Best Bitcoin Wallets To Safely Store Your Bitcoins
Top Bitcoin Wallets List To Safely Store Your Bitcoins
Nowadays, various bitcoin wallets are available to store bitcoins and other cryptocurrencies. These ranges from hardware wallets to online/web wallets to even mobile wallets which provides us the feature of storing our own private keys which gives the user a right to transfer/spend his/her bitcoins. Continuous debates and discussions are being made around which are the best bitcoin wallets to store bitcoins but every kind of wallets has it’s own pros and cons.
However, a Bitcoin wallet should have active development community to take care of its maintenance, an inclusive user interface. Additionally, it should be compatible with multiple operating systems and should give us the users the seed pin codes and backup keys. Before choosing any kind of bitcoin wallet to store bitcoins, a user must know about it in order to safeguard his/her digital assets.So lets’s discuss best and popular bitcoin wallets.
Different types of Bitcoin Wallets
- Software Bitcoin Wallets: You can download Wallet’s Application on your computer, mobile phone or tablet.
- Hardware Bitcoin Wallets: It’s more like a flash drive/ usb drive with or without the screen-which stores private keys securely.
- Paper Wallets: The private keys and public keys of the bitcoin wallets can be printed out on a paper and stored securely anywhere.
- Web Wallets/ Online Wallets-A company that stores your Bitcoins on their servers.
Technical Savviness of A User Matters!
When it is about security, it comes down to how technically savvy the users are and what their goals are. Hardware-based is probably best, but you have to guard those keys and back up that device. How many average people who are getting into crypto are technically prepared? – Not many!
Most people out there are lucky that they can turn their device on, let alone be responsible enough to secure their device and their key data.
Of course, you have to be careful with online wallets as well. In case, you are not a bitcoin whale and aren’t a crypto millionaire and getting started putting a little bit of speculation money into the cryptocurrency game, you can’t beat the online wallets, and in that realm, there are a few good choices. Let us look at different types of Bitcoin wallets which are most known for securing bitcoins.
Hardware Bitcoin Wallets
Hardware wallets are like usb pen drives,smartcards or small computers built to generate Bitcoin private keys offline. They securely sign transactions similar to online wallets but in an offline environment. Here is a list of some of the best bitcoin hardware wallet list:
The Ledger Nano is a solid multi-cryptocurrency hardware wallet for storing Bicoins and other cryptocurrencies. It is built with a unique operating system called BOLOS, which is integrated into the secure chip on Ledger Wallets line. The device uses a small OLED display and side buttons that are pushed to confirm transactions. It securely hosts applications and data. Fido 2YF in Ledger Nano provides a secure factor authentication to users including Dropbox, Facebook, Google and online merchants.
Besides, Ledger Nano S has unlimited capacity, which basically means the user can add and remove apps without losing coins.
The company also makes the Ledger Blue, an enterprise-grade hardware device, which has a larger screen, added security features.
Price of Ledger
Ledger NANO S Costs 79.00 € while Ledger Blue Costs 229.00 €.
Apart from storing Bitcoins, the Ledger Nano S also supports the storage of other cryptocurrencies such as Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, etc.
Trezor is a tiny computer, unlike Ledger Nano which is like a pendrive, that generates Private keys offline. Trezor claims to be “the original and most secure hardware wallet” for safely storing Bitcoins and other cryptocurrencies.
Trezor has a screen built-in to show seeds and to copy down the data during backup. Because it is an offline wallet, Trezor offers extra security as the seed isn’t displayed. Bitcoin users can add an additional passphrase to the 24-word security to provide extra security to your crypto. In case you forget your passphrase, they have a well-designed and secured process to recover it.
Water-resistant and sturdy, the Trezor features a small display for confirming transaction details, 2FA, password manager, and a variety of other features.
At the time of publishing this article, Trezor supported the storage of cryptocurrencies such as Bitcoin Cash, Bitcoin Gold, Zcash, Ethereum, etc,
The price of Trezor is €89.
Keep Key wallet is another major bitcoin hardware wallet. In addition, the private keys are generated using its exceptional hardware-based random number generator, combined with the randomness provided by your computer. It also has a larger display to give you clarity on every digital asset on the device.There’s also the ability to exchange between cryptocurrencies directly from the device using Shapeshift.
The price Keep Key hardware wallet is $129.
Bitlox, looks totally different from the above mentioned list of bitcoins hardware wallets.Also,instead of connecting Bitlox to laptop via USB, it gets connected with Bluetooth only. The wafer thin device, resembles like a smart card.
The price of Bitlox is $100.
We have discussed in detail about bitcoin hardware wallets. Click here to read a list of top five best bitcoin hardware wallets.
Online Bitcoin Wallets
Online Web Wallets keeps your private keys secured online by using an encrypted, user-selected password. They have the advantage of being accessible anytime from any internet connected device.Some of the best online bitcoin wallets are mentioned below:
Blockchain is the most popular online bitcoin wallet. The website currently runs on 4 dedicated servers, which are hosted in a locked cabinet. These servers run on cisco security appliances with capabilities to detect intrusion and make a copy of every wallet stored on them. The Java code of the site is deployed in a single zip file, making tampering extremely hard for anyone. You can put extra security on your bitcoins by creating a second password to give your private keys double encryption. Also, you have the option to back up your information via Email, Dropbox, etc., in case you forget.
