Top 10 Booming Crypto Wallets in 2022

A cryptocurrency wallet is software that serves as storage for your coins. It's called a wallet because it's utilized in the same way as a typical wallet which is used to store your cash or credit cards. Rather than holding actual money, it saves the keys for you to verify your crypto transactions and gives an interface to access your assets.

The blockchain has become open to everyone, thanks to modern cryptocurrency wallets. When it was initially launched, distributing crypto assets was a manual effort, requiring long keys to be entered. Most of it is now done for you by software.

Interestingly, Satoshi Nakamoto, the creator, or group of creators of Bitcoin, had the very first crypto wallet. Computer scientist Hal Finney, who interacted with Nakamoto and was supposedly the first to run the Bitcoin client software wallet, had the second wallet. "The Bitcoin mania" began right after Nakamoto sent him 10 Bitcoin as an experiment. The rest is history. 

Cryptocurrency Wallets: What You Need to Know

Crypto wallets are software apps that run on PCs or mobile devices. Across the Internet, they interact with the blockchain network for the cryptocurrency you're using.

Bitcoin and any other coin or token are bits of data kept in a database. These bits of information are dispersed throughout the database; the wallet locates all of the bits linked with your public address and sums their amount in the app's UI. 

Using these apps, sending and receiving cryptocurrency is a pretty straightforward process, with numerous options available for sending and receiving cryptocurrency from your own crypto wallet. In most cases, you enter the recipient's wallet address, select an amount to transfer, "sign" the transaction with your private key, insert an amount to pay the transaction fee, and simply send the funds. 

There are several types of crypto wallets

The first is custodial, and the second one a noncustodial.

In brief, custodial crypto wallets are administered by a third party who keeps track of your keys. Generally, users of reliable and known crypto exchanges or brokers can utilize custodial wallets and execute transactions with them. A firm specializing in enterprise-level data protection systems helps exchanges and brokers protect and preserve data. 

Noncustodial wallets are those where only you are in charge of keeping your keys secured. These wallets are used mainly by those who want to stay as private as possible, not sharing their details with anyone. Mobile cryptocurrency wallets fall under this category. 

Moreover, crypto wallets are classified into two categories: hot and cold. A hot wallet has internet access or is paired to a device with an internet connection, whereas a cold wallet does not. Ultimately, wallets are grouped into three main categories: software, hardware, and paper.

This is where users who decide to store their cryptos can find attractive combination options. Each of these sorts of wallets is classified as either a hot wallet or a cold wallet. There are the following alternatives: A noncustodial software hot wallet, noncustodial hardware cold or hot wallet, or a custodial hardware cold wallet. These are the most popular ones, although there may be other options as well.

Now, let's look at what both hot and cold wallets represent in real life. 

What exactly is a hot wallet? 
A hot wallet is a cryptocurrency wallet that is always online and connected to the blockchain. Hot wallets are used to transmit and receive cryptocurrency and keep track of how many tokens you have. When you acquire a coin or a token, you are assigned private keys that allow you to recognize it as your own. Public keys are analogous to account usernames in that they identify the wallet and will enable the user to get assets without having to expose their identity. Private keys are basically unique identifying numbers that enable you to control your wallet and perform functions such as checking balances, initiating transactions, etc. The wallet is pretty much useless without one of these keys.

Furthermore, hot wallets are internet-connected applications that link to the cryptocurrency network and permit you to use them. A user's hot wallet is the interface via which they can access and store their cryptocurrency. Their role is to make any changes to the transaction record stored on the decentralized blockchain ledger for any cryptocurrency you're using easier for the cryptocurrency network.

Now, why would users want to use a hot wallet? Mainly because of their simplicity. Since a hot wallet is always digitally accessible, it can be used to make trades, purchases, and transactions of your assets almost immediately, which is not the case with a cold wallet, which must be physically inserted into your PC and your currencies have to be moved out of before any movement can be completed.

What Is a Cold Wallet, Exactly?

