Cryptocurrency Wallets are the wallets to store and transit the cryptocurrencies in digital format. If you are buying a cryptocurrency, let’s say bitcoin, you have to store it somewhere safe. A bitcoin wallet is a virtual storage location where you will be storing your bitcoins. The bitcoin wallet lets you perform transactions of the coins. simply it is like a mobile wallet application where you keep virtual money and doing transactions.
The cryptocurrency wallet (bitcoin wallet) is available in four forms. they are mobile applications, web-based wallets, desktop-based wallets, and hardware-based wallets. You can easily send and receive your cryptocurrency using these wallets. in this post, we will discuss different types of cryptocurrency wallets and the Top 10 Cryptocurrency Wallets in India.
Also read: Top 5 Cryptocurrencies to Invest in 2021
Types of Cryptocurrency Wallets
Based on the nature of storing and application there is 4 type of cryptocurrency wallets are there. they are described below.
As the name implies mobile wallets are the wallet where you will be storing your cryptocurrency in the mobile application. mobile wallets will be storing private keys of the cryptocurrency and let you make the payment from your mobile phone. Some mobile wallet supports NFC feature (Near Field Communication). NFC lets you make payment by tapping the phone against the terminal without entering any information.
A web-based wallet (e-wallet) will store your secret key on the server. you can easily access the stored key using the internet. The security of the server is regulating by third-party tools. Web-based wallets are also known as e-wallet. In these wallets security of the server becomes very important. If the security of the server is compromised your cryptocurrencies will be at risk.
A desktop wallet is a wallet that is downloaded and installed on your personal computer. in this, private keys will be stored in the local hard disk in a secured manner. The stealing of information from local hard disks will be difficult. So desktop wallets are more secured compared to mobile and web-based wallets.
A hardware wallet is a hardware device where the private key address is stored securely. this is the best and most secured and most using way of storing cryptocurrencies. Hardware wallets are safe from computer virus attacks and hacking attempts. You have to pay additional money in order to purchase a hardware wallet.
Top 10 Cryptocurrency Wallets (Bitcoin Wallet) in India
Coinbase is an online cryptocurrency exchange platform.it was founded in June 2012 by Brian Armstrong and Fred EhrsamYou can buy or sell your cryptocurrencies through Coinbase. it also offers a mobile cryptocurrency wallet facility. coinbase allows you to store and perform the transactions through its wallet. Coinbase is available on both Google Play and Apple Store.
- user-friendly Interface
- Secure User-Controlled Crypto Wallet using biometric authentication
- money transaction is possible from anywhere in the world
- A backup facility is available to avoid the loss
- Store all cryptocurrency in a single place – Multi-coin support
- Easily downloadable from the app store
- A decentralized form of exchange
- Payment is possible using cryptocurrency online
- You can see the cryptocurrency price change in the local currency price
- Coinbase account is monitored
- Slow Support
- Support only fee cryptocurrencies
Unicoin is one of the popular mobile bitcoin wallets establish in July 2013. You will able to manage all the cryptocurrencies stored in the Unocoin account using this wallet. Unocoin wallet is available on both Android as well as iOS. you can easily perform transactions such as DTH recharge, and other bill payments in cryptocurrency using Unicoin wallet.
- Live-action price tracker
- Deposit and withdraw in Indian Rupee
- Buy and Sell Bitcoin transaction Instantly
- Consolidated wallet for cryptocurrencies
- View History of merchant transactions
- Option to buy bitcoin using SIP
- Earn free bitcoin by referring app to friends
- Lower Transaction fees
- IMPS and NEFT options for INR withdrawal
- Supports only three cryptocurrencies
- Support is Poor
Trust Bitcoin wallet is a decentralized exchange wallet launched in November 2017. Viktor Radchenko is the founder of Trust. You can buy and sell cryptocurrencies using decentralized exchanges using this wallet. Trust Wallet supports many blockchain wallet Standards. Trust crypto wallet is available on both Andriod and iOS platforms.
- Allow you to replace your old wallet
- Trade-in multiple cryptocurrencies
- Push Notification to users on the transaction
- make send and receive transactions through QR codes or with copy and paste functions
- Detailed transaction summary including history
- Fully secure with passcode protection & encryption
- Connected to Decentralized exchange
- Portfolio view on the dashboard
- Poor technical support
It is one of the leading multi-cryptocurrency exchanges in India. it is establish in 2015 by Viktor Radchenko. Zebpay also offers a web-based wallet. it will let you buy and sell and transfer your cryptocurrencies to other wallets as well as other exchanges. Zebpay offers six different cryptocurrencies.
