Best Crypto Wallets and Currencies to Be Aware Of
For many people, cryptocurrency is still a fairly new concept and there’s a misconception that Bitcoin is all there is. In reality, there are so many forms of cryptocurrency and they all offer unique value to their owners. Similarly, you also have various wallet options which act as storage for digital currency records
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Crypto Wallets
Similar to how an ordinary wallet works, a crypto wallet is a place for you to store your digital currency. They operate using public and private keys, the latter of which is known only to you while the former is used to identify you on the blockchain. You don’t necessarily need to keep your cryptocurrency in a crypto wallet as many exchanges have secure systems that work like crypto wallets.
Each of them has its unique properties and features that you’d want to be aware of before starting. Because of choices the growing popularity of cryptocurrencies, you will be spoilt for choice. Rather than having to do your research, here are some of the top crypto wallets and currencies listed for you:
Bitcoin
When cryptocurrencies are a part of the discussion, it’s impossible to not talk about Bitcoin. The words Bitcoin (BTC) and crypto are synonymous because of how lucrative and popular it is. Because of its pioneering status, BTC is the de facto Binance cryptocurrency on most exchanges and platforms. Recently, El Salvador became the first country to adopt Bitcoin as a legal tender, leading to a surge in its popularity. So many other companies Tesla and PayPal have shown interest in the use of Cryptocurrencies in place of Fiat currencies.
Bitcoin’s liquidity is its strongest asset with continuing acceptance. BTC gets a bad reputation from the public due to its high volatility. But despite its ever-changing value, it’s a lucrative investment that many experts believe will continue to surge in value in the future.
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Ethereum
After Bitcoin, Ethereum is the second most prominent cryptocurrency in the world. While novice buyers might be put off by its lower value, experts focus on its relative stability compared to alternatives. Ethereum has an innovative approach and has been the backbone for many forked technologies, including the prominent Chainlink which uses an Ethereum blockchain.
Industry experts are paying more attention to Ethereum now as it grows as a widely accepted payment method. Liquidity can significantly affect the price of a cryptocurrency currency. Ethereum is gradually appreciating gaining more value. Crypto enthusiasts are cautious about Ethereum’s shift to ETH 2.0. This will surely have an impact on the price, once fully implemented.
Binance Coin
For many people, cryptocurrency is still a fairly new concept and there’s a misconception that Bitcoin is all there is. In reality, there are so many forms of cryptocurrency and they all offer unique value to their owners. Similarly, you also have various wallet options which act as storage for digital currency records
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Essentially, Binance coin was the Binance Exchange’s approach to create its cryptocurrency for trading on the site. It now runs on its Binance blockchain and the currency’s stable liquidity makes it a crowd favorite. To make the deal sweeter, Binance also has lower fees and generally faster processing to accommodate demand from its users.
Exodus
Exodus is one of the most popular cryptocurrency wallets on the planet. It’s a versatile package, firstly because it caters to both newcomers and veteran traders cryptocurrency holders. Secondly, it offers support for more than 100 cryptocurrencies. It is considered to be very safe because of its cold storage system, which allows the wallet to be completely offline and prevents any external entity from accessing it
The only downside of Exodus is its closed source nature, which generally goes against the cryptography code. But despite this glaring flaw, it’s among the most used cryptocurrency wallets and is available on a wide variety of devices.
Electrum
Electrum’s disadvantage is that it only supports Bitcoin. With that said, it’s one of the oldest and widely lauded Bitcoin wallets on the market. While many have been a bit critical of its bare-bones UI, Electrum’s sole focus has been towards providing a robust system with great security aspects.
Electrum doesn’t store any information on its servers and is an open-source solution to provide transparency to its userbase. It prides itself in its easy-to-use system which makes it convenient to pick up for traders that are new and only want to deal with Bitcoin.
Using a Platform’s Storage
If you don’t want to get involved in the hassle of dealing with too many accounts, the ideal solution is to use your trading platform’s storage for keeping your coins. As you’re constantly trading, you won’t have to keep the warm storage of your third-party wallet attached to the trading platform.
The reduced bottleneck can be advantageous and remove an additional step.
Once you’ve decided on the crypto wallet and currency of your choice, the next step is to pick one of the many crypto or forex trading platforms available. For newcomers and veteran traders alike, our platform provides you with a seamless trading experience at Crystal Ball Markets. Apart from being a top crypto trading platform, we’re also one of the best platforms for forex. We provide you access to with most popular forex pairs to trade. We also double as an energy trading platform for trading Brent Crude and WTI CFDs. As one of the best forex trading brokers, they provide round the clock for traders looking to start trading currencies with us. Our platform also provides other value-added resources like the economic calendar, which keeps traders updated on important announcements or economic events moving the financial markets.