Cryptocurrencies on cold wallets are not connected to the Internet when they are not in use. This is intended to be more secure than hot wallets stored on the user's local computer or accessed through the website interface from the service provider's servers. Cold wallets are a cost-effective, simple, and efficient means for individual cryptocurrency users to secure their cash from hackers, phishing, and other cyber-attacks, as well as other illicit tactics that could result in permanent capital loss.

Businesses in charge and control of their customers' assets, such as cryptocurrency exchanges or brokers, are even more in need of such wallets. By centrally keeping the coins of tens or even hundreds of thousands of users, these enterprises become particularly appealing targets for hackers, and physically disconnecting funds from the Internet is the only reliable means of protection against such cyber attacks.

Among the various types of cold wallets, paper and hardware wallets are the most popular and effective.

A paper wallet is a physical piece of paper with the wallet's public address and private key printed or written by hand. The publicly available address accepts cryptocurrency, while the private key is used to access and transfer cryptocurrency. Paper wallets already contain QR codes that can be scanned with a modern smartphone in advanced wallets and for the convenience of consumers.

Remember that a hardware wallet is an electronic gadget that can only be accessed by manually plugging it into a PC or a laptop. These gadgets can range from "home-made" creations to commercially accessible consumer devices (typically in a USB flash drive) to custom-designed solutions by professional engineers.

What are the most reliable software wallets?

B2BinPay 

B2BinPay is a multi-currency payment platform. B2BinPay enables any enterprise to send, receive, store, convert, and accept cryptocurrency payments online in a safe and cost-effective fashion.

B2BinPay offers a web and mobile crypto wallet with an excellent user interface. This new wallet developed by B2BinPay is already available on the App Store. After downloading, you will find that verification is a super easy and convenient process, which can be done in a few minutes. 

Like most other modern crypto wallets, this specific solution is equally suitable for those looking to get into the crypto world and has zero experience, as well as for those who have been engaged in this industry for some time and know what they are looking for. Therefore, this wallet is an ideal choice for anyone who wants to utilize their currencies with the best security and comfort. Besides that, the team behind this product provides 24-hour support. 

Are you looking to store all your cryptos "under one roof?" This wallet offers a great solution, including support for the 36 most utilized and prominent cryptocurrencies. Customers can use custodial solutions to safely deposit their Bitcoins, Litecoins, Dogecoins, XRPs, and others. The staff behind this product is also planning on updating the list of supported additional assets.

Moreover, stablecoins that are growing in popularity are supported by this wallet as well. B2BinPay crypto wallet enables clients to smoothly exchange them for other desired assets or directly for fiat money. For example, if you want to deposit USDT and exchange it for other stablecoins, such as USDC, you do it in a few clicks. 

B2BinPay launched a robust, fast, modern, and perfectly safe wallet that allows you to keep track of and manage all crypto funds on the go in one app, where you don't need to worry about anything and always rely on the 24-hour helpdesk, that will undoubtedly help if necessary. 

Exodus

Exodus is a desktop and mobile wallet with a simple user interface and an exchange that is well-designed. One of Exodus' most popular features is the ability to switch between a growing number of cryptocurrencies. Exodus currently accepts trades in over 150 different cryptocurrencies.

Because of its simplicity, this wallet is especially perfect for novices in the "cryptocurrency world." It also offers superb customer support, which is crucial for novices entering a field that many people find complicated.

Exodus is primarily a closed-source wallet. This goes against the principles of Bitcoin and blockchain, and it can raise security concerns because the code isn't exposed to the public. However, users trust the Exodus team to ensure that the wallet's security is unbroken. While it is ideal for novices, it may be missing some capabilities for advanced users.

Among the most significant advantages of this specific wallet, we can include a wide range of cryptocurrencies, already convenient built-in swapping as well as outstanding client service. The most important disadvantage is that it does not offer open-source software.

Electrum 

One of the first wallets for moving Bitcoin around was Electrum. Electrum is one of the original Bitcoin wallets. It has existed since 2011, two years after Bitcoin's "birth," and hasn't transformed much since then. This wallet shines due to its primary function despite a plain user interface and adherence to only Bitcoin. Due to its traditional settings, Electrum is best suited for expert users.

