Well, most believe that you would recognize whether a wallet is going to provide users with a great experience using it or not, by looking and analyzing the facilities and features it offers.
Are there any ways by which we can measure this?
Well, the answer to your question is Yes!
You definitely can recognize if your Bitcoin wallet is user-friendly.
What do you look for in a bitcoin wallet?
- Access to private keys
- Liberty in storing, sending, and receiving bitcoins
- Low transaction fees
- Back up features
And the likes of it, are the features that we look for while choosing a wallet for ourselves.
The basic way that we can find if our wallets are going to be user-friendly, is to match, evaluate and see if the features of the wallet align with the requirements that you have for your wallet.
You should consider every aspect before deciding on a wallet, for instance, you must consider what is the purpose of your account, whether you would be just storing your bitcoins or making transactions as well, like buying and selling bitcoins.
That’s how you can recognize if the features your wallet provides would be enough and efficient for your purpose or not.
This way you can easily identify if your wallet is fulfilling all your security and experience needs.
Come, let’s talk about how your wallet depends upon your requirements:
- If you are someone who is prioritizing a secure and safe wallet for your digital currency. You have the option of CoinBase wallet. It will be your best bet. It’s good for every trader, and for beginners, it’s the best.
- There are advantages and drawbacks associated with each app. It’s up to you to consider and evaluate whether the disadvantages hold more weight than the advantages offered by the app.
- There are two terms; Bitcoin wallets and exchanges and both of them share a huge difference. Exchange does not mean that you would want to store your digital currency somewhere. It just means that you’re choosing the wallet to trade.
- A drawback that we can take note of here is, you can lose your bitcoins if your private keys are exposed to public view.
- You cannot file a complaint in a court of law, in case of theft or fraud.
- There’s no legal framework and hence you cannot get any protection from the law for your digital currencies.
It is said that a private wallet is better, safer, and more secure than an exchange wallet, for the following reasons:
- It gives access to your private keys.
- Anonymity is ensured.
- It offers low transaction fees.
- It allows you to store and stake bitcoins.
Just like software wallets, hardware wallets are also there. They are built and designed in a way that no one can hack it easily, unless they have got the device in which the currency is stored, with them.
Those who want to keep their transactions and bitcoins safe must consider choosing a suitable hardware wallet.
Exodus, is a hardware/cold storage wallet that the experts suggest, could be the best bet you can make.
Are these exchanges safe?
To state examples, there is Trust Wallet, which supports over 150+ digital currency and over 40 blockchains, which makes it easy for you to keep your tokens and coins in one place, safely.
And now I hope it’s pretty much clear to you, what are the features that you must look out for while deciding on a wallet.
It’s your wallet, know it, own it.