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Home 2018-01-24T14:51:29+00:00

The Top 3 Bitcoin Wallets to Consider If You Are Starting to Trade Crypto in Canada

 

If you have been considering getting involved with the world of bitcoin, then by now you must know that one of the most important thing you need is a good bitcoin wallet because without it there is no way for you to buy, send or receive bitcoins, so downloading, buying or creating a wallet is essential. There are a few different types of wallets, but we’ll stick to the most used types. The online wallets are ones that can be accessed online from anywhere in the world and all you would need is a device that is connected to the internet. The hardware wallets are physical devices that are designed to secure bitcoins, while the software wallets are applications that you download on your phone, computer or tablet. Each of them have a different use, depending on what you need and in this article we will introduce you to some of our favorite ones to use in Canada.

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Copay

Even though we mentioned three type so wallets before, this one is actually a universal one that is available on iOS, Windows Phone, Linux, Android, MAX OS X and Windows. The fact that this wallet is available on multiple platforms means that it can be used on multiple platforms, meaning that you can use the same wallet or accounts across multiple devices. If you are a new bitocin user, then this wallet is a great choice because it boasts a clean user interface that makes it very easy to use. This wallet is also a very good option for businesses due to the fact that it has a shared account feature which requires a certain amount of users to sign each transaction.  For example, two co-founders could create a 2 of 2 wallet where both will be required to sign off each transaction.

Trezor

Unlike most hardware bitcoin wallets, this one is a very tiny computer instead of being a smartcard, but it still offer the feature where private keys are generated offline. This bitcoin wallet also generates a 24-word seed upon set up, and the seed is a very important element because it allows you to recover your wallet in case of theft or loss. The Trezor has its own built in screen where the seed is displayed and copied don during the backup process. Since this is an offline device that can be used in Canada, it can offer you extra security since the seed isn’t displayed on any online computer. If you want extra security, an additional passphrase can be added to this 24-word seed and this is definitely an extra layer of protection because, technically, if anyone finds your seed word they could easily access your funds. It you decide to go for this extra layer of protection, then an attacker would have to have both the 24-word seed and the passphrase in order to access your funds. However, something you need to be wary off is the fact that is the passphrase is forgotten, it cannot be recovered, so you need to make sure you have remember it or have it written down somewhere safe.

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Bitcoin Core

This online wallet is what is considered to be the official bitcoin client and wallet even though it isn’t used by that many people due to the fact that it’s slow and lacks features. However, this is still a full node, which means that it helps verify and transmit other bitcoin transactions across the network, while also storing a copy of the entire blockchain. This offers a lot more privacy since the wallet doesn’t have to rely on any type of data from external servers or other peers on the network. Using this wallet routed through Tor is considered to be one of the best ways in which you can use bitcoin privately.

As we said before, the bitcoin wallet is one of the most important elements of your while bitcoin experience. Make sure that you research as many wallets as possible and find out as much about them as possible before you settle on one, because that is what will set up the course for everything that you do in the world of bitcoin in Canada.