The growing popularity of cryptocurrency has given rise to numerous platforms and opened several challenges, with platforms innovating to provide solutions to these problems. Read this article to know the types of cryptocurrency wallets and which is the Best Cryptocurrency Wallet In India.
Cryptocurrency is a digital financial asset which is transferred and dealt on digitally secured platforms that operate on decentralized blockchain technology. The growing popularity of cryptocurrency has given rise to numerous platforms and opened several challenges, with platforms innovating to provide solutions to these problems. Read this article to know the types of cryptocurrency wallets and which is the Best Cryptocurrency Wallet In India.
A Brief about Cryptocurrency Wallet
A cryptocurrency wallet is a software program or a hardware device or an online platform that stores your public and private keys. The keys are used to send or receive blockchain cryptocurrency tokens. The keys are considered very secure to communicate with blockchain cryptocurrency ledgers. You can easily check the cryptocurrency balance in your preferred cryptocurrency wallet.
Unlike usual wallets, the cryptocurrency wallet does not literally hold the cryptocurrency as it never exists in physical form but rather holds the information and technology to initiate the outgoing transactions.
When you send or receive digital currency like bitcoin, the currencies are reassigned to the concerned cryptocurrency wallet address. To use that digital currency, the private key that is stored in your wallet must match the public address that the currency has been assigned to. After the keys are matched, the balance of the receiver’s wallet will increase, and the balance of the sender’s wallet will decrease.
The cryptocurrency wallet consists of three categories, namely, software, hardware, and paper. The software wallet can be in the form of a desktop, mobile, or online.
- Desktop: Desktop wallet can be installed on a PC or laptop. It offers fairly high security to your funds, but there is a possibility that you may lose all your cryptocurrency if your PC gets hacked. This type of wallet can only be accessed on the computer on which it is installed or downloaded.
- Online: As the name suggests, the online wallet works on the cloud and can be accessed by the owner on any computing device. The main feature is that it can be easily accessed at any location. However, as it is an online platform, it is more vulnerable to online thefts and hacking.
- Mobile: Mobile wallets are very convenient as they can run on your mobile. This is more compact and much easier to use anywhere because it occupies a small space.
- Hardware: Hardware wallets store the private keys on a hardware like a USB drive. The security is highly increased because the storage is offline regardless of the online transactions. The hardware wallets are compatible with the web and easily navigable. It supports different types of cryptocurrency. One can perform the transaction by accessing the internet. There is not much danger of online theft or hacking and most hardware wallets come with a hardware button on it which needs to be pressed to initiate the transaction.
- Paper: Paper wallets give the highest level of security and commitment. It is very easy to create but redeeming it when it is the right time to do the transactions have challenges. You can either have a printed copy of keys or software that can generate a pair of keys on the spot to be printed for further use.
Unocoin is considered the most trusted platform in India to trade cryptocurrency or assets such as bitcoin. It is the best place to buy, sell, store, and use the cryptocurrency in a secured manner.
10 best cryptocurrency wallet in India 2020
To keep your funds and transaction records safe and secure, you must be aware of the best Bitcoin Wallets in India. Knowing this will make sure that you place your trust in the right cryptocurrency wallet. Let’s have a look through the best Bitcoin Wallet In India in 2020.
- Unocoin Wallet
Leading the cryptocurrency game in India is Unocoin, which is the best Bitcoin Exchange in India. This wallet is an application-based cryptocurrency wallet that is connected to the user’s Unocoin account to increase the accessibility of the user. This platform supports the top Cryptocurrencies in India, such as bitcoin, ethereum, tether and thirty other coins/tokens. Multiple levels of security make it one of the safest options out there. Unocoin wallet is very compatible with Android and iOS operating systems based on the native application that can be installed from Play Store or App Store. This platform offers multiple buying plans for the user to add funds in the wallet. It also has an integrated merchant gateway for payments. The user needs to pay a minor fee for transactions. Unocoin wallet can also be used for recharging phone bills or DTH services. Due to so many advantages, the Unocoin wallet is considered the Best Cryptocurrency Wallet In India.
- Other Multi-Cryptocurrency Wallets provided by Indian exchanges
There are over a dozen cryptocurrency exchanges in India and most provide multi-cryptocurrency Wallets. Most of the good exchanges are also present as both web-based wallets and mobile wallets for the ease of users. They also provide two-factor authentication or OTP based authentication to avoid any theft and ensure safe transactions. Many of the cryptocurrencies can be traded on this platform.
