Which Bitcoin Wallet is the best and why?
There are many Bitcoin wallets available let's take a look at the best of these.
Which Bitcoin wallet is the best and why?
In this new world of cryptocurrencies we require a wallet to hold Bitcoins. A bitcoin wallet is similar to a normal wallet but Bitcoin wallets are a place to store private keys that give Bitcoin users the right to use those coins. Every Bitcoin wallet comes with minimum two keys one of them is public and another one is private. In Bitcoin wallets, the wallets actually don’t hold any actual coins; those are stored on the blockchain. Bitcoin hardware wallets are highly secure as compared to software wallets.
A Bitcoin wallet must be compatible with different operating systems, it should have active development community for maintenance, elegant user interface and should seed backup keys and pin codes.
There are different types of Bitcoin wallets
Online wallets: A company stores your Bitcoins on their servers.
Example: Coinbase, Xapo
Software wallets: Wallet applications downloaded to your phone, computer or tab Example-Breadwallet wallet, Bitcoin Wallet
Hardware wallets: Something like a flash drive, with or without screen which stores very securely your keys.
Example: Ledger and Trezor.
Paper wallets: Store the private key with its QR code)on a physical paper, no hacking is possible. Example: Bitcoinpaperwallet.com
Here are some of the Best Bitcoin wallets-
Armory – This Bitcoin wallet which is highly secured these. It is one of the most recognized and reputed Bitcoin wallet. Armory is an open source Bitcoin wallet which includes multi-user support which means single wallet can have multiple users. It is the perfect wallet for advanced users, while rookie users might find it difficult to use. It even provides a backup mechanism. Armory provides three user modes, which are, Standard, Advanced and Developer. It is available for Macintosh, Windows, Ubuntu, and Linux.
Ledger Nano Wallet - Ledger nano is the smallest and the cheapest hardware Bitcoin wallet ($65) and is very user-friendly. You can store Bitcoins & other too in it. Ledger is French startup which specializes in building hardware Bitcoin wallets only. Besides Ledger Nano, it develops various hardware Bitcoin wallets such as Nano S and Ledger Blue. Ledger nano is a USB shaped hardware Bitcoin wallet which is highly secured. With ledger nano, there is no need to trust third-party websites as it lets you manage your private keys which are stored on a specialized hardware device.
Mycelium- It is one of the safest and semi-open sources Bitcoin wallets. Though its code is open to everyone it cannot be modified or redistributed. Mycelium is the highly recommended option as it is one of the safest options because the data is encrypted when sent over the network. It even lets you to backup your account. To increase the privacy, it PIN protect the Bitcoin wallet. The Mycelium wallet is easily available on both, Android as well as iOS.
Trezor- This Bitcoin wallet was one of the earliest wallets and it was introduced by the European startup called Satoshi Labs. It is a hardware wallet and it is best suited for beginners as it provides high security. They are even safe from hackers as Bitcoins are stored offline on a specialized device. It can be connected to your computer through USB.
Copay- Copay is an HD- wallet. Copay supports multiple personal and shared wallets and was developed by the Bitpay. It is secured with multiple signatures. It is a multiuser wallet, which means you can set-up a shared account that needs private keys from multiple people to confirm a transaction. It is the only Bitcoin wallet which is available on any computing platform such as, Google play, Windows, Macintosh, and Linux.
Other Bitcoin wallets are-
• BreadWallet • Airbitz • Bitcoin Wallet • GreenBits • Samourai Wallet. • Exodus
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