How to Choose the Best Crypto Wallet to Suit your Needs

[hoaryal1]

During the very early stages of cryptocurrency popularity in 2016, there were only 8 million different cryptocurrency wallets created.

Since cryptocurrencies have become more popular, this number has jumped to 40 million in mid-2019, which is a fivefold increase over a three year period. As cryptocurrencies continue to work their way into the public’s consciousness, the number of cryptocurrency wallets that have been created will naturally exponentially, potentially at an even higher rate than is currently being seen




There are many options for wallets(Yea there are more options then ledger XD), and different wallets suit different needs

Full article

[Quidat]

First, your article link is broken- try to fix that.

Next, im not aware that we do reach up on that 40M cryptowallets? Thats a lot. Well, we can only count in with our fingers to those wallets which is trustable enough to be used.

[RapTarX]

or desktop for cold wallet,

Can desktop wallet be considered as cold wallet? More or less we connect our desktop online most of the times. Wallets which get connected with online can't be considered as Cold wallet I guess. Won't it be a hot wallet?
I might be wrong though since I'm not an expert here in this field.

For mobile wallet, I would encourage anyone checking the list to find out the best mobile wallet- https://bitcoin.org/en/wallets/mobile/android/

[nc50lc]

or desktop for cold wallet,

Can desktop wallet be considered as cold wallet? More or less we connect our desktop online most of the times. -snip-

Disconnect from the net by removing LAN/WiFi Cards, zero-fill/wipe drive and reinstall the OS; and boom, it's cold storage.

Long answer: It's possible with "Air Gap" setup that requires two devices, a "cold wallet" (cold storage) in a never-online laptop/desktop for tx signing
and a watch-only online device/PC for creating and broadcast transactions.
Something you can do using Electrum (Cold Storage tutorial) or other desktop clients.

[NeuroticFish]

Disconnect from the net by removing LAN/WiFi Cards, zero-fill/wipe drive and reinstall the OS; and boom, it's cold storage.

And also make sure it never ever goes online again, or, if you plan to ever go online, you should wipe first to leave no traces of that wallet.


PS. Live OS-es seem to be pretty well suited for this "cold wallet" task

[IeSua]

[Snip]
Full article

Update your link, it's the forum link.

~

OP visits the forum no more than once a month. Link to the article - https://www.coin.space/choose-the-best-crypto-wallet/ (can be seen in the screenshot).

[mpufatzis]

You can also do the "wallet" test in bitcoin.org webpage.
The webpage lists the best wallets to date.

[Pmalek]

mpufatzis is probably referring to this questionnaire > https://bitcoin.org/en/choose-your-wallet that helps a user choose the correct wallet according to his needs. I did a quick test and immediately noticed that if you choose hardware wallets you are considered to be an experienced user. This could frighten new users from buying hardware wallets and make them think it's difficult to use and set up as you need experience to use them. Wrong approach in my opinion.

[Julian ogan]

Every user will have their own wallet choices that suits their needs. In my opinion, it is good to choose a Multi-currency wallet that supports many coins. Instead of keeping different wallets for every coin. It is good to keep coins on a hardware wallet which is more safe than keeping it online.

[DireWolfM14]

~
this number has jumped to 40 million in mid-2019[/b]
~
There are many options for wallets(Yea there are more options then ledger XD), and different wallets suit different needs

I think there's a disconnect in the point you are trying to make.  The graphic you posted reflects the number of users registered with Blockchain.com, which is a web wallet/exchange.  That's one "wallet."  I seriously doubt there are 40 million different types of wallets (hardware, software) available to use, which is what your you last statement seems to indicate.

[Pmalek]

Every user will have their own wallet choices that suits their needs. In my opinion, it is good to choose a Multi-currency wallet that supports many coins. Instead of keeping different wallets for every coin.

This is a good tip also when storage space on hard drives is limited. This is not something that new users take into consideration. Downloading a single coin wallet that requires you to download the entire blockchain can take up significant space on the hard rive. Doing that 10-15 times for different coins can lead to shortages in space. I am of course not referring to ERC-20 tokens that can be kept in MEW or MetaMask but coins that have their own full-node wallets.

[o_e_l_e_o]

This is not something that new users take into consideration.

I don't think most new users even know what running a full node means, let alone consider doing it. The vast majority will use a lightweight wallet such as Electrum or similar. Most good guides, including the wallet picker on bitcoin.org, only suggest bitcoin core or a similar full client for experienced users.

Every user will have their own wallet choices that suits their needs.

Why just one? The key to using wallets properly is to understand the pros and cons of each one, and use different ones in different situations. I use everything from a mobile app through to airgapped cold storage, and everything in between. The only type of wallet I don't use is a web wallet, because there is nothing they can offer that a mobile wallet can't also offer but with better security.