Best Bitcoin Wallets: Expert Review
The right choice of Bitcoin wallet is one of the fundamental steps in storing cryptocurrency or performing crypto transactions. Today, there is a wide range of crypto wallets on the market. Some wallets are designed for long-term and secure storage of digital currency, while others – for private transactions and fast transfers but are not secure enough.
What Is Bitcoin Wallet?
Managing crypto resources involves the use of certain software. Such platforms are called crypto wallets, which are created for certain tasks or even a certain currency. The essence of a Bitcoin wallet is to allow the user to work with blockchain, as well as make transactions and transfers in this digital currency.
However, a feature of all Bitcoin wallets, regardless of their functions, is the presence of security keys. They are of two types: private and public keys.
A public key is a numeric or alphabetic string consisting of generated letters and numbers. Such a key is often called a wallet in a particular cryptocurrency and is used to receive transactions.
A private key is a security key consisting of a series of random numbers that are created based on cryptography. At its core, the private key of any Bitcoin wallet is a hexadecimal number that consists of 256 bits or 32 bytes. This type of key is created to sign in and complete a particular transaction.
The security level of a wallet depends on its type and is guaranteed by a chain of specific agents. Hacking one of the agents requires hacking the previous one, and so on. Moreover, hacking a wallet requires a powerful device to control the hacked agents. But, no one canceled data leakage in online cryptocurrency platforms that allow a user to store funds.
Best Bitcoin Wallet for Crypto Newcomers
Exodus is one of the best hot Bitcoin wallets. The main advantage of this wallet is not only the availability of a large number of cryptocurrencies for short-term storing but also the trading features.
Exodus designers wanted to create a handy wallet that could perform any transaction the average cryptocurrency user is interested in. This, according to their expectations, was to make the experience with crypto much easier and more enjoyable for those who are new to the field.
Moreover, the developers added an interesting feature of linking customers’ crypto assets to fiat currency. This not only allows a user to follow crypto market trends but also to manage the investments.
Omit security, this cryptocurrency storage platform is at an average level. Now, there is no two-factor authentication, which creates the highest possible level of security in hot wallets. This is why it is better not to store cryptocurrency on Exodus for a long time.
Exodus Pros & Cons
The advantages and disadvantages of this crypto wallet is a certain set of features that create the first impression among users.
Pros
- Quality customer support.
- Cryptocurrency trading and exchange function.
- Large selection of available cryptocurrencies.
- Easy to use.
- Convenient and comfortable interface.
Cons
- A hot wallet that is vulnerable to cyberattacks.
- High cryptocurrency transaction fees.
Best Wallet for Bitcoin Users
The distinctive feature of Electrum is its ease of use. The interface is not overloaded with different colors, and the transaction menu consists of a couple of buttons. Moreover, the absence of various functions allows a user to carry out the transactions as much as possible. The blockchain is stored and updated on the company’s server, and the client interacts with it via special software for stationary and mobile devices.
Electrum Pros & Cons
Due to the rather small number of available features in Electrum, there is an impression of backwardness of this wallet. But this feature has a positive effect on other qualities.
Pros
- High processing speed of all crypto transactions.
- This wallet provides users with more tools to protect their accounts.
- The principle of cold storage of Bitcoin is at the heart of the wallet’s operation, which completely allows users to forget about cyberattacks.
- A large number of available languages for more comfortable use.
Cons
- No choice of cryptocurrency for transactions.
- Not the highest quality customer service.
- Outdated interface and lack of practical design.
Best Mobile Crypto Wallet
Trust Wallet is one of the most advanced multicurrency wallets in the world. First, it is designed to work from mobile devices. The development of Trust Wallet is a long process of improving work and security, the development of new services for its clients.
This wallet is suitable for operations as a hot wallet both for beginners and advanced users. Trust supports work with a large number of decentralized crypto exchanges and is a project that was bought by Binance. This allows selling and buying of the necessary cryptocurrency.
In terms of design, the interface is created at the highest level of quality and allows navigating among the services of this platform. Here a user cannot only exchange one cryptocurrency for another but also fund an account in fiat currency for further transactions.
Trust Wallet Pros & Cons
The features of this platform for storing cryptocurrency are in its modernity and constant improvements.
