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Summary
- With the growing prominence of cryptocurrencies, the use of crypto wallets among crypto enthusiasts is ever increasing.
- A wide range of wallet options are available, which are basically categorised into software, hardware, and cloud wallets.
- Trezor is increasingly gaining popularity with its highly advanced features relating to usage and safety.
In this age of digitalisation, economies all over the world are moving towards a paperless, digital eco system. As cryptocurrency, the newest addition to the digital payment segment gains prominence, more and more investors are getting hooked on building a digital currency portfolio.
Must Read: A look at top 5 cryptocurrencies in New Zealand
Source: Copyright © 2021 Kalkine Media
Bitcoin is the most popular of all the cryptocurrencies and perhaps becoming the hottest investment amongst tech-savvy investors.
Read: Who should invest in cryptocurrencies?
However, both the new and potential entrants in this market segment often wonder how to trade in Bitcoin.
To begin with, one must have a Bitcoin wallet, which is essential while trading in Bitcoin.
Source: Copyright © 2021 Kalkine Media
A little about Bitcoin wallet
In simple terms, the application that holds Bitcoin is known as a Bitcoin wallet. In other words, this digital wallet acts like a bank account where cryptocurrencies are stored, and the wallet address acts as an account number, thus enabling access to the blockchain and also enabling transactions.
New Zealand investors, too, have jumped on the cryptocurrency bandwagon and are increasingly investing in Bitcoin.
Don’t Miss: Is Bitcoin legal in New Zealand?
Let us first understand the types of Bitcoin wallets available in the country.
- Software wallet
As the name suggests, Software Wallets store the private key inside a computer programme and utilise the same for making signatures for crypto transactions.
However, they are more susceptible to online thefts and hacking.
- Hardware wallet
These wallets are kept offline and are equipped with an additional layer of security, wherein the private key is stored in a USB stick or other such device, specially designed for the said purpose.
They are more reliable wallets as they store the private key offline, thereby preventing online hacking as well as protects the wallet from computer viruses.
However, they tend to be expensive, and their initial set-up may be quite challenging.
- Cloud wallets
These wallets are online platforms, which generate private keys themselves and then give the same to the wallet holder.
Now, let us look at some of the best Bitcoin wallets in New Zealand for crypto investors.
Trezor
Trezor is one of the leading manufacturers of the crypto hardware wallet. Launched in 2014, it offers two models, Trezor Model T and Trezor One, both featuring the latest security features.
Ledger
Another hardware wallet used for storing cryptocurrencies is Ledger. The first crypto wallet to be designed was Ledger Nano S.
The latest, Ledger Nano X, comes with advanced features like Bluetooth connectivity to operate the crypto assets while one is on the go.
Exodus
Apart from Bitcoin, Exodus also supports numerous other cryptocurrencies like Ethereum, Litecoin, XRP, etc. Their easy accessibility and usage make it a popular crypto wallet among new entrants.
Coinomi
Launched in 2014, Coinomi is another popular Bitcoin wallet and supports both mobile and desktop features.
Being the oldest multi-chain wallet, it boasts millions of active crypto users.
Blockchain.com
Another popular crypto wallet is Blockchain.com. Being highly secure and enabling instant transactions across geographies, this wallet is hugely popular with over $800 billion crypto transactions.
Also Read: How does one buy cryptocurrency in New Zealand? Is investing in cryptocurrency legal?
