With so many Bitcoin wallets in the market, you might be overwhelmed with the myriad choices available. Here in this article, we aim to give a clear-cut idea of what these wallets have to offer and how can you choose the best one for yourself especially targeting Bitcoin iOS Wallets.
It is important to notice that Wallets for the iPhone are not considered an extremely safe option as the password vulnerability is high. Your phone can be broken or stolen or tampered with.
If the hacker or thief is successful in his task, then you might lose your bitcoins. This is a vulnerability with all cryptocurrency wallets for the iPhone so please proceed with caution and do not store a huge amount of bitcoins in one wallet.
Why do you need a Bitcoin wallet?
Okay, so let’s address the most basic question – why do you need a wallet?
If you are buying Bitcoins then most probably you will be buying them from cryptocurrency exchanges but exchanges generally not good for long-term and safe storage. Desktop/App Wallets are more secure than exchanges as they are stored in your PC and is not dependent on the outside network.
Now, let’s review top cryptocurrency wallets for iOS/iphone.
Best Bitcoin iOS Wallets
Two words that define this bitcoin wallet are “Send and Receive”. It has an easy to use, intuitive user interface and is also equipped with open source code which makes this wallet more secure and trustworthy. It is not connected to any server or network and hence, it is free from malware attacks. It uses SPV mode in which the breadwallet connects directly to the bitcoin network.
Moreover, Bread doesn’t store private keys on their servers which allows users to be in full control of their funds all the time. While the wallet itself is free to use, if you are transacting bitcoins, then you need to pay some transaction fees to the bitcoin network.
Breadwallet has a high level of security. However, it lacks the two-factor authentication feature that is available in many other wallets. Also, note that if you are buying bitcoins through this wallet then it will direct you to third-party applications which have different security practices.
You can directly download the Bread app from the Apple’s App Store.
MyCelium wallet allows users to access their accounts using private keys. This unique feature sets this wallet apart from the rest. Along with this, they also have a Hierarchical Deterministic (HD) security which eventually uses the master seed to derive all future bitcoin addresses sequentially and thus, provide secure backup. It works on BIT ID, an open protocol that allows secure authentication as opposed to the classical password authentication which is an insecure option.
There is also a unique way of interacting when used for trading purposes. The wallet uses a bitcoin private key for registration and authentication with Mycelium servers. The servers save the bitcoin address, nickname, sell orders with entered location and your trade history.
MyCelium is an open source software and comes with a lot of updates which means greater results in security and usability. The only negative point of this wallet is that it is a bit more complicated to use than any other wallet.
You must also head over to our MyCelium wallet review to get more information about it.
It is an open source free software which offers its users a complete bitcoin wallet. It supports a high-security feature of multiple signatures(P2SH) where Copay wallet can have multiple users.
In order to send and receive money, the group approves each transaction. This cleverly eliminates the problem of tedious address management by allowing users to manage personal, business and testnet wallets easily. It is a hierarchical-deterministic (HD) wallet allowing for secure in-app wallet generation and backup.
Its server is also an open-source wherein you can contribute to different versions of Copay and Bitcoin Wallet service. The funds in the wallet can be restored using backup option, which provides users a relief if their wallet cash goes on missing.
This wallet created by Ethereum co-founder Anthony Diiorio works with a large number of cryptocurrencies including Bitcoin.
It offers a beautiful, smooth and intuitive user interface. Jaxx can be used for as a free service, without having to register or sign-up for any service. It uses a 12-word “master seed” that helps in managing private keys to your Bitcoin and other cryptocurrency assets. It is a growing technology which provides continuous access to new projects, tokens, and cryptocurrencies.
However, it is said that it is not an open source platform and its code is hidden which might raise questions in few users. If an open source platform was implemented, then Jaxx would definitely be preferred by a lot of people. We have already covered a complete review of Jaxx wallet which you must surely have a look at.
It is a versatile wallet with features like being secure, powerful, private, intuitive, decentralized and expandable. It is secure because it has an automatic client-side encryption that ensures private keys are always encrypted and protected from malware.
HD address rotation, decentralized access, & zero-knowledge encryption help make the wallet more private. It is decentralized which means that you do not have to worry if ever Airbitz servers are down as they have connectivity to multiple public bitcoin nodes.
It has an intuitive user interface making it easier for users to read and type in passwords and usernames. Expandability is also one of its advantageous features with the capability of connecting mobile wallet to the suite of other blockchain applications using edge login, plugins, and SDK.
So, after purchasing bitcoins, you would be tempted enough to keep them in Exchange itself from where you bought them it is definitely not the safest place to store your coins. It is always vulnerable to all the online hacks and attacks.
Bitcoin iOS wallets offer privacy, security and other features which help them be better than exchanges. This will definitely reduce your tension of Bitcoins getting stolen.
Also, keep the following points in mind while using bitcoin wallets-
- Always keep the pin of your wallet safe and protected.
- Keep your seed phrase in a written form somewhere as it is possible that you may forget it.
- Even though it is a better option than wallet exchanges, a Bitcoin wallet is not the safest option. So, a small amount of coins should be stored in the Wallet and rest should be preferably stored in the hardware wallets.
So, this is it for today, Don’t forget to click on the bell icon for more amazing articles around cryptocurrencies.