- Buy and Sell using INR
- Trade across the devices
- Robust API for integration
- Disable Outgoing Transaction with password
- Easy to use
- Less Costly
- Wallet linked to Zebpay crypto exchange
- Proprietary security Protocols
- Pooled crypto storage
- Limited cryptocurrency support
Guarda establishes in 2017 and Paul Sokolov is the CEO of Guarda Wallet. it offers a desktop, web-base, and mobile wallet ( 3-in-1)for different types of cryptocurrencies. Guarda also offers a chrome extension for easy accessibility.
- Use across the devices
- No account registration is require
- Compatible with Hardware Wallet
- Support multiple currencies
- Desktop, Web as well as mobile wallet option
- both Andriod and iOs versions are available
- A higher level of security
- A Non-custodial wallet
WazirX is Multi Cryptocurrency wallet that is available on a Desktop, Web-base as well as a Mobile wallet. Nischal Shetty is the founder and it is launch in March 2018. You will have to open an account with WazirX to use this wallet. You can easily use this wallet to trade on an exchange, also the P2P platform.
- Lightning speed transactions
- Simple and Efficient Transactions
- Use across the platforms
- Two Factor Authentication via Mobile OTP
- Option to use web-based as well as mobile wallets
- Trade on Exchange as well as a P2P platform
- Support of multiple cryptocurrencies
- Minimum and Maximum withdrawal amount limit
- Fees applicable to withdraw money
It establish in 2015. JP Richardson and Daniel Castagnoli are the founders of Exodus. Exodus is a desktop wallet that can be use on Windows, Mac, and Linux-based desktops. You will have to download and install the application to use this wallet.
- Use of QR code address for sending and receiving bitcoin
- Support to 100+ Crypto Currencies
- See overall portfolio on screen
- Built-in exchange
- Send and receive specific coins
- Support of multiple windows OS
- Encryption of private key for enhancing security
- video and chat support is available
8. Ledger Nano X
Ledger Nano X is a hardware wallet that will allow you to store bitcoins. This wallet is coming with a USB-type chip. You can use this wallet on Windows 10, Mac, and Linux OS. This device comes with a certified secured chip with enhancing security. It is a lightweight device of stainless steel and plastic. This device comes with a battery that can be purchase from the vendor directly.
- Light Weight
- Secure Chip with USB Type
- This device can be use on multiple devices
- You need to take care of Hardware Device
- You need to take a backup of the device
- Maintenance of device is required
- High Cost
9.Trezor Model T Bitcoin Wallet Review
Trezor is a hardware-based wallet to store cryptocurrency. Trezor works with security like bootloader protection and firmware support signature verification. If the firmware version is not matching the device will delete all the memory for protection from threats.
- Full-color touch screen display
- Firmware Signature Protection
- Lightweight device – 16 gm
- Additional USB Connector is required
- High price around Rs.12000
10.Cool Wallet S for Bitcoin Review – Hardware
Cool Wallet S is a hardware-based wallet. This wallet can be used on Andriod and iOS smartphones. it is very small in size when comparing to others and weight also. Cool Wallet comes with a battery that is rechargeable for 2 Hours. it provides a standby of 3 months.
- Multi-Factor Authentication with anti-tampering protection
- Military-grade security chip
- Good Battery Life
- Leight Weight – 4 gm
- Compatible with Multiple OS
- Price is very high when compared to others
Risk Associated with Bitcoin Wallets
- Malware, malicious software, and hacking are the most common risks associated with bitcoin wallets. Here your cryptocurrencies can be stolen.
- Trojan house is another risk. it can easily encrypt all the data on your hard disk. Once your data is encrypted they will ask a ransom to decrypt the file.
- An exchange where you are exchanging money knows about how much cryptocurrency you own.
- chance of losing your hardware devices like laptops, mobile phones, etc., and also you may lose your cryptocurrencies.
To protect your bitcoin (cryptocurrency) you should use most secured wallet. If it is possible, use a wallet that doesn’t use an internet connection. Use the latest antivirus, antimalware and firewall software to protect cryptocurrency.
Investing in cryptocurrencies is becoming more popular these days. and thereby cryptocurrency wallets. the business of cryptocurrency wallets is doubled in India in such a short span. and India is one of the biggest markets for cryptocurrency wallets. in this post, I tried to explain the 10 best cryptocurrency wallets in India. I hope you get a good idea about Indias best crypto wallets. make good study before you open an account in any wallet.