Bitcoin wallets are the first step towards migrating from the traditional currency to Bitcoin. You’ll need a Bitcoin wallet for almost anything even remotely related to Bitcoins.
You’ll need to them to send/receive or even store funds. Basically, they’re like your online pocket for Bitcoins, and you can’t operate and use Bitcoin without having Bitcoin Wallets, or the Best Bitcoin Wallets to be precise, because otherwise you won’t have any Bitcoins to use.
That’s what this piece deals with, I’ll compare, analyze the pros and cons and list the best Bitcoin wallets available for you.
The problem is there are over a hundred Bitcoin wallets in the industry, but the security and other features with those Bitcoin wallets highly differ, and if you make the wrong choice, you might as well dump your BTCs down the sewer.
So you need to be 100% sure about which Bitcoin wallet you’re choosing, and why it’s best for your needs.
Types of Bitcoin Wallets
Before diving deeper into the best Bitcoins wallets for you to use, you need to get a firm grip on the types of wallets, their features, uses and differences, only then can you make a smart choice.
Hardware Bitcoin Wallets
These are specially built computers or smartcards which are built with the sole goal of generating Bitcoin Private keys. They can be used to make transactions as well, but it’s all in an offline environment. (They can again be broken down into Ledgers, Trezors, Keepkeys etc.)
I did an entire piece on the best Bitcoin Hardware wallets in 2022 (with a comparison chart, yes).
Software Bitcoin Wallets
This is being listed at #1 for the simple reason that this piece deals with the different types of “Software Bitcoin Wallets”, which can be downloaded on your cellphones, computers or tablets and be accessed from there.
These software wallets are also called “Online wallets” as these can be accessed from any “internet” enabled device. The user gets access to their wallets via their Private keys, Passwords, Wallet Identifiers etc.
Although there are other kinds of wallets (which are out of the scope of this piece, for the sake of keeping this article simple and easier to grasp), but let’s just name them out:-
Paper Bitcoin Wallets
Paper wallets aren’t very advanced, but extremely secure. They use an offline computer to print your private keys on paper. So no digital footprint left, nothing to hack or decrypt.
That’s about the length and breadth of the “Types” of Bitcoin wallets, now let’s get down to why you came here for.
Best Bitcoin Wallets
We will be dealing specifically with “Software Wallets”, wallets which are accessible from either one, or all of the three devices listed below when connected to the Internet.
- Hardware Wallets
- Desktop / Laptop
- Web (Internet Browsers)
- Mobile / Tablets
Best Bitcoin Wallets for Laptop/Desktop
Best Bitcoin Wallets for Web
Best Bitcoin Wallets for Mobile
a). Desktop Wallets
Desktop Wallets are Wallets which are accessed from a Desktop or a laptop, basically any “computer based operating system”. Primarily Windows or Linux.
They can be accessed via a specific application/software made for the platform.
When it comes to best Bitcoin wallets, security is the primary factor I take into considerations, it honestly is hard to find an alternative which can compete against the security and reliability provided by Electrum.
Encrypted keys, secret phrases, 2FA, MultiSig, and eyes-only mode etc are just some of the superpowers Electrum is willing to share with you should you choose to choose Electrum as your Bitcoin wallet.
Electrum Bitcoin Wallet Features:
- Encrypted and Personalized Private Keys:- Your private keys are encrypted, and don’t ever have to leave your primary computer system.
- Recover funds using secret phrase:– Loosing Bitcoins because you forgot your password is an age-old problem, well Electrum allows you to recover your funds easily using a secret passphrase.
- Eyes-only Mode:– Having to interact or expose your Private keys to the Internet isn’t very safe, hence Electrum offers you “cold storage”. A feature where you can keep your private keys on an offline computer, and use a “eyes-only” wallet when you’re online.
- Less Third-party Reliability needed:– Electrum uses SPV (simplified payment verification) and random servers to verify a transaction, minimizing the need of involving third-parties to validate the transactions.
- Two-factor Authentication:– Gaining access to any single system won’t let anyone hack into your Electrum wallet. They use two-factor authentication, meaning two devices are required to log in to your system. (Generally your computer, and cell phone!)
- TOR Compatible:– TOR is well-known for its privacy and anonymity. Well Electrum lets you use TOR along with your wallet to ensure that your payments can’t be traced back to your IP address.
- Mutisig:– It’s an unique feature which splits your wallet’s coin-spending abilities between various wallets.
Other notable features include:
- Zero downtime.
- Fast launch and usage interface.
- Third-party ad-ons supported.
Bottomline being, electrum is just as secure as it gets when it comes to best Bitcoin wallets.
What I Didn’t Like:
Electrum’s Multisig transactions aren’t free. It uses “TrustedCoin” to sign its Multisig transactions. It’s charged at 100K Satoshi for 20 uses.
One of the most reliable Bitcoin wallets in terms of security. It uses the “Consensus” (shared acknowledgement) which makes sure that people are accepting only valid Bitcoins. One of the rare features which helped it top this best Bitcoin wallets chart.
Extremely conscious about the user’s security and privacy (anonymity) it can be the best Bitcoin wallet you’re looking for if you’re somewhat of a private person.
Some of its strongest suits are individual verification, decentralization, watch-only mode and third-party wallet integration!
