As per stats, the global cryptocurrency market was worth $1.3 billion in 2021. And this number is surging and will hit the $2.8 billion mark by 2028. This is enough to hint that cryptocurrency is the future. Moreover, many online businesses have already included cryptocurrency as a payment method. Hence, it has become necessary for people to own a crypto wallet.
But is it that easy? When talking about crypto, we are talking about tokens that cost hundreds and thousands of dollars. To ensure that your bitcoins stay safe, it is imperative to ensure that you have a safe wallet with the required features.
Top Features that need to be in a Bitcoin Wallet!
Here are some key features to look for in a Bitcoin wallet!
At the time of writing, the price of one Bitcoin was $21,900. If you are planning to store such a token in a software wallet, you need super robust security features. One basic feature that you need to consider is password protection. On top of that, make sure that it has two-factor authentication and a multi-signature feature. These features ensure that only you access your wallet when required.
If you can find a backup option in a Bitcoin wallet, it will surely be a cherry on the cake. In case you forgot your password, you can easily recover your funds.
Most importantly, as your wallet secures private keys, choose the one that has a CC EAL5+ certified Secure Element chip.
Open vs. Closed Source
Open source wallets are regularly improved by developers and users as their software or firmware is open source. This factor makes the open-source wallet more secure as there is continuous improvement.
On the other hand, closed-source wallets are improved by a limited number of people. However, they serve the same utility. Though you can use any of them, it is wise to do your research beforehand.
Bitcoin wallet does not include any fee for keeping your crypto. But, there is a fee for depositing or withdrawing it. On top of that, if you are buying or staking bitcoin, there are charges for that too.
The fees, however, may depend on the type of wallet you are using. Make sure you check all the fees before choosing a bitcoin wallet.
If your Bitcoin wallet has the feature of cryptocurrency exchange integration apart from the above-described features, you may have found the best wallet. A wallet with this feature allows you to link to decentralized data exchange or DApps.
The linking feature enables you to transfer funds and sell and stake cryptocurrencies. Hence, it is ideal to check if it has this feature.
One of the ideal features to look for in a bitcoin wallet is user-friendliness. The term user-friendliness here means that the wallet UI should be easy to understand and navigate. Furthermore, the wallet should be easy to access and use by people of all levels of experience, be it a beginner, intermediate, or pro.
There are quite a lot of choices when it comes to bitcoin wallets. Hence, when choosing one for yourself, make sure that you look for all the mentioned features. A safe and secure bitcoin wallet will keep you in a good financial state.