Blockchain also offer mobile bitcoin wallets available on Android and IOS.
This multi-signature Bitcoin wallet is available on the desktop, Android, web, and iOS. GreenAddress is also compatible with Hardware wallets like Ledger Nano, HW1, and Trezor.
It requires a manual confirmation from you to move your coins, which improves its security to a significant level.
Coinbase is a popular and leading exchange service nowadays to sell and buy Bitcoins. Since its inception in 2012, it has received over US $31 million funds which show its exceptional growth over the years. Its interface is beginner-friendly as anyone with a little to no knowledge can add funds from within the wallet. Their recent feature Vault features allows you to share your account with more than 2 users to add extra layer of security to your Bitcoins.
Mobile Bitcoin Wallets
Mobile wallets are the best among other types of bitcoin wallets for those users who requires an instant access to their bitcoin funds. The user can carry bitcoins in his mobile phone and can send/receive bitcoins instantly. Some of the best mobile bitcoin wallets available as of now are mentioned below.
As mentioned above as well, Blockchain wallet is the most popular Bitcoin wallet which also has mobile app available on android as well as IOS. Do remember to first backup your blockchain wallet with 12 Word phrase before storing bitcoins. This 12 word phrase is used in case of any mishappening.
Mycelium has an Android and iOS based Mobile Bitcoin Wallet that is extremely easy to send and receive Bitcoins. Not only it has a clear setup but also provides systematic instruction to back up your wallet. It also supports hardware wallets like Ledger Nano and Trezor. Talking about security, Mycelium is seed-based that supports BIP38 keys that allow you to make one backup and be safe forever.
Copay is an open-source multisig wallet which requires several people to approve a transaction before executing a transaction. Most like a shared wallet. This is why it is one of the most secured mobile bitcoin wallets for Android devices. It is created by Bitpay, and also supports iOS and desktop platforms.
Jaxx is a clear winner when it comes down to the best mobile wallets. Jaxx is available both on Android and IOS. It has an intuitive interface, holds a wide range of cryptocurrencies, and can be paired across multiple devices. You can move your Bitcoin into its exchanges to have complete ownership of your private keys. Usually, storing cryptocurrencies requires you to be tech savvy but Jaxx supports an inclusive interface that is so simple that even a newbie can use it.
Bread Wallet is one of the most popular iOS wallets that use the combination of security and simplicity. BreadWallet directly connects users to the Bitcoin network. You can send and receive bitcoin payment quickly, either in person or online.
AirBitz is a hierarchical deterministic wallet that changes its address per transaction. This wallet can be used on both the platforms, Android and Apple. It is built using native C/C++ code to provide incredibly strong encryption and password hashing. Also, the encryption of local client-side is done using user-generated login details.
Electrum is well-known bitcoin mobile wallet in the Bitcoin world as one of the most popular ‘thin clients’ for storing Bitcoins. After downloading the app, the wallet is generated using a ‘seed’ of 12 random words, which we advise to write down and store it in a safe place. If anything happens to your device, you can then use this seed to restore your wallet along with your Bitcoins. The ‘private key’ is not locked in to Electrum wallet and the user can export his/her Bitcoins to another wallet.
Coinomi wallet, which was origibnally created in 2015 has a solid reputation as a great wallet for storing bitcoins along with other cryptocurrencies like Bitcoin Cash, Dash, Litecoin, Ethereum. Like Electrum, the wallet addresses are generated using a ‘master seed’ of 12 random words. Again, we recommend to store and secure this seed as it can restore the wallet balance incase of any damage to the mobile device. Coinomi wallet also offers the option to set a password during setup rather than a mandatory PIN as with Electrum.
Desktop Bitcoin Wallets
Armory is an old, secure and fully-featured wallet to store Bitcoins that uses multi-signature support. It is desktop-based software available for Mac, Windows, and Linux. Since it works with the Glacier Protocol (an air-gapped and secure cold storage systems), it is quite popular among the Bitcoin users.
A paper wallet is simply a paper that contains the address to your cryptocurrency and your private key, which can be accessed using a QR code. Since it is not connected to the internet directly, using them reduce the risk of Bitcoin hacking.
Bitcoin Core is a full node Bitcoin wallet, which means downloading it on your device will also download the whole blockchain on your device. The app uses huge space on your computer, but once it is downloaded, you can verify transactions on the network independently, and don’t have to trust anyone in the system. It is available for Windows, Mac and Linux.
Bitcoin Paper Wallets
We have discussed in detail about paper wallets. Click here to read what is a paper wallet and how to create a paper wallet.
Some of these service providers do not offer their services in all countries. Ensure you check if a wallet serves customers from your country. For example, In India, Armory, Ledger Nano, etc., can be used to store Bitcoins but wallets like Airbitz and BreadWallet doesn’t support their services in India.
Bitcoin is like digital money. You are responsible for their security and privacy. Though no method is ever completely secure, it is still better to take care of a couple of security measures. Create multiple secure backups, control your private keys, and protect your privacy as much as you can. In fact, you can use different wallets to store different sums of money like you use different saving accounts for your money. If you are looking for security, choose hardware wallets, and if you are looking for convenience, use online and software wallets. The ideal method would be to make use of multiple options to get your Bitcoins the utmost level of security.
Which is your favourite Bitcoin wallet and why? Let us know in the Comments Section below.
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