Cryptocurrency wallets are perhaps the most important service in the cryptocurrency ecosystem, after all, it is in these wallets that the precious crypto is stored.
Crypto wallets can be broadly classified into 2 types, Hot and Cold. Hot wallets are those that are connected to the internet while cold wallets operate offline and it is due to this defining difference that cold wallets are generally considered safer than hot wallets.
Despite cold wallets being more secure, hot wallets tend to be more popular amongst users simply because of the ease of use that they offer.
There are plenty of Bitcoin Cash wallets currently available in the market each offering varied features and functionality to the users.
Here is a list of the top 5 BCH wallets,
One of the most popular hardware wallets, Trezor is the top choice to store your cryptocurrency safely, especially if dealing with large amounts.
Brought to you by SatoshiLabs, a Czech Republic based company that has made significant contributions to the bitcoin ecosystem in the past 8 years, including, BIPs and SLIPs standards, open-source contributions to Bitcoin Core, MicroPython, Monero, NixOS, nanopb, and its most popular contribution, Trezor.
Trezor offers state-of-the-art security including firmware verification, offline key storage, protected bootloader, secure updates, and recovery and backup options. It offers support for 1000+ crypto coins including Bitcoin Cash.
Since the wallet stores the private keys offline the wallet is classified as a cold wallet.
Trezor is priced at 48.76 EUR for Trezor One and 149 EUR for Model T.
Desktop [Hot]:Electron Cash
Electron Cash is a Bitcoin Cash SPV wallet that offers a secure solution to store BCH. It is a lightweight solution that does not require you to store or run the bitcoin cash blockchain.
SPV or Simplified Payment Verification is the protocol that allows transaction verification without the need for downloading the blockchain. The private key signs the transactions locally and is never sent to the blockchain.
Electron Cash offers an easy-to-use interface and complete control of your private keys. It additionally supports, multi-sig, cold storage for private keys and offers no downtime.
Electron Cash is available for Windows, OSX, Linux, and also started support for Android and iOS.
It is one of the most reliable open source solutions to store your BCH.Exodus
Exodus is a beginner-friendly crypto wallet that supports multi cryptocurrencies including Bitcoin Cash. One of its most popular features is the inbuilt currency swap that allows users to swap between 100s of cryptocurrencies right from the wallet.
While Exodus offers complete control of the private keys, it is a closed source software, which means its code is not available in the open market which might be of concern to some users.
Exodus offers a dedicated support team ready to answer any question or query that you may have regarding your wallet.
A popular mobile wallet, Coinomi has been offering its services to users since 2014 making it a longstanding name in the crypto field.
Coinomi offers support for more than 1000 cryptocurrencies and ERC20 tokens with millions of users worldwide using it to store their crypto.
Coinomi has a solid track record when it comes to security. It offers strong wallet encryption and cryptographic guarantee to ensure your funds stay safe and in your control.
Additionally, it offers an inbuilt exchange that allows users to swap cryptos from the comfort of the app thanks to the multiple partnerships with DEXs and currency swap services.
Coinomi has a clean simple user interface making it a great choice for beginners.Freewallet
Another great choice is Freewallet, a multi-currency mobile-first crypto wallet with a host of features. Established in 2016, Freewallet is used by millions of users worldwide through its Android, iOS, and web applications. In fact, they were one of the first companies to introduce BCH wallets for Android users.
It supports 100+ cryptocurrencies including Bitcoin Cash and they offer users an easy-to-use and intuitive user interface making it a great choice for beginners and experienced users alike.
Security is a top priority for Freewallet offering 2FA, pin-code, and fingerprint support along with cold storage for the coins.
Additional features include, purchase via credit card, limits to minimize the risk of theft, free transfers between Freewallet users.
While it makes for a great choice there is one catch with using this wallet which is that it's custodial meaning you do not hold the private keys for your coins.
Paper [Cold]:Cash Address
The interface is simple and easy to use and allows you to create a paper wallet in a matter of minutes. You can generate as many addresses as you wish and can even choose the art on your paper wallet.
CashAddress has no knowledge of your private keys and does not store any data at any time.
Each paper wallet contains a single BCH address and the corresponding private key for that address.A sample BCH paper wallet
You can print out the paper wallet and store your BCH offline without worrying about the threat of cyber attacks.
While they are a great way to store BCH, they are not very practical for everyday use or spending as that requires broadcasting and connecting to the blockchain. A functionality that can only be achieved by hardware, desktop, or mobile wallets.
When it comes to storing crypto, security plays a very important role. With multiple options to store crypto choosing the right option can be challenging, but once you know the benefits for each, the choice can be much easier.
While paper wallets can only be used to store crypto and not perform transactions, hardware wallets on the other hand offer the most versatile solution providing the security of a cold wallet plus also allowing transaction features, they are the most popular option to store crypto.
Hot wallets such as desktop and mobile wallets are a good choice if you wish to transact regularly. Generally, desktop wallets offer more security than mobile wallets, so if you have a choice go for a desktop wallet.
Since these hot wallets stay on devices that have access to the internet they are more susceptible to cyberattacks than a cold wallet. This is why it is recommended to store only small amounts in hot wallets.
This is a companion discussion topic for the original entry at https://insights.blockonomics.co/top-5-bitcoin-cash-bch-wallets-2021-3f52f1027e2/