Bitcoin wallets are wallets that exist as software programs that help store and exchange bitcoin among users and provide proprietorship of the balance to the owner. Know all about them, the best ones available in India and frequently asked questions about them in this article.
Since its inception in 2009, bitcoin has gained ground all over the world and has emerged as the leading virtual currency. This is primarily because of its independent nature, as opposed to standard physical currencies of the world, whose values are dependent on markets and determined by central authorities. But like any other currency, bitcoin needs a place to be stored, and a platform on which to be exchanged by traders — a wallet. In this article, readers will know more about some of the best bitcoin wallets in India that are used for transactions of cryptocurrency.
What are Bitcoin Wallets?
Bitcoin wallets are wallets that exist as software programs that help store and exchange bitcoin among users and provide proprietorship of the balance to the owner. Every user who holds a bitcoin balance in the wallet in his own custody possesses a public and a private key that correspond to the address of their bitcoin wallet.
For exchanging cryptocurrency successfully, the user must establish a bitcoin wallet. There are several kinds of bitcoin wallets — blockchain wallets, desktop wallets, mobile or app wallets, web wallets, and hardware wallets.
How to set up a Wallet?
Here are the steps to help you get started with your bitcoin wallet:
Step 1: Download a bitcoin wallet
A bitcoin wallet is a program or an app that allows you to send and receive Bitcoin. The many kinds of wallets across platforms share basic functionality, but features vary from one wallet to another. Make sure to assess multiple wallets before you choose one. Some of the wallets need you to backup the private keys or seed keywords.
Step 2: Add Bitcoin to your Wallet
Once you have your bitcoin wallet address ready, visit the page on the trading platform to buy bitcoin, usually the ‘Buy Bitcoin’ page. Here, you should be able to easily purchase bitcoin with a debit/credit card or net banking. You can also buy bitcoin straight from the app wallet if the wallet software supports it.
Another option is to choose a Bitcoin Exchange like Unocoin where you can quickly set up a KYC verified account and buy bitcoin with funds from your bank account.
Step 3: Use a bitcoin wallet to send and receive bitcoin
Receiving bitcoin is as easy as giving the sender your bitcoin address. Sending bitcoin requires a few more steps.
- First, you need to copy the receiver’s bitcoin address.
- Next, open your bitcoin wallet and paste the receiver’s address under the “Send” feature.
- Click on Send after confirming the bitcoin amount and the receiver’s address.
Types of Bitcoin Wallet
There are both online and offline types of Bitcoin wallets. Each of them comes with its own set of security and specifications.
The mobile, online and desktop wallets are free to download and setup. You can visit the Playstore or Appstore to download the app and register yourself before you start using your Bitcoin wallet. On the other hand for a hardware wallet, you need to buy it and wait to get it delivered online. It is always advisable to purchase hardware Bitcoin wallets from a reputed platform or directly from the company if you plan to store a significant amount of bitcoin in the wallet.
For using exchange wallets that are web or mobile-based, you need to open an account with the respective crypto exchange like Unocoin or Zebpay.
Best Bitcoin wallets in India
Unocoin is a cryptocurrency wallet and exchange that offers its customers a platform to purchase and sell currencies using the Best Bitcoin Wallet on their website or via the Bitcoin Wallet App. Unocoin has become a well-known cryptocurrency trading platform in India since 2013, owing to its ease of accessibility and low transaction fees.
- Exodus Bitcoin Wallet
Exodus Bitcoin Wallet provides private keys of their bitcoin wallet on any of the Windows, Mac, and Linux PC equipment. One has to download the Exodus application to use the wallet. This wallet has over 110 crypto resources, which makes it user-friendly and flexible. Anyone can send and get bitcoin or other digital money using the QR code of Exodus Bitcoin wallet.
- Trust Bitcoin
Trust Bitcoin focuses on cryptocurrencies like Ethereum, Litecoin, Ripple and also helps people use Binance to trade. It ensures privacy and security on computerized resources and private keys with PINs and biometrics. Trust Bitcoin allows its users to buy some bitcoin under five minutes. Users can easily earn interest on a cryptocurrency in their wallet and track charts and prices of their investment.
- Cool Wallet S
Cool Wallet S is one of the best crypto wallet apps that also offer a hardware wallet that anyone can use on their Android or iOS devices. When it comes to using hardware wallets, many users are concerned about its battery charge retaining capability. Cool Wallet S has sorted this by offering hardware that can be charged in two hours and which retains a backup charge of three months. In this wallet, the private keys are put away in a chipset, thus ensuring optimum security.
When it comes to using a user-friendly interface, Zebpay offers one of the good crypto wallet apps in India. The platform allows its users to transact their crypto coins across through their hosted wallet.
- Guarda Wallet
Guarda Wallet deals with 100+ types of cryptocurrencies. It never stores a user’s private keys and data. It utilizes encryption innovation to secure sensitive data of its users. At Guarda Wallet, you are the only owner of your private keys, which allows safe management of cryptocurrencies.
Users are also offered staking opportunities where they can easily earn cryptocurrency by staking (holding) their bitcoin. With its multi-signature feature, Guarda Wallet gives the opportunity for two or more users to sign transactions. This ensures maximum security and safe wallet transactions.
- Ledger Nano X
Ledger Nano X is a USB type best bitcoin wallet with secure chips and is compatible with Windows 8+, macOS 10+. It allows users to use 24 coins and 1250+ ERC-20 tokens legitimately from a PC or cell phone. It can be purchased legitimately from the Ledger online store.
How to Pick Best Bitcoin Wallet in India
- Types of Cryptocurrency supported by the wallet:
Most bitcoin wallets let you store popular cryptocurrencies like bitcoin, Ethereum, Ripple and Litecoin. You should always check whether the wallet supports the cryptocurrency that you intend to hold and transact.
- Popularity of Wallet
It is best to ensure that the wallet is well known. It is important to look at the feedback of the wallet and talk to people who have already used it. The feedback and ratings from their other customers are generally available on the Playstore and Appstore.
- Check Security
Before choosing the bitcoin wallet app, it is important to check if the webpage has an HTTP/HTTPS file verification. The wallet should also offer secur
e logins and verification during every transaction including two-factor authentication. Before settling on the choice, security is a significant component that one should always look out for.
The administrative specifications, actionable strategies and security levels of a bitcoin wallet should be transparent to its users. If it is a self custodian wallet, then it must also be open-source because open-source wallets give a method for the community to verify the code and secure it.
- User Experience
A bitcoin wallet site should always make sure to provide the best user experience. The platforms should be compatible with all versions of Android and iOS. If a wallet does not match your specifications and requirements, then you might need to opt-out of it later on, which can be a tiresome process.
- Is a Bitcoin wallet free?
Most cryptocurrency platforms provide free bitcoin wallets once the user signs up on their platform. You can download an online bitcoin wallet for free or buy a USB-type cryptocurrency wallet.
- Can I use two Bitcoin Wallets?
Yes, you can use two (or multiple) bitcoin wallets on separate platforms.
- What is the best and safest Bitcoin wallet?
Unocoin is the most trusted crypto trading platform offering an app including a wallet for cryptocurrency transactions in India. It is considered the best and safest and easiest bitcoin wallet in India due to lightweight, security and ease of use.