The Bitcoin Wallet Review
Written by Ruben Alexander (ZapChain), Shaun Applebaum, and the awesome ZapChain community.
Disclaimer: This in no way presumes that user error or software errors will prevent anyone from losing their bitcoin. Use due dilligence while trying these wallets and use amounts less than a 1USD worth of bitcoin on new wallets.
Everyone needs a wallet to send or receive bitcoin, but the amount of wallets available make wallet selection a daunting process for new users. This review will highlight several of the wallets available and tease out the unique features.
Note: Any references to seeds, mnemonic pass-phrases, or 12 word pass-phrases are referring to 12 words chosen at random used to generate the random public and private key pair to access a bitcoin wallet.
Zapchain Community Feedback
“Blockchain.info is my go to app. It was the first one I installed and has not failed me.” — Aaron Williams
“The blockchain app is my go-to wallet at this time on my Android. I use it because of the syncing capabilities between html wallet and app.” — Anthony Di Iorio
“Mycelium. The interface is a little unfriendly for new users, but it’s never failed me. The new update with HD wallets, change addresses, and spending unconfirmed outputs makes it highly adaptive. All around winner. I’ve had bad experiences with Blockchain wallet, entered the wrong PIN a few times too many only to find my wallet more or less wiped from the device with no recourse.” — Evan Rose
“I have been using Coinbase on my iPhone. Since Apple opened the door to BTC wallets, that is the only one I really use for business so I was happy to see it. I am sure there are others that I need to try.” — Lee Quessenberry
“Coinbase is hands down my go-to choice for both my wallet and buying/selling bitcoin. Easy to use and has never failed me.” — Pedro José Ruíz Díaz
“Kryptokit in browser for small change. Dogecoin wallet in browsers for fun. Blockchain.info for most else.” — John Swabey
Desktop Wallets
Bitcoin Core Wallet (desktop)
This is the first Bitcoin Wallet and is how all the early adapters, besides those who performed manual transactions, received their first Bitcoin. It has changed over time giving users the option to send messages with their payments among other features.
You don’t need to go to any site to look up the difficulty. Just type getdifficulty in the Help > Debug > Console and this wallet will look up the difficulty from the network. Other useful commands are:
- getpeerinfo: See the ip addresses and other details of the nodes you are connected too.
- getmininginfo: Shows the difficulty, network hashrate and other useful information.
A great complementary wallet to the Bitcoin Core wallet is Armory, which can be configured to communicate over TOR, allows you to create additional access paper and digital backups.
MultiBit (desktop)
MultiBit allows users to make multiple wallets within their software. You must be careful to password protect any wallet you create and keep your encrypted wallet’s password offline. MultiBit allows you to label wallets and generate new batches of addresses for those who want to use one bitcoin address per transaction.
Unlike the Bitcoin Core wallet, MultiBit doesn’t download the entire blockchain (sometimes takes a few days), but syncs to it, which takes a few minutes.
When you create a new wallet in this software it is unprotected by default, which means the private keys can be easily copied off your computer. Make sure to password protect each wallet before sending and receiving funds.
Electrum (desktop)
When you open this wallet you are asked to write down a seed. This seed (or 12 word passphrase) will be used to recreate your wallet in electrum or any other wallet that supports BIP 39 or mneumonic codes to generate deterministic keys.
If you want a DIY payment system, Electrum enables a kiosk mode that switches the QR code similar to how 3rd party services like Bitpay and Coinbase only use 1 bitcoin address per transaction.
Electrum and MultiBit are considered lightweight wallets since they don’t need to download the blockchain to be used.
Web Wallets
Blockchain.info (web, android, iOS)
This wallet exists as a web wallet and a mobile wallet (scroll down for the mobile review), but the SharedCoin, send via SMS/email, custom send, and quick send features give the web wallet user more freedom.
The SharedCoin mixes your coins to make it very difficult — but not impossible — for anyone to see your large stash of bitcoin. You can control the amount of repeat transactions done using temporary addresses to increase privacy.
The custom send allows users to change the miner’s fee and add a public note to the block chain.
Counterwallet.io (web)
Counterwallet is open source software developed by the Counterparty team to manage bitcoin and any 2.0 tokens associated with Bitcoin addresses. This wallet has a very intuitive user interface that makes it easy to see bitcoins or 2.0 assets all from the same wallet. There are features that don’t relate to the basic functions of a bitcoin wallet, but it is worth taken a look.