Bitcoin Core Wallet Features:
- Verifies Blockchains Individually (Zero third-party trust needed!):– Bitcoin Core has been programmed such that every user accepts only “Verified and Valid blockchain transactions”. It verifies each transaction on its own, making sure that the transaction is completely valid, and by doing so it doesn’t have to trust the miner who created the block. Hence it grants you full validation, eliminating the need of trusting any third-party to validate the transaction completely.
- No Signup Required:– Talk about anonymity, and Bitcoin core grants it to you. It doesn’t require you to Signup or reveal your real-world identity in anyway during any kind of transaction.
- Better Privacy:– There are a number of factors which work towards making Bitcoin Core one of the most private Bitcoin Wallets existing in the industry. Bitcoin core doesn’t have access to:-
- o Your real name.
- o BTC wallet amount.
- o Your IP address.
- o Other transaction details.
So in other words, it’s almost like a standalone platform totally disassociated from your identity.
- Complete Blockchain Download:– If you wish to individually verify which Blockchains have paid you (out of the millions existing on the network), the best way is to download the complete Blockchain transactions records, isn’t it? Well Bitcoin Core lets you download the complete 100million Blockchain transactions.
- TOR Compatible:– It allows usage of TOR for added privacy and anonymity.
- Decentralized Peer Discovery:– As a general rule, Bitcoin Programs need “peers” to work. Most weak and non-private wallets ask a “centralized authority” for peer recommendation everytime they connect to the network. While Bitcoin core goes the extra mile, and it uses the “centralized authority” only once for peer recommendations. The next time it starts, it asks the peers it found last time for more peer recommendations and this chain continues. This makes sure that Bitcoin Core is on a 100% decentralized P2P network hence making sure of better and stronger privacy.
- Third party lightweight Wallet Integration:– Bitcoin core also allows you to integrate other lightweight wallets to your Bitcoin core, so you can use those wallets without losing the security and privacy which are being offered by Bitcoin core.
- Watch-only Wallets:– Similar feature as was offered by Electrum, Bitcoin Core too allows you to store your private key offline, while still access your wallet in a watch-only mode.
Other surface features apart from security and privacy include:-
- Fee Slider:– Choose between “low fee” or “Fast transactions”.
- QR Code generator for easy payments.
- Send Many:– Allows sending a single payment to multiple addresses.
- Graphical as well as Command-line modes.
What I didn’t like:
Pertaining to the fact that Bitcoin Core connects to decentralized peers, offers better security and privacy and other advanced features, it uses a bit more system resources compared to Electrum and is a bit slower.
But wouldn’t you sacrifice couple seconds for a lot more privacy? I would.
MultiBit HD is again one of the first names which should strike you if you’re talking about the best Bitcoin wallets.
Fair warning though; it’s not as great as Electrum or Bitcoin Core, but it’s not “less” than them in many ways either.
Hardware wallet integration, funds control, transparency, “almost” decentralized validations are what you can safely be expecting from multibit HD.
MultiBit HD Bitcoin Wallet Features:
- Complete Control over your Currency:- As a MultiBit HD user, you get 100% control over your funds. At no point, under any circumstances can any other third-party edit/modify/spend or interact with your Bitcoin in any possible way.
- Little Third-party Validation Required:- It’s not capable of self-validating the transactions like Bitcoin Core, instead uses SPV and the Bitcoin Network to validate the transactions. Now it’s not the “best and most secure way”, but it sure works.
- Transparency:- MultiBit HD is an open-source platform its source code can be verified by anyone who is familiar with codes to check exactly how secure the platform is and that nothing is being hidden.
- TOR Compatible:- It allows the use of TOR for added privacy and anonymity.
- Graphical UI:- Even if you’re a first-time user, you won’t find it hard using MultiBit HD as it uses graphical user-interface for all the options on the platform.
- Added protection with KeepKey:- MultiBit HD can be integrated with Keepkey for an extra layer of protection. Keepkey is a Hardware wallet which makes it virtually impossible for hackers to steal your Bitcoins virtually.
- Supports 40 languages.
What I Didn’t Like:
It doesn’t use “Decentralized Peers” and this is what differentiates it from Bitcoin Core. Hence the peers can log your IP address and in some cases can associate
Copay despite being #4 on this list, is truly one of the best Bitcoin Wallets’ alternative you can go for when for some reasons Electrum or Bitcoin Core aren’t working for you. (Or if you just need more options!)
Full verification, Multisig, Multi-wallet and Testnet are just a few feathers in the Copay cap when it comes to being the best Bitcoin wallets in the industry.
Copay Bitcoin Wallet Features:
- Multiple Signatures Supported:- This is similar to “joint accounts” which we normally use in banks. Following a similar method, Copay allows you to authenticate multiple users/groups whose signature (approval) will be required before any transaction can be made. It truly is one of the best ways to secure your Bitcoin wallet.
- Multiple Wallets Supported:– It allows you to use multiple wallets within the same app. This helps you compartmentalize funds, and keep things separate.
- Full Payment Protocol:- It’s one of the most advanced payment verification algorithm existing in the Bitcoin industry, and that’s what Copay gets you, once any payment is sent, Copay verifies and makes sure it reaches its expected destination securely.
