Last Updated: January 23rd, 2020
Do you own a bitcoin or planning to buy one? Where are you going to keep bitcoins? Just like real currency, the digital currency also needs a wallet. Bitcoins and other cryptocurrencies are kept safely and securely in digital wallets. Bitcoins can be accessed through bitcoin address which has two sets of keys- public keys and private keys. Bitcoin Private key is a secret number which is used to access a bitcoin address, are stored in Bitcoin wallets, and are used to spend or send bitcoin to other address. While choosing the best bitcoin wallet you must consider factor which includes ease of use, security, and the ability to control private keys.
Types Of Bitcoin Wallets
Before going through the best bitcoin wallets find out the types of Bitcoin Wallets.
Hot Wallet: A wallet which can be accessed from anywhere and is connected to the Internet all the time is termed as Hot Wallet. A Hot Wallet is vulnerable to hacking and is used mostly when you need to access funds regularly.
Cold Wallet: A wallet which is stored offline is known as Cold Wallet and is a secure wallet. You can save a large number of Bitcoins physically in a Cold Wallet.
Desktop Wallet: Desktop Wallet is also known as Software Wallet which requires a software client to be downloaded to your desktop or PC. Desktop Wallets does not require an Internet connection and is available for different operating systems.
Mobile Wallet: A Mobile Wallet is great for users who are going to use Bitcoins for day to day transaction on the go. You just need to download a Wallet app on your iOS, Android or BlackBerry device and you are good to go. MyCelium is a great Bitcoin wallet app for Android and iOS devices.
Hardware Wallet: Hardware Wallets are the wallets where you can store private keys on physical devices like USB sticks and external hard drives.
Paper Wallet: A Paper Wallet is just printing out Bitcoin public and private keys on a piece of paper. A Paper Wallet is a cold storage method. You can create a Paper Wallet for yourself by going to bitaddress.org.
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Read on to find the best Bitcoin Wallets which are secure.
The Best Bitcoin Wallets Which You Should Be Using In 2019
1. Ledger Nano S
Ledger Nano S is a French start-up making Hardware Wallet for cryptocurrencies. It has support for Bitcoin, Ethereum (ETH), Ethereum Classic (ETC), Litecoin, Ripple, Dash, and others. Ledger Nano S hardware wallet connects to a USB port and comes with a secure OLED display to confirm transactions with a single tap on its side buttons.
You will have to configure Ledger Nano S as a new device and you will have to create a 4-digit Pin to secure your wallet. You will have to enter the 4-digit Pin every time you access your Account. There is also a 24 digit Recovery phase(write down on a piece of paper) which you need to use to restore your Bitcoins anytime.
With Ledger Nano S you don’t need to worry about the security of your Bitcoins as the private keys are stored offline.
2. Mycelium
Mycelium is one of the best Bitcoin Wallets for Android having an active developer community with an excellent Play Store reviews. It lets you secure your wallet with a PIN and you can run the wallet on your Android without any hassle. Mycelium is an HD (hierarchical deterministic) Wallet which provides you with a 12 random words seed key which you need to write on a piece of paper to recover Bitcoins when required. You cannot recover Bitcoins without 12-word seed key.
Mycelium is compatible with Ledger Nano S, Trezor, KeepKey, and Paper wallets.
It is available for iOS and Android. The Mycelium Bitcoin iOS App is not updated regularly.
Mycelium Bitcoin Wallet for Android
3. Trezor
Trezor is the first most trusted and secure hardware wallet in the world. It is a small device with an OLED screen and connects to any computer or Android device through a USB port. Trezor supports Bitcoin, Litecoin, Dash, Ethereum/Ethereum Classic, Namecoin, and others.
Setting up Trezor is easy when you connect it to your computer you will a get a random 9 digit PIN and 24-digit recovery key in case you lost the device.
Trezor stores your private keys offline and allows you to sign a transaction. It interacts safely with infected computers hence making sure that your Bitcoins are safe and secure.
It is available for Windows, OS X, Linux and Android devices and is available in three different colors.
4. Jaxx
Jaxx is one of the best Bitcoin Wallet which was created in the year 2014 by Ethereum co-founder Anthony Diiorio. Apart from Bitcoins Jaxx supports Ethereum, Litecoin, Dash, Zcash, and other altcoins.
It uses 12-word seed backup feature to manage your private keys in Bitcoin and other altcoins.
Jaxx Blockchain comes with Shapeshift integration to exchange cryptocurrency within the app.
It is available on Windows, OS X, Linux, iOS, and Android.
5. Electrum
Electrum is a lightweight and fast Bitcoin wallet created in the year 2011. It supports offline cold storage, two-factor authentication, multi-signature support, and decentralized servers.
Electrum integrates with third-party hardware wallets which include Trezor, KeepKay, and Ledger Nano S. It lets you create encrypted private keys and provides you the ability to recover Bitcoins using a secret phrase.
Electrum is available for a download for Windows, OS X, Linux, and Android.
There are different types of Bitcoin Wallets to keep your Bitcoins safe and secure. The above mentioned are the best Bitcoin Wallets including software, hardware and desktop wallets. Which wallet do you use to keep your Bitcoins safe?
Thank you for sharing such a nice and comprehensive list of Bitcoin wallets. But I think you missed the one Coinbase. Coinbase is one of the easiest ways to buy, sell and hold cryptocurrencies. With Coinbase, you can connect to a U.S. bank account and easily transfer dollars in or out of your dollar wallet.
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