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Top Five Best Bitcoin Wallets

Bitcoin wallet

September 3, 2020 | 

JOHN K MWANIKI |  1 Comments| 



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Bitcoin's value is ever increasing. Its fast becoming mainstream, with many businesses accepting it. The upsurge comes with corresponding user uptake. The only worry is how to store the coins safely. 

The need for security has led to an increase in Bitcoin wallets. Several entities are offering crypto storage facilities. This article offers the best Bitcoin wallets to consider;

Types of Crypto Wallets 

1. Hardware wallets

These are the physical devices for storing Bitcoin. They are USB like, and users connect them to other gadgets through the Bluetooth and USB port.

Most of them come with corresponding software. The live software help in navigating through the different assets. 

They are the safest way to store cryptos.

2. Desktop wallets 

These are Bitcoin storage made to run on the computer operating systems. Most of them are safe to use. Still, you need in place security measures like anti-virus and malware software.

3. Paper wallets

A paper wallet involves printing private and public keys on a paper. You can then use it when transferring the coins. 

The paper wallet requires caution and technical know-how. 

It is also safe to use as it keeps the keys offline. The only concern is that not all wallets have the paper version. 

4. Mobile wallets 

Mobile wallets are some of the most used storage facilities. They are operational on Android iOS and other mobile device operating systems. They come with convenience as one can access them anytime. 

The only concern is susceptibility to loss of keys when the phone breaks or is lost. You should have a backup for the mobile wallets. 

5. Web wallets

These are online wallets accessible through the browsers. Some of these wallets come with hosting.
Non-hosted ones are the best option. They allow users to control their funds.

What to Look for When Choosing Crypto Wallets 

The variety of crypto wallets come with distinctive features. You need to look into various factors when choosing the wallet. The first factor is the backing of the keys. Bitcoin does not provide for any private key recovery means. It means a lost key is a lot of assets gone. The wallet should provide a safe backup for the key's retrieval. 

There are cases of more than one person operating a single wallet. For this, you need multi-signature support. It helps avoid unauthorized transactions. 

Security is the other important factor. You are better off with a wallet that provides two-factor authentication. 

The number of cryptos the wallet supports is also an important consideration. Most crypto owners tend to diversify investments. You need a wallet that comes with multi-currency support. 

A wallet that comes with both security and convenience is another consideration. One that majors more on security can be challenging to access. The one that's so easy to access may not be as secure. Look for a wallet that balances both functionalities. 

Top Five Bitcoin Wallets 

1. Coinbase – Best overall 

Coinbase is a multi-functional Bitcoin wallet. It comes with a variety of products for crypto investors. It is a trading platform, custodial accounts, and a reliable wallet for retail investors. The platform supports several coins.

The platform has one of the best-known cryptocurrency exchanges. It comes with a strong security record having no incidences of hacking. It is also easy to start operating. Users don't need any special requirements to start or operate the platform.

The only concern that comes with using the platform is the high cost of transactions. Still, it allows users to earn cryptos through ads and surveys. 

2. Ledger Nano X – Best for Security

The Ledger has built a reputation as one of the best Bitcoin wallets in the crypto world. Ledger Nano X is the second-generation hardware wallet from Ledger. It comes with some of the highest security features in the industry. 

The wallet comes in the form of a USB drive connected to a device via Bluetooth or USB. You can access your keys in any convenient device.

The Ledger provides live software with a user interface for managing the portfolio. It supports more than 1500 cryptocurrencies.

The live software offers an easy to use interface to manage them conveniently. 

There have been concerns about the vulnerability of Bluetooth connections. Still, the wallet hasn't faced any security issues over the same. 

3. Electrum – Best for Desktop

Electrum is one of the oldest Bitcoin wallets. The wallet was launched in 2011 and has kept high-security standards ever. It concentrates more on Bitcoin, allowing it to excel in it. It also comes with a simple user interface. 

Electrum is all about user convenience. It allows one to choose between the segwit and legacy Bitcoins. The wallet also allows the user to select the security levels. It supports both the standard and two-factor authentication access. 

The only concern that comes with Electrum is the lack of customer support. It means it is most suited for the advanced Bitcoin traders. 

4. ZenGo – Best for Mobile

ZenGo is a market disruptive Bitcoin wallet. It is a non-custodial wallet available in most android and iOS smartphones. 

The keyless wallet supports Bitcoin and other major cryptos. It also supports the purchase of the coins through Apple Pay and credit card. 

The wallet embodies both security and convenience. It stores keys in different servers for better security. It also provides personal cloud storage. This allows one to retrieve lost private key details. 

The platform also comes with reliable customer support. It is active in all the major social media platforms and through email or live chat.

5. SoFi – Best for Beginners 

SoFi is a simple crypto wallet that delivers where it matters. It is a product from a financial company with investing, lending, and banking facilities. That means assured security. 

It provides for a $1 minimum when opening an account. It also levies a 1.25% transaction cost of crypto purchase. The only concern with the account is the few cryptos supported. It supports only five significant cryptos. This is different from others like Ledger Nano X supporting thousands.

The lesser coins support is excellent for beginners. It helps them avoid confusion when managing different products. The wallet is easy to get started. It also comes with several financial tools for users.  

Bottom Line 

Choosing a Bitcoin wallet from the several available is quite daunting. You first have to understand the different types. Afterwards, you should have specific considerations to help set the other wallets apart. Use this list to help you settle on the best Bitcoin wallet

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batholomew brown
batholomew brown . I’m a bitcoin trader and the time I’m writing this blog I can’t find a single review about many bitcoin trading signal services and companies. I have lost lots of money testing them for over an year. I don’t want you to be scammed too.

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