Best Bitcoin Wallet – Bitcoin has acquired universal recognition and is becoming increasingly popular. Unlike stocks, you may withdraw your bitcoins out of cryptocurrency exchanges and keep them in an external wallet controlled by you. The best Bitcoin cryptocurrency wallets simplify the process (and sometimes even enjoyable) of safely storing and accessing your cryptocurrency holdings.
You may be seeking the best Bitcoin wallet if you want to acquire and hold Bitcoin or other cryptocurrencies. We examined a large number of Bitcoin wallets, focusing on price, user experience, supported coins, and other aspects. Continue reading to learn about some of the finest Bitcoin wallets currently available.
What is a Bitcoin Wallet?
Bitcoin Wallets are used to securely store bitcoins and other cryptocurrencies. With a Bitcoin cryptocurrency wallet, ONLY YOU have access to the confidential private keys and your crypto-assets, which makes them secure. When you keep your cryptocurrency on a third-party website or app, it becomes exposed to hackers, data leaks, and security breaches.
Moreover, you are not in control of the private keys of the wallet holding your bitcoin. A secure cryptocurrency wallet eliminates the risk of losing your bitcoins. With safety comes responsibility – it means that you should be careful while storing your wallet’s seed phrase, PIN, and other information which can help in recovering your funds. If this information gets into the hands of a malicious actor then your crypto-assets are likely to be stolen.
Best Bitcoin Wallets of 2021
Here is a quick rundown of the most popular Bitcoin BTC Wallets,
- Best Wallet for Advanced Bitcoin Users – Electrum
- Best Bitcoin Hardware Wallet – Trezor Model T
- Best Secure Wallet – Ledger Nano X
- Best Affordable BTC Wallet – Ledger Nano S
- Best Free Wallet for Beginners – Exodus
- Best for Smartphone Users – Mycelium
The Best Bitcoin Crypto Wallet – 2021 Reviews
Following up on our above list, here we have written a detailed review of each of the above wallets. Also, we have tried to justify our reasons as to why we think they are the best in their category.
Best Wallet for Advanced Bitcoin Users – Electrum Wallet Review
Electrum is open-source free software and it is one of the earliest Bitcoin BTC wallets. It has existed since around 2011, two years after the creation of Bitcoin, and has altered little since then. While the user interface and devotion to just Bitcoin are basic, this wallet excels at its core job.
Because of its extensive features, Electrum is likewise better suited for experienced users. Electrum is open-source free software. It lets users define customized transaction fees and gives users the choice of using classic Bitcoin or Segwit.
It also allows users to choose the amount of security they want to utilize. You can, for example, establish a regular wallet, a wallet with two-factor verification, or a multi-sig wallet. You may also add additional words to your seed phrase to make it longer.
We also recommend reading about the bitcoin mining software and bitcoin mixers to understand more about how to mine and secure BTC. You can also check out our article on the best bitcoin lending sites.
Electrum is ideal for the more sophisticated Bitcoin user who needs great security measures and customization options in a straightforward interface. Electrum was chosen because it is safe, open-source, and provides sophisticated functionality and choices.
Best Bitcoin Hardware Wallets – Trezor Model T Review
Trezor is a brand that is linked with cold wallet storage for cryptocurrency. Its Model T is the company’s 2nd generation of hardware wallets. The Model T has a touchscreen interface, which may be simpler for novices to operate than the buttons on their prior model.
The Trezor also features a MicroSD memory card slot, enabling you to securely encrypt the PIN as well as better secure your device from assaults.
The Trezor Model T is similar to the Ledger, except it allows users to use third-party exchanges such as Changelly and CoinSwitch straight from its internet interface. While this is really convenient, it does not justify the higher price tag.
The Trezor Model T, just like Ledger Nano X, includes a USB Type-C connection for connecting to your smartphone as well as desktop computer. The Trezor Model T now supports over 1,600 different coins. Because of the X’s Bluetooth connectivity (although the Ledger’s Bluetooth is optional), some believe the Model T to be somewhat more secured than the Ledger Nano X.
