Unlike traditional fiat currencies like euros, which banks manage—even as they've recently shown interest—cryptocurrencies put storage responsibility squarely on you. Protect them from theft and hacks with reliable methods. This guide highlights the best crypto wallets for 2020 to secure your investments effectively.
To store cryptocurrencies securely, first distinguish between "hot" and "cold" wallets. Hot wallets connect online, such as those on exchanges or apps like Electrum and Atomic Wallet. They excel in ease and speed but carry higher risks from cyberattacks.
For substantial holdings, cold wallets store funds offline. Your Bitcoin, Ethereum, Ripple, and others remain inaccessible until you connect the device—making remote hacks virtually impossible without physical access.
With the basics covered, match wallets to your cryptocurrencies. Most support Bitcoin, the dominant asset. Options like eToroX, Ledger Nano S, or Coinbase Wallet often handle altcoins too, for both online and offline use.
Major cryptocurrencies are widely compatible. For others, download the project's native wallet, regularly updated for new altcoins.
Some offer advanced features: Bitcoin's Lightning Network for scalability, privacy via Wasabi Wallet, or exchange links for direct trading without transfers. Compare specifics to suit your needs.
Trading small amounts quickly as Bitcoin rises? Choose a hot wallet, but avoid exchange storage. Holding large positions long-term? Opt for a cold wallet to let them appreciate securely.
Enable two-factor authentication (2FA) for extra protection. Treat private keys like irreplaceable passwords—keep them confidential.
