Best bitcoin and crypto wallets for January 2022
Prices go up and down, but bitcoin is here to stay. Sooner or later, you’re going to need a place to store yours as cryptocurrency continues its march toward the mainstream and becomes more entwined with the global economy. So if you’re looking to invest in bitcoin or any other cryptocurrency, you should consider a crypto wallet.
“Wallet” is a metaphor, given that we’re talking about digital currency. As a secure place to store your proof of ownership, a cryptocurrency wallet can take the form of physical hardware or software installed on your computer or smartphone or in the cloud. Well-known services like Robinhood, PayPal and Venmo allow you to buy bitcoin and other cryptocurrency quickly and with little technical know-how. Most of these online services, and their integrated cryptocurrency wallets, are “custodial,” however, which means you’re trusting the company to secure, protect and hold your cryptocurrency. Ultimately, they have control — and your crypto is in their proverbial hands.
Watch this:
Crypto wallets explained
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As such, unless you’re making a daily crypto transaction or have only a modest amount of money involved, we recommend you not store your cryptocurrency in an exchange account. The best practice is to invest in a hardware wallet for offline storage. The next best choice is a “noncustodial” software wallet or wallet app, which give you more control over your digital assets. We’ll look at both here in our quest to…