- Testnet supported:- Copay was the first ever Bitcoin wallet which started supporting Testnet for developers.
- 100% Open-Source:- By 100%, I specially aimed at indicating that Copay doesn’t only give us the app-code as open-source, but also the server. So basically every single part of Copay can be developed, edited and verified and tested for security by any individual.
- 100% Control over the Funds:- The funds are stored offline on your wallet and there are no back-doors or special permissions via which any group, agency or individual can access it without your permission.
- Supports Private BWS Node:- It even allows you the use of a private BWS node if you’re not satisfied with the default security and wish to add your own.
Things I Didn’t Like:
There’s a reason it’s placed at #4 despite having such impressive features:
- Doesn’t support TOR!
- Uses centralized authentication for peer recommendation everytime, leaving a lot of trust to the third-party blocks and miners.
“Zero-trust” policy, MultiSig, Multi-device, full-validation, and the support for paper backups have clearly earned Msigna its place in the industry.
MSigna Bitcoin Wallet Features:
- Multisignature Transactions: – MSigna supports Multisignature transactions as well, that makes sure that even if one of your signatories’ devices are hacked, the funds still can’t be spent without the other required signatures.
- Offline Storage: – It grants you the feature to store your funds offline, so that there’s no way for any third-party to hack into your wallet or system in any way.
- Full Validation: – This is the most secure validation available to the Bitcoin network. MSigna makes it mandatory for you to use the “Full-node” software, which validates the transactions.
- Zero third-party Trust Required: – Pertaining to the fact that it works on a Full-node validation, it eliminates all and any kind of trust required in any third-party hence making the transactions 100% trustworthy.
- Multi-Device Synchronization: – It lets you synchronize your wallet on multiple devices for easy access from any one of them.
- Supports Paper and Electronic Backups: – MSigna allows Paper and electronic backups as well, and it has been proven time and again that Paper backup is truly the most secure backup you can ever have. (Considering you take some extra security measures to protect it!)
Apart from the “security” features, other user-friendly features include:
- Graphical UI: – Every option can be accessed with the mouse and keyboard so you won’t have to start writing command lines anytime soon.
- Fast: – Despite having the Full-validation feature, it’s still impressively fast. (Generally the validation uses lot’s of resources and space and hence slows the platform down, well not with MSigna!)
- Open Source: – The codes can be verified by any person for security, trust or any other issues.
Despite this being listed as #6 on this best Bitcoin wallet’s list, consider it a Bonus and feel free to try it out on any number, because the features it offers are in no way less than any other platform on this piece on the best Bitcoin wallet.
Armory Bitcoin Wallet Features:
- Full Validation:– This is the primary factor which earns Armory a place in this list on best Bitcoin wallets. It requires you to download and install “Full-Node” software which validates every payment/transaction. This is the most secure validation available for Bitcoin transactions.
- Zero Third-party trust required:- Full validation also makes sure that you do not need to trust any third-party’s opinion when it comes to validating any transaction.
- 100% Control:- Armory grants you 100% control over your funds and wallets. No third party can freeze or dump your wallet on your behalf.
- Extremely Private:- Armory is probably one of the very few wallets on this planet and this best Bitcoin wallets list which refrains from disclosing any private information to your peers, which makes it extremely secure, anonymous and impossible for the peers to link your transactions to your real-world identity.
- TOR is allowed for an extra layer of security.
- Cold-Storage:– It allows you to store your Bitcoin funds in an offline system, that’s what a cold-storage is. Being offline, the risks of the system being comprised or hacked are minimized to the minimum.
- MultiSignaure Supported:– As is the case with most of the platforms on this best Bitcoin wallets list, how could Armory not support MultiSignatures? So it does, securing your wallet with more than just one person’s authorization!
What I Didn’t Like:
Honestly? There is nothing not to like about Armory.
Compatible with: Windows / macOS/ Ubuntu /Debian /Fedora.
Atomic Wallet is a graphically-rich wallet which offers a lot more than just basic “wallet-features”. It has an inbuilt decentralized exchange, as well as a Crypto-buying feature.
Also, The three primary pillars it’s based on is Anonymity, Decentralization and Security.
Atomic Wallet Primary Features:
- Client-Side Encryption: The keys to all the funds are encrypted on a user’s device, and never leave the same. Making it a decentralized wallet without the exchange having any control over user-funds.
- In-built Trading exchange: The platform earlier supported something called “Atomic Swap” which has since been discontinued. However, it now boasts an in-built trading exchange letting users exchange funds from one currency to another.
- The trading exchange doesn’t require any KYC either (for most amounts). Registration too is anonymous.
- Buy with Credit Cards: The platform has this buy-in feature which lets users buy BTC, LTC, ETH, XRP, XLM and BCH directly inside the wallet.
- 500+ Currencies Supported: The wallet isn’t Bitcoin-exclusive, and supports over 500 Cryptocurrencies.
- 12-word Mnemonic code: This is the master-key which provides access to all the assets on the platform. Can be used to backup, as well as recover access to funds.
- Manual Fee: The fee for Bitcoin and Litecoin can be adjusted manually by the users.
What I didn’t Like:
- It’s only available for 64-bit Windows.
- It doesn’t support Multisig transactions.
- It also doesn’t support “watch-only” modes.
