There are different ways to store your Bitcoins including paper wallets, software wallets, and hardware wallets. Which option is suitable for you if you are a beginner? Read and find out!
The number of Bitcoin wallet options to choose from might be a little bit challenging, especially for beginners. As you probably know, there are lots of ways to store Bitcoins, paper wallets, software wallets, and hardware wallets. There is a huge selection of software wallets and some of the best are Coinbase, Blockchain, Jaxx, and Copay. Some of the most popular hardware wallets are Ledger, Trezor, Digital Bitbox, and etc. The paper wallets are a little bit different as they as a piece of paper.
Choosing the right wallet option is really important. So, which option is suitable for beginners? What do experts say?
According to experts, Bitcoin paper wallets are without a doubt the best option for beginners. Why is that?
- It offers a comfort of use – Even though you probably assume that having a software or a hardware wallet is a necessary part of the overall Bitcoin experience, we can ensure you that paper wallets are more friendly and welcoming to people who have been handling credit cards and fiat cash for most of their lives. The paper wallet gives individuals a certain comfort that other wallets can’t offer.
- Understand the Bitcoin process & protocol – Very often Bitcoin beginners thing that one they open a Bitcoin wallet, their wallet is automatically connected to the Bitcoin network where they can take make the transactions. This is a common misconception which can be easily resolved with paper wallets. They help novices accept the fact that they newly created Bitcoin wallets are only theirs to own and they are not controlled or owned by another part such as Coinbase. So, when novices make their first transaction, they learn that the whole network is only relevant for receiving and sending money and not storing the money.
- Security – Although paper wallets may seem less secure, they put the responsibility of security in the first place. The security is in the hands of the owner which means the owner is responsible for its own investment or Bitcoins. Can you imagine if a popular Bitcoin exchange got hacked? They store Bitcoin wallets of millions of users and there is a possibility for them to lose all of their coins.
Consider your options and make the right choice.