Crypto 101: How to choose the best Bitcoin wallet

If you are planning to own Bitcoin (BTC), it is best to keep it in a credible BTC wallet. It can be an online or offline wallet that you can use to trade or store other coins as well.

A good BTC wallet can also help you monitor the market and know when is the best time to trade. This is the reason why you should choose a wallet that suits your trading or investing strategy. 

A good BTC wallet not only lets you store your coins safely but also ensures a fast and secure online transaction such as when playing Bitcoin casino games. To help you get started, here are some essential factors to consider on how to choose the best BTC wallet for your needs: 

Check how secure it is

When choosing a BTC wallet, you can find out how safe it is by looking at its Evaluation Assurance Level (EAL). To answer your question, ‘Which is the safest crypto wallet?’, the EAL rating is a useful indicator. Always prioritise finding a wallet with an EAL rating of 5 or higher. 

Know the wallet’s reputation

Since it is possible for a wallet to still have security flaws that put your bitcoin and other coins in danger, the reputation of the wallet is one of the most essential factors. Searching for the wallet’s name on Bitcoin discussion boards like BTC Reddit or crypto forums will allow you to see what other users have to say about it. This is also to avoid fraudulent activities.  

Choose wallets with the best private keys 

All wallets provide access to private keys. However, you can always pick which ones that offer the most secure combination. Your private keys also act as the password to your Bitcoin wallet. Private keys for Bitcoin addresses are 12 or 24-word passphrases produced at random. 

It is a secret key that is used to encrypt and decrypt data during transactions. Keep in mind that private keys should only be shared with the person directly involved in the transaction.

Check for backup features

The best wallets simplify the process of keeping track of and replicating your private keys. While having control of your BTC’s private keys is essential, it should also come with some backup features.

The process of replicating your private keys is much simplified by using a wallet that incorporates private key management tools, often known as backup features. A good BTC wallet has a ‘Cloud Backup’ for private keys. This function allows you to save your private keys in the cloud such as iCloud or Google Drive. It also backs up your new wallet’s private keys whenever you generate them.

Some may think that they don’t need to invest much thought into looking for the best crypto wallet. However, a good wallet not only ensures a safe and hassle-free transaction but also other benefits for your coins. You can also use your crypto wallet for other transactions such as depositing funds to play Bitcoin casino games.