Exodus is a desktop wallet which has been recommended directly from https://www.bitcoincash.org/ as one of the best Bitcoin Cash wallets. The wallet is available on Desktop as well as Mobile devices.
The company also recently partnered up with Trezor allowing Trezor compatibility with Exodus.
- 100+ Cryptocurrencies Supported: In addition to BTC, it supports over 100 other Cryptocurrencies.
- In-built Trading Platform: It also features an in-built trading platform. The platform requires no mandatory registrations or verification. It allows trading one coin for any other supported Cryptocurrencies. So you can sell your Crypto for any other Cryptocurrency without leaving the wallet.
- Locally-stored keys: The private keys never leave the user’s system.
- Easy UI: The UI is all the more impressive, even absolute newbies with zero Crypto or trading experience can get along just fine.
- E-mail recovery: In case you lost access, accounts can recovered using E-mail IDs.
- In-built Market-Insights: The wallet displays the current price, market-trend, price change and other crucial information about all the coins in your portfolio.
- Good support: The website has a live-chat feature. While it’s not available 24 X7, they do reply in a couple hours and that should help you solve any wallet-problems easily.
Compatible with: Windows / macOS/ Android /iOS /Browsers
Guarda markets itself as a non-custodial, all-in-one wallet. Even though it’s listed as one of the best Bitcoin wallets for Desktops, it actually equally offered for iOS/Android/MacOS and even as browser extension.
If you need a Bitcoin wallet in the next couple seconds, you can use its web-version as well. It literally takes seconds, just choose a password and you’re all set. The interface across all the devices is one of the easiest and simplest to understand.
It even is open-source hence anyone can verify its legitimacy, security and authenticity.
Guarda Wallet Primary Features:
- Non-custodial: Only you (the user) has access to your coins. Guarda has absolutely 0 control or access.
- 100% Anonymous: No registration whatsoever is required. Simply set a password and use it to login. A “backup file” is generated automatically which can be used in case the password is lost.
- Multi-currency: It’s not just one of the best Bitcoin wallets, but is capable of storing over 45 different Cryptocurrencies.
- Buy cryptocurrencies: You can purchase cryptocurrencies directly from within the wallet. It’s powered by Simplex,the minimum amount is USD $50.00, the maximum being USD $2000.00
- Token generator: You can generate your very own ERC20 tokens. It just takes a few clicks.
- Hardware wallet support: You can also connect Guarda to your hardware wallets such as Ledger.
- In-built exchange: It features an in-built exchange within the wallet. It’s 100% anonymous, no signups or identification-data required. Hence, it essentially does function as a Cryptocurrency trading exchange as well.
b). Web Bitcoin Wallets
Web Wallets are wallets which can be accessed on the “web” from your Internet browsers.
They do not need any kind of app or software, instead can be accessed with a simple URL.
Although there are two basic problems with any Web-wallet, and as they are universal we won’t consider them as “loopholes” for the sake of this article as they are a common occurrence with every single web-wallet:
- Hot Wallets:– Any wallet which is connected to the “Internet’ is called the hot-wallet, and is prone to hacking attempts.
- Centralized Validation:– As they aren’t independent applications, they can’t use “decentralized validation” for peer recommendations, hence they use centralized validation every single time.
Being a HD wallet it ensures a fresh address for each transaction, then there is the support for multiple Signatures and 2FA which makes sure there are no security loopholes existing.
BTC.com Bitcoin Web Wallet Features:
- Hierarchical deterministic wallet:- It’s the kind of wallet which uses HD to generate an unlimited number of addresses without having to suffer from “keypool exhaustion” problem.
- Allows multi-signature:- Like any other trustworthy wallet, BTC.com too allows you to operate the wallet as a “join account” requiring approval from more than one person to make transactions.
- Supports QR Codes:- It let’s you generate QR codes for easy payments.
- Two-factor Authentication:- It supports two-factor authentication for added security. So gaining access to any single device of yours won’t let anyone steal a dime from your wallet.
- TOR Compatible:- You can use TOR with the wallet to anonymize yourselves on the Internet. Considering it’s a hot-wallet, using TOR is more important than ever.
What I didn’t Like:
- Not 100% Control over funds:– We do not get 100% control over the funds. Instead they’re required to be approved for each transaction both from the users’ end, as well as the companies.
2FA, Spending limits, multi-sig and TOR support ensure your funds aren’t going anywhere without your permission.
BitGo.com Bitcoin Wallet Features:
- MultiSignature Allowed:- In order to protect the funds, BitGo allows you to use MultiSignatures. Hence expanding your level of security from just you, to the people whom you use as your signatories.
- 100% Funds Control (Almost):– You retain 100% access to your funds, and your account can’t be frozen, dumped or accessed by any other third-party. Although the “almost” came into existence because you’ll need the authorization of BitGo before you can make any “transactions”, hence taking away some % of control from you during the transactions.
- TOR allowed:– Allows you to use TOR for added protection and privacy.
- Two-factor Authentication is supported as well.
- Spending Limits:– You can set a spending limit on your account so that even if someone else gains access, and you’re not aware of it for a certain period of time, you don’t lose all your funds.
- Multi-User Access:- You can set multiple users to access your accounts, helps when you’re sharing your Bitcoin activities with a group or company.
