How to Choose a Bitcoin Wallet

The best Bitcoin wallet is the one that is most convenient to the user. The creators of numerous cryptocurrencies have taken care of both conservatives and people who do not accept anything but innovations.

The only task of Bitcoin wallet is to store information that should be available at any time. It should be able to protect data from hacker attacks and threats.

By design, Bitcoins are not stored in a particular bank or any other place. The secret digital key only allows access to transactions.

So, which wallet to choose?

First of all, it is necessary to decide which device is best for you to access your Bitcoins.

Mobile Wallets

Modern smartphones running popular operating systems like iOS and Android have plenty of wallet applications available at official stores. Popular applications include:

·        BitcoinWallet

·        - Mycelium

·        - Xapo

·        - Electrum

- BreadWallet

Their convenience lies in mobility - you can pay for the goods and transfer coins anywhere where there is access to the Internet. In some cases, you can make a transaction even with the help of NFC (near-field communication.)

Unlike the traditional desktop wallets, confirmations occur through trusted nodes, without the need to download hundreds of Megabytes.

Desktop Wallets

The size of desktop (software) wallets differs significantly from mobile wallets. Desktop wallets often should be synced with the whole blockchain and may weigh dozens of Gigabytes or more. Such full-fledged wallets are much safer than all other types of Bitcoin wallets. All information is stored on a home computer or server and in order to steal it, crooks need to apply a considerable amount of effort.

Which desktop Bitcoin wallet is better? There is no unanimous opinion here. Most often users choose:

·       - Bitcoin Core

·        - Armory

·        - Exodus

·       - Copay

·       - GreenAddress

There is a significant problem with desktop wallets. Users can permanently lose data and coins if the hard disk gets physically damaged.

Web Wallets

Online Bitcoin wallets are very convenient and can be compared to mobile wallets. You can access your savings from anywhere in the world. These wallets most closely reflect the spirit of freedom that the creators of Bitcoin put in their offspring.

There is a significant disadvantage of this convenience though. These online services have their owners who may access the treasures of their customers. If you do not own your private keys – you do not own Bitcoins. Be vigilant when working with online wallets.

The most popular web Bitcoin wallets are:

·       - BitGo

·       - Blockchain

·       - CoinBase

·       - SpectroCoin

·       - Coinapult

Hardware Wallets

This type of wallets usually looks like your next-gen USB stick. They are small and can be plugged into the desktop computer. Private keys are kept inside hardware wallets and once disconnected from a PC nobody can steal your money. Even if your hardware wallets get smashed or lost, you can retrieve all Bitcoins using the Mnemonic phrase. Leaders here are:

·       - Ledger Nano S

·       - Trezor

·       - Keepkey

·       - CoolWallet

·       - BitLox

One more interesting type of Bitcoin wallets is just paper. If you write down the secret key on paper, tear it to 50 pieces and keep those pieces in bank vaults in each of the 50 U.S. states, no attacker would ever be able to put his hands on your Bitcoins.

General security tips for all types of Bitcoin wallets look like this: create a really complicated password, make backup copies, go offline.

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Comments 2

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Apoorv Joshi on Tuesday, 27 February 2018 21:36

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CharlesDcruz on Thursday, 29 August 2019 23:39

How To Select A Bitcoin Wallet:

1. Control private keys: A wallet where you own and control your keys.

2. Backup & security features: Seed backup keys and pin codes.

3. Developer community: Active development community for maintenance.

4. Hot/Cold Wallet: Whether a wallet is a hot or cold wallet.

5. Ease of use: Elegant UI for fast and easy use.

6. Compatibility: Compatible with different operating systems.

7. HD Wallet: A wallet that generates new addresses itself.

8. KYC: A wallet that doesn’t require KYC

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0
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