This wallet allows users to import private keys, label wallets, and can be accessed with a 12 word passphrase.
The downsides to using this new wallet are the errors one sees when the wallet is left open for several hours. These errors have been filed as bugs in github. A full list of the outstanding bugs can be seen at [insert link here].
I entered a bug and posted the link to the counterparty general skype room. The bug was fixed within hours.
This wallet functions properly but has bugs that either temporarily show you question marks for the Bitcoin balance or throw up hundreds of prompts that you have to click through to get back to your wallet. If you don’t want the hassle avoid this wallet. If you don’t mind the bugs, submit issues to github.
This wallet has the unique ability to show you any tokens others create and trade them on a decentralized exchange.
For those who desire to connect their wallets to a bank account, Coinbase offers bank account connections along with other tools for merchants. A very useful feature they’ve implemented allows users to use a url http://coinbase.com/[username] to let others easily look up the coinbase users website which displays a fresh QR code for each transaction:
Use their new USD wallet to lock in bitcoin gains or have a handy pool of cash to snag bitcoin if the price drops.
Rushwallet (web)
The Rushwallet is created by the Kryptokit developers and makes a private for you based on your mouse movements. It is a very simple wallet with send and receive buttons below your QR code which represents your public address.
This wallet supports exporting your private keys, but you should export while you aren’t connected to the Internet.
KryptoKit (chrome)
Kryptokit lives as a humble browser extension in chrome, but really packs in features that are crucial for any transaction. By pressing Control-Shift-K (or clicking on the kryptokit icon) you can access your wallet for sending and spending. You can create a list of contacts, view the latest bitcoin price, see bitcoin charts, read bitcoin related news
Clicking on the hand icon brings up a hidden feature that isn’t present in any other wallet: the ability to donate directly to Sean’s Outpost. There are buttons for quick donations of $1, $5, $10, $20, $50, $100, or any custom amount you wish to send. There is also a link to Sean’s Outpost website that lets you read about their efforts towards serving the homeless people in Pensacola, Florida.
Hive Wallet (android, iOS, web, desktop wallet)
The Hive wallet — has a gorgeous UI and is perfect for someone who just wants to send and receive bitcoin without any fancy features.
Hive does have a feature called Waggle that allows you to pull public addresses from other Hive users using geo-location within 1 kilometer. This is the only wallet with this type of feature that should really be in every wallet.
Mobile
GreenAddress (web, android, iOS, Chrome)
This wallet ups the ante and gives you a 24 word passphrase and forces you to enter a phone number for two factor authentication (2FA) authentication making it the most secure, albeit cumbersome, mobile wallet. You also have the option to store your 24 words as a QR code for easy less secure access.
For two factor authentication, you have the choice of using your email, sms, phone, or Google authentication.
As an additional security measure, this wallet asks for a 4 digit pin.
When you eventually get into the wallet you have the ability to transfer bitcoin, maintain an address book, as well as reconfigure the pin number for quick logins.
Under the settings you can set spending limits and have the wallet logout automatically after inactivity.
Login in with your Facebook account lets you access a watch only mode. You can also enable a feature that lets users send you bitcoin with just your email address or reddit handle.
The downside to this wallet is that it displays your IP address in the menu. This is the only wallet I’ve seen that tracks your IP and I would not recommend this wallet for those who value privacy.
Blockchain.info (web, android, iOS)
The current version of Blockchain.info requires you enter a 4 digit pin each time you use the wallet, but seems to be the easiest wallet to use. All operations are denoted with permanent icons at the bottom of the screen, which allows for fluid use of the wallet.
They also include a map of places in your area that accept Bitcoin.
Clicking on the date of specific transactions opens the transaction details within the wallet. The receive section allows you to create new addresses or import private keys of other address. The send section lets you paste, retrieve addresses from your address book or scan a QR code. The amount can be denoted as bitcoin or USD if you don’t want to look up the current exchange rate.
Xapo’s sleek bitcoin wallet is up and running after verifying a phone number and email address. Their app has a live bitcoin price chart and the other features are accesible with one swipe. Swiping to the left accesses their vault and swiping right displays your bitcoin wallet.
