What is BitCoin Wallet?
A Bitcoin wallet is a software program where Bitcoins are stored. Bitcoin wallets facilitate sending and receiving Bitcoins and gives ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; desktop, mobile, web and hardware are the four main types of wallets.
For sending/receiving/storing bitcoins, we need a wallet on the Bitcoin network, which is nothing but a place which stores our public address (a place to receive bitcoins) and a private address (to send/spend bitcoins).
So in short, the place where you have both your bitcoin address to receive bitcoins and the private key to send/spend bitcoins is called a Bitcoin wallet. In an even more simplified way, a wallet is a digital file which stores your bitcoins.
Bitcoin Address + Private Key == Bitcoin Wallet
Tips for securely storing your bitcoin
Always remember the following tips when storing bitcoin to help ensure the security of your crypto holdings:
- Enable two-factor authentication
- BackUp Your Wallet
- Double-check everything
- Consider offline storage
- Use a strong password
What to Look for in a Bitcoin Wallet
Few other criteria I looked into before selecting these Wallets as there are different types of Bitcoin wallet available in the market.
I think a Bitcoin wallet, irrespective of whether it is a software or a hardware wallet should fit in these things.
- Control private keys
- Simple interface
- Backup & security features
- Developer community
- Ease of use
- New address
Which Bitcoin wallet is the Safest?
The Ledger Nano S is the cheapest of the hardware wallets with a screen; it costs about ~$90. Ledger, one of the most well-known Bitcoin security companies, released the device in August 2016.
- High Rich features and security
- affordable price.
- To have successful transactions both buttons on the sides of the wallet at the same time for better security.
- Security issue – Recovery Phrase is not possible as passphrase support is not available as of now
TREZOR launched in August 2014 as the first Bitcoin hardware wallet, offering secure bitcoin storage plus the ability to spend with the convenience of a hot wallet. TREZOR is a small, thumb-sized device.
- GUI is very good.
- Designed with most powerful cryptography
- Not affordable for many people
KeepKey was released in September 2015 and was the second hardware Bitcoin wallet to offer a screen. The KeepKey’s larger screen gives it some extra security features that the Nano S and Trezor lack.
- Most compact hardware wallet option available for a traveller
- very good User interface with digital screen
- Very Expensive
4. ARCHOS Safe-T
ARCHOS Safe-T mini is the first hardware wallet coming from a listed company. They started from Trezor open-source code, and benefiting from their strong background in security and manufacturing and that is made in France and available for ~ 50€.
- Designed around a CryptoMemory, a chip dedicated to security that is used to store cryptographic keys and protect the PIN.
- Open-source and available on GitHub
- Allows recovering its content into a new device if lost or stolen, using a 24-word recovery seed.
- We can use passphrase to prevent wrench-attacks.
- Only supports main cryptocurrencies around 70%.
- compatibility with other cryptocurrencies.
This is one of the securest online wallets available, we highly recommend it to those that want to use an online wallet but worry about the security flaws that come alongside online wallets.
- More secured as it is a Multi-Signature Wallet
- Can be used on Mobile
- Not easy to access for less amount as it is difficult to access and less affordability.
Created by one of the biggest Bitcoin payment service providers, Bitpay, Copay is a great, secure alternative to storing your Bitcoins.
- More than one Signature is required for a transaction
- It is Open source
- Not User friendly
- Based on Multi-signature hard to use for everyone.
Electrum is a light weight Bitcoin wallet for Mac, Linux, and Windows. Electrum was created in November 2011. The main features of Electrum are: support for hardware wallets (such as TREZOR,
Ledger Nano and KeepKey), and secure Bitcoin storage using an offline computer. Electrum is a good option for both beginners and advanced users.
- Simple to Use and Good User Interface
- More secure and Reliable operates on only desktop
- Less features when compared to other Wallets
- More tedious process to store as it first stores in mBTC
Jaxx was started in 2014 and has quickly become one of the most popular mobile bitcoin wallets around.
However, it doesn’t only store bitcoin, as it also supports Bitcoin Cash, Ethereum and more than 50 other cryptocurrencies.
- Multi-platform and can be accessed across many different type of devices.
- More secured as Hackers cannot steal the coins stored on physical device.
- For any transaction we do it takes time to reflect when compared with other wallets.
- One drawback to be wary of, with reports in June 2017 revealing that a “vulnerability” in Jaxx had resulted in the theft of US$400,000 in customer funds.
Available on Windows, Mac and Linux operating systems, Exodus provides support for bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash and more than 20 other cryptocurrencies, and their future plan reveals that more digital currencies will soon be added.
- Awesome Dashboard Design
- Not only Popular coins it supports others like Litecoin, Dash etc
- Doesn’t support 2 Factor Authentication
- No Mobile App as Yet
You can send and receive bitcoins via email and buy and sell bitcoins directly from Coinbase.
Coinbase’s founders have a proven startup track record and have raised money from very prominent venture capitalists. This gives Coinbase a level of legitimacy unparalleled in the Bitcoin space.
They are also one of the only large Bitcoin companies to never suffer a major hack.
- Highest Security of all Wallets
- Has Biggest Exchanges
- You can Sell any Coins at Standard Price w/o exchange to $.
- Fees are very High even if we are selling to them
- Since it is online wallet more prone to attack when compared to Hardware wallet’s.
If you’re looking for a straightforward way to send and receive Bitcoin and store it on your phone, then this android application is a good alternative to the options above.
- Very User friendly and easy to Use
- Mobile App is supported.
- Not secured
- Extra fees are charged if purchasing from Mobile APP.
Technology is helpless to blunders regardless of how much security is improved. Loopholes can be found all over. Utilizing numerous diverse wallets for crypto funds have conveyed me to the end that despite the fact that some hardware and software wallets are to a great degree secure, they are not immaculate in any case.
Regardless of whether the product and gadget usefulness are 100% secure, there’s dependably a shot of human blunder.
While choosing a wallet choice for yourself, I’ll recommend you find out about every one of the alternatives independently, check their applications and sites and last however not the minimum, check their client surveys.
When you settle your alternative, invest your funds securely and safely, remembering the customary updates about the platform you utilize.