There are different types of wallets. There are Bitcoin Wallet which could only store Bitcoin but not other cryptocurrencies, and there are other wallets which could store multiple currencies.
This article will focus mainly on Bitcoin wallet.
There are few different kinds of wallets and which cryptocurrency wallet is suitable for you? It depends on how you are going to use the coins you brought. Are you planning to invest or you want to use the coin to do your shopping?
Below is a very good video explaining the top 5 best bitcoin wallets and their functions.
Here is a summary of the video.
Bread Wallet – this is the most popular Bitcoin wallet to use on your mobile phone. Simple to use and it is very easy to send and receive Bitcoin payments. It is perfect for new Bitcoin users who doesn’t need any advance features.
Mycelium Wallet – this wallet has more features than Bread wallets which is also use on the phone or your desktop. Besides it can send and receive Bitcoin payments, you can also do local bitcoin trading. It has a wallet backup facility to keep you coins safe and also an address book facility to save the most common use addresses. But it is only available for Android devices at the moment.
Jaxx Wallet – It has some advance features like importing funds from a paper wallet. It has a backup facility and you can set security PIN for your wallet. You can also set up transaction fee size for faster transaction. It support other coins, Ethereum, Ethereum Classic, Dash, Augur, Litecoin, Zcash and RSK.
Trezor hardware wallet – It is a secure way to store your bitcoins. It is good for long-term Bitcoin investors who need to store their coin safely offline
Ledge nano-S hardware wallet – This is mainly used to store you Bitcoin safely. This is almost the same as storing the coin on your phone, but the different is your phone is online most of the time and the Ledge nano-S is an offline storage.
Paper wallet – this isn’t really a wallet. This is just another way to store your bitcoin safely. All you have to do it write down your private key and public key, or print it out, on a piece of paper. when you want to do transaction, all you have to do is to re-enter it in you desktop or phone wallet.
No matter what you choose to store your Bitcoin or where you store your Bitcoin. Be sure that you keep it safe. There was a guy in USA who mistakenly throw away his hard drive which has 7500 Bitcoin on it in 2013. Today, it would worth $18 million dollars. Here is the story – https://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site