Are you new to Cryptocurrency and looking for the perfect cryptocurrency wallet UK? If yes then you are in the right place. This article consists of a brief guide on what cryptocurrency wallets are and some recommendations.
Cryptocurrency wallet UK
Whether we like it or not, cryptocurrency is rather enjoying its moment in the technology spotlight. Even though you are simply grabbing a couple of Bitcoins to experiment with this intriguing currency. Or perhaps you are a more experienced digital currency investor; the process will remain the same. To buy or trade digital currency requires access to an exchange. Either an organized platform under one corporate flag like Coinbase Consumer, or one of the more automated and distributed exchanges that have lately started to emerge, such as ShapeShift.
Via the exchange, you’ll be able to buy and trade your chosen crypto-bucks. But if you’re looking to store your new currency or even spend it on goods, services, or debts, then you’ll need a cryptocurrency wallet. But just like the continually shifting crypto exchange landscape, the concept of the perfect cryptocurrency wallet is a continuously moving target, too.
What are Crypto Wallets? – Cryptocurrency wallet UK
A cryptocurrency wallet is quite similar to a physical wallet in the sense that it allows you to store, send, and receive digital currency.
To describe it in a little more detail, it is essentially a software programme that will store public as well as private keys and interact with blockchains that will enable users to send and receive digital currency, and monitor the balance.
Many types of cryptocurrency require the use of a wallet, so it is crucial that you find the right one for your chosen currency and needs.
Here are a few of the top cryptocurrency wallets UK to compare and choose from
1. The Ledger Nano S
The Ledger Nano S is a hardware wallet that gives access to the world’s top digital currencies. If currency selection and affordability are what you are looking for, then the Ledger Nano S is a great tool.
The Ledger company has rapidly emerged as one of the leading providers of hardware wallets in the digital currency market. Ledger Nano S launched in 2016; is a hardware wallet that permits you to store Ethereum, Bitcoin and a flock of altcoins.
The Ledger Nano S takes pride in robust safety features, but its biggest claim to fame is in the price tag attached to it – the Nano S is the cheapest hardware wallet with a screen.
The Ledger Nano S can be found on the official Ledger website and Amazon as well. Therefore clients based in the UK searching for cryptocurrency wallet UK can have access.
TREZOR is a Bitcoin Hardware wallet that works as a USB dongle, which allows users to access their cryptocurrency even on insecure computers safely. It functions on a Zero Trust tactic, which advocates for multiple layers of security to reduce the ways a third party can compromise it. As it Calls itself the “Bitcoin safe,” TREZOR’s key security features include:
TREZOR is secured by a PIN code that YOU choose. Each time you put in the wrong pin, the wait time for re-entering it increases by a power of two. And you cannot start the timer over — you have to wait it out.
TREZOR gives you a randomly generated 24-word code that you could use to recover your wallet if your TREZOR is lost or stolen.
It is a bitcoin wallet only; there are no apps or downloads available for the hardware that may potentially compromise security.
Limited attack surface.
TREZOR has boundaries when it comes to its communication with other devices. Hence, It has no cameras for scanning, batteries, Bluetooth or Wi-Fi. When the USB device is not connected, it is turned off.
3. Electrum bitcoin wallet
Fast, safe and private are all features associated with Electrum – one of the most common bitcoin (cryptocurrency) wallets (uk) available.
Very few bitcoin wallets can say they’ve been in the game since the very beginning. Founded in 2011, Electrum made its way on the scene when bitcoin was valued at just a few dollars. However, It is now estimated that some 10% of all bitcoin transactions occur on Electrum. As you’ll soon see, there are many reasons why Electrum has emerged as the wallet of choice for cryptocurrency enthusiasts.
Some other wallets to consider include ;
Bear in mind that one wallet is not necessarily worse than another. It merely depends on the intentions you have for your cryptocurrency. If you want to take cryptocurrency seriously and are investing a lot of money and time into it, then you are better off starting with a more secure cryptocurrency wallet (UK), such as a hardware or paper wallet.
Nevertheless, if you’re merely dipping your feet into cryptocurrency waters and trying to get a feel for how the market works, it would be wise to start with an online or desktop wallet. They are easy to use and will assist you in learning how wallets and exchanges work. Once you have grown more accustomed to trading and wallet use, you can proceed to a different kind of cryptocurrency wallet (UK).
Considering the way the world is heading and the spiking value of cryptocurrency, even beginners should have it in mind that security is the most significant aspect of a wallet. Do not store all of your funds in a single wallet, and not in just an online wallet.