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In 2021 alone, cybercriminals managed to steal a stunning $14 billion worth of cryptocurrencies from around the world.
And in most of these cases, cryptos were stolen from DeFi websites and hot wallets. That’s right.
It means that your crypto assets are probably at risk right now. So, what can you do to protect your precious Bitcoins from getting stolen?
Well, not to worry because we’ve compiled a list of the most secure Bitcoin wallets to store your holdings.
Before we get started, do keep these lessons below in mind. Check it out.
All Bitcoin wallets are not safe
The only way to safeguard your cryptocurrencies is to practice good security hygiene while never letting your guard down. If you deal with a significant amount of Bitcoin, you cannot rely on hot wallets alone as they are a favorite target of hackers.
Instead, you should invest in a cold wallet, i.e., a hardware wallet, to store the bulk of your cryptos where hackers cannot gain access to it. From here, you can further protect your assets by physically storing your cold wallet in a secure location.
With that out of the way, let’s take a look at our selection of the best Bitcoin wallets:
1. Exodus Bitcoin & Crypto Wallet
If you’re a desktop user and a crypto enthusiast, then you’re going to appreciate Exodus and the variety of features it offers.
While Exodus lacks security features such as two-factor authentication (2FA) and multi-signature support, it’s compatible with Trezor One and Trezor T hardware wallets. Thus, users can keep track of crypto holdings even when they’re kept in cold storage.
Also, Exodus’s desktop wallet regularly receives security updates and patches from the parent company. As an added plus, the wallet has a fast and responsive interface that allows it to perform transactions with minimal delay quickly.
And because Exodus is a non-custodial wallet, users are given exclusive control of their crypto assets. This means that your private keys are stored on your device - and not on Exodus’s servers.
Hence in the event of a cyberattack or hack, your cryptocurrencies will remain in your possession.
2. Electrum Bitcoin Wallet
A certified classic, Electrum is the oldest Bitcoin wallet on this list. Unlike other wallets, Electrum only supports Bitcoin and nothing else.
Therefore, if you’re a serious Bitcoin investor, this shouldn’t be much of an issue for you. What’s interesting about Electrum is the wide-ranging security features that the wallet offers users.
From two-factor authentication and multi-signature support to integration with a variety of cold wallets, there’s no denying that Electrum is also one of the safest wallets we have.
Besides that, Electrum also runs on an open-source platform - meaning that third parties are free to view its source code for transparency.
3. Gemini
A Bitcoin wallet offered by the popular crypto exchange Gemini, Gemini wallet offers users several interesting security features not seen on other devices.
Gemini offers a two-factor authentication wallet address whitelisting as a standard and allows users to select approved devices.
What truly stands out is the digital asset insurance that Mandela offers users. With it, users can rest assured that they will be reimbursed for their funds in the event of a security breach or hack.
And because a reputable exchange backs the wallet, users can rest easy knowing that there is a low risk of the wallet disappearing overnight.
4. Ledger Nano X
Unlike other wallets on this list, Ledger Nano X is a hardware wallet that stores your cryptocurrencies offline. Because of this, the Ledger Nano X provides users with an extra element of security not found in hot wallets.
Additionally, the Ledger Nano X features Ledger’s Secure Element chip - a specialized chip protecting your cold wallet from various types of attacks.
Conclusion
Given Bitcoin’s high valuations, it has now become a favorite target for hackers and cybercriminals. If these four aren’t enough, you can find a more complete list of the best crypto wallet apps in 2022 by Tezro here.
So, by choosing the appropriate crypto wallet, you’ll be able to keep your Bitcoins safe at all times.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.