What is a Bitcoin Wallet? Which wallet stores the best BTC? Which wallet is reputable and safe? Today's article, VakaFx will also answer all of the above questions.
What is a Bitcoin wallet?
Bitcoin wallets are the place to store, send, and receive Bitcoin (BTC). In other words, Bitcoin Wallets contain private keys.
What is the private key?
The private key is confidential data that gives you access to a cryptocurrency wallet. In the case of Bitcoin coins, you can access the Bitcoin Wallet.
Therefore, you must keep your private key carefully and not disclose it to anyone else.
If someone else knows your private key, you could lose your BTC.
Why do you need a Bitcoin wallet?
A very popular saying in the cryptocurrency community is "Not your keys, not your bitcoin". So when you store bitcoins on exchanges, that number of BTC is not yours. You will lose everything if the exchange stops working.
In the past, there have been a lot of Bitcoin exchanges being shut down, so using a Bitcoin wallet is essential.
List of Top 9 Best Bitcoin Wallets 2020-2021
1. Trust Wallet
Trust Wallet has only appeared in late 2019 until now but is used by a lot of users because it is owned by Binance - one of the best exchanges today.
Do not confuse this Trustwallet wallet with the Trust exchange (Trust exchange is a scam exchange, also has a name called trust wallet).
You can download the Trust wallet for free. Trust wallets are rated as user friendly and the fee is also very cheap to send.
2. Atoken Wallet: Multi-function Wallet
Although just launched, the Atoken wallet development team aims at convenience and integrates a lot of interesting features.
In addition to storing coins, you can Stake on wallets as well as Swap for a very cheap cost. There are many airdrops taking place in your wallet and you can log in to your wallet daily to participate.
3. Coinbase: The Best Overall Wallet
Coinbase is one of the easiest places to buy, sell, and store cryptocurrencies if you live in the US or Europe.
With Coinbase, you can connect to a US bank account and easily deposit USD to buy Bitcoin or withdraw USD to a bank account.
The biggest advantage of Coinbase is its ease of use and extreme security.
4. Ledger Nano S: The Best Bitcoin Cold Wallet
Ledger Nano S is a cold wallet the size of a USB. This wallet has a simple, compact design, and it has an easy to use interface.
The device works through Ledger Live, a desktop application that allows interaction with the device.
According to the latest update, Ledger Nano S supports more than 1,100 different coins and tokens including Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Dogecoin, Zcash, Dash, as well as many ERC-20 tokens.
Nano S can interact with online wallets like MyEtherWallet, Mycelium, and Electrum. The special feature of Ledger Nano S is that it is the cheapest among hardware wallet devices, supports many coins, and is very safe against hackers.
5. Trezor
Trezor is not a full BTC buying and selling platform like Coinbase. Instead, it is simply a place to store your Bitcoin. Trezor is a physical device that plugs into your computer, tablet, or phone to access your money.
The Trezor wallet supports multiple currencies and acts as a password manager, two-factor authentication device, and other useful features. This wallet offers some safeguards against lost passwords and lost devices. The application supports the recovery process and allows you to create physical "cold memories" with a printed or handwritten key set.
6. Blockchain wallet: The Best Bitcoin Online Wallet
Blockchain is the technology that allows Bitcoin and other digital currencies to exist. Blockchain.com is an online wallet, but you cannot buy or sell directly through Blockchain. Because it is not a platform like an exchange, it is considered to be more secure than Coinbase.
7. Exodus: The best wallet for Desktop
Exodus is a software wallet like Electrum but easier to use. You can exchange coins through the app with ShapeShift in addition to storage
The special feature of this digital Bitcoin wallet is to keep others from being able to steal your Bitcoin.
Exodus includes private key encryption and other useful security tools that will also help you secure your account.
8. Mycelium: The best wallet for Mobile
Mycelium is a Bitcoin wallet for mobile devices only, with Android and iPhone versions.
Mycelium wallet is a bit more complicated to use than some other Bitcoin wallets but it is very secure.
9. Electrum: Bitcoin wallet for Desktop
Electrum is a software wallet, which means that your Bitcoin is stored in a collection of files on your laptop or desktop. It is currently available for Windows, Mac OS X, Linux, and Android.
Conclusion
Perhaps through this article you also know this you also understand what a Bitcoin wallet is and which wallet to choose, right? Many companies launch cryptocurrency storage applications and services in general and bitcoin storage in particular. So you will inevitably have too many options. This article will help you choose which wallet you should use for which case.
➤Learn more: Blockchain vs. Bitcoin: What's the Difference? Everything you need to know