What I Didn’t Like:
- Remote Funding:- The funds are loaded not from your own system, but from a remote location of the platform. Although it’s not a problem with a reputed brand such as BitGo, still we have to trust the BitGo team and their infrastructure with our funds.
- Transaction Fee also very high as compare to another web based bitcoin wallets.
Green Address is one of my personal favorites when it comes to Online Bitcoin Wallets. Infact before using anything apart from BTC.com, Green Address should be your arsenal of choice. If not for couple features which BTC.com offers, I could almost term Green Address as the best Bitcoin wallet globally.
Green Address Bitcoin Wallet Features:
- Per-transaction two-factor Authentication:- They’ve taken the two-factor authentication to a new level, where you need to authorize every transaction on the two factors before it goes through.
- Spending Limits:– You can set limits to how much of your funds get spent in a single day.
- Watch-Only mode:– They also offer a watch-only mode where you can get into your account and check your balance, verify transactions etc without comprising your funds or Private keys as they are stored offline.
- Full Control Over Security:– They do not store your Private keys in any form under any circumstances.
- nLock (Pre-signed Transaction):– It’s the feature which lets me sleep at peace with Green Address. If for some reason the Green Address wallet disappears, or the company is compromised, you still will get 100% of your funds once your selected expiry date passes.
- Quick Pin:– One of the other features which makes it a contender for this best Bitcoin Wallets list is the fact that you do not need to enter your passphrase every single time to log-in. Instead you can setup and enable a quick—in which can be used as well.
- Hierarchical Deterministic Wallet:– They use HD wallets to ensure that each new incoming transaction uses a new address to keep your identity secure and private.
- P2SH is used to make sure that all the transactions to and fro your Green Address wallet are transparent to the people you’re dealing with.
What I didn’t Like:
- There isn’t anything not to like about Green Address, apart from the fact that they have to use a centralized authenticator everytime for peer recommendations, as is common with any other online Bitcoin wallet.
Then, coin-space brought to us an advanced version of “Hive”, so much so that they made it to this list of Best Bitcoin Wallets.
Offering HD wallets, total control, a master-key etc are just some of its superpowers it’s willing to share with you should you choose to choose Coin.space!
Coin.Space Bitcoin Wallet Features:
- Hierarchical Deterministic (HD) Wallet:– Like most other wallets on this Best Bitcoin wallets list, Coin.space too makes use of HD wallets, and rotates your incoming transaction address for each new transaction. (Including changes!)
- 100% Control:– Not a lot of wallets on this list offer such control, Coin.Space requires no authorization from the wallet for transactions or for any other thing related to your wallet. You are the sole owner and also solely responsible for anything and everything that happens to your wallet.
- Allows TOR:- You can use TOR to access Coin.Space.
- Independent Wallet:- Once you signup and start using the wallet, the wallet starts acting as an independent entity, meaning the Coin.Space team can’t track your account activities, transactions or anything even if they wanted to.
- Search Options:- Coin.Space has an inbuilt search function which let’s you know any nearby business or individuals who accept Bitcoin payments.
- Masterkey Granted:- Coin.Space makes sure that you get your money regardless of the existence of Coin.space. So if ever Coin.space was to go down and out of existence, you’d still get your Bitcoins by the use of a master-key (12-digit passphrase) which will let you recover your Bitcoins.
You may like: What is Bitcoin and How does Bitcoin work?
Coinbase without doubt is one of the most popular and best Bitcoin wallets available. Despite not being the “most” secure wallet, it still is one of the most secure choices compared to the hundreds of those so-called good for nothing wallets.
Making sure your money stays “your’ with features like Cold storage, 3-key architecture, insurances policy and Multi-sig wallets, it’s impossible for you to lose your funds with them.
Coinbase Bitcoin Wallet Features:
- Secure, Cold Storage:- More than 98% of your funds aren’t stored online, instead in an offline facility termed as cold-storage. Only a day-to-day transaction sized amount (less than 2%) is kept online.
- Insurance Policy:– In case of a breach or shutdown of Coinbase, their insurance policy kicks in and guarantees the safety of your funds and you’ll totally get them back regardless of what happens to the company.
- MultiSig Wallet:- They allow you to create multi-signature wallets, where you can invite as many as 5 co-signors to control your funds.
- 3-key architecture:– Coinbase runs on a 3-key architecture, namely the “Coinbase key” which is stored by Coinbase, the Shared key which remains both with the user and Coinbase, and finally the User key which remains only with the wallet. This guarantees a lot of protection as well as control over your funds.
- 100% Control:– Coinbase never gets access to your “user-key” meaning you always are in complete control of your funds.
- Trustless layout:– You do not need to use Coinbase to send Bitcoins, instead you can do so without Coinbase with the help of your user-key and their open-source recovery tool.
- Two-factor Authentication:- It allows for two factor authentication on your wallets as well. (Nothing less can be expected from any wallet on this list of the best Bitcoin wallets.)
What I Didn’t Like:
It uses Centralized Validation for validating the transactions, meaning you need to completely trust the peers to verify the transactions without withholding, hiding, altering the transactions in any way.
c). Mobile Bitcoin Wallets
Mobile Wallets are wallets which can be accessed via Mobile devices, on platforms like Android, iOS, Windows, Blackberry etc.
