Bitcoin is known as cryptocurrency used legally in America, London, Japan, Canada, and other developed countries basically, bitcoins are treated as property rather than currency in tax purposes. Bitcoin is a digital currency which is not monitored by any bank or any administrator and these coins are created as a reward for a procedure called mining currently there are more than 42 million bitcoin wallets in the world, many bitcoin users have numerous bitcoin wallets and they use multiple wallet addresses which they use to increase their economic privacy while transacting in bitcoin, these wallets are created with a password and bitcoin wallets passwords must be kept safe because if you forget it then the password recovery process will be risky. There are many best bitcoin wallets through which you can buy, sell, and hold the bitcoins and recover the bitcoin wallets:
- Coinbase bitcoin wallet helps you to connect with an American bank account and helps you to transfer dollars and use those dollars.
- Trezor is a bitcoin wallet, it is not a full buying and selling platform but you can store bitcoins and it is a physical device that plugs into your phone, computer, and tablet, this wallet works with various currencies and also work as a password administrator, two-factor verification, other useful features. This offers some securities against lost devices and passwords.
- Electrum is best for desktop, it is known as a software wallet in which your bitcoin is stored in a file on your computer, and it works with the physical wallets, helps to recover lost password and allows you to create cold storage with a set of key.
- Blockchain is one of the technologies which allows various currencies and bitcoins to exist, this helps you to buy and sell openly over the platform in more than 35 nations. With a small amount of fee, you can send and get digital wallets. There are three key safety features in the blockchain account, a backup phrase, two-factor verification, and mail verification.
- Robinhood helps for free buying and selling, it is started as a platform for free stock trading and extended to support other investments include bitcoin, it is a wallet as well as an exchange like Coinbase, it is a cost-free you don’t need to give any commission for selling and buying bitcoins and some people argue that it is less secure for some reasons but it is most likely safe enough for your coins.
- Exodus is a software wallet which is best for instinctive desktop use, it offers many security services but is quite different from other wallets in which there is no account set up but have many security tools and also recovery process.
- Mycelium for smartphone: Mycelium is a bitcoin wallet created for mobile phones only it is available for android and iPhone only, there is no desktop interface. This bitcoin wallet is a little difficult to use than other bitcoin wallets but is suitable for advanced users. Mycelium provides bank-grade security, which has additions from the other parties such as Trezor, it supports to have your bitcoins in your pocket or bag wherever you go.