What is the best and safest Bitcoin wallet?
In this article, we look at the best Bitcoin wallets in 2020. We will also look at different types of Bitcoin wallets, what you need to consider when settling for one, and more. So, without further ado, let’s get into it!
What is a Bitcoin wallet?
Now, before we can look at the best wallets in the market, let’s describe the wallet. A bitcoin/cryptocurrency wallet is an interface that allows you to receive and send bitcoin and other coins. You can equate it to a bank account.
In essence, these wallets or apps store private keys that allow you to trade Bitcoin. As such, we can describe it also as a storage app or device for private keys.
Types of Bitcoin wallets
There are four main wallets that you can choose from. Let’s look at them.
These wallets are installed on a desktop just like you’d install the software. They give you full access to your Bitcoin and allow you to store your private key. It is basically an address where you receive and send Bitcoin. Notable examples include Electrum and MultiBit.
The chief benefit of having a web wallet is that you can access it anywhere with any device over the internet. However, you should be cautious when choosing them since the internet is awash with dubious wallets. Besides, it is where you’ll store your private key.
They are similar to desktop wallets but function on your smartphone. They also allow you to pay in stores, restaurants, and other places by scanning a unique QR code. Popular examples include Hive Android and Bitcoin Wallet. Only go for those from reputable companies.
Now, if you want to store your Bitcoin and private key securely, this is the best option. The device is immune to hacking and only initiates when plugged into a computer via a USB port. They usually cost $100 upwards.
These are types of wallets that you can use as you start trading Bitcoin. Now, let’s look at what you should consider when choosing a wallet.
How do I choose a Bitcoin wallet?
Once you settle for a hardware or web wallet, what aspects should you look out for? Let’s find out!
If you opt for the web wallet, ensure that it has an HTTPS rather than HTTP. Why? Because an HTTPS address indicates that it has a secure protocol. Also, the login should be strong and come with features such as two-factor authentication.
Control over private keys
The private keys are what gives you control over your Bitcoin. If you don’t have access to the keys, then you don’t own the Bitcoin. With it, you can trade your Bitcoin and even back them up on a hardware wallet.
Backup is yet another crucial feature that a wallet should consist of. The process ought to be encrypted, easy to do, and enable seamless restoration.
Ease of use
Again, the wallet should be straightforward to a novice and a professional alike. You should be able to load and remove your Bitcoin without having to seek help from customer support.
You should be able to use the wallet o different devices such as Linux, Windows, and Mac Os.
Hierarchical Deterministic (HD)
The wallet should create a new address in a bid to bolster user privacy
Now let’s look at the best wallets in 2020
Best desktop wallets
As mentioned above, they are wallets that you can download and install on your desktop or laptop. Let’s at some of the most reputable.
Electrum was launched in 2011 and supports Windows, Linux, and Mac devices. Also, it is compatible with hardware wallets such as KeepKey and TREZOR. It also affords you the luxury to control private keys and trade Bitcoin.
The best part: it is ideal for novice and advanced users. Unfortunately, it only supports Bitcoin transactions. And thanks to the two-factor authentication, hackers will have a hard time accessing your Bitcoin. As an open-source wallet, its stability is significantly improved.
This is yet another desktop wallet you’ll enjoy using. Not only does it have top-notch security and strong login but also comes in a user-friendly design. Whether you are an advanced Bitcoin user or beginner, this wallet got you sorted. What’s more: it also comes with an Android and iOS app.
It is also compatible with 11 languages among them English, Chinese, Japanese, and German. The app allows for numerous login procedures. You can use a 6-digit pin, 24 seed words, Face ID, or Fingerprint scanning.
Best mobile wallets
Here we will look at iOS and Android apps.
· Bitcoin Wallet (Android)
This was the pioneer of mobile wallets. And thanks to its longevity, it has aggregated trustworthiness from a wide array of users. This wallet also referred to as Schildbach Wallet is the most stable of all wallets out there. It is also ideal for beginners.
Unlike most wallets that require registration, this type allows you to access all its functionalities without registering. It is ideal for storing and moving small amounts of Bitcoin.
Blockstream Green (Android/iOS )
Again, Blockstream Green makes the cut for the best mobile wallets. It boasts of a clean and user-friendly interface. It is also easy to install and sync with the desktop version. The app is however suited for intermediate to advanced Bitcoin users as it comes with a handful of complexities.
Since the app supports numerous languages, it has a wide customer and support base. Sending and receiving of Bitcoin is straightforward, you just have to follow the instructions. It only allows the transaction of Bitcoin (BTC).
Edge (Android/iOS )
Edge is among the favorites for most Bitcoin users. This is thanks to its easy-to-navigate interface that allows you to sell and buy coins on the go. With it, you don’t have to worry about backups as it does this automatically.
Another stellar feature is that it allows you to login using your fingerprint. You can even buy a gift card using this app. It is open-source hence boasting of a large support community. Unfortunately, it is not compatible with other wallets.
· Aqua Wallet (iOS)
Aqua Wallet is yet another Bitcoin wallet that is ideal for intermediate and advanced users. It allows you to hold Tether, Bitcoin, and LBTC providing a wider trading option. While ideal for advanced users, beginners will like the straightforward navigation and user-friendly interface.
It supports multiple payment options such as credit cards and Apple pay. Since transactions are on Liquid Network, you can expect confirmation within two minutes. With it, you have full control of your keys, and backups and recoveries are straightforward.
The best Bitcoin wallets for safe and secure storage
Here are the recommended hardware wallets you can buy today.
Hardware wallets act like a physical wallet where you can store Bitcoin out of reach of hackers. Trezor offers you this security. It is ideal for storing large amounts of Bitcoin since no one can have access to them. To trade, you just plug it in your computer or smartphone.
The integrated screen allows you to protect your connection. You can store up to 1,000 digital currencies with Trezor. The catch: using it can be an uphill task if you are not tech-savvy.
This flash disk-sized wallet comes in two variants Ledger Nano S and Ledger Nano X of which the former is the most popular. You can connect it to your smartphone or laptop to access your Bitcoin. It features software that allows you to keep track of the transactions on the go.
And thanks to its stainless steel construction, its durability is bolstered significantly. Besides, you are not limited to Bitcoin since it supports more than 1200 digital coins. You’ll enjoy the top-notch security that this wallet affords you.
With the above wallets, you should be able to store and transact Bitcoin and other coins securely on the net. They are easy to use and affords you top-notch security. If you are looking to hold large amounts of Bitcoin, then settle for a hardware wallet.