How can you choose your bitcoin wallet?

[ZAINmalik75]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

If I have to use my funds again and again for various purposes like for trading, for withdrawing, for business purposes, then I will choose a hot wallet and If I am planning to hold onto my funds for a longer period of time without the need for using them in a short period, then I will prefer cold wallets. That's the basic purpose of both, if you have to use your funds again and again then hot wallets are best, and cold wallets are not.

Now the question arises which hot and cold wallet is best for you, that depends, there are many hot and cold wallets with different features, some cold wallets have coinjoin feature, some don't have it, some support taproot, some don't, some hot wallets are centralized and some are decentralized. Overall selection of one wallet depends on the need, for example how much funds do you want to store, for how long, for what purpose etc.

[Primo1760]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

To work in crypto currency, you must first select the wallet, if you don't select the right wallet first, then you will face a lot of problems. Many people have suffered many defeats in life due to not being able to choose the right wallet, in that case if you don't have proper knowledge about the right wallet then I will definitely suggest you to use electrum wallet to store bitcoins. Apart from that I can suggest you to use Trust Wallet, Blue Wallet, Exodus Wallet if you are using all these wallets safely. Every wallet is very secure if you can use it properly. No wallet will ever be safe for you if you can't use all these wallets safely and properly. I am using trust wallet myself but I keep the seed phrase of my wallet very safe so I am very safe.

[UNIVERSE]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

If this is for longer time period of holding, Cold Wallet is much better and safer than hot wallets.
Hot wallet is commonly connected to internet connection that can be installed or connected in your devices or such account. So, it means that hot wallet has bigger risk of cyber crimes, malware, and others.

That is why many holders prefer to choose cold wallet to minimize the risk, because nothing is zero-risk, what we can do is by minimizing the risk.  But in this case, we may consider that cold wallet is commonly pricy. That is why we must prepare some money to buy. But actually, it is no matter as long as it is for the more safety of our assets.

More about hot vs cold wallet here:
https://www.ledger.com/academy/topics/security/hot-wallet-vs-cold-crypto-wallet-whats-the-difference

[Litzki1990]

Choosing the right wallet is the most important thing for storing bitcoins. But if the right wallet is not selected then we will never be able to safely deposit our bitcoins there. Choosing the right coin is one of the most important things to do before investing. Different wallets are preferred by different investors considering different aspects. There are some investors who use software wallets, some investors who prefer to use hardware wallets, and some investors who use exchange wallets. There are several advantages of using an exchange wallet which is why most of the users use this wallet. However, some investors feel that it is risky to keep bitcoins in exchange wallets, although it is somewhat risky because there are enough benefits here that investors can keep their money if they want to.

[Altcoin1998$]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

After getting into crypto currency people have an idea of how to keep their crypto currency safe. After starting this thinking comes how to choose a bitcoin wallet. There is no end to people's curiosity about which one to choose from hundreds of Bitcoin wallets. I have generally experienced using several Bitcoin wallets and the most secure I find are Exodus and Electrum Bitcoin wallet. You can use any of the above if you want.

[Z-tight]

I have generally experienced using several Bitcoin wallets and the most secure I find are Exodus and Electrum Bitcoin wallet. You can use any of the above if you want.

Exodus wallet is not a BTC-only wallet, it is a multicoin wallet that supports many different cryptocurrencies. It is also worth mentioning that Exodus wallet is a closed source wallet, meaning you cannot verify how the keys was generated, i would neither use nor recommend Exodus wallet for people looking for BTC wallets, there are options like Electrum, BlueWallet and Sparrow to choose from.

[sampoerna]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

So far, cold wallets should be the most recommended for storing Bitcoin, especially for long-term investments. Because after all, cold wallets provide better security features compared to hot wallets. Not only that, we can actually store our own keys and manage them well. The crime rate due to cyber crimes is also very far away here and can be reduced. In this case, cold wallets have many benefits compared to hot wallets which are more vulnerable to various cyber crime attacks. But that doesn't mean it's zero-risk. But there are risks, but they can really be managed well and minimized.

But anyway, actually, so far, I'm still using a blockchain address to receive BTC temporarily. Only then will the next thing be different, whether it will be converted to another coin, or will it be traded, or will it be stored. Because that is also an influence on which wallet will be used next. It could be wallet exchanges for short trading activities and it could be sent to other wallets for safer long-term investments.

[Z-tight]

Because after all, cold wallets provide better security features compared to hot wallets. Not only that, we can actually store our own keys and manage them well.

Cold wallets simply store your keys offline, and since anything that is online is prone to hacking, it would be hard for an attacker to compromise a wallet that is offline. Take note that managing your keys has nothing to do with cold or hot wallets, to manage your keys you have to use self custodial wallets and not custodial wallets, and there are many online wallets that are self custodial.

[Tribalchief]

While choosing a wallet, the first thing that must come to the minds of everyone is security. The issue of hacks and money theft is quite high, with the majority of internet users likely to become victims, no matter how careful we are.

