6- Ledger Nano S: BEST DEAL FOR YOUR BUCK
Why we Choose it
Ledger Nano S offers cold storage hardware wallets at an affordable.
• Offers access to Ledger Live
• Secure storage for a low price
• Open-source software with additional customer and community support options.
• Storage for three apps at most
• No wireless Bluetooth option
The Ledger Nano S is the first-ever made generation hardware wallet produced by Ledger. Similar to the Nano X, the Nano S supports more than 1800+ cryptocurrencies. However, the Nano S does not come with a USB Type-C cable, which will cause trouble for users with up-to-date smartphones to connect to their devices.
The Nano S and its successor the Nano X are quite similar, except for some features and options. Both support the same cryptocurrencies and allow users to access the Ledger Live software. However, Unlike the Nano X, Nano S doesn’t have Bluetooth connectivity, and it only stores up to three apps at most compared to the Nano X that can store 100 apps simultaneously.
The Nano S provides enough storage to make wallets for a few cryptocurrencies at a time. In case you want to delete an app to add another cryptocurrency type, their online guide will mention that this operation will have no effect on your assets.
You will still be able to see your deleted wallet and crypto within it in Ledger Live, but you will not be able to see the wallet on the Ledger device itself. That is, if you would like to send or receive using the wallet you have deleted, you may need to delete another wallet to make more room for adding it again.
That said, the Ledger Nano S is a great wallet option for users looking to securely store their cryptocurrency at a fair price of about $59. Besides, considering its simplicity to be used with Ledger Live, Ledger Nano S is a perfect choice for first-time users looking for safe and simple storage for their cryptocurrencies.
In addition to choosing a Bitcoin wallet from the ones mentioned previously, we recommend printing your public and private keys on a piece of paper. Many options of bitcoin wallets are available that you can choose from depending on your needs, whether you want an easy-to-use online wallet or a super-secure hardware wallet.
Compare the Best Bitcoin Wallets
|Company||Type of Wallet||Purchase Cost||Incorporated Exchange||Compatible Hardware|
|Exodus Best for Beginners||Hot||Free||Yes||Yes|
|Electrum Best for Advanced Bitcoin Users||Hot||Free||No||Yes|
|Mycelium Best for Mobile Users||Hot||Free||Yes||Yes|
|Ledger Nano X Best Hardware Wallet||Cold||$119||yes||Yes|
|Trezor Model T Best for a Security||Cold||$195||Yes||Yes|
|Ledger Nano S Best Bang for Your Buck||Cold||$59||Yes||Yes|
What Is a Bitcoin Wallet?
Actually, a Bitcoin wallet refers to a place where you can store your digital Bitcoin and validate your transactions when you’re using your Bitcoin. Moreover, a wallet stores secret information called a private key or a seed, which is used to validate your transactions and “sign” them, allowing you to use your Bitcoin to make purchases or exchanges. The thing that prevents any intruder from using your Bitcoin or any third party from making modifications to your transactions.
Usually, when people talk about a Bitcoin wallet, they consider it a crypto exchange that offers a wallet as an additional feature of their account. In this regard, a wallet is just a place where you can store your cryptocurrencies or fiat money for future use.
How Does a Bitcoin Wallet Work?
Blockchain technology refers to a shared public ledger where all Bitcoin transactions are made from Bitcoin wallets. When a transaction is in place, a transfer of value occurs between different Bitcoin wallets. Basically, a single party is dealing with another Bitcoin wallet by offering an amount of Bitcoin value in exchange for another asset or service.
During this transaction, each individual Bitcoin wallet will use its secret data to sign and validate transactions, with the buyer or seller providing mathematical proofs of their Bitcoin wallet ownership. Your wallet can safely store as much Bitcoin as you would like with no restrictions.
How Much Does a Bitcoin Wallet Cost? Having and using a Bitcoin wallet doesn’t cost you a penny if you’re only storing Bitcoin in the wallet. Yet, if you’re conducting a transaction, then the owner of the exchange or device where your wallet is hosted will charge you with different fees according to the type of your transaction. You might need to pay around $0 to $200 or more to buy a wallet. If you’re using a wallet to complete a
transaction, you’ll likely have to pay either a flat fee of a few dollars or a percentage amount of the aggregate transaction value.
How Do You Cash Out Your Bitcoin Wallet?
You don’t have the ability to convert your Bitcoin holdings to cash directly anytime you like, but you still have the ability to sell your Bitcoin anonymously on the blockchain in exchange for any fiat currency of your choice. A crypto exchange can make things easier for you and can take care of the transaction on your behalf and find a buyer so that you can quickly convert the value of your Bitcoin into cash. Different wallets have different rules and specific time periods when you can transfer your fiat currency to your bank account, but generally, you can do so right after three days of selling your Bitcoin.
We have reviewed thousands of Bitcoin wallets available across the world and included here only the top hot and cold wallets depending on critical factors such as security, costs, and customer reviews. Without a doubt, security is one of the most important considerations, so we came up with the most common wallets that offer solid security features. Also, we included wallets that work well with some of the popular exchanges in the industry so that you can have a place in the open market to make any transaction you wish for.