In the cryptocurrency world, Bitcoin needs no introduction. Launched in 2009, the digital currency experienced astronomical gains in 2017 that made headlines around the world, and currently, it’s the biggest cryptocurrency in the world by market cap.
If you’re planning to start trading Bitcoin, the first thing you need is somewhere to hold you Bitcoin safely. Unlike many other digital currencies, many cryptocurrency wallets support Bitcoin, so the main challenge is narrowing down to the best and one that suits your needs.
That’s where this guide comes in.
What To Look For In Wallets For Bitcoin Holders
Ensure you consider the following features when choosing a wallet for your Bitcoin.
- Simplicity– some Bitcoin wallets are difficult to understand for the average Bitcoin trader, and this makes it even harder for a beginner. You could lose your funds, through mistaken transfers and a lack of security. With this in mind, make sure you choose a user-friendly wallet.
- Customer support and development– Check for reviews on the wallet’s customer support and the development team behind the same. Some factors you should consider is whether the team is always making improvements to make the wallet more convenient and improve its security. Also, check the customer support to know if you’ll be assisted in case your wallet is ever breached or malfunctions.
- Security and backup features– Same as for your physical wallet, security is paramount for your Bitcoin wallet. Google the wallet’s reputation concerning security, and see whether it has been hacked before, or complaints on whether any customer lost their funds or coins.
- Private Key control– Does the wallet allow you control of your private key? Or is it controlled by a third party? Controlling your private key means having control over your Bitcoin.
- New address– Choose a wallet that is Hierarchical Deterministic (HD), this means it generates a new address for each transaction, to increase your wallet’s security.
- Anonymity– If remaining anonymous is important to you, choose a wallet that does not ask for so much of your personal information during registration.
Best Bitcoin Hardware Wallets
Ledger Nano S is a USB-sized crypto wallet that can store many cryptocurrencies including Bitcoin.
The hardware wallet is secure and can run multiple apps. It’s also quite affordable and malware proofed, so your private keys will be safe from malicious hackers. It is one of the best Bitcoin wallets in the market today and can integrate with multiple software wallets.
Moreover, the wallet contains an in-built OLED display, where you can confirm transactions. However, one downside about this wallet is that you cannot access your Bitcoin on the go.
This is a popular option for storing your Bitcoin. The hardware wallet is well-established and secure, and it should be in your shortlist.
The small, portable device connects to your PC via a USB cable. It allows you to control your private keys, and you can back up the information using a 24-word seed generated on setup. The wallet offers more security features, including a screen that allows transaction confirmation.
Best Bitcoin Web Wallets
This wallet is user-friendly, established, and available for web and mobile. Additionally, it provides convenient and fast access to your Bitcoin holdings across many devices.
On the platform’s website, it claims to have provided more than 20 million wallets and been used for over 90 million transactions. The site also takes you through all the steps you need to send and receive Bitcoin.
In terms of security, the site asks for email verification while signing up, links to your mobile number, and setting up the 2FA for additional security.
Moreover, since it is a full exchange, it is considered more secure compared to other online wallets.
Coinbase offers one of the easiest ways to trade your cryptocurrencies, thus earning it top on the list of online wallets. The wallet offers its services to users in 32 countries around the world. It also offers its web wallet, which allows users to store several cryptocurrencies, including Bitcoin conveniently.
User-friendliness is the biggest strength of Coinbase, according to customer reviews. From the point you log-in, the site’s interface is quite easy to navigate through and easy to understand.
Moreover, you can access your Bitcoin at any time. There is also a more advanced storage option, known as Coinbase Vault, which is offline storage, with Multisig functionality and time-delayed withdrawals. This features allows users to control their private keys and thus your Bitcoin.
This wallet is another top-ranked online wallet for Bitcoin holders that offers privacy and value security.
The most important features of this wallet are its security functionality and multi-signature functionality. It’s a deterministic wallet and allows its users to store their private keys.
Your funds will be secured with your private key and the wallet’s private keys. Nonetheless, this means that you’ll need approval from a third party before making any payments, which has attracted criticism from the cryptocurrency community.
GreenAddress only supports Bitcoin and can be accessed through Google Chrome app, and other Android and iOS apps on your mobile phone.
Best Bitcoin Mobile Wallets
Founded in 2008, Mycelium is a well-established name in this industry. Mycelium is a mobile wallet and is available for both Android and iOS users, and it offers a range of features that make it one of the best choices among Bitcoin holders.
First, the wallet offers advanced security and privacy features. For instance, a hierarchical deterministic wallet that generates a new address for each transaction. Additionally, the wallet uses the BitID open protocol for secure authentication, which allows users to create backups, and also supports offline hardware wallets.
Nonetheless, this wallet is not accessible on any web or desktop interface, and only accessible through your mobile phone. Additionally, the user interface is quite difficult for a beginner to understand.
These are one of the best wallets for Bitcoin, and they have been shortlisted based on user-friendliness, security, and customers support. Choose from this list, and you won’t be disappointed.