We picked Trezor as the best security hardware wallet because it has the most robust security features and a proven track record of any researched hardware wallet.
Best Secure Wallet – Ledger Nano X Review
The Ledger Nano X is the 2nd generation hardware wallet from Ledger, a French startup that was founded in 2014. The Ledger Nano S, the company’s initial cryptocurrency device, was among the first wallets that dominated the hardware wallet industry for several years.
The Nano X is designed to look like a USB drive and it connects to your device through USB or Bluetooth. This means you may use the wallet without a computer by connecting it to your iOS or Android mobile. It accepts over 1,800 different cryptocurrencies. This list grows year after year as the Cryptocurrency community requests support for their favorite cryptocurrencies.
While the device is indeed a cold storage hardware wallet, Ledger group has designed the Ledger Live software, which serves as a user interface for all of your assets. This allows users to install additional wallets for various cryptocurrencies to their machines and control their crypto holdings.
Ledger hardware wallets were and continue to be most prominent in the industry. Ledger Nano X also comes with a 1 USB-C to USB-A connection, allowing it to be linked to a desktop PC as well as a smartphone instead of Bluetooth.
The Ledger Nano X was chosen because it provides safe cold storage that connects to devices through Bluetooth or USB using the Ledger desktop PC or mobile software.
Best Affordable BTC Wallet – Ledger Nano S Review
The Ledger Nano S is Ledger’s first-generation hardware wallet, one of the very first hardware wallets ever built. The Nano S, for example, is compatible with over 1500 coins. Because the Nano S does not include a USB type-C connection, customers with more current smartphones may have problems connecting to your devices.
The Ledger Nano S is virtually the same as its replacement, the Nano X, with the exception of a few improvements. Both have accessibility to the Ledger Live application and support the same set of cryptos.
Unlike the Nano X, the Nano S lacks Bluetooth features and can only hold three apps at a time, as opposed to the 100 that the Nano X can store at the same time. The Nano S has just enough storage to create wallets for a restricted amount of coins at once. Their web guidance states that deleting one app in order to install another form of cryptocurrency would not impact your assets.
The erased wallet and the crypto contained within it can still be viewed on Ledger Live, however, the wallet will no longer be visible just on the Ledger device itself. This implies that if you want to transfer or receive funds to the wallet you removed, you may need to remove another wallet to create room.
That being said, at its current price point, the Ledger Nano S is an excellent wallet for individuals seeking to safely store their cryptocurrencies at a reasonable cost. It is also quite simple to be used with Ledger Live, thus making it an excellent solution for a novice looking for safe and straightforward storage for a few coins.
The Ledger Nano S was chosen because it provides a cheap and affordable entry point into cold storage hardware wallets for beginners.
Best Free Wallet for Beginners – Exodus Review
Exodus is a mobile and desktop PC wallet with a simple user interface and a built-in exchange. It is available on both Android and Apple iPhone devices. The option to shift between an increasing variety of cryptocurrencies is one of Exodus’ most popular features.
Exodus now supports swaps between more than 100 different cryptocurrencies. Because of its ease of use, this wallet is ideal for newcomers to the cryptocurrency sector. It also provides excellent assistance, which is a must for newcomers entering what many perceive to be a perplexing sector.
While it is ideal for beginners, more expert users may find certain functions lacking. First and foremost, Exodus is a closed proprietary software wallet. This contradicts the spirit of the Bitcoin and blockchain concepts and may raise security issues because the code is not available to the public. Instead, customers rely mostly on Exodus group to improve that the wallet’s security is impenetrable.
Exodus allows you to specify bespoke fees to keep expenses low, as well as the option of automatically establishing a charge to guarantee the transaction is completed fast. Exodus was chosen as the best app for beginners since it is free as well as includes strong customer service as well as optional cold storage support.
Best for Smartphone Users – Mycelium
Mycelium is indeed an open-source free Bitcoin wallet that is exclusively available for mobile devices. Mycelium now supports just Bitcoin, Ethereum, and ERC-20 tokens.
