The Best Bitcoin Wallets
One of the first steps when using bitcoins is choosing the right wallet. With so many wallets out there, each offering something different, it’s difficult to decide which one is the best to use. A bitcoin wallet contains the public and private keys of a user’s Bitcoins so that the user can access their digital currency. It’s a place where the user’s cryptocurrency can be stored, received, and sent to other wallets. There are several things to look out for when looking at the benefits of different wallets, some of these include the company’s reputation, it’s security, personal privacy, if you’re able to create a shared account, and if it has any backup features. Listed below are some of the very best in our opinion. Various types of bitcoin wallets include digital wallets (or eWallets), paper wallets, and hardware wallets.
Copay
Copay makes the list of one of the best wallets to use because it’s an app that can do everything in one, saving you time. It’s extremely intuitive and user friendly, you can store on both your PC and your phone while also having good encryption features.
Copay is an interesting Bitcoin wallet in that it is one of the only major Bitcoin wallets that’s actually available on all computing platforms, this includes Windows Phone, iOS, Android, macOS, Linux, and more! The wallet is supplied by BitPay, who have a focus on secure Bitcoin payments. It’s a multisig wallet which means that you can set up a shared account, which requires private keys from more than one person in order for a transaction to be performed. It will also allow the user to set up a 12-word mnemonic for backup. The wallet supports bitcoin and also prices in 150 currencies. It uses hierarchical-deterministic (HD) wallets, allowing for secure in-app wallet generation and backup. It is also one of the very first wallets to support the full Bitcoin Payment Protocol (BIP 0070–0073).
Armory
Armory has taken the centre stage when it comes to security in the bitcoin wallet world, as it’s one of the most secure wallets available on the market right now. This is one of the main reasons that it is one of the best bitcoin wallets to use, as it makes Bitcoin security best practices accessible to everyone through its unique interface, plus even better, is that it’s free. What makes the wallet so secure is it’s storage of private keys on offline computers, therefore no hacker is able to access them. In addition to this, even if someone could physically steal the offline system, it may take them years to get into it due to advanced wallet encryption. It also has a huge range of features, being open source, which includes multisig support, and can make transactions using TOR. Armory is available to use on Windows, macOS, Ubuntu, and Raspberry Pi. It is described as one of the best Bitcoin wallets around, although it will take a bit of time to set up. The only cryptocurrency it supports is bitcoin.
Electrum
There are many reasons why Electrum is one of the best bitcoin wallets to use, it’s safe, there are no downtimes, no lock in, it verifies all transactions in your history using SPV, while also supporting 3rd party plug-ins like Multisig services and hardware wallets etc.
Electrum is known for being a fast, lightweight, and reliable wallet (it also supports hardware wallets). The wallet is open-source and comes with multisig support, plus the ability to use TOR to help remain anonymous. It allows users to keep their private keys on offline storage so hackers can’t get to them. It will run on various operating systems such as Windows, MacOS, Linux and Android. Accepted cryptocurrencies include Bitcoin, Litecoin, Dogecoin, dark, and MyriadCoin.
Coinomi
Coinomi supports a huge range of cryptocurrencies, some of which include bitcoin, dogecoin, litecoin, rubycoin, nuSHares, NuBits, Dash, and many, many more. It’s very secure, with private keys never leaving the user’s device, plus wallet encryption ensures that all funds will remain safe and completely under the user’s control. It currently runs as an Android app and can be downloaded directly from the Coinomi website.
It’s one of the best bitcoin wallets to use due to its large range of features and available cryptocurrencies. As well as being a multi-coin wallet, it also has enhanced privacy and anonymity (No KYC bureaucracy to access your funds, no IP association, no identity linking, no transactions tracking), and has one-time backup (Hierarchical Deterministic Wallet (BIP44) will allow you to keep everything secure yet still accessible with just one super-passphrase).
Exodus
This is a considerably new wallet in the market, and allows the user to not only store bitcoins, but also Litecoins, Dogecoins, Dash, Ether, and more. It has an intuitive user interface which makes it popular among its users, however currently it’s only available as a desktop version, available for Windows, Mac and Linux. In terms of security, the wallet encrypts private keys and transaction data locally, for the user’s eyes only (no accounts, no servers, and no data sharing). Another benefit of Exodus is that it allows the user to track the value of their blockchain asset portfolio in real time, as the market conditions shift. The best thing about it however is the fact that it has been designed for people who have never used an exchange, as Exodus hides all the complex details behind the scenes.
Coinbase
Coinbase is used all over the world as it allows users to be flexible and manage their own private keys. It also has the benefit of the fact that up to 5 users can own a shared wallet as it supports multisig wallets. It supports both bitcoin and Ethereum’s token (Ether), as well as other digital flat currencies in 32 countries. One of it’s only downsides is that it is primarily a web based wallet, so it relies on a centralised service. It’s also available for Andriod and iOS.
AirBitz
AirBitz is a mobile-focused wallet. It’s open source and covers all the major features such as being secure, has automatic backup, and also client-side encryption (see below for more details). Additionally, it has an integrated way that allows for users to buy and sell Bitcoins, AND a Bitcoin business directory which directs you to bitcoin accepting merchants, which are just added benefits to an already great wallet. Unfortunately, it does not support the TOR network and doesn’t have multisig support, yet it’s other features make up for this loss (TOR support and multisig function may come in the future). Overall it’s user friendly and is available to use on both iOS and Android.
The automatic client-side encryption means that bitcoin keys are always protected from malware, plus the HD address rotation, decentralised access, and zero knowledge encryption all add to the fact that it is the most private cross platform wallet. The wallet has support for over 140 currency exchange rates, and with multi device synchronisation across all mobile devices, it couldn’t be easier. An added benefit is that because of the decentralised service architecture, wallets work even if the servers are down.
Trezor Wallet
Trezor wallet offers something a little different to usual wallets, as it’s a hardware wallet, the original according to the webpage. It’s a physical device that can connect to the user’s computer with a USB. The device features an OLED display and can be bought directly from the Trezor website. It’s a very secure wallet as all the user’s Bitcoins are stored offline, so they are completely safe from hackers, plus it has the ability to pair up with a large range of software wallets so bitcoins can be sent between them. A benefit of the Trezor Wallet is that it has multi-currency support, offering support for not only bitcoin, but also Zcash, Ether, Litecoin, and Dash. One of the great things about Trezor is the added benefits such as the Password Manager that will encrypt login credentials and will then auto-sync them to the users private cloud. Data or emails can be encrypted with GPG, with protected SSH access to your servers.
Mycelium Wallet
It claims to have the most stars on Google Play, and according to Mycelium’s main website, it is “acknowledged to be the best not the fanciest.” It features a plethora of advanced security and privacy features. Some have claimed this wallet to be the safest and fastest on the market. The Mycelium wallet is open source software, and thus is constantly being upgraded. Although it is mostly a hot wallet, it also offers cold storage options for those wanting some extra security. Downsides to the wallet include that it can be complicated for new users, and that it doesn’t have a web or desktop interface.
As shown here, there are many different types of wallet to choose from, with both software and hardware options available. The user should consider all the options carefully before making an informed decision.
Resources:
http://cryptocurrencyfacts.com/what-is-a-cryptocurrency-wallet/
http://beebom.com/best-bitcoin-wallets-every-platform/
https://www.bitcoinarmory.com/
http://bitcoin.stackexchange.com/questions/32795/whats-the-purpose-of-running-armory-through-tor
https://bitcointalk.org/index.php?topic=917704.0
https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/
http://www.coindesk.com/information/how-to-store-your-bitcoins/
