A Bitcoin Wallet is like a bank account for bitcoins. Some crypto wallets are exclusive to bitcoins, and some are more comprehensive by supporting various kinds of digital currencies. A bitcoin wallet helps receive, store, and send bitcoins via a secure system with varying levels of privacy including anonymity.
Best Bitcoin Wallets
Bitcoin is the first ever cryptocurrency. Instead of making conventional transactions with a huge amount of money, it is more convenient to use digital currency. But be sure to use a strongly encrypted password for your Bitcoin wallet and use a premium hardware wallet for huge amounts of money. Store your wallet details offline and make sure you monitor transactions regularly. If used right and no information is diverted to unreliable sources, your money will be safer in bitcoins than in a traditional bank.
Types of Bitcoin Wallets
The two most important types of Bitcoin wallets are software and hardware wallets, but there are also other types. Here is a brief account of all the types of Bitcoin wallets:
- Software wallets: These function like mobile or PC apps. They are mostly free.
- Hardware wallets: These are pen-drive-like premium wallets that provide the best security by controlling access to large amounts of Bitcoin.
- Paper wallets: These are private keys printed off of an offline computer.
- Online wallets: You operate these via the internet. Since you can’t take it offline, these are less secure than software wallets. For example, Blockchain.info and Coinbase.
Bitcoin wallets are available for desktop, mobile, web, and hardware.
Top hardware Bitcoin wallets
Hardware wallets don’t store bitcoins but give you secure access to managing your bitcoin software wallets. Here are five of the best hardware wallets for Bitcoin.
Ledger Nano S: This one is a very affordable hardware wallet for Bitcoin. It costs only $65. But don’t worry about security; there is no compromise on that. Ledger Nano S has been in business for just a little over a year, and it has already grabbed a spot in the top 5 list of hardware wallets for bitcoin.
TREZOR: Trezor is the best for safely storing a huge amount of Bitcoins. The high security of this hardware wallet does not tamper with its usability, making it the best option for those who want a secure yet user-friendly hardware wallet. It is a bit expensive but the best for both beginners and expert bitcoin wallet handlers.
KeepKey: KeepKey comes with a screen that is larger than that in the Ledger Nano S. Besides sporting a very intuitive platform, KeepKey has a sleek design.
Opendime: It is the first Bitcoin Stick. It is a USB stick that enables easy transactions with Bitcoins. You just need to connect it to a USB port to make it functional. Opendime is compatible with any OS on PCs and mobile devices. The privacy and security features in Opendime are reliable and easy to use.
Ledger Unplugged: Ledger Unplugged looks somewhat like a credit card. It is a wireless device that generates private keys offline. Transactions are made with your mobile device via NFC. You can carry it around anywhere, and you don’t even need an OTG to use it.
You can buy these hardware Bitcoin Wallets on Amazon at great prices.
Now, let’s examine how we could improve our Bitcoin wallet experience after choosing one of the above-mentioned software wallets.
Top software Bitcoin wallets
There are a plethora of software wallets for various OS and platforms on desktop and mobile. Here is a list of the five most popular software wallets for Bitcoin.
Exodus: Exodus bitcoin wallet software has the easiest user interface and is available for multiple digital currencies, such as Bitcoin, Litecoin, Aragon, Civic, Ethereum, and more. This software provides a comprehensive chart to help you manage every cryptocurrency you deal with. It also comes with an inbuilt exchange to help you instantly trade among these cryptocurrencies. However, this software is only available on the desktop.
Electrum: Electrum Bitcoin software wallet has a simple installation procedure that incorporates a reliable security system. This software is best for people who know how to handle external servers. It is available for OSX, Windows, and Linux. The interface is light and fast thereby being the best choice for older versions of computers.
Green Address: Green Address is one of the most popular bitcoin software wallets among both new and old users. It helps with online transactions and in-app management and also deals with desktop clients. Green Address has the most user-friendly and flexible interface. The wallet functions with third-party approval for security. It is best for beginners.
Airbitz: Airbitz is a decentralized and secured bitcoin software wallet. It has a secure backup and the assurance of security against third parties because it is an independent app. The app comes with a list of businesses where bitcoins are accepted. Airbitz has no web interface yet. It is a growingly popular app.
MyCelium: MyCelium is a mobile app with exclusive privacy and security features. It is a little complex for beginners but perfect for safe transactions. This app, too, does not have a web interface, so you have to have the app with you. It is constantly getting upgraded, so you need to keep updating to the latest version in order to avail yourself of all the features.
You can get more information on bitcoin.org.
