In this article, let’s look at the most popular Bitcoin wallet options and try to find out the key features between a software and a hardware wallet you should look at when choosing where to keep your crypto currency.
What is the best and safest Bitcoin wallet?
What is the best Bitcoin wallet may vary from one individual to another. Suppose you are a long-term investor that is not interested in trading their crypto coins. In that case, a cold wallet is the best option as it can be fully unplugged from the internet, creating an unbreakable security feature.
However, for most of us, a hardware wallet or cold storage wallet is too complicated to use and the need for a physical wallet diminishes as the crypto exchange and software wallets become increasingly secure. To choose a good software wallet or Bitcoin app in general, keep in mind where you download it and who has developed it. It should always be a trusted source with a good reputation as creating a digital currency wallet that can potentially expose your bitcoin address and seed phrase, among other key information that is relatively easy to make.
Types of cryptocurrency wallets
A desktop wallet is a wallet that you will have to download on your PC or a laptop. Your computer will limit the accessibility of the wallet only to you and secure it.
An online wallet is a cloud-based system that can be opened through any device connected to the internet, thus making it the most comfortable choice for online users—also called a web wallet.
A mobile wallet is an app that you can download on your smartphone and use as your small pocket cryptocurrency wallet.
A hardware wallet is for the users who want to conduct transactions online while keeping their private key offline. Hardware Bitcoin wallet offers the best security unless the device itself is lost. Interestingly, Bitcoin ATM can also be considered a hardware wallet.
A paper wallet is what it sounds like. It’s an offline storage option that depends entirely on the paper that contains the QR code of your wallet address. Just make sure you don’t lose your private key.
Recommended best Bitcoin wallets
Ledger Nano X and Trezor if you want to keep your Bitcoin in cold storage. These hardware wallet devices have high-security levels as you hold the private key, 2FA, and no fees. Both the Ledger wallet and the Trezor wallet support several coin wallet options at the same time, meaning that you can also keep your Bitcoin Cash or Ethereum wallet on the same hardware wallet. Choosing which hardware crypto wallet is the best for you mostly depends on specific features your want, as both companies have effectively been the industry leaders of Bitcoin hardware wallet development over the past years.
Coinbase and Binance wallet if you want to use your wallet online. These custodial wallets are popular among crypto users. They have low fees and fast transaction rates, as well as high-security levels. Keep in mind that a third party has full control over them, and you only have permission to send or receive payments as you don’t hold the private key. Therefore, you shouldn’t treat a custodial blockchain wallet as your savings account.
Trust wallet and MyCelium wallet if you are a mobile device user. These wallets have a great interface, comfortable features, and high-security levels. Allows checking any Bitcoin transaction on the go.
Exodus and Atomic are the wallets you’d like to try if you’re a Microsoft, Mac, or Linux user. These wallets are the best of the best on the market. They have high-security levels as private keys are in your possession
Best Desktop Wallets
If you prefer using desktop versions of cryptocurrency wallets, this part of the guide will interest you the most. We can list down dozens of wallets for Bitcoin storage, but we made our choice on Exodus and Atomic.
Pros: You hold the private key, supports BTC and altcoins, built-in regular exchange, comprehensive interface
Atomic wallet is probably the highest-rated desktop option that supports over 300 coins besides Bitcoin. Despite a few complaints about the high fees, it seems like the users are comfortable with using Atomic wallet.
• Users can exchange BTC, LTC, and other major altcoins within the platform without intermediaries.
• The atomic wallet also supports a mobile app for Android and iOS users.
• The wallet supports Windows, macOS, Ubuntu, Debian, and Fedora.
• You can buy several popular cryptocurrencies with a credit/debit card.
How to get Atomic wallet?
Go to the Atomic Wallet website and download the file for your current operating system (e.x Windows). Install the app on your computer and click on the “Create a new wallet” button. Back up the Bitcoin wallet with randomly generated keywords and click on the button “Open wallet.” Remember, your private key is stored on your computer, so you’re the only one who controls the money.
Pros: Private key is held by the user, high security
Exodus is a desktop-only use digital wallet and the first desktop wallet to support multi cryptocurrencies at the same time. Their Bitcoin wallet is among the most popular options for beginner and experienced traders.
This wallet doesn’t need identity verification, which might be good news for some, but bad news for others. But you do need to back up your seed. Users love Exodus wallet for its’ interface and comfortable use. The pie chart displays the portfolio with the utmost details and great visual effects.
