Bitcoin Wallets Available in Canada Review
A Bitcoin wallet is a program that can be used to store, transfer or withdraw Bitcoin. There are wallets for desktops, mobile devices and tablets, as well as wallets that can be used offline. Think of them as the bank accounts of the decentralized web.
What is a Bitcoin Wallet?
A Bitcoin wallet is a program that you can use to store and transfer bitcoins. It has a public key and a private key, which are used to access your Bitcoin address. There are wallets for desktops, tablets, and phones. Some people even use hardware wallets so they don't have to store their bitcoins online.
Why do you need one?
Bitcoin wallets allow you to use Bitcoin. You can't get Bitcoin if you don't have a trusted wallet to get it from and there is no place to store it other than an exchange. Some exchanges have been unstable and they owe people money (Einstein Exchange).
That is why, for example, people who love crypto celebrate #ProofOfKeys day. It is a time on January 3 where everyone can withdraw their money from the exchange to a wallet they control. This is important because exchanges often are not trustworthy or reliable. The problem is that Bitcoin is new and regulation of exchanges has not developed yet.
Hardware or software?
Bitcoin wallets have two different types. One is a software wallet and the other is a hardware wallet. A software wallet lets you store cryptocurrencies on its protocol. It works like storing money on your phone. A hardware wallet is like a flash drive for your cryptocurrency. You can buy one if you want, but it will cost about $40 CAD
To store Bitcoin, you can use a software wallet. It may be less secure because there's always the chance someone will break into your computer and steal your account or password. If you have a lot of Bitcoin, it might be better for you to use a hardware wallet instead.
A hardware wallet is great because it does not need to be on the internet all the time. It’s hard for a hacker to hack it. If you lose your hardware wallet, or forget your password, then there is no way to get your Bitcoin back. This happened with the CEO of a Canadian crypto exchange died on his honeymoon in India. He had access to over $250 million that people invested, and some people are wondering if he is alive or dead.
Now that we’ve talked about Bitcoin wallets, let’s talk about the best options for Canada.
The best Bitcoin wallets available in Canada
Hardware wallets
The following are some great hardware wallets:
Ledger Nano X
CDN $159.00
Accepts crypto payments while offline
Supports 1184 coins
Ledger is a company that makes wallets. Ledger's newest wallet, the Nano X, has bluetooth on it. This means you can use it with your phone or laptop. It also keeps a log of all your transactions and updates often to protect against future attacks on their system.
Ledger Nano S
CDN $79.00
Older than Nano X—bugs have been smoothed out
Supports over 1000 coins
Ledger has two hardware wallets, the Nano X and the Nano S. The main difference is that the Nano S does not have Bluetooth capability. To use it with another device you'll need a USB cable instead of just Bluetooth.
Trezor Model T
CDN $209.99
Highly Secure
Supports over 700 coins
Trezor is one of Ledger's main competitors. Trezor makes wallets for people to use, and they have the same ones in Canada. The Model T has features that make it good for people who don't have a computer or cell phone nearby, like being able to enter PINs and passphrases without a device connection.
Trezor One
CDN $69.99
Works on Windows, OS X and Linux
Open-source code
Trezor has a cheaper wallet. It doesn't have all the features of the Model T, but it is still a good and safe wallet.
KeepKey
CDN $38.74
Easy recovery without loss of private keys
Virus proof
KeepKey is a cheaper alternative to other wallets. It doesn't have an operating system, so it's more difficult for viruses to affect the device.This wallet has many currencies. It also has an exchange so you can buy and sell other currencies. The wallet is good on many computers, phones, and even tablets. It supports some of the most popular currencies like Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, and Litecoin but not as much as its competitors.
Software Wallets
Coinomi
Free (mining fees)
Mobile wallet
Wide coin support
The UK-based wallet is available in Canada. It's free, but if you send money from the wallet then it may cost a lot of money. The price depends on what kind of cryptocurrency you are sending and where you are sending it to.
Armory
Free (network fee)
Dedicated Bitcoin “cold storage”
User retains private keys
If you only want to hold Bitcoin, you can use a free wallet called Armory. It has many security features like multi-signature transactions and GPU-resistant encryption. The fees are variable and depend on the quantity of Bitcoins in the transaction.
Trust Wallet
Free (network fee)
Decentralized
Supports staking
Binance bought Trust Wallet, a wallet for Ethereum, which is on both Android and iOS. The wallet has the support of one of the largest exchanges in the world. You can also use it to take part in staking with some of your crypto and earn a little like interest from money from a bank account.
Coinbase
Free (miner fees)
Decentralized keys
Easy access to popular exchange
Coinbase is one of the most popular exchanges to buy and sell cryptocurrencies. It has a wallet for storing your money. Instead of storing your keys on the exchange, save them in your phone's wallet.
The Coinbase wallet is a software wallet for buying cryptocurrencies using fiat currency. The cryptocurrency can also be used to pay merchants who accept it. You can transfer the funds from your Coinbase wallet to the Coinbase exchange for trading.
Bitcoin Paper Wallets
Free
Very Secure
Paper wallets are a type of wallet that you can make with paper. You should store your private keys in a safe place on the paper. This has an advantage of being safer than software or hardware wallets, because someone would have to break into your house to get the key.
Make copies of your key so you don't lose it. This is a good way to store your bitcoins without using any hardware wallets. It's not good for trading, but it is considered one of the best options for long-term storage.
Final things to remember
Keeping the right wallet is important. You have to make sure that it has a place for your ID and cash. And you need to know about Bitcoin.
First, make sure your security information is always private. And keep your hardware wallets in sight. They are not easy to lose, but you will lose your investment if you do. Still, use a software wallet for large amounts of money and a hardware wallet for smaller amounts of money because they are more secure from hackers than software wallets.
Second, the market is sometimes volatile and you might lose money. But remember that you can only invest what you are willing to lose.