best cryptocurrency wallets

To become a Bitcoin owner, the first thing you’ll need is somewhere to keep secure it. Here’s what you need a best cryptocurrency wallet to get started on your adventure.

If you’re reading these words, congratulations—you are, or about to be, the holder of some Bitcoin. To do so, however, you’ll need a Bitcoin wallet to store it in—which is why you’re probably here.

Working out which Bitcoin wallet is right for you can be a daunting undertaking; there are a lot of options out there, each with their own advantages and disadvantages. We’ve rounded up some of the best options—but before that, let’s kick off with the basics.

A Bitcoin wallet, like other cryptocurrency wallets, is a piece of software that allows you to store digital currencies (in this case, Bitcoin), as well as giving you the ability to view your balance, send, and receive more. In essence, it’s your private crypto bank account—but it’s completely under your control.

It works by storing your private and public keys—which in most cases, including Bitcoin, are 256-bit numbers, viewed to us as 64 hexadecimal characters in the ranges 0-9 or A-F.

Your private key is incredibly important, and should never be shared or haphazardly stored. If you lose or forget it, you’ll be locked out of your wallet with no way to access your funds, which is about as painful and as gut-wrenching an experience as you can imagine. Not your keys, not your wallet, as the saying goes.

Your public key, on the other hand, is what you share with senders or recipients, and allows people to send Bitcoin to your wallet address (a hashed version of your public key).

There are several different types of Bitcoin wallet, ranging from simple printed paper ones, to more advanced hardware wallets. Each has their advantages and disadvantages, from cost to security.

Bitcoin hardware wallets

Ledger Nano X: Ledger made one of the first hardware wallets, and is a widely trusted brand. The Nano X comes complete with revamped innards, including improved memory, Bluetooth support, and a fresh new design with a larger display than its predecessor, the Ledger Nano S.

KeepKey: Offering excellent bang for your buck, the KeepKey is a great Bitcoin hardware wallet for first timers which manages to provide a premium look and feel despite its price tag. Easy to use, owners can access their assets directly on the device thanks to built-in ShapeShift functionality.

Trezor Model T: This model steps things up from its predecessor, thanks to a larger touchscreen and support for a wider range of currencies (Bitcoin included). It might be pricey, but you get what you pay for—including a newly-launched desktop app, Trezor Suite.

We are proud to introduce Trezor Suite public beta, an all-new desktop app for Trezor hardware wallets.

Expanding on each of our key pillars of security, usability, and privacy, the Suite ecosystem will be growing quickly.

Bitcoin software wallets

Electrum: One of the original Bitcoin wallets, Electrum is an open source software wallet that’s compatible with Trezor and Ledger devices. While it shows its age with a rather bare-bones UI, it remains popular among power users thanks to its myriad of options, such as setting custom transaction fees.

SoFi: SoFi is a financial company that offers users the ability to buy, sell and hold Bitcoins and other cryptocurrency. Charging up to 1.25% of transactions as a markup, it has a beginner-friendly UI and is well-suited to buying and selling Bitcoin.

Exodus: A software wallet for your PC or smartphone, Exodus has one of the most polished interfaces around, and even has the ability to represent your portfolio with fancy graphs and charts. With no account setup you can get started right away, with your private key being stored directly on your PC.

Bitcoin mobile wallets

BRD: Formerly known as BreadWallet, BRD is one of the best mobile wallets for beginners, thanks to its super simple interface, and no registration requirements. It might be basic for some power users, but it’s got everything you need to store, send, and receive Bitcoin, with zero hassle.

MyCelium: Users looking for more in-depth features will want to give MyCelium a go, thanks to its multitude of advanced privacy and security features. One of the safest wallets out there, though a bit intimidating for first-time users.

Coinbase Wallet: Coinbase is one of the first exchanges that Bitcoin neophytes come across, and with good reason; it’s one of the most accessible on-ramps to crypto out there. Its iOS and Android wallet is free to use, with the caveat that buying and selling crypto needs to go through the company’s own exchange.

bitcoin trading futures

The futures are an agreement between two counterparties to buy and sell a specific amount of an underlying crypto at a specific future price on a specific date.

Bitcoin is the largest cryptocurrency by market cap. Like other cryptocurrencies, it’s also incredibly volatile. In March 2020, for instance, Bitcoin’s price practically halved in just a few days as markets tumbled amid fear about the pandemic. By early September, it had rebounded from about $4,000 to highs of $12,000—before promptly crashing again, dipping under $10,000.

Spot trading—the practice of buying and selling Bitcoin—forces traders to exchange cryptocurrencies at their current prices. But what if there was a way to lock in that price of $4,000, picking up the Bitcoin a couple of months later? So even if Bitcoin’s price hit $12,000, the counterparty would have to deliver the Bitcoin purchase with $4,000.

There is! It’s called a futures contract. A futures contract is an agreement between two traders that obligates a trader to buy or sell an asset at a specific time, quantity and price. For example, you might enter an agreement in mid-March to buy one Bitcoin for $4,000 for August 30. You could also be on the other side of the deal, agreeing to selling a Bitcoin for a fixed price. If you’re a buyer, you want the trading price of Bitcoin to go up, as you will be able to buy the cryptocurrency at below market value, while sellers want the opposite, profiting if Bitcoin were to decrease in price.

