Consultancy firm Veriphi shared its detailed bitcoin wallet guide and the different storage methods for storing your bitcoins so in our bitcoin news now we find out more about it.
The adequate bitcoin storage is among the top priorities for any holders of the coin but there are overwhelmingly a lot of options that are available to the users so it is hard for some to decide what the best one to use is. The different storage methods can enhance the privacy of the users’ sovereignty of their money. However, the less desirable options can also present a lot of security risks as well.
Most of the bitcoin users agree that the best way to store bitcoin is by using a non-custodial wallet which means that you are the only one to know your private key. The custodial solutions such as those offered by some of the online services such as crypto exchanges could even seem convenient and safer but there are a lot of securities and usability trade-offs by doing so.
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Getting to know all storage choices allow the users to choose a good wallet as the Consultancy Firm explains and even produces extensive public free document comparing the pros and cons of the options.
The team behind the document analyzed the top 25 most popular bitcoin storage solutions today and the criteria used when deciding which wallet should a user choose, mainly included the number of downloads for a certain wallet. Veriphi categories each wallet as recommended, okay, and not recommended or really not recommended. The criteria used to make the divisions also included the full node capabilities, the security-enhancing features, privacy-enhancing features, support of SegWit, and whether the project is open source or not.
The document also had some details on each wallet’s features and functionalities which include the programming language and support of multi-signature transactions and the number of times that is have been downloaded. Those wallets also received the highest grade of the recommended grade from Veriphi were Bitcoin Core, Green, Bitcoin Wallet, Electrum, Samurai and Wasabi. In the meantime, the ones to be avoided were BTC.com, BitPay, Coinbase, BitPay, and Xapo.
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