Best Bitcoin and crypto wallet

Prices go up, prices go down -- but Bitcoin is here to stay. And as cryptocurrency continues its march toward the mainstream, and becomes more entwined with the global economy, sooner or later you're going to need a place to store yours. Bottom line: If you're looking to invest in Bitcoin or any other cryptocurrency, you'll need a wallet.

Given that we're talking about digital currency, "wallet" is a metaphor. As a secure place to store your proof of ownership, a cryptocurrency wallet can take the form of physical hardware or software installed on your computer or smartphone or in the cloud. Well-known services like PayPal, Venmo and Robinhood allow you to purchase Bitcoin and other cryptocurrency quickly and with little technical know-how. Most of these online services, and their integrated wallets, are custodial, however, which means you're trusting the company to secure, protect and hold your cryptocurrency. Ultimately, they have control -- and your crypto is in their proverbial hands.

As such, unless you make frequent transactions or have only a modest amount of money involved, we recommend you not store your cryptocurrency in an exchange account. The best practice is to invest in a hardware wallet for offline storage. The next best choice is a noncustodial software wallet, which gives you more control over your digital assets. We'll look at both here.

In either case, greater independence brings with it responsibility: You'll have to keep track of your own private key -- the crypto equivalent of a super secure password. You'll also need to determine which is a higher priority -- accessibility or security. Hot wallets store cryptocurrency online; cold wallets are disconnected from the internet, offering additional insulation from hackers, but also a few additional steps every time you transact. Read on to find out which wallet is best for you.