Pros
- A huge number of cryptocurrency and token transaction networks are available.
- Excellent adaptability to mobile devices.
- Two-factor authentication is available.
- Stacking a large number of cryptocurrencies is possible.
- High-quality support service.
Cons
- Not the highest level of security.
- No direct withdrawal in fiat currency is available.
Best Crypto Hardware Wallet
Ledger Nano X is a new hardware wallet developed based on the previous version of Ledger Nano S. This wallet serves for cold storage of cryptocurrency on a secure physical device without direct access to the Internet. Users store all private keys in the security module and do not move them to other servers. This makes this kind of Bitcoin storage the safest possible.
Ledger Nano X supports only 11 cryptocurrencies, but by installing additional software, their number increases. The main difference between Nano X and previous models is the ability to connect via Bluetooth. And this allows to control it from a cell phone, not just from a desktop computer.
Ledger Nano X Pros & Cons
A cold cryptocurrency storage wallet differs from all web wallets by its extremely high level of security, which negatively affects the speed of cryptocurrency transactions.
Pros
- High level of security due to independent data storage.
- Available to work with cryptocurrency, even from a mobile device.
- Large selection of cryptocurrency when installing additional software.
- Invulnerability to malware.
- Users’ private keys are on an independent service.
- The best option for long-term storage of digital assets.
Cons
- Low speed of transactions.
Best Crypto Wallet for a Large Number of Tokens
Trezor T is the most modern version of the appraisal crypto wallet from SatoshiLab company. The main difference from the previous versions is the improved interface, a huge number of available cryptocurrencies, and so on. And, thanks to the relatively large touch screen, the input is now carried out entirely through the device, so that no malicious programs can read it on the computer.
What is more, the security of assets is ensured by the fact that the hardware wallet is inherently impossible to hack. In addition, private keys are stored exclusively on an independent service.
The interface of the device is characterized by traditional design, which allows it to quickly find the necessary function. A user cannot just store a cryptocurrency here or send it to another wallet. Connecting to the Internet gives the access to exchange cryptocurrency for another.
Such a wallet is great for long-term cold storage of crypto assets, which is under the best protection.
Trezor T Pros & Cons
The features of this crypto wallet are due to the extremely high level of storage of its crypto assets.
Pros
- 1001 cryptocurrency available to store and conduct transactions.
- The highest level of security among all available wallets on the market.
- Full protection against malware.
- User-friendly interface.
- Ability to create a second account on the same device.
Cons
- Problems with conducting small transactions, as the wallet was created to work with a large amount of cryptocurrency.
- A small amount of memory to work with a large amount of blockchain.
Best Free Crypto Wallet
Mycelium is a free Bitcoin wallet that functions perfectly on cell phones. A large number of interesting features are offered to customers, as well as control over transaction fees.
An interface allows for the fast operation of crypto assets from an iOS and Android device. Moreover, the wallet is also compatible with Trezor and Ledger. This means the user can use this wallet even while using a standalone storage device.
If we are talking about wallet features, there are three groups to talk about: internal trading platform, accounts, and integration. The trading floor is integrated into the Mycelium Bitcoin Wallet itself.
Mycelium guarantees maximum privacy, stating that the only information they get from the chats is timestamps and encrypted text. When it comes to transactions, Mycelium only sees general information. However, this type of wallet security cannot be better than any appraised cryptocurrency storage platform.
Mycelium Pros & Cons
This free Bitcoin storage wallet is the right option for many requests.
Pros
- Fast connectivity, allowing for the fastest possible transactions.
- The wallet is free for users, and fees are at the lowest level.
- It is possible to create many accounts.
- Pretty high level of security for web wallet.
- Works great on mobile devices.
Cons
- There is no computer version.
- Only Bitcoin is available for transactions.
A user should choose a wallet based on digital needs. If, for example, a user wants to store a large amount of cryptocurrency, then it is better to choose a hardware solution. If a user wants to carry out some operations or explore the possibilities, then Trust Wallet or Mycelium wallets suit everyone. However, when choosing any wallet should be paid attention to safety. What level of security does the company offer, and so on. Most cryptocurrency wallets are available to all users for free and allow them to conduct transactions with a huge number of cryptocurrencies.