3 Best Crypto Wallets: Conbase, Electrum, and Mycelium?

In the current financial landscape, cryptocurrencies are the most progressive and lucrative means of financial transaction and investment. They are flourishing every year and as of 2021 have a combined market value of around $3 trillion. This number is expected to rise exponentially in the coming years.

Cryptocurrencies are here to stay and a lot of people want to claim their share of the growing pie. Therefore, the need for reliable wallets to store these assets is paramount.

What Are Crypto Wallets?

A crypto wallet is a device or a software program used to store, send and receive digital currency or simply digital coins and tokens. It can also be used for other operations such as sending digital currencies as a gift or making payments for goods and services. A good wallet should be user-friendly, secure, convenient, and cost-effective.

If you intend to invest in cryptocurrencies but don't know which wallet to go for, here's are 3 of the best crypto wallets in 2021-2022.

Coinbase

One of the first exchanges to provide an easy-to-use service was Coinbase. In just a short amount of time they have accumulated more than 56 million users and have cryptocurrencies worth more than $300 billion trading on it. It offers some great features and is highly recommended by experienced crypto investors to novices.

It has an interface that is easy to navigate and understand, and through it investors can get linked to all major bank accounts across the world. This wallet has accessible functions and a simple three-tab layout to enhance ease of use. The number of crypto assets supported by it tops 500. It can also store digital collectibles and NFTs.

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Advantages

• The interface is very user-friendly.

• It has the backing of one of the most powerful crypto exchanges in the world that gives investors peace of mind as it will help investors recoup any stolen or lost assets.

• More than 500 cryptocurrency assets are supported by it.

• It enhances security as it offers 2-factor authentication support and multi-signature as well.

Disadvantages

• It is only available for tablet and mobile devices.

• Coinbase is not immune to storage security issues.

Electrum

Electrum is a Bitcoin-only wallet that is well-established and consists of potent security features that no other wallets have. It has been around since 2011, which makes it one of the oldest Bitcoin wallets in the crypto world. The wallet also offers users the ability to pay a premium to get their transactions done faster.

It uses lightweight clients which takes up less space than traditional wallet clients. Since blockchain is getting bigger each passing year, this is a good USP to have which helps save time and can be set up in a matter of minutes. Only parts of the block chain are downloaded thanks to simple payment verification (SPV) which not only increases security but also the levels of speed.

Advantages

• Instant account creation.

• Wallets are very secure.

• Transaction fees are customizable.

• Due to excellent server configurations, wallets will not experience downtime.

Disadvantages

• Customer service is not available through phone, chat or email.

• It doesn't support other cryptocurrencies besides Bitcoin.

Mycelium

Mycelium is one of the most popular crypto wallets, and for good reason. It's very simple to use, yet it also has some great security features which are critical in this world rife with cybercrime. Comparisons can be made to the original by duplicating its code. This helps to security threats and enhance security. It has four levels of pin protection, fees options, and different user types.

Advantages

• They can exchange crypto in the app as well

• Offline transactions are an option for security-conscious individuals.

• Mycelium is compatible with KeepKey, Ledger, and Trezor, which are popular storage solutions used for cold storage.

• It offers Single Address accounts as well as HD-level accounts.

• Users can explore educational material on the subject.

Disadvantages

• While Mycelium is very secure, it is not as secure as hardware wallets.

• For first-time users, it may seem very complicated to get a handle on.

• It’s only supported cryptocurrency is Bitcoin. It also does not support tokens or Ether aside from ERC-20.

Learn to Invest in Cryptocurrencies

If you are new to the world of cryptocurrency, then make sure you take your time to do plenty of research about how it operates before participating in events such as ICOs. Urban Crypto can help begin your journey into the crypto currency world with crypto staking and trading. By reading their guides, people can learn to participate in an ICO event successfully. Their readers have gotten excellent ROIs over the years and highly recommend them to discover undervalued and undiscovered gems that help protect investment portfolios against market volatility.

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