- Coinbase Bitcoin Wallet
This is one of the Best Bitcoin Wallets which provides a mobile-based wallet for users’ unlimited convenience available for Indians. The user can store the bitcoins and other cryptocurrencies and perform the transactions in the easiest manner possible. You can easily access the wallet from your mobile at any location and perform the desired task or use your cryptocurrency. The Coinbase wallet application provides an excellent and advanced security feature called Secure Element Technology (SET) and biometric authentication to keep your keys safe and secure. Coinbase Wallet has an in-built feature for eCommerce so that companies can integrate the cryptocurrency gateway onto their website to give users the choice to use it if they wish but these options are not available for India yet.
- Ledger Nano X Bitcoin Wallet
For people looking for the Best Cryptocurrency Wallet In India, Ledger Nano X Bitcoin Wallet might be the best choice for them. It is the hardware wallet with the highest safety feature. It is the USB type Wallet used for storing the bitcoins which consist of highly secured chips and custom OS for maximum security. It is compatible with all operating systems such as Windows, Linux, macOS, and so on. Ledger Nano X Bitcoin Wallet is compatible with all kinds of updated operating systems. It is compact, and the user can easily carry it anywhere. It can manage up to 24 coins and 1250+ ERC-20 tokens and can be accessed directly from smartphones as well.
- Trezor Model T Bitcoin Wallet
As one of the Best Bitcoin Wallet India, this hardware wallet can manage up to 8 coins and 1000+ ERC-20 tokens in a secure platform. The hardware is lightweight and compact, which makes it easy to carry anywhere. It provides a firmware signature verification or authentication along with a protected bootloader and regularly updates security features to protect user’s funds. In case the security authentica
tion fails, the hardware device will format all the information to protect the user’s assets. One of its models also has a full-colour touch screen to provide the best user experience.
- Exodus Bitcoin Wallet
Perform transactions with one of the Best Bitcoin Wallets In India 2020 through the desktop, mobile and hardware wallets provided by the Exodus Bitcoin Wallet. The user can store the keys on this desktop wallet. The encryption feature of Exodus ensures maximum security of the keys and transaction data. QR codes can be used for transactions of numerous crypto assets without any hassle because Exodus cross-checks the addresses for any error.
- Trust Bitcoin Wallet
Trust Bitcoin Wallet is used for managing bitcoins and other Top Cryptocurrencies In India like ethereum, litecoin, ripple, and ERC-20 tokens. This is a mobile app-based wallet which is very convenient for the majority of users. You can directly deal your cryptocurrency on this platform, away from prying eyes. Trust Wallet uses security features like PINs and biometrics to protect the keys and crypto-assets. QR codes are used on this platform for transactions.
- Guarda Bitcoin Wallet
It provides the user with the choice of web-based, mobile-based, and desktop-based wallet to manage different crypto assets. It has currency-specific features to give advanced options to users. It lets the user have access to the blockchain directly from the browser. The user must never forget their password or all their funds will be lost because Guarda never stores the user’s keys. On this platform, the pairs of keys are directly generated from the browser to perform the transaction. It also has an in-built currency exchange.
- Cool Wallet S for Bitcoin
Apart from the latest versions, this hardware wallet is compatible with the older versions of Android (6) and iOS(9) as well. The private keys are stored securely in a chip with military-grade security. It can be changed easily and has a standby life of 3 months. It can manage 12 coins and all ERC-20 tokens.
- Ballet Wallet
This is equivalent to a paper wallet but the company also provides a wallet to be installed on the mobile phones making it easy to receive and send cryptocurrencies. It supports dozens of coins along with all ERC-20 tokens. This wallet also forms a great method to gift cryptocurrency to the ones you love.
- Which wallet is best for bitcoin in India?
If you are looking for hassle-free and safe transactions, then Unocoin is the best wallet for bitcoin in India.
- What is the best crypto wallet?
Among the top Crypto Wallets in India, Unocoin stands out because of its user accessibility, flexibility and high security. Apart from being just a wallet, it also lets its users buy and sell the crypto assets at a very competitive price.
- Is buying cryptocurrency legal in India?
The cryptocurrencies are not legal tender in India, but buying and using cryptocurrency is not illegal. There are over a dozen exchanges and trading platforms serving more than 50 lakh Indians from many years.