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In the world of technological advancement, there are many changes coming in terms of currency also. The digital currencies have made their way in most of the countries. This fact has introduced cryptocurrency in the financial market. The use of cryptocurrencies is getting popular day after the other among many people. It is no longer a thing of the modern world but actually has firmly gripped many countries.

So, it is important to know the fact how to store these cryptocurrencies. There are many ways for you to invest these cryptocurrencies but how you can store them is also kind of important to know. The digital wallets are there in the market, which are specifically designed for the purpose of storing cryptocurrencies. The wallets do not store your currency as such but exist in your account via blockchain technology. The wallets are a medium of interaction that verifies your ownership of that specific cryptocurrency.

The decision regarding the storage of cryptocurrencies is quite an important one. It is not necessary that every wallet will store every cryptocurrency. Theses wallets store some specific currencies according to their type. You have to choose according to your cryptocurrency. The five best wallets that have made quite a popular place in the market today are as follows:

  1. Paper wallets

It is an easy way to store your cryptocurrency. It is quite a simple medium that helps to store your address, private key, and QR code safely together on a single sheet of paper through print. It offers features like storing and also receiving of funds. In order to make transactions, you need the help of other wallets.

It is difficult to use and not suitable for everyday transactions. It ensures safety as your private key remains safe on paper rather than on the internet. The examples are MyEtherWallet.com, bitaddress.org, etc.

  1. Desktop wallets

These wallets come with an advanced feature in terms of security and safety. These are user-friendly and offers an inbuilt feature like decentralized exchanges.

The example of such wallet is exodus.io.

  1. Mobile wallets

Mobile wallets are making the adoption of cryptocurrencies easier due to their feature of making transactions on a frequent basis anywhere. Apart from it, these wallets are open to high-security risks. It is recommended to keep only a few shares in mobile wallets.

One such safe mobile wallet is Enjin Cryptocurrency Wallet.

  1. Browser Extension wallets

These wallets cum applications integrate with your computer’s browser. They are convenient to use and offer an advantage to users to make decentralized exchanges from your browser directly. It would not be safe to store a huge amount in these wallets also.

The examples of such wallets are EtherAddressLookup and MetaMask.

  1. Hardware wallets

These wallets are securer than other wallets. The hardware wallets like Trezor and Ledger Nano are used by many around the world. These support many cryptocurrencies and are quite safe to use as you need to log in to the device through a PIN and verify every time before making transactions.

The wallets like Ledger and Trezor would cost you $100.

The act of storing cryptocurrencies can be hectic due to their higher security risks. It does not matter, which option you choose to store your money but to ensure safety is kind of important. Make a good decision by reading reviews on the internet and look for a safer program in order to generate your private key and public address.