I am sure you have heard about Bitcoin by now.
And I’m also pretty confident that some of you might even own some bitcoins!!
But where are you keeping those bitcoins?
If that’s your answer, then you are putting the ownership of your bitcoins under serious risk!!
These services keep your Bitcoin private keys under their custody on your behalf. This is not a safe practice, as your Bitcoin private key is the only way to claim your bitcoins.
So now the question is, where should you keep your bitcoins?
Here at Coinsutra, we don’t write about things that we have not personally used.
Moreover, I think one needs to look for the following things when selecting a reliable Bitcoin wallet, irrespective of whether it is a software or a hardware wallet:
- Control private keys – A wallet where you own and control your keys.
- Backup & security features – Seed backup keys and pin codes.
- Developer community – Active development community for maintenance.
- Ease of use – Elegant UI for fast and easy use.
- Compatibility – Compatible on different operating systems.
Now that you know what to look for in a Bitcoin wallet, let’s check out the top 5 best Bitcoin wallets.
The Best Bitcoin Wallets: (Hardware, mobile & desktop)
Ledger Nano S is a hardware wallet from a French start-up.
It’s like a USB drive which connects to any USB port. It doesn’t have a battery and only starts up when plugged into a computer (or mobile device).
The Ledger doesn’t come with an anti-tampering sticker as its cryptographic procedure checks for the integrity of the instrument when powered on.
It also comes with an OLED screen and two side buttons for confirming transactions.
When you configure your Nano S as a new device, you need to set up your pin code in order to secure your wallet. After that, note down and store your 24-word recovery phrase. This recovery phrase can be used anytime to restore your bitcoins.
With this wallet, your private keys are stored offline, so you need not worry about the safety of your coins.
Nano S is also the cheapest multi-currency hardware wallet ($120).
The Ledger Nano S wallet supports the following major cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Dash (DASH)
- Dogecoin (DOGE)
- Zcash (ZEC)
- Ripple (XRP)
- Stratis (STRAT)
- Komodo (KMD)
- Expanse (EXP)
- Stealthcoin (XST)
- NEO (Works with NEON Wallet and supports GAS too)
- Bitcoin Gold & more…
Also, it is multi-currency wallet where you can store/manage more than 700 coins and ERC20 tokens all at once place. And you can see the list of all supported cryptocurrencies here.
Check out other supported currencies on Ledger here: Which Cryptocurrencies Are Supported By The Ledger Wallet?
Note: You should always use a hardware wallet when you have a lot of bitcoins or altcoins.
Watch this video by Coinsutra’s YouTube channel to learn how to set up your Ledger Nano S.
Presented by SatoshiLabs, a Czech Republic-based company, Trezor is the world’s first Bitcoin hardware wallet.
It is a small device with an OLED screen, which connects via a USB to your personal computer or phone. Its fundamental purpose is to store your private keys offline and sign transactions.
The initial setup is a bit different from the Ledger Nano S.
With Trezor, when you first connect it to your PC, it shows a nine-digit pin code on its OLED screen. You need to enter the same pin code by clicking on your corresponding PC screen. This code is generated randomly every time you connect Trezor and makes sure that even a tampered PC can’t get your pin.
After entering the pin, you will be asked to write your 24-word recovery seed. Again, you need to keep your recovery key safe because this is the only way you will be able to restore your bitcoins.
After that, using it is pretty similar to the Nano S.
Trezor now supports many cryptocurrencies:
- BTC – Bitcoin
- ETH/ETC – Ethereum/Ethereum Classic
- NMC – Namecoin
- LTC – Litecoin
- DOGE – Dogecoin
- ZEC – Zcash
- DASH – Dash
Update: Trezor now supports more than 600 cryptocurrencies/tokens for more details read: Which Cryptocoins Does Trezor Hardware Wallet Support?
Trezor can be used with apps such as TREZOR Wallet, Mycelium, and Multibit HD.
It is available now for Windows (version 7 and higher), OS X (version 10.8 and higher), and Linux. You can also use it with your Android devices.
It is available in 3 colors – white, gray, and black – and costs $110.
Atomic Wallet is a multi-currency custody free wallet that supports over 300 coins and tokens. This one is the first cryptocurrency wallet with decentralized cross-chain atomic swaps on board. Users can exchange Bitcoin, Litecoin and QTUM with no intermediaries. The team of Atomic Wallet plans to enable Ethereum for the swaps, as well.
Apart from that, Atomic Wallet provides a built-in regular exchange service for a range of cryptocurrencies, and an option to buy XRP, BTC, LTC and ETH with a bank card.
