Bitcoin Wallets are considered to be these non-physical, digital application programs that offer the functionality of ‘storing’ bitcoins. Of course, no actual bitcoins are ‘sent’ to our particular wallet.
Instead, since these wallets access specific addresses on the Bitcoin blockchain, they are able to read their values and send commands to manipulate (receive, send, etc.) the bitcoins associated with that address.
In this guide, we’ll walk you through the most important things on our checklist that you should review before deciding on a Bitcoin wallet. Remember that these are just recommendations to assist you in making an informed decision.
Finally, depending on the wallet and the economy, things can always change. However, it is strongly advised that you complete your homework first.
How to Choose The Best Bitcoin Wallet in India
Anyone who is into trading or holding cryptocurrencies certainly has to select a Bitcoin wallet that is more secure and most suitable for his or her requirements. The best Bitcoin wallet has to be the best in the services provided.
A Bitcoin wallet, therefore, eases out the bitcoin give and take for the user and gives a sense of possession of bitcoins. These wallets require important information like a private key for accessing BItcoin addresses.
There are many features that are required to ensure the particular crypto wallet is providing the best platform out there – such as safety, ease of navigation, quick and simple to understand interface, transparency, and much more.
Benefits of Using Bitcoin Wallet
1. Quick Transactions
Having an inbuilt system that facilitates quick transactions is beneficial as it saves time and reduces the probability of timing out during important transactions.
2. Easily Obtainable
Functionally, you don’t have power over the Bitcoin in your wallet if you don’t have access to the private keys. This is a critical consideration when selecting a bitcoin wallet.
You’ll still have leverage over your bitcoin if you have the private key, and you’ll be able to transfer them into and out of your wallet at any moment.
3. Using Debit/Credit Cards or UPI to Finance Accounts
Many people are unaware of the fact that you can finance your bitcoin prepaid Visa/MasterCard debit card or UPI using your mobile wallet. After that, you can swipe this card at a Visa/MasterCard retailer.
4. Cutting Edge Technology
To protect the entire bitcoin network, more advanced wallet technologies are being created. This has given rise to a number of market opportunities, with businesses concentrating more on the wallet-building aspect of the job in order to make a profit.
Different Types of Bitcoin Wallets
When it comes to storing Bitcoin, a hardware wallet strikes the ideal balance between speed and privacy. Hardware wallets are aimed at protecting your private keys from being accessed by a hacker.
Software-based wallets are more accessible and more convenient, whereas hardware ones are most secure.
Mobile Phone Wallet
Wallets that can be downloaded and mounted on smart phones are known as mobile wallets. These wallets enable customers to use their mobile devices to access bitcoins and carry out daily tasks.
Since these wallets are built on the internet, users must ensure that they are secure. Users can make transactions by scanning the QR code with their mobile wallets.
Online wallets, also known as web wallets, are wallets that can be accessed via an internet browser. It is not recommended that you store your bitcoins in these wallets.
Hackers are inclined to these wallets because they are vulnerable to cyber-attacks. Online wallets enable users to manage bitcoins and are the quickest way to complete transactions.
Paper wallets are one of the best choices available since they are placed on printed sheets of paper. Bitcoin could be transferred by scanning the QR code on the paper or inserting the private key.
Since they are not kept on a server or mobile device, they cannot be exploited or stolen online.
6 Features of Secure Bitcoin Wallet
- User interface and accessibility
There is an apparent need for an easy-to-navigate interface. For smartphones the Bitcoin wallet is accessible to any type of user, whether novice or experienced, regardless of age.
- Operating system
Bitcoin wallets are usually compatible with either the iOS or Android operating systems. They must be simple to operate and work with.
- Safety precautions
Bitcoin wallets take all necessary precautions to stay secure and keep data of users protected.
- Multi-currency vs. single currency
There are both multi-currency offering digital wallets and single currency offering digital wallets. Multi-currency bitcoin wallets tend to be more flexible in terms of transacting among different cryptocurrencies.
- QR Code Scanner
You can pay efficiently and simply by scanning a QR code. You’ll also get paid quickly and consistently.
- Multi-Signature Support
A multi signature wallet is a wallet that is used by multiple copayers. The number of signatures needed to confirm a transaction would be smaller than or equal to the wallet’s count of copayers, depending on the wallet type.
