Do you own bitcoins? Are you sure your bitcoins are safe from hackers?
Where are you storing your purchased bitcoins?
If your answer is “on the site from where I have purchased them” or “at a Bitcoin exchange”, you are jeopardizing the security of your bitcoin.
When you keep your bitcoins on online exchanges or websites from where you have purchased them, (ex: Coinbase, Coinsecure, BTCC), you don’t own your bitcoin. If these sites get hacked, or they decide to shut down the operation, you will lose your bitcoins.
You might say:
“Hey! Harsh, that doesn’t happen often!”
Yes, you are right!
However, such things have happened in the past.
- You should read about the famous Mt. Gox scandal.
If you don’t want to lose your bitcoins to another one of these scandals (or any other unfortunate circumstance), you should keep your bitcoins in a wallet that you own.
There are many kinds of Bitcoin wallets:
- Hardware wallets such as Ledger Wallets (I use this kind)
- Desktop-based wallets such as Bitcoin Core
- Mobile-based wallets (For Android or iOS)
- Offline wallets
In the coming days, I will share more about different types of cryptocurrency wallets, but for today, I’m sharing some of the best & most trusted Android OS-based Bitcoin wallets.
Two things which are common among the below-listed wallets:
You own the seed key & no one can spend these bitcoins without the PIN.
When you are setting up your wallet for the first time, it will display a 12 word seed, and you should note it down on a piece of paper & save it in a safe place.
- If you don’t own your private key, you don’t own the bitcoins.
Services like Coinbase and CoinMama own your private key. If you are looking to store bitcoins long term, you should use a cold storage method. (I will discuss cold storage in detail in another article.)
Even if you lose your phone at some point in the future, you can always recover your bitcoins using your seed word.
So without further delay, let’s look at top Bitcoin wallets for Android OS.
Best Android Bitcoin Wallets: 2017
I will be extending this list as new wallets start gaining traction, and remove any which aren’t staying updated.
Word of caution:
- It’s your responsibility to ensure your Android device is free of malware. Make sure you haven’t installed pirated apps or get-rich-quick-scheme kinds of apps from untrusted developers.
- Also, there are many scam wallets on the Google Play store & also on the iOS store. So don’t install new wallets without reading about them from a trusted source.
I have personally used these wallets for a significant amount of time before listing them here.
Also remember: When you download the app, make sure the app page is secure (https).
So, without further ado, here’s the list:
Before Mycelium, I used to store my bitcoins on exchanges. I always thought I would create a paper wallet for cold storage, but it took too much time & I procrastinated.
Once I learned about Mycelium from Reddit, I started using it & kept using it for about six months. This is one of the most popular Android Bitcoin wallets where you own the seed key. It also works with hardware wallets.
When you install it for the first time, you are given the option to restore your wallet from a seed key or create a new wallet. Select “Create a new wallet” & note down the seed key (12 words) on a piece of paper. Save that in a secure place.
Always remember: If you lose those 12 words, you will lose your bitcoins.
Mycelium also supports adding a PIN code to further secure your wallet if someone gets physical access to your device. The app also supports an address book, so you can store some contacts for issuing quick transactions.
Sending & receiving bitcoins is easy, and overall, this is one of the best Bitcoin wallets that you can use on your Android smartphone. If you are using a hardware wallet such as Keep Key or Trezor, Mycelium will also support this.
If you are looking for an Android wallet that supports multiple cryptocurrencies, Jaxx is an ideal choice. At the time of writing this exclusive wallet list (December 2016), Jaxx supports the following currencies:
- BTC- Bitcoin
- ETH- Ethereum
- DAO- The DAO
- DASH- Dash
- ETC – Ethereum Classic
- REP- Augur
- LTC- Litecoin
- ZEC- ZCash
This list will be updated as I explore & test out more wallets on my Android device. For now, if you wish to suggest some more wallets, let me know in the comments section below.
Looking for more options for Android Bitcoin wallets? Here are some other resources:
Here are a few more guides that you should read:
- Best Bitcoin Exchanges In The World To Buy/Sell Bitcoins
- How To Trade in Amazon Gift Cards for Bitcoins – Instantly
- How To Buy Bitcoins Instantly with PayPal [Best Methods]
Do let us know what methods you are using to store bitcoins for the long term. Looking forward to hearing your thoughts in the comments!
And don’t forget to share this post!