In the journey of cryptocurrency, not everyone can afford a cold wallet as they are sometimes expensive. A hot wallet happens to be very popular and easy to use, thereby attracting those who are new to the community.

A cold wallet happens to be very secure, clearly from a major point of view, but there shouldn't be a 100% guarantee of safety. A cold wallet is considered the best, but we should be prepared to bear every responsibility when we fall victim to any possible attack.

[Dr.Bitcoin_Strange]

There are so many factors to consider before choosing the best wallet to store your Bitcoin, it is these factors that'll help you pick among several options that are at your disposal.
The most important factors to consider are.
1. Security: Security is the most important factor to consider because the safety of your assets should be prior to any other thing, if you jeopardize the safety of your Bitcoin then every other thing is at stake because you could loose your asset anytime and when that happens, you have no more investment.
2. Privacy: Bitcoin is a Decentralized asset privacy and anonymity plays a vital role when it comes to Bitcoin storage, you'll be risking so much if the privacy of your wallet and asset is being jeopardized.
3. Accessibility: while safety and privacy is important when it comes to bitcoin storage, you still need to be able to access your bitcoin whenever you wish, so when considering a wide range of choices for the best wallet for you, you should also consider the accessibility of the wallet.
4. Cost: Last but not the least on my list is Cost. When choosing the best storage method for yourself, it's important to check your pocket and know evaluate the cost of the wallet, there are wallets that are very expensive, such as the Hardware wallets, they are considered to be the safest but most expensive form of Bitcoin storage. If you feel you can afford it then you go for it, but if it's beyond your reach then you might as well consider going for a much cheaper wallets such as the software or the paper wallets.

[tranthidung]

For those aiming to store their coins securely for an extended period, cold wallets (hardware wallets) are recommended. They offer enhanced safety by keeping your coins offline, away from the internet.

It (cold wallet) is not the only way to store your bitcoin and cryptocurrency safely. There are open source non custodial wallets that can give you options to have 2FA wallet (must pay extra fee) or multi signature (mulitsig) wallets.

Remember to

• Pick non custodial wallets to own wallet seed, private keys, that means you actually own your cryptocurrencies.
• Choose open source wallets to use because it will help you to have good reproducibility from developer community and reviews from them. Any backdoor of open source wallet will be detected by community.

If you're using hot wallets because hardware wallets are costly, opt for reputable ones like Electrum or Blue Wallet. While most hot wallets, including Electrum, are generally safe, it's essential to prioritize security and always download from the right source ie, their official website.

With Electrum wallet, you can do

• Creating a mulitsig wallet
• Creating a cold storage wallet

Remember to verify your wallet, back up your wallet. Test your backup usability before starting to fund your wallet.

[Celsius]

Choosing the best bitcoin wallet is the most important step. I've heard of cold wallet or hot wallet. How do you choose yours?

I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.

[Z-tight]

I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.

There is nothing wrong in using a software wallet, Electrum and BlueWallet are software wallets and they are very recommended, however, anything online is prone to hacking and if you have a large amount in BTC, a hardware wallet or setting up your software wallet in an airgapped device is recommended. It is also worth mentioning that the safety of your funds is only as safe as the device you store it in, so if you have good opsec, you are relatively safe.

Exodus is a closed source wallet, so i do not recommend.

[vegasus]

I don't use any hardware wallets but I use software wallets..
Electum and exodus my favourite software wallets.

There is nothing wrong in using a software wallet, Electrum and BlueWallet are software wallets and they are very recommended, however, anything online is prone to hacking and if you have a large amount in BTC, a hardware wallet or setting up your software wallet in an airgapped device is recommended. It is also worth mentioning that the safety of your funds is only as safe as the device you store it in, so if you have good opsec, you are relatively safe.

Exodus is a closed source wallet, so i do not recommend.

This is the point. In fact, this is also a personal reference, perhaps also because it is related to purchasing hardware wallets which sometimes makes investors reluctant to do so. Even though that could be quite influential in the future for much safer assets.

Because online wallets tend to have higher risks than hardware wallets. Everything online will definitely be very vulnerable to various online attacks, be it hackers, scammers, malware, and so on. That's why there will be negative sides to these online wallets.

[Dr.Bitcoin_Strange]

Cold Wallet is always safer, but using it is not very simple. Meanwhile, hot wallets are very simple and quite easy to access anytime and anywhere.

My advice, is to learn between the two, for Hot Wallet I can recommend Electrum, while for Cold Wallet I can recommend Trezor. Trying these two wallets might make you more comfortable in determining which wallet is suitable for your needs.

Yes it's true that cold or hardware wallets are a lot more secure than the hot or software wallet,  but it can be a lot more complicated to use and may not actually be that accessible for everyday transaction, because it's a hardware and it needs to be plugged in to a computer before you can use it, so you can't be carrying it around. But if security is your priority, then the cold wallet is for you. Again it can be a lot more expensive to afford, especially for new Bitcoiners.

Sometimes, security isn't really the only factor to consider when investing in Bitcoin, there are other things, but its important first consider your goals first, and that will help you choose which wallet's best for you