Choosing a cryptocurrency wallet is quite an important step that determines the future of your digital portfolio. There are many types of wallets on the market, and it can be difficult for beginners to choose. Let’s start with the basics.
Where is Crypto Stored?
To begin with, digital coins have no physical representation. They are entries in the ledger (blockchain). Therefore, when people say that coins are stored in wallets, this is not entirely correct. From a technical point of view, cryptocurrencies are stored on the blockchain, while wallets host the data allowing access to them.
All wallets come with public and private keys. Public keys are responsible for incoming transactions, while private keys are used for sending crypto. To be on the safe side, users should make sure their private keys are kept secret. The person who owns private keys, in fact, owns crypto coins that are stored in the wallet. In this article, we will discuss how to store digital currencies in 2021 and how to choose the best wallet for your needs.
Types of Digital Storage
There are cold and hot wallets; let’s dwell on them in more detail.
Hot wallets are the most popular option as they are simple to configure and use. To create your hot wallet for iOS, you should open an account on an exchange and download a mobile app. Hot wallets are suitable if you trade digital coins regularly or when you use them in everyday life, for example, for paying for goods or services. It is convenient because you can reach your funds online in a couple of clicks right from your smartphone and proceed with any transaction.
Software wallets are applications and programs designed for mobile or desktop OS. They can be classified as hot wallets since users’ devices are usually connected to the Internet. The main shortcoming is the lower level of security of users’ funds. That is why it is not advisable to keep large amounts of assets there.
Cold wallets are best suited for long-term investments. They boast a higher level of security as they can work without an Internet connection. Users just need to plug them into the device (PC/laptop) and unplug them as soon as they are done. This category covers hardware and paper wallets.
Paper wallets entail writing private keys on a piece of paper or generating keys and QR codes using a special program, then printing them out. It may be damaged or lost, so make sure you keep it somewhere safe. To make a transaction, you would need to have a hot wallet and scan the keys using a QR scanner.
Hardware wallets are reliable as they are made in the form of USB sticks and come with client support from the manufacturer. As there is no Internet connection, hackers cannot do much with it.
Cold wallets are meant for the long-term storage of digital coins, while it will be more convenient to choose hot wallets for everyday use and frequent transactions.
Now, let’s move to the best Bitcoin wallets for iPhone.
Exodus
This hot wallet supports more than100 assets. It features in-built exchange, so users may swap coins right from the wallet application on the go. In addition, the service offers a QR code system that simplifies transactions, making sending and receiving coins much faster. Whether you have Mac, Android, Windows, Linux, or iOS — any device supports the application, which can be desktop, hardware, and mobile.
There is 24/7 tech support, and live charts to monitor market changes in real-time. It does not require registration. The wallet provides advanced security for users’ funds and checks the addresses for errors automatically. Exodus is suitable for newcomers to the crypto industry as its interface is user-friendly and straightforward. It is ranked 4.6 in the App Store.
Ledger Live
This application replaced the old system of Ledger wallets management, which was inconvenient. Ledger Live allows opening multiple accounts, so users can access all crypto coins in one place. Thus, there is no need to switch between different applications for BTC, ETH, XRP, etc. You can track your balance in real-time, earn staking rewards, and buy digital coins with cards or bank transfers. Ledger Live is ranked 3.5 in the App Store.
Conclusion
In this article, we mentioned the main wallet types and the two most popular crypto wallets for iOS users. Choosing trustworthy crypto storage is paramount. Now you know what you should pay attention to when looking for a mobile bitcoin wallet. Treat your crypto trading responsibly, and you will never have problems accessing your assets.