• The wallet supports macOS, Windows, and Linux.
How to get an Exodus wallet?
Simply go to Exodus.io and download the correct wallet app version for your operating system. Install it and start backing up the seed. Remember, you can only back up your seed if you have money on your balance.
Best Online Wallets
Online wallets are flexible, comfortable to use, and can be used on any device and any location, as long as you have an internet connection. So far, the best options for online wallets are Coinbase and Binance.
Pros: Low fees, high security, numerous payment methods
Coinbase is one of the leading all-crypto changes that offer to trade crypto assets. Their Bitcoin wallet can be considered among the safest places to hold your coins. It has an online cryptocurrency wallet that is insured against theft.
To make it easier to track your crypto assets on the go, they also offer a mobile app for iOS and Android users. As with all exchange wallets, you are not in control of the private key.
• Coinbase has a sophisticated exchange platform for the most popular of cryptocurrencies.
• Coinbase supports bank account and credit/debit card payment methods.
• It has no geographical restrictions and is available for everyone.
How to get a Coinbase wallet?
Go to www.Coinbase.com and register to create a new account. All you need to do is to provide your email address, come up with a secure password, and follow the instructions given on the website. After you verify your email, you’ll need to verify your identity with photos of your ID card (passport or driver’s license) and a document affirming your address. You will now be able to use your Bitcoin wallet address and QR code to receive BTC.
Pros: Low fees, hot storage feature, low minimum deposit, multiple wallets, use of fiat currency
You might know Binance from the guides on how to use the cryptocurrency exchange platform, or you might’ve bought some coins on the platform yourself. But Binance is not just an exchange platform; it’s a highly secure place to keep your crypto assets as well. However, keep in mind you do not hold any private key while using their crypto wallet.
• Binance allows you to store purchased and traded cryptocurrency on its’ native hot wallet.
• Binance has low fees and high security levels.
• Besides Bitcoin, it supports a huge range of Altcoins. It’s very efficient if you’re looking for fast transactions.
• Supports credit/debit card payments.
How to get a Binance wallet?
All you need to do is to get an account on Binance and follow the instructions given on the website. Additionally, the mobile app is available for both Android and iOS users.
Fill in your email address and agree on their terms and services, and that’s the first step of getting the Binance account. On the way to complete the registration, you’ll need to set up 2FA and complete identity verification.
Best Mobile Wallets
If you prefer a more mobile and flexible method of storing and using your BTC, it’s better to look into Mobile wallets. We recommend using the highest-rated mobile apps for both iOS and Android. MyCelium and Trust wallet always come in handy for such recommendations.
Pros: comfortable interface, supports iOS and Android, supports altcoins Trust wallet is a leading mobile wallet on the crypto market. Trust wallet supports Bitcoin and 13 altcoins The transactions are fast and come at a low cost Trust wallet is available on the App Store and Google Play
How to get Trust Wallet?
Download Trust Wallet on your device of choice and install the application. Follow the instructions on the screen, and don’t forget to backup the seeds. Once you finish setting up, you’ll be met with a comfortable and easy-to-use interface.
Pros: High security, Hot and Cold storage options, available for iOS and Android
Many crypto enthusiasts will recommend using MyCelium. It’s an excellent wallet for newbies and experienced crypto users. The interface is comfortable, the registration process doesn’t take too much time, and the final results are worth the time. Additionally, you are in control of your private key.
How to get MyCelium Wallet?
Download MyCelium on your iOS or Android device and install the application. The registration process doesn’t take much time as you will only need to follow the instructions given on the screen. The app will also recommend backing up the seeds, which is essential. Once you’re done, you can use your app to store, receive, and send crypto.
Are cryptocurrency wallets anonymous?
Wallets themselves are not marked or linked to an individual. But the crypto transaction is publicly stored and monitored within the respective blockchain. The transactions won’t have your name on them, but they will have a wallet address that can be traced back to your identity.
What type of Bitcoin wallet is the best for beginners?
If you purchase your cryptocurrency on a reputable exchange and intend to sell it shortly after, using their Bitcoin wallet is a great option. However, if you want to store your crypto for the long term, choosing a desktop or online wallet should be sufficient as they allow you to be in control of your private key.
Who should use a Hardware wallet?
Hardware wallet should be the choice for more advanced cryptocurrency investors that plan to hold their assets for a long-time. Since a good hardware wallet requires an initial investment, small amounts of crypto are better kept on a desktop or mobile wallet. However, for maximum security, stick to a hardware wallet.