Bitcoin wallets: online client vs mobile app

Are you in the process of choosing the right wallet? Well, if you don’t have that much money and don’t think that somebody is going to steal from you, maybe either an app or an online client is a good choice. Yet, even between these two bitcoin wallet types, there’s a couple of important differences. See for yourself!


online wallets

Quick, and convenient, an online bitcoin wallet is a website that allows you to create a personal account so that you can send and receive bitcoins easily. No need to install anything. Just sign up and log in. The process is maximum simplified.

Online wallet companies store your private keys in a number of different ways. Some of them share control with you, some of them store information in the cloud but do not have access to it, some of them store your private keys offline on their servers, some of them don’t store private keys at all… Phew, so many options, and none of them is completely safe!

Alas, there’s no right or wrong answer to the question which online client is the safest. That is where you have to make a choice and to step up to the plate.

Experts recommend to use online wallets only as a tool for a small amount of operating cash you can afford to loose.

By the way, here’s a proof why online wallets can be a bad idea for you to store huge amounts of money: BlockChain.info Domain Hijacked; Site Goes Down; 8 Million Bitcoin Wallets Inaccessible

There is always a tradeoff between convenience and security ©

Popular options:

Bitgo ~
pros
multi-signature, 2FA, mobile app, HD wallet, a human personal assistant, private keys insurance policy (no seed needed), cool design
cons
dynamic fees for transactions — somewhat high, shared control over your private keys;
GreenAddress ~
pros
multi-signature, 2FA, HD wallet, full control over fees, mobile app
cons
shared control over your private keys

mobile apps

A bitcoin wallet app is pretty much just an app on your phone that allows you to send and receive bitcoins. Mobile apps and the corresponding online wallets often complement each other. Sometimes mobile wallets don’t have their browser analogues, though.

By their very nature mobile apps are a little bit safer than online wallets. They are designed to be isolated from the operating system of the phone which provides a certain level of protection against malware. © Of course you can always loose your phone… Be smart and use an HD wallet to minimise potential losses

A wallet app is a good option for newbies and businessmen who like doing everything on the go — fast and easy.

Popular options:

Copay ~
pros
multi-signature, 2FA, HD wallet, full control over your private keys, connected to Coinbase (a cryptocurrency exchange)
cons
no browser version
Breadwallet ~
pros
cool design, HD wallet, very easy, full control over your private keys
cons
no multisig, no 2FA, no browser version
The greatest problem with both, online and mobile wallets is that it’s very difficult to exchange between dollars and bitcoins from them. You can’t easily add your credit card to your account. That’s where you may want to need those cryptocurrency exchanges.

If you enjoyed this story, please click the 👏 button and share to help others find it! Feel free to leave a comment below.