Even the best Bitcoin Wallets for mobile have some mandatory pros and cons, which can’t be used against or for them because they’re universal to all mobile Bitcoin wallets, so I’ll just list them here once instead of repeating them for each wallet:
Universal Mobile Bitcoin Wallets Pros:
- Secure Environment:– Every mobile Bitcoin wallet is isolated to a mobile device, hence reducing the risk of the device being hacked from any outside source including a Virus, Malware, Trojan etc.
Universal Mobile Bitcoin Wallets Cons:
- No full-node Validation:– External Full-node software can’t be used with mobile devices, hence the maximum you can get is SPV validation for them. The problem is, SPV Validation relays some information to peers, which in turn can log your IP address and link-back to your real life identity. (It’s “almost” impossible and generally never happens, but is a possibility!)
A Wallet service from Green Address, so obviously the features and security-measures for both of these would be identical, and definitely impressive.
It also is the only mobile-wallet which supports TOR! Obviously other advanced features such as nLock time-transactions, paper backups, 2FA and spending limits are other fail-safes to keep your money safe.
Green Bits Bitcoin Wallet Features:
- Two Factor authentication:- Despite being a mobile Wallet, it supports 2-factor authentication, that’s what makes it one of the best Bitcoin wallets for you to use.
- Spending Limits:– You can assign a timely spending limit, meaning only the pre-set amount of funds can be spent In the pre-set time-frame. So even if you’re hacked, or your device is stolen, you won’t lose all of your funds. And it also keeps in check your own spending habits.
- Supports TOR:– This probably is the only Mobile-wallet in this list of the best Bitcoin wallets which supports TOR even on the mobile platform!
- MultiSignature Support:– It supports multi-signature as well, again something that made me place this at #1 on this best Bitcoin wallets list. So even if one of your signatories is compromised, your Bitcoins aren’t going anywhere.
- Paper Wallet Backups:- It allows you to make Paper wallet backups via BIP39 memonic codes.
- nLock time transactions:- In case the software or company collapses or is shut-down, you’ll still get your funds at a pre-set expiry date of your nLock time transactions.
- Supports hardware wallets including Keepkey, Trezor etc.
- SPV Validation:– It uses simplified validation; the max-secure validation available for mobile devices to validate transactions.
What I Didn’t Like:
This being the #1 contender for this best Bitcoin wallets for mobile devices, I can’t say there were any stones left unturned by Greenbit I could point a finger on.
The first-ever mobile Bitcoin wallet! So there are no doubts as to how secure the wallet will be.
It functions on “Zero-trust” vision, which as you’ll see is what makes it one of the most secure mobile Bitcoin wallets (arguably!)
Although it makes a clear and solid case with features such as Decentralized transactions, 100% privacy, and Bitcoin Network validation.
Bitcoin Wallet Features:
- 100% Privacy:– You do not need to register, Signup or reveal your real-life identity in anyway while using Bitcoin wallet.
- Uses Bitcoin Network for Validation:– Bitcoin wallet uses the Bitcoin Network along with SPV validation for validating your transactions. It’s not as secure as full-node obviously, but it’s definatly more secure compared to just SPV validations without the Bitcoin Network.
- Bluetooth Payment:– You can make payments using Bluetooth when you’re not connected to the Internet.
- Sweeping of Private keys is supported.
- 100% Control:– The funds are controlled solely by you, meaning Bitcoin Wallet or any other external third-party doesn’t have control over your funds or wallet.
- Decentralized:– It doesn’t use any central authority for peer recommendations, or transactions. (That’s where the “zero-trust” vision comes from!)
What I didn’t Like:
There is nothing to dislike among the existing features, just that inclusion of TOR support would’ve made Bitcoin wallet top this best Bitcoin wallets list!
As the name suggests, one of the best Bitcoin wallets for a mobile device, it gets us the maximum level of transaction security along with an extremely simple and easy to use interface.
Using SPV validations and mnemonic code for restorations in addition to emergency and destruction codes are just the tip of the ice-berg in comparison to what Simple bitcoin is capable of.
Simple Bitcoin Wallet Features:
- Memonic Code Restoration:- Mobile devices are prone to being lost or stolen more than a computer system, so Simple Bitcoin made sure that you get your wallet back with complete transaction history with the help of a simple Memonic Code.
- Made for Mobile:- Pointing it out specifically because mobile devices do not have the Hardware or Internet speed as good as computer systems, so if your wallet isn’t made as per mobile standards, it won’t be of much use. So Simple Bitcoins made sure that their wallet is extremely lightweight, and can function even on the slowest internet connections.
- Emergency lock and Destruction Code:- These are advanced protection features which help you protect your Bitcoin account in case you’re somehow forced to reveal your password.
- Full Control:– The wallet is independently yours, and there’s no way the company or anyone else can edit, change or modify funds or any other elements of your wallet.
- SPV Validation:- It’s not as secure as Full-node verification, but considering it’s a mobile platform that can’t be expected either, so as far as mobile wallets are concerned, this is the maximum security you’ll get.
- Open-Source:- The wallet codes are published on Github and can be verified by any individual or group personally.
