Things aren’t looking so hot for Bitcoin at the time of writing, as the crypto market weathers the “crypto winter.” Still, if you’re investing in Bitcoin, it’s essential to take the proper security precautions.
A Bitcoin wallet is a storage medium that safeguards the codes and private keys required to access and trade your BTC holdings.
There are a lot of Bitcoin wallets to choose from, making it difficult to figure out what the best BTC wallet is. So, to help new investors secure their Bitcoin, here is our guide to the seven best Bitcoin wallets.
MAKEUSE OF VIDEO OF THE DAY
What Are Bitcoin Wallets?
Bitcoin wallets hold the cryptographic keys required to access and transfer cryptocurrencies. These alphanumeric strings act as the password to your assets. In short, you can’t use your tokens if you lose the keys.
There are three main types of Bitcoin wallet:
- Hot Wallet: These are online storage and are usually associated with a third-party service or app. They make storing cryptographic keys easier and convenient. However, in case of a service breach or cyber theft, it’s unlikely that you’ll get back your keys, essentially losing all your assets.
- Cold wallets: These are storage devices that are not connected to the internet, reducing the attack surface on your assets. You can store your keys on a PC that is always offline, and it will function as cold storage. These are safer than most hot wallets but also make trading assets inconvenient.
- Hardware wallets: Devices that contain your crypto keys in a physical medium. One key benefit of a Bitcoin hardware wallet is that you can connect them to the internet on demand. It keeps the keys safe and increases usability.
Best Bitcoin Wallets for Crypto Holders in 2022
Are you looking for the best Bitcoin wallets to store your crypto? Here are seven picks that are worth a try.
Exodus is a hot wallet for Bitcoin and other cryptocurrencies. It supports more than 100 different cryptos and allows users to store, send, and receive currencies on the fly. Plus, one can easily exchange one crypto for another directly from the wallet. Sending or receiving cryptos is also effortless, thanks to the QR code option offered by this wallet.
Furthermore, Exodus now features a Trezor hardware wallet integration, making it easier to manage your Bitcoin through both BTC wallets. After enabling the Trezor Bridge in the Exodus desktop app, you can seamlessly transfer Bitcoin from your hot wallet to a cold wallet, securing your Bitcoin.
Moreover, you can install the app on Windows, Mac, Linux, Android, and iOS devices. This makes Exodus one of the best Bitcoin hot wallets for beginners.
Coinbase is a popular crypto exchange platform that offers a robust crypto wallet for free. The wallet is hot, meaning you’ll be saving your keys on the public web. It’s a highly secure wallet, though, and doesn’t require users to sign up. Plus, you can connect most major banks to your Coinbase wallet.
Although at the time of writing Coinbase is under serious pressure from the wider crypto market crash and pressure on its regular stock, the company is still making innovations to its wallet. In 2022, the company is set to integrate more DeFi features into the Coinbase wallet, though it’s still a great shout as a wallet for your Bitcoin. At least, if you want to buy and sell quickly, that is.
Unfortunately, Coinbase does not offer a native desktop client. You’ll need to use the web interface or the Coinbase mobile app to store your keys and manage your Bitcoin. Luckily, a Chrome extension is available for desktop users.
Mycelium is a mobile-only Bitcoin wallet targeted at beginners. It offers many exciting features and provides greater control over transaction fees. Moreover, it stores the crypto keys on the physical device, acting as a cold wallet. Don’t worry about losing your device, though. Mycelium’s robust backup method provides access to your tokens even when the device gets lost.
However, it only supports trading Bitcoin and Ethereum. So, it’s not a suitable option for investors who want to diversify their crypto assets.
The Nano X from Ledger is a hardware wallet for safeguarding cryptos at ease. It features a sleek design and offers up to eight hours of battery life. You can connect the wallet directly to your PC or smartphone and use it as cold storage. Moreover, the Bluetooth capability of this wallet makes it efficient for managing diverse portfolios.
The Ledger Live software provides access to the keys and apps stored on the device. It has an intuitive interface and makes exchanging assets easier. We highly recommend the Nano X if you’re looking for a solid hard wallet.
Electrum is a feature-rich Bitcoin wallet for advanced crypto traders. It’s free to use and offers both cold and cloud storage. It’s a highly secure service with an open-source codebase. It makes finding and patching bugs easier before any major escalation.
Plus, users can easily customize the transaction fees for their tokens. However, it doesn’t support any other currencies apart from Bitcoin. Overall, Electrum warrants a try for anyone looking for a safe and secure Bitcoin wallet.
The Trezor Model T is a great hardware wallet for storing cryptos and other digital assets. The design features a touch screen display and allows users to store and encrypt Bitcoin keys confidently. In addition, the U2F (Universal 2nd Factor) hardware token on the Model T helps strengthen access control and keeps intruders at bay.
Although feature-rich, the Trezor Model T is also quite expensive, even pricier than the Ledger Nano X. However, if the price is not an issue for you, the Trezor Model T might be the best hard wallet option for your portfolio.
Wasabi is a free and open-source Bitcoin wallet. It’s an open-source hot wallet with built-in Tor integration, support for three different CoinJoin transaction types (minimize costs, maximize speed, or maximize privacy), and several token control features. In mid-2022, Wasabi upgraded to Wasabi Wallet 2.0, featuring new login and wallet loading screens, a visual overhaul, and more privacy features than before.
Moreover, all network connections made from Wasabi go through multiple Tor bridges, making it suitable for privacy-focused users. Overall, it’s a great option for people who’re looking for a secure yet flexible Bitcoin wallet.
Wasabi offers native desktop clients for Windows, Mac OS, and Linux. So, you can use it on any of your devices at ease.
What’s the Best Bitcoin Wallet to Manage and Secure Your Cryptos?
Bitcoin wallets provide a safe and reliable way of managing your BTC.
No matter whether you’re a new investor or a seasoned expert, it’ll be impossible to manage your portfolio without a high-quality Bitcoin wallet. In terms of usage, hot wallets like Exodus and Coinbase are the most convenient. On the other hand, hardware storages provide greater security and keep your assets safe from various crypto attacks.