So you’re ready to securely store your bitcoin. Now, you need to pick the right wallet.
Which wallet is best for storing bitcoin? Which bitcoin wallet should you choose? Today, we’re explaining everything you need to know about picking the best bitcoin wallet.
Chapter 3.2 – Best Bitcoin Wallets
Trezor, along with the Ledger Nano S, is one of the two most popular bitcoin wallets on the market today. Trezor is secure, easy-to-use, and locks your bitcoin away while still making them easy to access. Trezor is popular with new crypto users and advanced users alike.
If you have more money invested in cryptocurrency than you can afford to lose, then you owe it to yourself to get a hardware wallet like the Trezor or Ledger Nano S. You can pick up the Trezor for around $100.
The device itself looks like a USB stick. You plug it into your phone or computer when you need to access your bitcoin, at which point you can access your funds through the Trezor web client. This Trezor software allows you to access your bitcoins – say, if you want to make an online purchase or transfer your bitcoins to an exchange.
Ledger Nano S
The Ledger Nano S is the most popular bitcoin wallet made by Ledger. However, Ledger does offer a number of other bitcoin wallet options – including a cheaper option and a more expensive one. The Ledger Nano S is the mid-range solution, priced at around $100.
Like Trezor, you can use the Ledger Nano S as a cold storage solution or a hot storage solution. You can leave the wallet tucked away in a safe or locked drawer, then connect it to the internet when you need to access your funds.
KeepKey is the third most popular bitcoin hardware wallet. It was released after the Trezor and Ledger Nano S hit the market, so it’s not quite as popular as its two larger competitors. KeepKey, however, offers similar functionality at approximately the same price. For about $100, you’ll get a device that’s easy-to-use, easy to access, and provides secure bitcoin storage.
Mycelium is a popular mobile app used to store bitcoin. Mycelium is available for iOS and Android. It functions as a hot wallet (in most cases) because it’s installed on an internet-connected phone. However, you may choose to use it as a cold storage solution by disconnecting your phone from the internet (you might install the app on an old phone, for example).
Mycelium is user-friendly and secure. The app prompts you to setup a BIP39 passphrase when you setup your wallet for the first time. As long as you have this 12 word passphrase, you’ll be able to claim your bitcoin funds at any point in the future. You can write this passphrase down or memorize it. Then, if your phone gets lost, damaged, or stolen, you can still recapture your funds at any point in the future.
Mycelium also makes it easy to accept payments. The app has a QR code you can use to accept bitcoin payments. Additional features – like hierarchical deterministic (HD) support – make this wallet one of the best bitcoin wallets available today.
Mycelium is totally free to use.
Electrum is another popular type of software wallet. The main difference between Electrum and Mycelium (they’re two of the most popular wallets) is that Electrum is available for Windows, Mac, Linux, and Android – but not iOS.
Electrum provides features like two factor authentication over a convenient software interface. The UI looks surprisingly similar to Mycelium, and the two apps provide very similar functions and features.
Both Mycelium and Electrum let you customize your bitcoin fees. You can choose to pay a low fee if you’re not rushing to complete your transaction. Or, you can pay high fees to complete your transaction as quickly as possible.
Bitcoin Core Wallet
Found online at Bitcoin.org, the Bitcoin Core wallet is one of the best wallets for users looking for a desktop-based bitcoin wallet solution. It functions like ordinary computer software: you download the client, then store your bitcoin on your computer.
Bitcoin Core was the wallet most people used in the early days of bitcoin. Today, it’s relatively large compared to other wallets on this list because you’re download the full bitcoin client (over 130GB in size). While other software on this list function as lite clients, this is a full bitcoin client.
Jaxx is one of the most popular bitcoin wallets available today. It’s particularly popular with users who hold both bitcoin and Ethereum and want to hold both coins in the same place. Launched in 2014 by Ethereum co-founder Anthony Diiorio, Jaxx is available for iOS, Android, Windows, Mac, and other platforms as a free download.
Some of the useful features with Jaxx include its browser for value transfers. Using Jaxx, you can hold, control, and trade cryptocurrencies like bitcoin, Ethereum, Litecoin, Dash, ZCash, Augur, Salt, Civic, Qtum, and others.
Jaxx is totally free to download and use.
Armory Bitcoin Wallet
Armory is a cold storage hardware wallet that comes with a hardware device and a desktop app. The desktop app is a hot wallet (connected to the internet), while the hardware wallet stores your bitcoins securely offline. The unique thing about Armory is that you have full control your bitcoin even if you lose the hardware device. If someone steals your wallet, you still have control of your bitcoins via the desktop app.
Copay is another popular bitcoin wallet with a wide variety of features. The main unique selling feature of Copay is that multiple users can share a single wallet. This can be useful if users are launching a collective mining pool. As you might expect, Copay has multisig support, which means you can setup Copay to require multiple signatures to access your funds. It’s like a joint checking account but for bitcoin.
Ultimately, there are more bitcoin wallets available today than ever before. Talented hardware and software developers are regularly releasing new and exciting new options. The bitcoin wallets above, however, are some of the best bitcoin wallets available today.