Best Bitcoin Wallets Australia and Everything You Need to Know
What are the best bitcoin wallets Australia?
As if the e-wallets were not enough, some genius came up with the idea of Bitcoin wallets. And these wallets took the crypto-universe by storm. Of course, they are famous for all the right reasons. Before we move on the best bitcoin wallets Australia, we will deal with some basics.
What are Bitcoin Wallets exactly?
Before you install any Bitcoin wallet app, you need to know what they actually are. Bitcoin wallets can be thought of as bank accounts in a way. You can store your Bitcoins, send or receive them. Basically, you carry out all the bitcoin transactions through it.
They are very much like your regular e-wallets with some differences.
Why should you use Bitcoin Wallets?
Let us understand how exactly bitcoin transactions happen. They are quite different from our day to day monetary transactions. To begin with, bitcoin is a digital currency. They are intangible so you cannot really store them in a technical sense.
Unlike our regular money transactions, bitcoin wallets are the unique keys that you need to access your bitcoin address. The logs are recorded on the blockchain. To make a successful transaction, you need the receiver’s public key and your private key. And to make these transactions and records safe, you must have a trustworthy bitcoin wallet.
There are several good reasons why you might want to switch to a bitcoin wallet. The convenience of transacting is the first reason. All your transactions are recorded at a place. Crypto-wallets can be accessed anytime and anywhere.
They are also quite useful for online casinos.
What are the risks?
Of course, everything has its flip side, and bitcoin wallets are no exception. The bitcoin wallets, especially the ones connected to online services, are prone to malware attacks. You can reduce this risk by simply creating a strong password and changing it regularly. If you are too concerned about security, then you can try the hardware wallets.
Types of Bitcoin Wallets
The bitcoin wallets can be categorized as
- Mobile Wallets
Mobile bitcoin wallets are like the mobile versions of desktop wallets. Except that mobile wallets can be used to make quicker payments using QR codes.
- Desktop Wallets
The desktop wallets can be used over computers by installing them. They are like an address that facilitate bitcoin transactions. They can also keep the user’s keys.
- Hardware Wallets
These bitcoin wallets take the bitcoin storage offline. These are more secured as they are safeguarded from attacks. They are quite resistant as they are offline.
- Web Wallets
Web wallets can be accessed from both mobile and computers.
Top 9 Best Bitcoin Wallets Australia
Considering the variety of crypto-wallets out there, it is easy to be confused. Here are some of the top bitcoin wallets Australia.
We will start the list with a unique bitcoin wallet. Trezor is one of a kind hardware wallet. Users speak highly of its cold storage. As it is detached from the internet, it provides better security. You need to input a unique code that is sent to you for every access, so it is highly resistant to malware attacks. As you take the bitcoin storage offline, it is safeguarded from hackers too. Moreover, Trezor has a good user rating and is quite reputed.
CoinJar is undoubtedly a favourite with Australians. CoinJar can be used storing Bitcoin, Ripple, along with Litcoin and more of the like. You can store multiple currencies here and manage them efficiently. The signup process is easy and hardly takes a few minutes. The best part is that CoinJar sports multiple factor authentications. Which means you can set up extra authentications from multiple devices. Moreover, this wallet is available for both Android and iOS.
Electrum is more of a desktop wallet that was launched in 2011. Just like other desktop wallets, Electrum keeps your private keys on the hardware. They are considered safer than their mobile counterparts. The wallet runs smoothly on Windows, Mac, and even Linux. Additionally, Electrum is safer as it takes your bitcoins offline. It supports cold storages like Ledger Nano S and Trezor. It is suitable for newbies and experts.
Swyftx is a part of Blockchain Australia, and hence, they comply with all the new security guidelines. They are in sync with the latest developments in the crypto world. The best part is that they support over 100 currencies; you can buy and trade all of them at one spot. The fees are quite low when weighed against its features.
5. Ledger Nano S
This is again a hardware wallet that is very much like Trezor. Except, for Ledger Nano, you will have to connect your wallet with devices before you can carry out any transactions. The wallet supports various currencies and ensures the highest safety measures. You can also customize the appearance of your wallet as per your tastes.
Coinbase is popular for its simplicity and ease of transactions. You can link your bank account to the wallet to perform transactions. The money from the bank can be used to buy bitcoins quickly. Coinbase also has reliable security.
Blockchain is just like CoinJar except for one thing- you cannot sell or purchase anything from Blockchain.
This was a list of best bitcoin wallets Australia. Read everything related to security and features before you start using a bitcoin wallet. Changing passwords frequently and creating strong passwords can avoid malware attacks or hacking attempts.