blockchain information and secure wallet.

Blockchain.com

Blockchain.com is one of the largest online wallet platforms in the crypto industry when accounting for a number of users and transfers. It also serves as a good database for statistical analysis regarding the hash rate, transaction costs, and many other metrics. The platform also provides simple swap and exchange services between cryptos that are available within the website.

Apart from Bitcoin, users can store other cryptocurrencies, including Ethereum, Bitcoin Cash, and Stellar. The security of Blockchain.com is good since all private keys are encrypted, with only users having their passwords to open them up. Although not as secure as open-sourced projects, through encryption, hackers would have a very tough time to break through the defences.

Electrum

For those looking for desktop wallets, Electrum would be a prime choice. The software is free to download and uses much of the popular security measures to protect your account. All private keys are stored in your computer, meaning that you can also generate them in offline mode. What makes the wallet even more attractive is its interface, which is simple and easy to use.

Currently, only Bitcoin and Litecoin are available at Electrum, with no future plans set for other cryptocurrencies to join the platform.

Copay

As one of the top representatives of mobile wallets, Copay does a good job of securing your digital coins. At the same time, its interface is easy to understand and use while the project itself is open-sourced. It means that you can access the code, create something similar on your own and have double security layers at that. However, serious programming knowledge and skills are needed.

This particular platform stores multiple wallet addresses and keys, while transaction management includes multisig function. Thus, your balance is protected through verification of transfers by multiple users within the network. It provides you time to stop any on-going transactions if your account happens to be hacked. Copay supports both iOS and Android devices. However, you can also download it on your PC. Accepted cryptocurrencies are Bitcoin (BTC) and Bitcoin Cash (BCH).

Ledger Nano/Trezor

The two hardware crypto wallets are the most popular choices in the market right now. The only real difference is that Ledger can be plugged in a computer through USB while Trezor acts as a mini computer on its own. Both offer a screen where you can check out your balances. Buyers should confirm first whether their country is available for shipping.

Both generate private keys, have buttons to sign your transactions, and are nearly impenetrable for hackers. Additionally, both support a large number of crypto assets, Ledger Nano S over 1,000 of them while Trezor works with 500 cryptos. However, they come with their high price tags, with Ledger Nano S standing at around US$58.45 and Trezor at approximately US$79.89.

Keep an Eye on Hacks in the Industry

This is a crucial point when choosing your wallet. Generally speaking, we would always recommend either hardware or open-sourced wallets. With these, private keys remain “private” since only you know about them. However, when using exchanges and online wallets, platforms such as these often keep databases including their users, and private keys. Thus, many of the well-known hacking incidents occur.

Let’s take a look at the largest hacks occurred recently, to give you an idea of just how important the wallet security is. Coincheck, the largest Japanese crypto exchange experienced a debilitating attack by an unknown group of cybercriminals. The result - $534 million worth of digital coins stolen. Investigations pointed out that platform stored private keys and were available should employees lose control of their accounts.

Other examples include BitGrail ($195 million), Zaif ($60 million), Coinrail ($40 million) and several others in 2018 only. Suffice to say, all of these platforms are exchanges that do not provide adequate safety measures for their clients. Thus, we warmly recommend using open-sourced and/or HD wallets if you wish to keep your cryptos where they belong.

Wrapping Wallets Up

As seen in the guide, there are many wallets circulating in the market right now, each with its own pros and cons. Online wallets are easy to understand and use but somewhat lack security measures when compared to other types of wallets.

In any case, depending on your developing skills, you can always tweak your defences no matter the chosen wallet. However, we would advise hardware, open-source desktop/mobile wallets for beginners, as they provide the necessary protection that online wallets simply cannot match. They always keep your private keys/passphrases safe.

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