5 Cryptocurrency Wallets Jacques Poujade Recommends
The world of cryptocurrencies is complex, lucrative, and multi-faceted. Choosing which cryptocurrency to invest in is only one of many factors to consider. Investors also need to carefully select a cryptocurrency wallet, which is just as important as the investment itself. Financial consultant Jacques Poujade is weighing in, offering his recommendations for five cryptocurrency wallets investors should consider.
Cryptocurrencies 101
Cryptocurrencies have taken the financial world by storm over the past several years. Here’s a quick review, in case you need a refresher. A cryptocurrency is a “digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit,” according to Investopedia.
A key component of cryptocurrencies is their decentralization. This means there is no central or regulating authority. Another central element to many cryptocurrencies is blockchain technology. Blockchain technology is usually described as a “public ledger,” which can be a confusing term to some. Basically, this means all of the information about the cryptocurrency is recorded as digital information and published for any cryptocurrency trader to see. But cryptocurrency investors stay anonymous: instead of using a name, investors use a unique “digital signature.”
Cryptocurrency Wallet
Just like with regular cash, cryptocurrencies also need a wallet, although this is a different kind. A cryptocurrency wallet is a “software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance,” according to Blockgeeks. A cryptocurrency basically allows you to trade and use your investment. As you can see, selecting a wallet is crucial to practical use of cryptocurrencies.
Some of the most common cryptocurrency wallets run on your desktop computer, online, or on your mobile device. There are a number of factors to consider when selecting a wallet, like how often you want to access your currency, security concerns, and which currencies you want to use, as not every wallet works for every currency.
Jacques Poujade’s Recommendations
There are many options for cryptocurrency wallets, and the choices can be overwhelming. Poujade is bringing his years of expert financial opinion to the table, to weigh in on which cryptocurrency wallets you should consider using.
Coinbase is often considered one of the most user-friendly wallets. It’s an online wallet you can link directly to your bank account. You can manage your portfolio, set up recurring purchases, and store your funds in a timed “vault” for added protection. At this time users can trade 18 different cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. There are also Android and IOS mobile versions available.
Electrum is a great desktop option for your cryptocurrency wallet. The decentralized and free wallet is for Bitcoin. Because your private keys are on your computer, this can be a very secure option. The downside to a desktop option is that the currency is dependent on your computer: if something happens to it, you could lose your investment. But Electrum does offer the option to print off a “cold storage” physical backup.
Aside from online and desktop options, there are also hardware options, meaning you use a physical device for your cryptocurrency wallet. There are many options, but one you can consider is the Ledger Nano S. The device looks like a USB and can store more than 40 different cryptocurrencies. It is maybe one of the safest options for a cryptocurrency wallet, as it prevents your private keys from being exposed on the internet. The downside is that the device does cost a bit (right now it’s selling for about $75).
Trezor is also a physical device that is considered one of the best hardware wallets. It operates through a USB port, and is safe for many of the same reasons as the Ledger Nano S. The device is password and PIN protected, plus, the interface is user-friendly. But investors, take note: Trezor is not a full platform for buying and selling cryptocurrency. There are different models, but the Trezor One is selling for about $55 at this time.
For mobile-only users, Dropbit is one of the best options for a cryptocurrency wallet. It has an extremely user-friendly IOS interface. You can send or receive cryptocurrency using a phone number or Twitter handle. It only supports Bitcoin at this time. Other mobile-only options to consider include Mycelium and Robinhood.
The importance of a cryptocurrency wallet
When investing in cryptocurrency, there are a number of crucial factors to consider. Make sure to take your time in researching which cryptocurrency wallet is best for your investments, and your financial needs.
Jacques Poujade: 30 years of experience
Poujade is a financial consultant with 30 years of experience in the industry. He is a Managing Partner at LendPlus, a real estate brokerage agency based in Aliso Viejo, California. Poujade is a standout as a financial consultant for his belief that everyone deserves to find accessible financial services.
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