What I Didn’t Like:
There aren’t any obvious red flags about it, but 2-factor authentication and TOR support could’ve made me place this at #1 in this best Bitcoin wallets list.
A direct link to Bitcoin network makes it one of the safest and most-secure wallets as far as transactions go. Then there’s features like recovery phrase and 100% control over your funds which should eliminate any remaining doubts (if you had any!)
- Directly Linked to Bitcoin Network:– Breadwallet uses a direct connection to the Bitcoin Network, hence eliminating the risk of any mid-way server being hacked. For you, it means your Bitcoins are pretty safe.
- Recovery Phrase:– A pre-set recovery phrase makes sure you can recover your BTC Funds and wallet even if you lose your wallet or mobile device.
- Built-in Hardware Encryption:– Breadwallet has embedded hardware encryption for added security.
- SPV Validation:- The maximum security validation for Mobile wallets is Simplified Validation, and that’s exactly what Breadwallet offers.
- 100% Control:– Your funds are totally yours, and no third-party can freeze or access your account under any circumstances.
- Strong Security Base:– The iOS version of Breadwallet makes use of the iOS security base, which means it’s almost impregnable against browser hijacking, malware or even physical mobile theft!
- Open Source.
What I Didn’t Like:
Support of TOR would’ve made things definitely better for us, which sadly isn’t the case with Breadwallet.
Decentralized and security rich features make AirBitz one of the best Bitcoin wallets you can trust.
They provide automatic backups, multiple wallets, Bluetooth payments, HD address rotation and 2FA to name just a few security measures which work hand-in-hand to keep your account as secure and private as possible.
AirBitz Bitcoin Wallet Features:
- Decentralized Validation:– It uses random servers to validate transactions. That makes sure that fresh peers are used rather than entrusting a central authority. It’s not as secure as Full-node, but it better than using centralized Validation.
- HD Address Rotation:– Hierarchical Deterministic address rotation ensures that you won’t be using the same address more than once.
- 100% Control:– You get full control over your wallet and neither Airbitz nor any other 3rd party has any access to it.
- Always Up:- By using Bitcoin nodes, it makes sure that even if Airbitz servers are down, your wallet keeps functioning normally for you.
- Bluetooth Payments supported as well!
- Spending Limits:– Allows you to setup spending limits for your accounts.
- Automatic Backups:– It automatically backs up your wallet to a P2P Cloud server, making sure you always can recover your data if lost.
- Multiple Wallets:– Setup multiple wallets within the same app, helps keep better track of funds.
- Automatic Partial Payment Detection:- It automatically detects if a payment has been partially paid, and creates a QR code for the remaining amount.
- Two-factor authentication: – Let’s you setup one-touch two factor authentications, meaning security with easy user-interface.
- Touch-ID login for iOS devices.
What I Didn’t Like:
AirBitz keeps an encrypted “wallet copy” on their servers. They do this to protect and help us recover funds, that’s all well and good but still if ever they are to be hacked, there’s a chance of a majority of us losing our funds as well as complete wallets.
Compatible With: iOS/Android
It too is a mobile-first wallet. Although it does bring with itself a slightly more complex interface than some other Mobile Wallets.
It also is a trading exchange and lets users trade Cryptocurrencies.
- In Built Marketplace: It boasts a feature which lets you connect to a large number of sellers, and buy/sell Bitcoins to/from them directly.
- Reputation Scales: Every successful trade earns reputation for users, the more reputed a user is the sooner he’s likely to get trades.
- HD Wallets: Hierarchical Deterministic wallets make sure that all future addresses are derived sequentially, preventing you from having to use the same addresses over and over again.
- BIT ID Authentication: This is something unique, it uses BIT ID to authenticate users rather than the traditional “password” authentications.
- Watch-only Wallets: You can login to the account, check funds and transactions but can’t spend any money from it when using the Watch-only mode. This ensures your account isn’t compromised when using less secure connections such as public WiFi.
- Hardware Wallet Integrations: It can be integrated with Hardware Wallets such as Trezor and Ledger.
- Single-Address Accounts: If you wish to use Mycelium as a Bank, simply for storing coins and not transactions it also lets you do that. Its single-address accounts are a lot more permanent, the private keys are deleted (as they won’t be used for a very long time) and can be imported back at a later time.
- Inbuilt-Secure chat: When finalizing trades with the other parties, the apps in-built chat feature is encrypted with your Bitcoin keys.
What I Didn’t Like:
The interface could be slightly improved.
These are the most secure kind of Wallets known to mankind so far; with the least (or practically none) chances of being hacked, also requiring least precautions as far as digital-firewalls go.
Most often they look like USB-sticks (although also available in different shapes and sizes), and let users “physically’ carry their Bitcoins with them.
The private keys are stored “inside” the USB-stick making sure they can’t be hacked or altered in anyway, newer sticks also make it impossible for hackers to physically rip the device apart and gain access to the secure chip inside.
These are “always offline”; even when connected to the Internet the private keys never leave the device and rather the transactions are signed on the device itself; letting you even connect them even to compromised systems
It’s one of the top-selling Hardware wallets in the industry, originally priced at USD $239 although can now be purchased for as low as USD $79.00 from the official KeepKey site.
- 4-Digit PIN: This is like the password for your KeepKey; it allows for a PIN upto 4 digits long, used to login to the wallet as well as to make payments.