Electrum is open source, allowing users to specify custom transaction fees, and supports classic Bitcoin and Segwit transactions. It also enables users to choose the degree of security they want to employ. For example, you can make a regular wallet, a 2-factor authentication wallet, or a multi-signature wallet. You can also add additional words to your seed phrase to make it longer and more complicated to increase the security. 

Furthermore, the Electrum crypto wallet is ideal for sophisticated Bitcoin users who desire a simple interface and robust security features.

Benefits of Electrum are, for example, transaction costs that can be customized as well as a greater level of security than most competitors offer. On the other side, there is no formal customer service; only documentation and community are available. Also, the wallet only supports BTC. 

Among its advantages is a user-friendly interface that is convenient to use. Electrum supports multi-signature and two-factor authentication and provides cloud backups as an alternative to protect your digital keys. What may disappoint some is that transaction costs are sometimes unnecessarily high.

Crypto.com 

Crypto.com is one of the fastest-growing cryptocurrency trading platforms, with over 250 coins available on it. It has modest trading costs, and it allows users to sell, hold, buy, and exchange various cryptocurrencies. Aside from that, it provides a decentralized exchange, cryptocurrency credit cards, an NFT marketplace, and a separate cryptocurrency wallet. Besides that, you can earn up to 15 percent interest off your assets if you keep them for a specific amount of time.

Crypto.com was created in 2016 and currently has over 10 million users from over 85 countries.

Crypto.com uses static and dynamic source code analysis tools and is peer-reviewed. It employs two-factor authentication, cold storage, and a bug bounty program that paraphrases messages.

If you are concerned about your funds, this platform has your back. For example, when it got hacked at the beginning of 2022, around $15 million was stolen. However, the team behind this platform repaid all users who had lost money during this cybercrime.

To sum it up, crypto.com has a massive list of coins that can be utilized. Moreover, the interface is simple to understand and includes a variety of useful features. However, note that fees can be higher unless you own and utilize a native coin - CRO.

Guarda wallet 

The team behind Guarda Wallet is based in Lisbon, Portugal. The wallet was developed in 2017 by blockchain firm Guardarian OÜ and has rapidly proven itself as the superior cryptocurrency software wallet in the industry. 

Guarda Wallet is a user-friendly yet secure solution that enables customers to buy, hold, exchange, and stake their digital assets. This solution has passed various platform and professional reputation background checks, demonstrating the best security characteristics of all software wallet providers while being one of the most distinctive and efficient solutions.

Clients may securely manage and store a large number of digital assets with their multi-asset wallet, which embraces over 50 blockchain networks.

Whereas the wallet's in-app purchase costs are quite expensive, Guarda delivers a user experience that is both beginner-friendly and reliable, making higher fees reasonable for top-level security. 

Ledger Nano X

The Ledger Nano X is Ledger's second-generation hardware wallet, released in 2014. The Ledger Nano S, Ledger's first cryptocurrency product, was one of the first hardware wallets on the market and dominated the market field for several years.

The Nano X looks like a USB drive and can link to your phone or tablet through USB or even Bluetooth. That being said, you can use the wallet without a computer by connecting it to your iOS or Android smartphone. Currently, this wallet accepts up to 2,000 different cryptocurrencies. A great sign of this being a trustworthy wallet is that the crypto community requests new support for their favorite cryptocurrencies each year. Consequently, the list grows on a regular basis.

While this device is a cold storage hardware wallet, the Ledger team has produced the Ledger Live software, and a user interface for all of your cryptocurrency assets. This allows users to manage their portfolios and add new wallets for different cryptocurrencies to their devices.

The most attractive feature this solution offers is a user-friendly and easy-to-use user interface. Additionally, it also offers community support to all customers. Besides that, running this wallet is convenient and practical. Users should be aware that Bluetooth integration is a potential cyber-attack method, although USB is still an option. It’s important to note that it has pretty limited wallet storage.

Trezor Model T

Trezor is one of the most famous names when it comes to crypto-cold wallet storage. The Model T is the company's second generation of hardware wallets. The Trezor Model T is comparable to the Ledger, except it allows users to use third-party exchanges such as CoinSwitch straight from Trezor's online interface. It is extremely convenient, but some might find the $195 price tag a bit excessive.

