Buying a Bitcoin Wallet?
Here is what you need to consider.
Bitcoiners,
In order to buy a bitcoin wallet, you're going to need to consider a handful of things.
I've personally tried out dozens of different Bitcoin wallets over the past few years. There are many trade offs to consider when deciding which wallet is best for your needs so I compiled a list to help you in the decision process. After deciding between a hot or cold wallet (explainer linked below), run through this list.
By considering everything below, you will be much more confident in your wallet purchase decision.
Thing #1
Do I need a physical object to access my Bitcoin?Â
Wallets can be physical devices or entirely stored on software. Physical devices tend to be more secure and software wallets tend to be easier to access funds at any given time.
Thing #2
How much does the wallet cost?
Wallets range from free, to monthly subscriptions with a third party, or even an upfront one time purchase price. Paying up to $100 for a reputable hardware wallet is worth the investment if you are buying large amounts of bitcoin.
Thing #3
Will I be buying other cryptocurrencies other than Bitcoin?
Some wallets only offer Bitcoin storage while others offer a range of cryptocurrencies to be stored on it. Make sure the wallet offers all the crypto assets you plan to own.
Thing #4
Do I trust myself with my wallet?
If you tend to lose things often, maybe consider a third party to help you manage your Bitcoin storage.
Thing #5
What do other people have to say about a particular wallet in the reviews?
There are thousands of digital and physical storage options. Check to see what other people have to say about a specific wallet you are looking into.
Wallet Recommendations
Here is a list of (3) top storage solutions I personally recommend in 2022:
Trezor - Cold Storage Hardware Wallet
Strike - Hot Mobile Wallet (iOS & Android)
Casa - Third-Party Custody Wallet
Lastly, advanced bitcoin users should definitely consider purchasing a Coldcard cold storage hardware wallet.
Happy Monday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter:Â @epodrulz
Disclaimer: This should go without saying: This is not financial advice. This is not investment advice. I write this newsletter for education and entertainment. Act accordingly.
