The bitcoin wallet is thought to be the best place to store your bitcoin private keys. This wallet has its own unique and complex password which helps it protect from unauthorized access. It is controlled and accessed solely by its owner, as it is not distributed and shared like blockchain technology.
Let us discuss in detail some of the best wallets for Bitcoin.
Coinbase is the best wallet among all the wallets available for Bitcoin. This is a cryptocurrency exchange and not a personal wallet. It provides its users the facilities to deposit or withdraw bitcoin from their accounts. It does not allow the users to access the private keys of cryptocurrency held on the exchange. So it is a risky platform as the user’s coins could be hacked or lost anytime. The assets on Coinbase are not insured by SIPC.
This is an easy platform to buy, sell, and hold cryptocurrencies. It allows its users to connect to a U.S. bank account and easily transfer dollars. Here you can avail yourself of the facility to use a standalone Coinbase Wallet for mobile.
Trezor: Best for Hardware Wallet for Security
This is an excellent wallet in terms of security. It is a hardware wallet. You can store your coins offline too with this hardware wallet. You can connect it to your computer or smartphone also.
With its security feature, Trtezor also offers multi-factor authentication and supports more than 1,000 digital coins. The users can avail more advanced functions like support for more coins, a better screen and interface, and some other useful features with its Model T.
You should be very careful to save its recovery information like a password, PIN, and recovery seed, otherwise, You would lose your Bitcoins forever.
Ledger: Best Hardware Wallet for Durability
The Ledger Nano X and Ledger Nano S are also hardware wallets quite familiar for keeping your bitcoinevolution.org safe on an offline device. With its compact size of a USB flash drive, these devices easily connect to your phone or computer to store and access your digital holdings. The stainless steel covering outside the device makes it more durable and safe from dampness.
With its latest Ledger Live software, the users can easily check their balance, and send and receive currencies. This is an amazing wallet providing support to over 1,500 digital coins and tokens. With this software, you can even get the support of coin staking, where you can earn rewards based on your balance.
SoFi: Best for Beginners
SoFi is a brokerage platform and ideal for beginners. It is right to say that this wallet is not completely fit for the strict definition of a bitcoin wallet or cryptocurrency exchange, but it is very helpful for the users who want to invest to gain exposure to cryptocurrencies. Here you can not get the facility to deposit or withdraw cryptocurrency from their account, and do not have the same security as some other bitcoin wallets.
This is a very useful wallet as it acts as a financial company. It offers student and personal loans, the facility of credit cards, and other financial products. With its investment plan, you can buy, sell, and hold bitcoins and other cryptocurrencies.
Robinhood: Best for Free Buying and Selling
This is not a Bitcoin wallet but it is like a securities brokerage platform. This is best for the users who want to have exposure to cryptocurrency but it does not facilitate its users to deposit or withdraw bitcoin from their account. There is also an increased risk of losing your Bitcoin due to hacking.
Robinhood functions as both a wallet and an exchange like Coinbase. So you get everything in one place. But by using another wallet, you can not withdraw or transfer coins.
Although it is mostly used as a mobile wallet you can also use it with a desktop version, available on the web, too. And the thing which makes it stand apart is its free functions.
Mycelium: Best for Mobile
This is most popular for being a crypto wallet for Android and iOS devices. This wallet was introduced for people who are new to the Bitcoin system. It is the best option for experienced traders of cryptocurrency. Who easily manages the features like QR-code-based payments, offline storage, and control over your private keys.
Mycelium is a secure wallet for your Bitcoins and works well with hardware wallets.
Exodus: Best for Desktop
Exodus is a software wallet that works the best with your laptop or desktop computer. It also offers a mobile app version available. Here in this wallet, you will get an attractive user interface that puts many investor-focused tools in your hands.
Basically, it is a desktop-first wallet, which also integrates with Trezor wallets. It provides the facility to exchange and store coins both on your desktop or in the app. You can enjoy the support of more than 125 different digital assets, too.Exodus gives you a private key to access your bitcoins, as well as other useful security tools to keep your assets as safe as possible. Remember, though, that your private key is stored on your computer.
Photo by Worldspectrum from Pexels