The reason why you might trade Bitcoin futures as opposed to just, say, buying lots of Bitcoin worth $4,000 at the time, is that you don’t have to hold them yourself. 

Some crypto exchanges, such as OKEx, have lower trading fees for futures contracts, which means that traders can squeeze a bit more out of their accounts by using futures.

When entering a futures contract, there are three ways a trader can exit their position: offsetting, rollovers and expiry. Offsetting is the most common, and occurs when a trader creates another futures contract with an equal value and size, making their effective obligations zero as they balance out. Rolling over is done by offsetting a position, but with an expiry date that is further into the future. Expiry is what you’d expect: it’s when a contract reaches its end date and the parties who hold the contract buy or sell at the agreed price.

Another trading method for futures is hedging. Hedging is a way to reduce risk, which is useful for traders dealing with the volatility of cryptocurrencies.

Consider a trader who just bought three Bitcoin at a $10,000 a pop:

Hedging reduces a trader’s overall risk, although it does also limit their potential profits.

First things first: Bitcoin futures are—by their very definition—speculative investments. In its decade-plus year history, Bitcoin has proven that the only constant is price volatility, and while the famed cryptocurrency might be on a bull run now, there’s no telling what tomorrow might bring for Bitcoin. If you speculate at the wrong time, you could be left stranded with a future asset that just isn’t worth it.

There’s also something to be said for being an experienced investor. To successfully utilize futures, an investor needs to understand market behavior, have enough knowledge to pay attention to reasonable market predictions, and enough sense to discard unfounded claims. Ultimately, Bitcoin futures are speculative, but it is possible to leverage good information on a best effort basis. Doing that, however, is not exactly easy, so one might argue that Bitcoin futures are not very accessible for the average person.

The inverse of this is that Bitcoin futures are a great way of getting ahead of a positive market price. If an investor times it right, there could, at least hypothetically, be major profit to be had by leveraging the Bitcoin Futures market.

Bitcoin futures also—counterintuitively—don’t involve holding any Bitcoin whatsoever. Instead, it simply involves trading Bitcoin at a future, pre-agreed upon date, whatever the price at that time may be. Understanding the market might not be the most accessible task, but you don’t even need an ounce of technology to get involved, not even a Bitcoin wallet.

Bitcoin futures are settled with cash. Because no active Bitcoin trading takes place in a futures market, agreements are satisfied by trading at future, pre-agreed prices. Another oft-cited advantage of the Bitcoin futures market is that the possibility of settling in cash means that no complex software or technological expertise is really necessary in order to get involved in this arena.

One aspect of Bitcoin futures is margin trading, which essentially means that an investor only requires a percentage of a contract’s total in order to participate.

Leveraging 10-20% of a Bitcoin future means that an investment has both a high potential for profit, but also for a loss.

“Shorting” is an investment strategy that involves entering into an investment with the intention of generating profit by waiting for a drop in an asset’s market value. Futures and their value are in constant flux, so there are plenty of opportunities for a savvy investor to short on their Bitcoin future at any time.

For example, say the Bitcoin market is in the middle of a 2017-esque crypto winter. An investor can continue to repurchase their future, and then conceivably generate a profit for themselves.

Bitcoin futures are traded on several platforms. The top five by open interest at the time of writing are OKEx, Binance, CME, ByBit, and BitMEX.

The world of Bitcoin futures isn’t all fun and games. Taking on a contract is a serious obligation, and if it reaches its expiry date, the trader has a legal obligation to fulfill it.

Futures could lose you a lot of money, as you could be forced to buy Bitcoin way above its current trading price. Cryptocurrencies are one of the most volatile asset classes available; as with all cryptocurrencies, trading Bitcoin is very risky.

crypto PTC

A big invention is the recent introduction of global digital currencies that uses a public ledger system for payments, investment, and other forms of transactions. These transactions are now being carried out with ease and devoid of any restrictions whatsoever. It is a revolutionary transition from the engraved metallic coin to the printed papers and now, to the reign of digital currencies. Such digital currencies include the likes of Bitcoin, Ethereum, Litecoin, etc. and they are categorically called cryptocurrencies.

WHAT IS BITCOIN?
Bitcoin is a type of digital currency that is produced and held electronically. They are increasingly being produced by people, businesses, and enterprises running computers all over the world using software that solves mathematical problems. Bitcoin transactions are sent from persons to persons without a third party like the conventional centralized banking system.

What is Cryptocurrency?
Cryptocurrency is a general term used to describe digital currencies created to enable the medium of exchange using cryptography. This ensures the security of all transactions carried out as well as controls the transfers and creation of additional units. Bitcoin is the first-ever decentralized cryptocurrency created.
With the popularity of Bitcoins across the globe, it is certain that the future looks bright for digital currencies. More and more people, companies, and agencies are starting to take a keen interest in this form of currency.

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