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Cryptocurrencies like Bitcoin have been around for more than a decade, but in the past few years they’ve moved beyond a niche investment to the mainstream. Companies including Microsoft, AT&T, and Paypal now accept Bitcoin and other virtual assets as forms of payment, and Bitcoin prices have surged to more than $55,000 as of April 2021.
If you’re looking to invest in Bitcoin or another cryptocurrency like Ethereum or Litecoin, you’ll need to pick an investment app that lets you buy crytpo (Coinbase, SoFi, Webull, Kraken, and Robinhood all let you trade cryptocurrencies) as well as a “wallet” to store and secure your private key code for accessing your assets.
Cryptocurrency wallets offer online or offline storage for your personal crypto key, and are usually available in the form of “hot” wallets or “cold” wallets. (Hot wallets are used for online storage, while cold wallets provide offline storage through hardware and external devices).
We’ve compiled some of the best Bitcoin wallets for storing your private key code below. Bitcoin is the most popular cryptocurrency, but note that many of these Bitcoin wallet picks also support Ethereum, Litecoin, and multiple other cryptocurrencies.
Why it stands out: Exodus offers cryptocurrency exchange services for desktop, mobile, and hardware crypto wallets. Exodus’ account features also include live charts and portfolio data, 24/7 customer support, a built-in exchange, and more than 100 cryptocurrency assets.
If you want, you can also manage your assets using both Exodus and Trezor, another popular Bitcoin wallet. You don’t need to use multiple wallets, but some users might prefer having multiple wallets as an additional security measure for their assets.
Exodus and Trezor’s partnership caters to those who prefer hardware security since you’d be able to securely manage your assets offline while simultaneously using the Exodus platform. Exodus typically receives 2-5% on each asset exchange, but the firm generally doesn’t charge you any fees to use its software.
What to look out for: Exodus mainly caters to hot wallet (software) users. It may not be suitable for the hardware-minded traders, unless you plan to use a Trezor device with the app.
Why it stands out: Launched just two years after Bitcoin was created, Electrum specializes in private key encryption and two-factor authentication. Like Exodus, Electrum is a hot wallet that gives you online encryption for your crypto information.
Electrum verifies that all of your Bitcoin transactions are in the Bitcoin blockchain, and its Multisig feature allows…