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Top 5 Cryptocurrency Wallets for Small Businesses

Bitcoin
Photo Credit: antanacoins via flickr

If you have been paying attention to the news in the technology and finance spaces, you will know that cryptocurrency has once again experienced a meteoric rise in recent months. In fact, as of the writing of this article (December 3rd, 2020), Bitcoin has officially reached its highest price ever, – over $19,000.

Because of this growth and the fact that cryptocurrency isn’t going anywhere, many small businesses are wanting to become involved in the space. They want to be able to accept crypto payments to open up their physical or online stores to a whole new audience.

To do this, they will often need to enlist the help of a cryptocurrency wallet. This will help them send, store, and receive cryptocurrency safely and securely. But with so many wallet options being advertised out there, which are some of the best to use? This blog post is going to go over a several of them.

WLX Wallet

One of the best options for small businesses is WLX wallet (read more). This wallet is perfect for those who want a mobile wallet that is both convenient and secure. The app can offer a personalized experience, and users will enjoy a smooth and simple UI. They offer low fees and support for many of the most popular coins and crypto assets that you might have.

This wallet is also incredible for making payments. You can make global transfers, provide instant payments, and even automate recurring payments over time. The security offered by this wallet is without a doubt one of their strong suits. From encrypting data to regular audits and tests, the team is focused on keeping your coins and tokens safe.

Exodus

Exodus is a software wallet that offers great performance whether you are on the desktop version or the mobile version. This wallet gives you a lot of control and lets you manage more than 100 different crypto assets. Both UI and design are incredibly clear and appealing. There are also a few different themes to choose from to change up the wallet’s appearance.

The app and desktop experiences aren’t overloaded with numerous option choices. Instead, they focus on what is important such as an overall view of your portfolio, the ‘send’ and ‘receive’ options, and options for recovering or backing up your wallet. The wallet also lets you monitor the markets easily, and comes with a built-in exchange. 24/7 human support is also offered if you find yourself experiencing any issues with using the wallet.

Electrum Wallet

The Electrum wallet is another option for small businesses to consider. Electrum is one of the oldest Bitcoin wallets available and has become quite popular over the years. 

It is open-source and is quite safe to use as no information is stored on the server. Plus, they offer the use of two-factor authentication to protect users.

There are several other reasons to consider Electrum, as well. Using the software is easy, and it is incredibly fast. Their servers are decentralized, which means there is no reason to worry about downtime. The wallet also verifies each and every transaction and supports many third-party plugins and accessories.

Unfortunately, if you want to buy, sell, trade, or accept any other crypto assets, this wallet won’t be able to help you out. This is because it only offers support for Bitcoin, which isn’t great for businesses who want to branch out to other crypto assets.

Jaxx

As a choice for those who want to manage over 85 different cryptocurrency assets from home or on the go, Jaxx is another solid option. The software has no login, is always free (other than the small fee for sending crypto), and features a clean interface. The software is great for giving you an overall view of your assets. You can track different coins and tokens, view your balance, and follow different changes over time.

Jaxx is also great for keeping you up to date with the latest news, right in the wallet. The fact that there is no login is great for those who enjoy their privacy, but you need to be very careful with your private keys. If you lose them, you could lose access to your funds forever, so always keep them in a safe place.

Ledger Nano X

While all the wallets we have looked at so far operate online, these aren’t the only options. There are offline wallets too, also known as cold storage. One of the most popular choices is Ledger Nano X. It is a small device that, once plugged into your computer, gives you access to your cryptocurrency. The Ledger Nano X supports well over 1000 different crypto assets and tokens.

The main reason the Ledger Nano X is so popular comes down to how secure it is. This device keeps your wallet offline, for optimal security. No one will be able to access it online, only you, since you have the device and the keys. Even hackers will be no match for offline wallets like this. This can give you as a business owner a lot of peace of mind.

Your key also remains completely secured in a chip. In addition to being plugged in, the Nano X also has Bluetooth connectivity, which allows for a wireless connection to your computer. It is very easy to carry with you anywhere, and the screen and buttons on the device can be incredibly helpful, as well.

Unfortunately, these wallets can be quite expensive and this might deter some people from using them when there are plenty of high-quality free options available.

In conclusion, any of these cryptocurrency wallets are a great choice for small businesses and individuals alike. While ultimately choosing one will make things easier don’t hesitate to try out a few and see which you prefer. Of course, be sure to do your own independent research and be sure to choose one that is secure and you feel comfortable using at your business.

About the author

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Julia Beyers

Acquiring a wealth of experience in writing articles on trends and prospects for the development of the game industry in the world I've found myself as a Freelance Journalist. I am writing now about blockchain and cryptocurrencies trends, sometimes covering the importance of bitcoin for various other industries.