Why WazirX is the best bitcoin wallet in India
In India, if one has to search for the Best bitcoin wallet out there, it would certainly be WazirX without any second thought. WazirX is already the nation’s top cryptocurrency exchange platform out there.
With a massive user base, WazirX offers a good range of cryptocurrencies for trading or holding, which includes its official WRX Token.
Founded in 2017, WazirX is the brainchild of Nishchal Shetty and Sidharth Menon. WazirX claims to be India’s most trusted Bitcoin and Cryptocurrency exchange. WazirX also has also built the globe’s first auto-order matching fiat P2P exchange.
The platform is available as an app, and all these features combined make it a fairly compelling Bitcoin wallet option. Plus, Binance acquired WazirX in 2019, putting it on the international market map.
Now that we’re fairly confident about WazirX as an entirely safe and legal trading platform and Bitcoin wallet to trade or host bitcoins let’s do a deep dive.
Advantages of WazirX as Bitcoin Wallet
- Best Security
WazirX outshines when it comes to providing the most trusted and most secure platform! WazirX always does the most to stay the highly secured trading platform of the country through investing in frequent security audits.
There’s 2-factor authentication built-in, and the platform is rated highly on several security benchmarks.
- Comprehensive Cryptocurrency Range Beyond Bitcoin
WazirX is a great Bitcoin wallet, but it supports more than a hundred different and great crypto assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Binance coin, etc.
Thus giving users a plethora of options to pick and trade! Many cryptocurrencies are paired with USDT.
- Speedy Transactions
WazirX handles millions of transactions on a daily basis, thanks to its quick order matching engine and infrastructure that’s both reliable and robust. From a Bitcoin wallet perspective, though – the sentiment remains the same. Deposits and withdrawals are quick and painless.
- Accessibility to Advanced Tools Related to Trading
With the great efforts of the passionate and diligent team of WazirX who makes sure to deliver the exact needs of their users, the platform brings all important features such as charting tools of TradingView and tools to analyze and check the prices, along with access to history through simple yet amazing infographics.
It’s honestly like you’re getting a full-fledged exchange platform in addition to your Bitcoin wallet!
- Availability on Different Platforms
A user-friendly Bitcoin wallet should be accessible from your phone, your laptop, and literally everywhere else. WazirX offers its services on different platforms such as Web, iOS, Android, Windows, and Mac applications, thus making sure to serve their huge user base all over seamlessly.
- Easy and Simple Interface
This is one of the key features in determining the favourability of any great Bitcoin wallet or crypto wallet. With such a massive market in India, there is an obvious need to have an interface that can easily be navigated.
The Bitcoin wallet is worked on by any kind of user, whether beginner or advanced, no matter what age or gender. WazirX seems to have this covered with their awesome and quick interface that anyone can fall in love with.
- Quick KYC Process
The best identity authentication systems ensure you complete your KYC within a short span of signing up, guaranteeing that the proper KYC protocol is followed. WazirX aims at incorporating robustness to minimize verification times.
- WRX Tokens
The WazirX ecosystem is based upon WRX, a utility token provided by WazirX. WRX coins were created to foster a crypto community and encourage new customers. The WRX coin has a limited supply of 1 billion coins.
With all these spectacular features, WazirX has been doing the right thing for the crypto passionate people of India. This Bitcoin Wallet is convenient and holds a multitude of excellent features on its belt to be favored and loved by the masses.
WazirX is the best choice to diversify a portfolio. WazirX has undoubtedly made the best efforts to be the best Bitcoin Wallet in India.
How to Set up a Bitcoin Wallet with WazirX
- Go to WazirX website and sign up.
2. A verification mail will be sent to you.
3. The link sent via verification mail would be available only for a few seconds so make sure you click on the link sent to you as soon as possible.
4. The link will verify your email address successfully.
5. The next step is to set up security so select the option which is most suitable for you.
6. After setting up security, you get an option to either proceed with or without completing the KYC procedure.
7. After that, you would be directed to the Funds and Transfer page where you can start depositing bitcoins to your wallet.
8. You can also deposit INR and then use it to buy Bitcoin for your WazirX Bitcoin wallet.
9. Voila! Your Bitcoin Wallet is set up with WazirX!