A few days back, I received a message on Facebook from an old friend of mine and I was really happy to know that he bought his first Bitcoin. But he seemed to be a little confused about storing his Bitcoin safely and asked me hundreds of questions regarding the same.
I told him everything about Bitcoin Wallet and how he can keep his cryptocurrency safe from any theft or hack. So, I thought why not share this crucial information with my lovely readers as well.
So if you are planning to buy Bitcoin in the near future or already have some and just looking for a secure way to store Bitcoin? Then, this article is surely for you as here I will share all the basic information, tips and tricks that you must know before selecting the Best Bitcoin wallet.
Similar to Fiat(paper) money, Bitcoins are also stored in wallets. These are called Bitcoin Wallets.
There are various types of Bitcoin wallet each having its own pro and cons. Some have a high level of security while others are pretty easy to use but compromise security.
Without any further delay, let’s get started!
Types of Bitcoin Wallet
Now there are various types of Bitcoin wallet which have different ways to store the Private Keys. In some wallets, you own the Private Keys while other stores it on the live servers.
- Hot Storage Wallet
- Web Wallet
- Mobile Wallet
- Desktop Wallet
- Cold Storage Wallet
- HardWare Wallet
- Paper Wallet
- Brain Wallet
What is a Bitcoin Wallet?
A Bitcoin Wallet is an App, Website or a Device which allows you to manage your Bitcoin. It allows you to Store, Send, receive or spend Bitcoins.
In simple words, It’s like your Bank account which allows you to store, send and receive your money.
A Bitcoin wallet has Private Keys, a secret password which gives access to spend the Bitcoin. So, it’s the private keys which need to be kept safe and secure so that no one can spend your BTC illegally.
Golden Rule: If you own the Private Key then your Bitcoins are safe while if the keys are not owned by you then the BTC is at risk of loss.
Without boring you much, let’s quickly get to the main topic of the Top Bitcoin wallet. But if you want to know about each of the wallet types then don’t forget to read this post till the end.
Best Bitcoin Wallet for 2017
Ledger Nano S
Ledger Nano S is the best way to safely store your cryptocurrencies.
It is a Hardware wallet thus you will own the private keys of the wallet. Your Private keys are stored offline, hence you do not need to worry a bit about losing your BTC. It can only be stolen if someone knows your private key.
At the time of configuration, you will get a Seed phrase and a Private Key. You need to keep the seed phrase very safely because that is the only way to recover your Bitcoins if you forget/loose the private key or the device.
You will be able to receive Bitcoins anytime, anywhere on this wallet but in order to send the BTC you have to connect it to your computer.
Since the tiny device is extremely safe, it lacks the ease of usability.
It is the cheapest and the most reputable Hardware wallet currently available in the market and you can get it just for $68.
Moreover, Ledger Nano S allows you to store 8 other cryptocurrencies along with the Bitcoin, which makes it more useful.
A Hardware wallet costs a bit but you should definitely use this if you have a large amount of Bitcoin or altcoins.
To know more, You must read my full information about Hardware Wallets.
- Extremely Secure
- Great Support
- Affordable Price
- Less Usability(Common with all the Cold Wallets)
- Not Free
You must have surely heard about Coinbase which is one of the largest Bitcoin exchange in the world. Coinbase not only allows you to Buy/Sell Bitcoins but also store them safely.
For most of the people, Coinbase is most easy and simple way to Buy Bitcoin with your Credit or Debit Card. After buying a lot of them keep their Bitcoin on the Coinbse wallet itself. This is a very common mistake that most of the Newbies make.
Being a Web(Online) Wallet, the private keys of your Bitcoin address is kept on the Coinbase servers itself. And if by any chance, the exchange is hacked then you will lose you Bitcoin.
But if you have a very small amount of Bitcoin then you must use Coinbase as it is very reputable and no theft or hack has been reported till date.
- Easy for Beginners
- Great Support
- Least Secure(Common for all Web Wallet)
- Not supported worldwide
MyCelium is one of the Mobile Best Bitcoin Wallet that I had ever used. It has a very neat and clean UI and if you are new to cryptocurrency, I bet you will surely love it.
MyCelium is an open-source project and is regularly being technologically upgraded by an active community of developers.
Though it is primarily a Hot Wallet, there are many features of Cold Storage which make this wallet quite secure. Here the Privates keys of your Bitcoin wallet is saved on your Mobile. Thus, it is much safer than Web Wallets but your Mobile device should be free from any malware and you need to make sure that no one misuses your Mobile.
