Bitcoin (BTC) hardly needs an introduction these days — it’s the modern version of gold, the so-called One Currency to Rule Them All. Having absolutely blown up in price over the last few years, bitcoin continues its mostly upward trend and remains the most expensive cryptocurrency out there. Even though ethereum (ETH) is in hot pursuit, it’s still miles behind BTC.
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Jumping on the cryptocurrency train can prove lucrative, but there are steps you need to take before you can get your hands on some bitcoin. Like all other cryptocurrencies, bitcoin requires that you have a special wallet in order to store it. A cryptocurrency wallet is a form of storage for all of your digital currencies; it holds proof of every transaction you make, public or private, as well as all the assets you choose to store in that particular wallet (via Investopedia).
It’s worth noting that a crypto wallet is not the same thing as a cryptocurrency exchange. Exchanges allow you to buy and sell cryptocurrency, but you still need a wallet that acts as your very own digital address and holds all the crypto you work with.
Keep in mind, however, that not all wallets are safe, and when you own currency as expensive as BTC, it’s important to keep it as secure as possible. In this guide, we’ll go over the different types of cryptocurrency wallets and leave you with trustworthy recommendations that will help you get into the world of crypto trading.
Types of cryptocurrency wallets
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There are two types of cryptocurrency wallets: Hot storage and cold storage (via 101 Blockchains). They each come with their own set of pros and cons, although if you’re just starting out, you’re most likely going to use a hot storage bitcoin wallet. These types of wallets are typically easier to set up and usually free to use apart from any additional fees you may be charged for…