The Type T has a touchscreen display, which is easier for beginners to use than the buttons on the previous model. The Trezor also has a MicroSD card port, which allows you to encrypt the PIN and better safeguard your device from attacks.

The pros of model T are that it offers a web-based user interface with built-in interactions and supports a large number of cryptocurrencies. Its downside is definitely the current price, which is higher than most others. While typing on a small touchscreen, users may get frustrated by it, which is irrelevant for some. 

Ellipal Titan

The Ellipal Titan hardware wallet is well-known for its air-gapped security. When the Ellipal hardware wallet is in the air-gapped state, it is physically, electromagnetically, and electrically isolated from all other networks. Ellipal Titan comes with a 4-inch color touch screen that makes setting up and monitoring all real-time transactions an effortless activity.

Unlike other hardware wallets that rely on USB or Bluetooth to sign transactions, the Ellipal app relies primarily on QR codes. The Ellipal Titan circuit board is meant to block all physical connections, including Wifi, Bluetooth, and cellular. Its anti-tamper self-destruct mechanism protects your device from both online and offline threats. If it detects a forced intrusion, it will erase any information (private keys) contained inside it. Of course, if something goes wrong, you may always use the recovery seed to get your coins back.

One of the few disadvantages is that this wallet is a solid piece of the physical device, comparable to a power bank; moving around might not always be comfortable. KeepKeyKeepKey is a hardware wallet in the shape of a pen drive that utilizes the same offline, cold-storage method for your public and private keys, including a backup seed phrase when your KeepKey is lost or damaged.

KeepKey was designed to work with the ShapeShift currency exchange platform, making it easy to trade crypto safely. KeepKey's software is entirely open source, and you can cross-verify it by looking it up on GitHub, for example.

KeepKey is a hardware wallet that boasts several security features. It is secure against physical theft because it is safeguarded by a unique pin code of your preference.

The hardware wallet is significantly bigger than some other well-known crypto wallets, yet this has no impact on the functionality. Setting it up and transacting digital assets is simple, making it a user-friendly option. 

SecuX V20

Perhaps one of SecuX's most prominent hardware wallets is the V20. The device comes with a large color touchscreen and a battery for offline/disconnected use, and it connects to the host by USB or Bluetooth. It has an Infineon secure element chip that is CC EAL5+ approved. The SecuX V20 can always go completely offline thanks to its low-energy Bluetooth connection built on AES-256 technology for optimal data security. This device is completely secure and trustworthy even when used on mobile phones.

The SecuX V20 can also be used as an online wallet. For this purpose, it comes with a USB wired connection. It may be used on a PC or laptop, iPhone, iPad, and Android smartphone, making it cross-platform compatible.

The 6000mAH battery in the SecuX V20 wallet will last for approximately seven hours and can be completely recharged in just under two hours. The item features a sleek diamond-shaped design with a brushed aluminum backside and resilient rubber padding. The SecuX V20 wallet's QR code capability enables quick fund transfers and transactions from your mobile wallet. Crypto users can control their trades on the SecuX V20's 2.8-inch display. 

Aside from its design, which is quite attractive, it has functions to satisfy any user requirements. 

Conclusions

The exchange's trustworthiness is determined by the safety of your cryptocurrency funds in a hot wallet. Reputable exchanges should use a background system of cold wallets to keep their customers' funds offline while keeping a portion of them online for withdrawals.

It's also essential to think about giving those you trust a possibility to access your wallets, both hot and cold, if you become unable to use them for whatever reason. A cryptocurrency may also disappear forever if you are the only one who knows how to use it.

In the end, the safest option is to use a combination of hot and cold wallets. Your strategy and how much you value security against functionality might eventually determine the balance of hot and cold.

People who want to store large amounts of cryptocurrency definitely have an incentive to keep cold hardware wallets. In contrast, regular traders with smaller amounts will choose hot wallets that can quickly move coins in and out without jumping through hoops. 

Also, it might be a good idea to use different types of wallets for specific functions - keeping a certain amount with an exchange you frequently use, storing the currency you plan to hold for a long time on a hardware wallet, and using a mobile or desktop wallet for speculative purchases. It's entirely up to you!