- Extremely Easy UI: Even first-timers can use the Wallet with ease, only has three basic options – Send/ Receive/Transactions.
- Recovery Phrase: Nothing unique, just a feature which gives you 12 secret words during installation; the words can be used to recover the funds in case the wallet is lost/stolen/damaged.
- Secret Vault: It’s like a second wallet, inside your primary wallet, can only be accessed by using an extra word, in addition to the 12-word recovery phrase (pre-set by the user) along with the PIN.
- Isolated Environment: PIN Codes are displayed on the isolated KeepKey device and not the computer screen; also every transaction needs to be physically confirmed on the Hardware wallet making it impervious to software hacks.
- 40+ Coins Supported: All major currencies including Bitcoin, Ethereum, Litecoin, DASH, DOGE etc. are supported along with 46 ERC-20 tokens.
It also lets users exchange currencies right from the wallet using the Shape-shift integration.
Ledger Nano X
The Ledger Nano X is the latest new-born from Ledger, which can be pre-ordered for EUR 125.00 and is expected to ship this very month (March 2019).
The prime attraction being its “Bluetooth” support. It’s the only Hardware wallet in the industry to support Bluetooth; hence allowing users to make transactions and connect to their systems and even Mobile phones, obviously without using an USB-cable.
The bluetooth connection isn’t a security-risk according to the company; not even if the Bluetooth connection is hacked by a third party. The cable option is available as well for the extra cautious.
It does support the traditional security features which are:
- 24 word Recovery Phrase
- Physical authentication etc.
- Lets users install as many as 100 apps at a single time; and as all other Ledger wallets; supports over 1100 Crypto coins.
It even is moderately priced despite being one of the best Bitcoin wallets in the industry.
Trezor is another Hardware Wallet which totally can be listed as one of the best Bitcoin wallets. They offer two models, the Trezor One, and the Trezor T. Both of which are similar in features and functionality, the Trezor T however boasts a faster processor and a touchscreen display.
It can be installed via Trezor Extension, Trezor Bridge, on an Android device or via Command-line. The Trezor One is currently priced at EUR 59.00 while the Trezor T Model is priced at EUR 149.00.
Primary Features of Trezor:
- Hidden Wallets: After activating the “Passphrase” feature, the user may generate new wallets simply by entering a new character after the mnemonic code, or access hidden wallets which can only be accessed by entering specific mnemonic+passphrase combinations.
- Absolutely Zero-Knowledge: I may be using the term in a broader sense, but the Trezor wallet or company doesn’t know of the Passphrase, only and only the user knows the address to this hidden wallet.
- 1000+ Cryptocurrency support: Almost all the major and popular (even unpopular) Cryptocurrencies are supported by Trezor.
- Use as 2-FA Authenticator: Trezor can be used to authenticate other accounts and devices.
- Multiple Accounts: Not necessarily “hidden”, you can have two visibly separate accounts for different sources/destinations of funds as well.
- Sign & Verify: Signing as well as verifying transactions is possible.
Obviously the other basic features such as Recovery phrase and PIN are available as well. The interaction (entering keys and numbers) on the Trezor wallet too is pretty “secure” and not vulnerable to attacks and malware.
How to choose your Bitcoin wallet
I know I’ve listed a number of wallets here. If this is your first time buying or storing Bitcoin, here’s how to choose your Bitcoin wallet:
- Hold period: Decide what your hold period is. If you’re going for “years”, it’s best to go with a hardware wallet. If it’s a few months or weeks, you should probably get a software wallet.
- Amount of funds: This pretty much decides everything. If you’re holding a few thousand $ worth of funds, even for a few weeks, you should probably consider the hardware wallets. If the funds aren’t a lot, you can hold them on Electrum or other software wallets even for years.
- Preferred device: Do you spend more time on a computer, or on a phone? It’s best though to get a phone version as these are generally simpler, more accessible and offer pretty much similar features to a software wallet. It’s best to avoid web wallets for as long as you can (unless you’ve got paper backups).
- Budget vs. Security: What’s your budget for a wallet? Most software and desktop wallets are free, but, they aren’t as secure. Hardware wallets cost a bit but are the most secure form of crypto storage.
- Advanced features: Watch-only wallets, in-built exchanges, buying Bitcoin with credit/ debit cards/ PayPal, fee-settings, Tor-compatibility etc. are some features which a few wallets offer while others don’t. It’s really a personal preference and you can make your pick accordingly.
Bottomline? Go with the Ledger for maximum security, Electrum for a balance between security & control.
Wrapping it Up:
That’s all I can pour out as far as this piece on the Best Bitcoin Wallets is concerned, I’ve tried my best to list out only the best, most secure wallets for you.
And with over 15 platforms in total, I doubt you’ll ever run out of options as far as fund storage is concerned.
Although even if these are the best Bitcoin wallets and are extremely secure by default, make sure you use more than one wallets and diversify your fund storage. This eliminates the risk of losing your funds 100% under any circumstances.
Must Read: Best Bitcoin Trading Platform 2017
Do let me know if this piece helped. If you think there’s any other app which should’ve made up to this list of the best Bitcoin wallets. If the reasons pan out, I’d love to include it over here as well!