They have a killer feature no other wallet company or project has and that is their debit card. Unfortunately, U.S. citizens are blocked from getting a debit card and U.S. citizens will be reminded of this nuisence every time you access your wallet.
Xapo also supports 2 factor authentication and gives you bitcoin for connection social accounts or sending your first bitcoin.
Mycellium (android)
This is an HD (HD wallet description) android wallet that has the ability to connect you with other Bitcoin users who want to trade fiat for bitcoin. This feature is called Local Trader and must be enabled to be seen. Under Balance, clicking on the “Buy/Sell Bitcoin” shows a list of people offering in person exchanges of fiat for Bitcoin, which is sourced from a decentralized list of other users with the Mycelium wallet sorted by distance.
Mycellium has the unique ability to allow cold storage spending just by scanning a QR code or pasting the private key into the wallet.
Viewing the wallet page from Google’s play store also displays the contacts on Google plus who have also used this wallet.
This wallet is from the notorious manufacturers of high powered bitcoin mining equipment. The wallet, however, starts off by asking you to enter your phone number. Clicking the ‘let me in’ link does nothing until you enter a phone number. The wallet then sends an activation code via SMS, so if you have disabled your text messages you are screwed from the get go.
Once you get in you have the ability to receive bitcoins or send bitcoins with messages. All references to bitcoin are in bits and USD, but other denominations can be used. You also have the option to change from bits to XBT or mXBT.
There are several options when it comes to exporting your wallet. You can do the following:
- Reveal your wallet seed
- Backup your wallet seed to iCloud (not recommended)
- Review your iCloud wallet backups
- Email an encrypted file containing your backup seed
In the settings, you also have the ability to empty your wallet and send it to a different address or review the open source code used for this wallet.
One of the first things you should do is backup your 12 word seed. If you lose your phone, you lose access to your bitcoins in this wallet.
Breadwallet
I was going to review this wallet, but I lost my pin and I was permanently locked out of my wallet. I tried deleting the app and reinstalling it, but I was still locked out.
Hardware/Hybrid
After signing up on Verso’s website and setting up a password, you’ll receive a card in the mail with your encrypted private key represented as a QR code. When you scan this code from the Verso mobile app, you’ll be able to receive Bitcoins. You can send Bitcoins when you enter the password used to receive the card from Verso’s website.
Both their website and mobile app have a clean enough design to make all standard wallet operations feel easy.
Transaction information shows the input and output addresses related to a transaction. If you want to see more information, you are directed to blockchain.info.
Paper
For those of you expert photoshop or inkscape users, making a paper wallet is very simple. You can only use the public address QR code or include an encrypted version of the private address.
Google image has hundreds of designs (Dr. Evil, Dorian Nakamoto, Charles Babbage), or you can make your own design.
TitanBTC (website)
TitanBTC offers gold, silver, nickel-silver alloy, and goldine coins with an access code embedded under a tamper evident hologram. Having the access code isn’t enough to access the bitcoin registered to the coin. There are also 2 other pieces of information (email address and password) used to register the coin that keep your bitcoin secure.
TitanBTC does a great deal to keep the private keys offline, have balances periodically verified, and store multiple backups. This solution wouldn’t be practical for day-to-day use, but would be best used for long term storage.
Casascius (website)
Old Casascius coins, as seen in many a web articles and Bitcoin documentaries, were originally sent to their customers with Bitcoin loaded on the private key that was embedded under the holograph. Since Mike Caldwell (owner and founder of Casascius) received a letter from XXXX, he has had to send the Casascius coins without bitcoins leaving the customer with the responsibility of loading their coins with Bitcoin.
RavenBit (website)
RavenBit targets their cold storage towards those who want to apply private keys, public keys, and hologram on their own. RavenBit sends coins along with a kit containing several holograms, and sheets of stickers where private keys can be printed. The kit comes with instructions that allows anyone to create a batch of private and public keys offline.
The only issue I saw with this coin is with associating a public key to the coin. The only place available to place a label is a 5mm ring around the outer part of the coin. Writing down the public key would be time consuming and I couldn’t find a circular barcode scanner system to use with this coin.
Keep an eye out for lawnmower.io which will release an app that transfers spare change from your purchases into Bitcoin.
