With Bitcoin prices returning to healthier heights in 2019, a lot of new investors and traders have started entering the market, once again attracted by the potential to make money by investing or trading BTC.
However, a big part of managing cryptocurrencies lies in choosing the best bitcoin wallet. After all, you need to keep your funds safe from hackers, scammers, and other bad actors out there.
There are several different types of BTC wallets, with each type having its strengths and weaknesses. The choice of which type you wish to use is on you, but we can help you choose the best wallet for each of the types. Let’s start.
What Is The Best Bitcoin Wallet
When it comes to Bitcoin wallets overall, our choice for the best one goes to Coinbase.
Coinbase is one of the most rated Bitcoin wallets in the world. It is safe and actually offers some opportunities to earn free bitcoins. As we all know, Coinbase is also a US-based cryptocurrency exchange and the largest one in the country. Apart from that, it is a very user-friendly wallet that makes it easy to store, buy Bitcoin, or sell digital currencies.
Coinbase is quite practical, as it allows you to connect to your US-based bank, and connect your account directly. That way, money transfers are direct, quick, and easy, and you can transfer funds directly to and from your Coinbase wallet.
The wallet does not support a lot of coins, but it does support Bitcoin, which is what we are focusing on today. Coinbase also has more than decent security, as it has never been hacked. Many believe that this is a disadvantage, as a hacking attack causes exchanges to improve their security and make it even better. However, for now, at least, it seems that Coinbase has done everything right straight away.
• Advanced security
• Excellent reputation
• Very practical
• Never had security issues
• You don’t own your private key
• Online wallet can be hacked
In terms of Bitcoin wallets for mobile, the best choice overall would be Mycelium.
Mycelium is a mobile-only wallet that can store Bitcoin, and it is available for Android and iPhone alike.
Now, one downside regarding this app is that it is a bit more complicated to use, as far as your typical mobile wallet goes. As such, it might not be so easy to handle for newcomers, although experienced wallet users will likely find their way around it quite quickly, Of course, new users can try it out as well, but navigation is generally easier with some experience.
As stated, this wallet doesn’t have a desktop interface, but it still has security that would be good enough for any bank. This security was integrated from third parties, and it makes the wallet that much more secure.
Mycelium is also a good choice for those who appreciate privacy and anonymity, and it will keep your BTC safe, and within reach wherever you go. This also makes it perfect for trading on the go, provided that you have internet access, of course.
• Mobile wallet allows trading on the go
• You own your private key
• A bit too complicated for new users
• Not a cold wallet
• Mobile only
On the other hand, if you are looking for the best Bitcoin wallet specifically for Android systems, then Coinomi Wallet is your best choice.
Coinomi is a relatively old wallet, which was originally developed back in 2015. Since then, it has managed to create quite a solid reputation for itself, and it stores several different cryptocurrencies, including Bitcoin.
It is easy to set up and use, and it even allows you to choose which coins will be displayed. This is a handy feature that allows you to only focus on those coins that interest you, instead of viewing all of them at the same time.
The wallet address is generated by using the master seed, consisting of 12 random words which do not, and should not ever leave your phone. This master seed also allows you to restore your balance on a different phone if something happens to your device. You can also set up your password instead of a mandatory PIN.
It does have occasional issues with transactions not being confirmed right away, although this happens quite rarely. Also, while the wallet was originally open-source, this is no longer the case, as the developers changed it as of January 2018. This might mean that it is hard to determine whether there are potential bugs or other problems with its code.
• Old and trustworthy
• You own your private keys
• Available for any device that runs Android OS
• No longer open source
• Transactions not always confirmed right away
If you are an iPhone user and you are looking for the best Bitcoin wallet for your device, we can recommend Edge Bitcoin iOS Wallet.
This wallet was originally developed under a different name Airbitz. These days, it is better known as Edge App Wallet, and it is a non-custodial HD wallet, which was developed in 2013, and it has quite a strong development community backing it up.
The wallet is quite old, and it has received more than decent reviews over the years. It also has quite advanced security features, which allow it to stand out from the competition.
These include QR code support, PIN code, the ability to restore the wallet or its keys, Seed words, the ability to import or sweep private keys, an estimation of transaction fees, the ability to add ERC-20 tokens, as well as Segwit support for BTC.
All in all, it is a great wallet, and if you choose to use it, you will know that your coins are as safe as they could get. And, in the end, that IS the purpose of the private wallet, which is why we recommend it.
• Best choice for iOS
• One of the oldest wallets for iPhones
• Strong development community
• Many features
• Has internet connection, which might expose it to hacking
Now, while the online Bitcoin wallet may be less secure than some other solutions, it is the most practical. When it comes to these wallets, we can recommend Blockchain.
Blockchain is safe, with designs that offer numerous security features. Using a Bitcoin wallet online is more practical because it is always connected to the internet so that you can easily send your coins to an exchange. With that in mind, Blockchain stands above the rest in terms of popularity, as they are very easy to use.
Blockchain wallets come in the form of a browser extension, although they do have other forms. They also support several coins, Bitcoin included, and are available on pretty much all operating systems. They both also come in numerous different languages, and more.
• Practical and always ready for import/export of BTC
• Support for other cryptocurrencies
• Available on multiple devices
• Online form leaves them vulnerable to hacking
If you are looking for the best wallet for your desktop, however, our choice falls on Exodus.
Exodus established itself within only a few years, with advanced security features, but still a beginner-friendly interface. As a result, it serves as a go-to solution for professionals and newcomers alike. It offers over 100 cryptos and more than 30 fiat currencies, which makes it great for users around the world. It also has a version for all of the most popular operating systems.
This is one of the oldest wallets for Bitcoin that you can find on the market. It is very simple and intuitive, without too much to distract you while using it. Of course, that doesn’t mean that it is not rich with features and you will likely find it to be quite interesting and efficient.
• Advanced security
• Easy to use
• Exodus provides great altcoin support
• Not 100% safe due to almost constant internet access
• Electrum is a BTC-only wallet
Finally, we have hardware wallets for Bitcoin, where Ledger Nano S stands above all else. Hardware wallets are generally considered to be the safest wallets for storing crypto, as they do not have an internet connection at all times. That means that no one can hack it, except at the exact moment when you connect it to your PC to transfer funds to and from it.
Ledger Nano S supports a wide variety of coins, and it uses high-security features. However, thanks to an easy-to-use interface, it is still pretty simple to use, and it is quite affordable, as well.
There is not a lot to criticize about this wallet, and if you are careful enough not to lose it, your coins will be as safe as you can get them. Ledger Nano S is used by professionals around the world, and it is the best option for achieving the ultimate security of your cryptocurrencies.
And, the fact that it supports more than 1000 cryptocurrencies is a big plus, and also something that makes Ledger Nano S useful to everyone. While there are 3,000 cryptos on the market right now, the chances are that the coins that most people have invested in are supported by this wallet.
• The safest type of wallet
• Very reputable
• Supports over 1000 altcoins
• Easy to use
• Not as practical for trading
• It can be physically lost or stolen
As you can say there are different kinds of Bitcoin Wallets and all you need is to determine your preferred platform and convenience of use.
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