With the increasing price of Bitcoin, a lot of people are buying them to make some profit in future. However, not everyone is aware of safely storing it.
If you are new to Cryptocurrency world, there is a huge probability that you must have stored your Bitcoin on site/App where you bought them from. Am I correct?
If this is the scenario with you, then trust me you might soon end up losing your hard earned money.
When you store cryptocurrency on an online exchange like Coinbase, Zebpay etc, you do not own the private keys to your wallet. If these sites get hacked or close down, then you would end up empty-handed.
In past, many hacks have taken place and one of the biggest hack was Mt. Gox Hack.
I hope that made sense, right?
Now coming to the main point of wallets, there are various type of wallets to keep your Bitcoins:
Moreover, Today I will be throwing some light over Android Mobile Wallets for Bitcoin. We have already covered Hardware and Paper wallet which you can have a look at.
What are Mobile Wallets?
As the name depicts, these are the mobile application which can be downloaded on your mobile. It allows you to easily store, send and receive Bitcoin.
At the time of setting up a mobile wallet, you get a 24-word seed key which you need to store safely as it is the only way to restore your wallet in case your device gets damaged or lost.
Moreover, every Bitcoin wallet consists of a Bitcoin address and private key. In a mobile wallet, private keys are stored on your device itself making it vulnerable to hacks.
If your mobile is attacked by a malware, then there are chances of losing your funds.
On the other hand, Using mobile wallets is very convenient and free of cost. There are many wallets which have changelly integrated into them, thus allowing to quickly convert one crypto to another.
I know you might still be having many questions in your mind about these Bitcoin Android Wallets, so I will share a few faqs below.
Best Bitcoin Wallet for Android:
These are the Bitcoin Wallets for Android:
|Bitcoin Wallet||Playstore Rating|
So before you just download and start using any Bitcoin Wallet on your Android phones just keep the following in your mind:
- Do not store large amount of Bitcoins in your Android Wallet
- Make sure to check the reviews of the App before downloading it through Google Playstore
- Never download any wallet apps from any third party platform or apk as there are many Scam wallets.
Moreover, I will update this list whenever a trusted wallet comes into the market.
Mycelium is one of the most popular Android Wallet where you can easily store your Bitcoin. Even I have been regularly using Mycelium wallet since my friend suggested me.
This Android Wallet has 4.4 Rating on Google Play and more than 100K download which seems to be a green signal for you to install it.
How to use Mycelium Bitcoin Wallet on Android:
- First of all, Download Mycelium App
- Click on “Create New Account“
- Now write down the 12 words, Seed Key on a Paper and Keep it safe & Secure
#CageTip: If you lose these 12 words, you will lose your bitcoins.
You can also take Master Backup thus allowing you to restore your incase your device is lost or damaged.
If you own any Hardware wallet such as Ledger, KeepKey and Trezor, then you can also connect the app with these Hardware Wallets. This will add another layer of security to your Bitcoin.
Moreover, You can also Buy/Sell or send/receive Bitcoins to other wallets.
Coinomi is one of the most recent Android wallets which given huge competition to existing wallets in the market.
It allows you to store Bitcoin along with 92 other cryptocurrencies and 250+ tokens. It is a free wallet and regularly gets updated with new cryptocurrencies.
This app has a very easy to use UI, unlike MyCelium which is not much recommendable for crypto beginners.
Some key feautres of Coinomi:
- Instant Online Exchange
- Paper wallet sweep feature.
- Pin code protection
- Multi-currency support
Make sure to store your recovery phrase safely because this is the only way to recover your account.
If you are someone who regularly buy various altcoins, then Coinomi would definitely be a great pick for you.
Currently, this wallet is available only for Android and soon we can expect the iOS version of it.
Copay is a “Multisig Wallet” which means, this wallet requires a certain amount of people to approve a transaction before it is executed.
Copay is one of the most secure Bitcoin Wallet because of the technology it works on. This makes hacking and even sending Bitcoins a bit harder.
If you got confused with the MultiSig(Multi Signature), then let me give you a real-life example. Let’s say, you and your wife bought some Bitcoin by collecting some money together for future savings. So, In that case, you can use Copay, where both of you have to confirm every outgoing transaction from the wallet.
I hope that makes sense :D, it was just an example!
#CageTip: If you are thinking that Coinbase is an Android Wallet for Bitcoin, it’s not!
Airbitz a simple yet powerful Bitcoin wallet for Android that you can easily use. It offers various features like buying Starbuck and Target Gift Cards at discounted rates.
I like Airbitz because its main motive is to increase support for Bitcoin adoption by making the app user friendly and paying on merchants.
You can also recharge your Phone just like in Zebpay App of India.
It has 4.2 rating on Google play store which is also good.
So, I believe you must have selected your Android Wallet as per your needs. But let me just give you a short snippet of the Bitcoin Wallets that you should not get for as of now:
- GreenAddress Bitcoin Wallet
Though you might see a lot of other blogs or people boasting about these Bitcoin Wallets, after trying them and checking their reviews, it was not much satisfying.
Since you are trusting me and reading this, I would give you a few simple and easy advice before you select your Android Bitcoin Wallet:
- Check Wallet Rating on Playstore: Before you download an app, just make sure that it’s average rating is more than 4. This will show you that most of the people had good experience with the brand.
- Check Latest Reviews on Playstore: Another thing that would surely help you select the best wallet for your bitcoin is the reviews. Just click on the Newest Reviews of the App and go through them. You will easily get the idea about the recent scenario of the app.
Just by following the above-mentioned steps, you can keep your hard earned Bitcoin safe and secret.
You can also checkout our other guides:
Do share your views on which wallet do you use for storing your Bitcoins. Let us know about some other Bitcoin wallet that we can add to our list, we would be more than happy to include it.
And Do share this post with your Friends!!