All these features are well crafted in one clear and comprehensive interface. You don’t need to verify your identity or register. You just download the wallet for your operating system, install it and start using. Currently, Atomic runs on a range of desktop operating systems, such as Windows-64 bit, MacOS. Linux, etc., and will be available for Android and iOS devices as well.
Like other non-custodial wallets, Atomic generates a mnemonic seed for your wallet and encodes private keys in your device. If you are about to store your crypto in Atomic, you must write it down and keep in a secure place, since the seed is shown only once and not sent via email.
The wallet supports private keys import, so you can move your funds from any other wallet to Atomic in a few clicks.
Interestingly, Atomic Wallet provides its interface for custom tokens, so anyone is able to add their custom tokens by importing a smart contact address. That’s a quite convenient option when it comes to ICO campaigns.
Regarding the latter, Atomic is planning to release its underlying ERC20 token by the end of 2018 and now is running a bounty program where everyone may participate before the public sale.
To sum up, Atomic Wallet seems to be a quite non-typical cryptocurrency project. In one place, you can manage 300+, exchange and buy some of them, try innovative Atomic Swaps, get access to custom tokens and participate in bounty. And all these features are performed in a non-custodial manner.
Exodus is a free to use, desktop-only wallet crafted by JP Richardson and Daniel Castagnoli in mid-2015.
It is the world’s first multi-cryptocurrency desktop wallet.
Simply looking at Exodus.io, you can tell that the company is putting a lot of effort into creating a good user experience.
No registration or identity verification is needed to start using Exodus. But you certainly need to take a backup of your seed key!
If you want to access and spend your funds, you are required to set a password.
While taking a backup of your seed key, it also asks for your email id for sending you a one-click link recovery feature. You can always use this email link along with your password to restore your Exodus wallet.
However, one thing to remember while using Exodus is that you can only take a backup of the seed key when you have some balance in your wallet.
I like using this wallet because a pie-chart at the center shows your entire token portfolio in one glance. The UI is very nice.
Exodus is the first desktop wallet to have ShapeShift built in for exchanging cryptocurrencies.
And if you need help, you can get personal support from the founders via email.
It is available on Mac, Linux, and Windows.
Jaxx is the world’s leading multi-asset digital wallet which stores both bitcoins and altcoins.
It currently supports 13 crypto coins and is an ideal choice for multi-cryptocurrency users.
With an active development team working at lightning speed, it’s also very reliable. Altcoins such as Monero, Tether, Ripple, and many more are on their development roadmap.
Jaxx provides a seamless, frictionless, and easy to use UI. It takes no email verifications, no onboarding, and no usernames/passwords to start using Jaxx.
It is an HD wallet which comes with a seed backup key feature. The seed key helps you in controlling and restoring your crypto assets in case your device is damaged or lost.
You can export your private keys, and import bitcoins or altcoins from paper wallets.
Jaxx also has ShapeShift.io integration for currency exchange, which makes it a natural choice for multi-currency lovers.
It is available now on iOS mobile/tablet, Chrome & Firefox Extensions, and MAC/Linux desktop versions.
Mycelium is one of my favorite Bitcoin wallets.
It is an open source and well-established Bitcoin wallet with an active developer community that is always innovating.
This is a frictionless tool for storing bitcoins, as it requires no email verifications, no onboarding, and no usernames/passwords to get started.
If you are new to Bitcoin, you will love Mycelium’s very easy to use UI.
Moreover, you control your Bitcoin private key and can always import it when you need to.
Mycelium is an HD wallet which provides you with a 12-word backup seed key which you should write down somewhere and keep safe. In case you damage or lose your device, this backup seed key will enable you to recover your bitcoins.
Mycelium is compatible with Ledger Nano S, KeepKey, Trezor, and also with paper wallets.
At present, Mycelium is available on Android and iOS platforms.
Always remember: If you lose those 12 words, you will lose your bitcoins.
The Best Ways To Store Bitcoin
|Name Of Wallet||Types Of Wallet||Rating|
|Ledger Nano S||Hardware Wallet||9/10|
It’s important to store Bitcoin away from an exchange. If you don’t do this, you risk losing all of your coins in an instant.
Luckily, you have many online and offline wallet options available to you.
If you want to learn about paper wallets, check out this article.
I hope this detailed article on the different types of Bitcoin wallets – including software, hardware, and desktop wallets – will help you in making the right choice for yourself.
Do let me know which bitcoin or altcoin wallet you are using in the comments section below.
And if you find this post useful, do share it with your friends on Facebook & Twitter!
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