At the time of installing you won’t need any Email ID or any kind of verification which makes your Bitcoin address fairly anonymous. You would get a 12-word Seed Phrase which you need to write down and store at a safe place. This seed key allows you to recover your Bitcoin incase your Mobile is lost or broken.
#CageTip: If you lose the Seed Phrase, you will lose your Bitcoin.
You can also connect MyCelium to Hardware wallets like ledger Nano S, Trezor, Keepkey and even Bitcoin Paper Wallet. If you own an Android Mobile, make sure to have a look at the Bitcoin Wallets for Android.
- Better than Web Wallets
- Interactive UI
- Beginners might find it difficult
- Available only on Mobile
If you want to store your Bitcoin safely on your Desktop then Exodus is the best choice for you. It was launched in 2016 and has gained a huge popularity since then.
Along with Bitcoins, you can also store altcoins like Ethereum, Litecoin, Dash, Dogecoin, Golem, and Augur.
The best thing that I like about Exodus is the UI. It’s UI is really very information and interactive at the same time. If you own several cryptocurrencies, you can easily check your portfolio with the real-time pie chart.
Apart from storing Bitcoins, Exodus allows you to exchange cryptocurrencies using the inbuilt Shapeshift.io.
Coming to the point of security, Exodus.io is really very secure as it does not host your Private keys on their servers. The keys are stored on your Desktop at the time of configuring the software installed on your Desktop itself.
At the time of configuration, you would not need any verification. However, You need to enter your email id to receive the one-click recovery link. Incase your computer is damaged or you want install Exodus on some other computer, you can use that email link to restore your account.
You can also backup your seed key which you need to store safely. One more thing to mention here, In order to take the backup of the seed key you need to have some balance in your exodus wallet.
If you face any issues, you can directly send an email to the support and you will get a reply back from the founder itself. The support is really very prompt and helpful.
- Informative UI
- Easy to Exchange cryptocurrencies
- Only for Computers/Laptops
Trezor is another Bitcoin Hardware Wallet which has a great reputation but costs a bit more than Ledger Nano S.
It is the first ever Hardware Wallet and is extremely secure.
Trezor has a tiny OLED which shows the secret pin whenever connected to the computer.
In order to send Bitcoins to some other address, You need to connect your device to the computer through the web interface of Trezor. It will show a 9 Digit pin which you have to enter on the computer to access the device. The Pin is generated randomly everytime and acts as an extra layer of security.
You can also store cryptocurrencies other than Bitcoin. Currently, Trezor supports Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash, Zcash, Namecoin and Dogecoin.
- Extremely secure wallet
- Decent Design
- Supports Altcoins
- Cost doesn’t justify when compared to its competitors
- A bit heavier than Ledger Nano S
Jaxx is a Multi-Currency digital wallet which store Bitcoins as well as Altcoins.
Unlike Exodus and MyCelium, Jaxx is available for Mobile as well as Desktop. The UI of Jaxx is very simple and easy to understand for a newbie.
You do not need any user verification for onboarding. However, Similar to all the HD Wallets, you need to securely store the seed key which you would need incase your device is damaged or lost.
Similar to Exodus, Jaxx also provides cryptocurrency exchange through the integration of Shapeshift.io.
Currently, Jaxx supports 14 crytocurrencies.
- Ethereum Classic
- Dash (not available for iOS wallets)
- Augur REP
- Zcash (not available for iOS wallets)
- Rootstock Testnet (not available for iOS wallets)
- Supports Multiple currencies
- Available on Mobile and Desktop
- It has 3-star rating on Playstore(Which is far less compared to other wallets)
- Relatively a new company
- Many users reported issues
So, These were some of the Best Bitcoin Wallets that I personally use. Here at Coinscage.com, we only share the stuff that we had personally used and are reliable.
Which is the Best Bitcoin Wallet, Finally?
Now you have enough knowledge about Bitcoin wallets. One thing is clear that you should never store you Bitcoins or any other digital currency on an exchange.
According to me, Ledger Nano S is the best and the safest way to store your Bitcoin. Though it costs a bit, it keeps you out of any hack or loss.
You can also use a Mobile wallet as it provides you ease of use but you need to be careful with your device.
Now, The call is yours and you need to select the best BTC wallet as per your requirement. You can go through our Bitcoin wallet reviews aswell to take a better decision.
Moreover, If you want to know about all the different types of wallets in Detail, then feel free to read ahead.
I hope you liked this article and if you did then don’t forget to share it with your friends!
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