In some aspects, Mycelium is comparable to the Electrum wallet, with the exception that it is exclusively available on mobile devices, has a more modern user experience than Electrum, and includes a built-in exchange.
Mycelium, like Electrum, was an early wallet in the area. You can establish custom transaction fees, much as in Electrum, so you may select how long you’re prepared to wait for one transaction to be processed.
Mycelium also offers several unique features, like hardware wallet compatibility, which allows users to store their Bitcoin on an offline storage device even while utilizing Mycelium’s interface to view their holdings. Mycelium was chosen for mobile users since it allows you to set transaction costs and connects with a hardware wallet.
Bitcoin Wallet Related Information
If you are looking to purchase a crypto BTC wallet then you must have definitely come across some terms like paper, offline, cold, hot wallets, etc. So, let’s look into what they exactly mean,
What is a Desktop Bitcoin Wallet?
Desktop wallets are clients that may be downloaded in the form of a computer program. The interface connects you directly to your cryptocurrency. Desktop wallets can be vulnerable to hackers who employ malware, key loggers, and social engineering (e.g., phishing) to obtain access and corrupt the wallet.
What is a Mobile Bitcoin Wallet?
Using a mobile wallet like Mycelium or Trust Wallet, like desktop wallets, comes with its own set of dangers because the private keys are saved on the device. Smartphones, despite their ease of use and convenience, may be easily misplaced, stolen, or hacked. Many mobile phone users don’t consider device security in same way that they would consider PC security.
What is an Online Bitcoin Hot Wallet?
Online wallets like the one provided by Blockchain.com, which are accessible via the internet, keep your crypto transactions online, which are hosted on servers beyond your control. They may employ encryption, but they are still subject to hacking. All of the other (and less expensive) approaches of safeguarding Bitcoin have risks and weaknesses. Any crypto asset should be kept secure, and the easiest way to do it is with a hardware wallet.
What is an Offline Bitcoin Cold Wallet?
An Offline Cold Bitcoin Wallet simply means that your BTC funds are disconnected from the internet. The device that you use for storing Bitcoins will not be directly connected to the internet. Thus, the crypto assets are safe from hacks and security breaches. However, you should be careful while attaching USB drives to such a cold wallet.
What is a Paper Wallet?
This paper wallet is perhaps the most basic type of security, consisting of saving the public and private keys on a sheet of paper (or something similar) and keeping it in a secure area such as the family safe. This way of keeping your Bitcoin is highly prone to damage, being lost, ripped, faded, or being thrown out by accident.
Our Final Verdict on the Best Cryptocurrency Wallet
Bitcoin is scarce and it is one of the reasons why the BTC price is consistently rising. Bitcoin investors are seeking secure and safe ways to keep their cryptocurrency. Using just a hardware wallet is one of the greatest ways to keep Bitcoin safe. Each investor is responsible for the protection of their digital assets, and we hope that this guide to the top Bitcoin and cryptocurrency hardware wallets proved helpful.
With a plethora of Bitcoin wallets to select from, including a paper wallet with your public as well as private keys are written on it, you have a plethora of alternatives when it comes to determining the best Bitcoin wallet. There is a suitable solution for your cryptocurrency storage needs, whether you want an easy online wallet or an extremely secure hardware wallet.
What Happens If A Bitcoin Hardware Wallet Is Stolen?
In case your Bitcoin wallet gets stolen, most devices include numerous security features, such as a PIN, that make it impossible to access the device locally. Owners of Bitcoin who buy a hardware wallet must generate a secret backup key or recovery phrase. This is critical while configuring the device since users can recover and reclaim stored funds if a Bitcoin or cryptocurrency hardware wallet gets lost, stolen, or destroyed.
Why should I use a Hardware Wallet?
A hardware wallet is recommended for serious investors and crypto traders who want the greatest levels of security and trust. In an exchange breach, cybercriminals may target the private keys kept on a cryptocurrency trading platform. Using the latest hardware wallet creates a barrier between web devices and the asset being stored. Maintaining the private keys securely on a crypto wallet means that an attacker cannot hack the Bitcoin stored on the device.