase and Circle: Online wallet
  • Trezor Hardware: Hardware wallet
  • Ledger USB wallet: Hardware wallet
  • Keepkey: Hardware wallet

 

Ripple: Ripple ranks fourth in market cap and was released in 2012. Here are some wallets to store ripple:

 

  • Ledger Nano S: Hardware wallet
  • Gatehub: Online wallet
  • Coinpayments: Online wallets
  • Binance: Online wallet

 

Ripple has its own wallet where you can store XRP.

 

Ethereum: Ethereum ranks second in the list of top cryptocurrencies in terms of market cap and is behind Bitcoin. Some of the wallets where you can store Ethereum are:

 

  • Trezor: Hardware wallet
  • Ledger USB wallet: Hardware wallet
  • Keepkey: Hardware wallet
  • Coinbase: Online wallet
  • Exodus wallet: Desktop wallet

 

Litecoin: Litecoin ranks fifth in the list of top cryptocurrencies in terms of market cap. Litecoin’s price has seen a huge surge in recent days. Here are few wallets where you can store litecoins.

 

  • Trezor
  • Ledger Nano S
  • Litecoin-QT: Desktop wallet
  • Jaxx: For desktop and mobile
  • Exodus: Desktop wallet

 

These are the list of few wallets that you may choose to store your cryptocurrency. These wallets resemble to that of banks where your trust is required to store them yet you need to use your private key or password to have access to it. Hardware wallets are said to be the safest while online wallets have risk involved of hacking. It is still up to your choice by whom you want to go. One thing should always be remembered that one should not compromise with security features because it can prove out to be costly.