How can you choose your bitcoin wallet?

[Taylor77]

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

[Crypto Library]

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

Yes it is true that it is the most important thing because many of us start their journey with the centralized wallet, and after that they face many isuses, like if you see back then the FTX incident will remind that. So for long-term investment always choose a decentralized walletvfor holding after that if the fund is big then you should use a Cold wallet it gives more security because offline system. Even then the security is on your hand if you don't browse carefully then there is also still chances to get hacked. So what ever wallet you use  responsibility is yours.

[JoyMarsha]

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

When one enters the crypto space, the first thing they are taught is how to have a crypto wallet and to have their bitcoin stored in them.

Since numerous crypto wallets exist in the crypto sphere, one should go with a wallet that has strong security and it is not prone to hackers easily.

For the security of a crypto wallet, I advise Electrum to be used because of it serves as the best crypto wallet to have. For a large amount of bitcoin, a cold wallet is a wallet to have.

[PX-Z]

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

Depends on my use case.
Only use hot wallet for smaller amounts say paying things online, the balance will comes from my cold wallet which will be used for longer hodling such hardware wallet and airgapped device.

Even though electrum is not considered as hot wallet but that's what i usually using when paying smaller bills, payments online, small transactions, you named it.

[Lida93]

As a crypto user your choice of which one of the two wallets to use depends on the level of accessibility and security you are interested in.

Cold Wallets are known to be highly secured as a result of their offline nature and with it's many procedural steps in accessing funds by user it's very difficult for an unauthorized person to gain access to funds. While hot wallets on the other hand are internet use wallets that are seamless to use with no cumbersome procedures for use and access, example of a hot wallet is electrum wallet.

Just as the first comment noted, whichever one you chose to make use of, the responsibility for it's security still lies in the user's hands.

[tranthidung]

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

Choosing wallets that are open-source, non-custodial (self-custodial) to use.

Use this https://bitcoin.org/en/choose-your-wallet to choose your wallet, from Beginners to Advanced levels.

Read some resources to secure your wallet.
Secure your wallet.
Security checklist.
Recommended wallets.
Bitcoin security and resources.

Read wallet reviews, more helpful for open-source, reproducible wallets.
Walletscrutiny.com.
Bitcoinbinary.org.

[Gormicsta]

As a crypto user your choice of which one of the two wallets to use depends on the level of accessibility and security you are interested in.

Cold Wallets are known to be highly secured as a result of their offline nature and with it's many procedural steps in accessing funds by user it's very difficult for an unauthorized person to gain access to funds. While hot wallets on the other hand are internet use wallets that are seamless to use with no cumbersome procedures for use and access, example of a hot wallet is electrum wallet.

Just as the first comment noted, whichever one you chose to make use of, the responsibility for it's security still lies in the user's hands.

Choosing a wallet is indeed very important just as much as it's completely dependent on the individual which to use, whether cold or hot wallets, Cold wallets, also known as hardware wallets, are indeed more secure because they're not connected to the internet and are therefore harder to hack. They also tend to have multiple security measures like PIN codes and two-factor authentication. People tend to use cold wallets because of it's high level of security and the fact that it's impossible for hackers to access it, while On the other hand, hot wallets are more convenient to use because they're connected to the internet and can be accessed easily. But they're also more vulnerable to hacking because they're connected to the internet, but despite its vulnerability, most people still find it more preferable maybe because it's quite expensive to use, unlike the Cold wallets.

[Sokani]

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

Whatever wallet you choose depends on the amount of Bitcoin you wish to hold and how long you intend to hold. Cold wallet such as hardware wallets are the safest and they're suitable for long term storage. Hot wallet like sparrow wallet, electrum wallet, Blue wallet, Unstoppable wallet can be used to store less amount of Bitcoin and for short term storage. Electrum wallet or blue wallet on an airgapped device is also good for long term storage.

[Dr.Bitcoin_Strange]

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

Choosing a Bitcoin wallet is most likely the simple thing to do, just go with the wallet that is mostly recommended by crypto experts. Trezor is a great hardware wallet, then for software wallet, you can go will Exodus, blue, or electrum wallet.

[bayu7adi]

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.

[robelneo]

Not your key, not your coin so always go for a decentralized and open-source wallet, understand how it works and how to safeguard these wallets new hardware wallets are coming up in the market because of the demands, the community is growing and there is a market need so to give you a list of the best Crypto wallet in the market today check this comprehensive reviews.

Be sure to understand how this wallet works there are wallets for your every need.

16 Best Decentralized Crypto Wallets in 2024 – Safest DeFi Wallets Compared

[Lucius]

I will say this - if you do not understand Bitcoin in terms of all its advantages and risks, then you will not be able to choose the right wallet. Therefore, we can say that the average investor in BTC chooses his wallet based on the knowledge he has, and then we could classify people into several categories according to the way they store their coins.

- The first category is those who know very little and accordingly approach investing in BTC by opening an account at an exchange where they buy and keep it. They are at risk of losing their coins if the exchange is hacked, if they click on a phishing link, or if they fall victim to clipboard malware.

- The second category is those who know a little more and don't keep all coins on CEX, but keep them in hot wallets, whether they are desktop or mobile versions. They are most at risk of downloading a malicious wallet that will lead them to enter their seed, and also of becoming victims of clipboard malware.

The third category is those who know a little more and use hardware wallets, although they do not fully understand how important a backup (seed) is and save it online (e-mail, cloud) or on a computer as plain text without any protection. Hackers often take advantage of this, and then the same users say that someone hacked their hardware wallet.

The fourth category of users knows the most and for complete security they use cold/airgapped wallets, in a way that they use devices that are completely isolated from the internet and communicate with the online world via QR codes or SD cards.

[Z-tight]

The most important thing when choosing a BTC wallet is to ensure that it is open source, well reviewed and self custodial, i.e. wallets like Electrum, BlueWallet, Sparrow wallet, etc. If you are holding a large amount of BTC's, then you need a cold wallet, and that will either be a hardware wallet or an airgapped wallet, a hardware wallet is easier to use if you don't really know much about BTC's, but you have to be knowledgeable to set up an airgapped wallet.

To store smaller amounts of BTC's and for spending on the go, you need a hot wallet, Electrum is a good wallet for that purpose, but ensure you keep ~ $100 in such wallets.

[Lucius]

~snip~
To store smaller amounts of BTC's and for spending on the go, you need a hot wallet, Electrum is a good wallet for that purpose, but ensure you keep ~ $100 in such wallets.

Although I will agree that the amount we have in the mobile hot wallet should not be in a larger amount, it should be clearly said that the coins in such wallets are safe to the extent that the owner of the smartphone is careful. Someone who constantly downloads various apps, who hasn't had critical/security updates for a long time is at a much higher risk than someone who treats their smartphone in the exact opposite way.

I had much larger amounts in my hot wallet than the one you mentioned, but I try to keep the security of my smartphone at the same level as my desktop computer. Of course, with mobile hot wallets there is also a risk that someone who knows we have them will try to physically attack us and force us to unlock the wallet and transfer coins to him.

That is why it is always good to have one wallet that would serve as a decoy with a smaller amount, and another that is protected in a better way and is not visible to the attacker.

[Hatchy]

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 you're into crypto, keeping your funds safe is very important. Choosing the right wallets is key, especially if you plan to hold onto your coins for a long time. There are different types of wallets to consider based on your needs and preferences.

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. 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.

Avoid relying on centralized platforms to store your funds unless you're a trader or a business owner who needs frequent access to funds. Centralized platforms pose higher risks.