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Bitcoin Wallets Comparison: Which One Should You Get This 2019?
20 May 2019 14:47, UTC
By Denis Goncharenko
So you’ve decided it’s time to get into Bitcoin. That’s not surprising as Bitcoin is booming right now! Still you need to make sure that you find the right Bitcoin wallet so that you can do what you want to do and need to do.
Unlike a traditional wallet, Bitcoin wallets work a little differently. They don’t sit in your pocket, loaded down with cash, waiting for you to pull out a few dollars for a soda. Instead, they store transactions and other private information. And there are different types of Bitcoin wallets too. Knowing which type of Bitcoin wallet is right for you can be difficult. Below, we’ve highlighted three types of wallets that work for most people.
If none of those pique your interest though, we’ve even included a guide to help you find the best Bitcoin wallet for your needs.
Best Bitcoin Wallet For The Security Freak
Not everyone is worried about someone stealing what they’ve worked hard for — but that’s
not you! You know that there are malicious people out there looking to make a quick buck off of your hard work. Which is why you’ll settle for nothing but the best when it comes to security.
Which is why we recommend the Ledger Nano S cryptocurrency wallet. The Ledger Nano S is a hardware cryptocurrency wallet. And while it has only been around since 2014, it has proven to be one of the safest, most reliable cryptowallet options for anyone concerned with security.
Since it is a hardware-only cryptowallet, it is not connected to the internet and therefore is less prone to hacking. It also used a PIN that you will set to protect the device from unauthorized users. After you’ve created your PIN, you’ll receive a 24-word seed that will be used to create your private keys.
When you need to look at your cryptowallet contents, you’ll need to use the Ledger Live app which installs on your computer.
And finally, the Ledger Nano S supports 700+ coins including Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, Zcash and more.
Best Bitcoin Wallet With Online Access
An online wallet is the best option for someone looking for a more convenient way to access their cryptocurrencies. And one of the best wallets with online access is MyEtherWallet. While the name MyEtherWallet obviously means it was built for ETH, it also works with BTC.
As it is an online wallet, there are some security measures that need to be taken to protect your information. They offer several ways to verify your identity including a specialized mobile app, hardware passwords, keystore files, private keys, mnemonic phrases and a few other non-traditional options too.
As you can see in the screenshot below, the dashboard is clean, simple, and easy to read. You can keep track of all of your cryptocurrencies in real time including your Bitcoin value (as it’s related to the current Bitcoin price).
One downside to MyEtherWallet is that if you lose your private key, your coins are gone. For someone who wants the convenience of an online wallet, with a decent amount of security, the MyEtherWallet is a great option.
Best Bitcoin Wallet For Mobile Devices
And finally, for those who want to carry their wallets with them, we recommend the Bread wallet.
The Bread wallet is a simple wallet with a simple interface that is designed for the beginner and the expert alike. There is no registration and/or signup so your information is super-secure. And, your private keys are stored on your mobile device and are not uploaded to the Bread servers.
One thing that we want to point out is the fact that the Bread app does not use 2FA, but rather a PIN for security. While this is still a good protection method, we would have preferred a 2FA option.
When we think of wallets, we think of the traditional back-pocket wallet that a man carries. Well, the Bread wallet is probably the closest representation of that, giving you access to your cryptocurrencies anywhere you are, all in hands reach.
How To Determine The Best Cryptocurrency Wallet For You
While the above wallets are great recommendations, they may not be the perfect fit for you. To help you decide, we’ve put together a little guide to help you narrow down your search.
How Often Will You Need Access To Your Wallet?
If you are going to need access to your wallet frequently, then you’ll probably want to stick with an online wallet or a mobile wallet. Computer (desktop and/or laptop) wallets and hardware wallets aren’t as accessible when you are away from your home and/or office.
Will You Need Access To Your Wallet When You Aren’t At Home?
Forking off of the question above, having access to your wallet when you are home might be necessary. If so, you’ll need to make sure that you have an online option and/or a mobile option. Mobile wallets allow you to keep everything at your fingertips, whereas an online portal makes it accessible from any device.
How Many Different Currencies Will You Be Storing In Your Wallet?
While our focus today is on Bitcoin, some wallets do allow you to store other cryptocurrencies too. If you intend to work with multiple currencies, make sure that the wallet you are looking at can work with all of them. Some users like to use different wallets for each currency. There is some benefit to this, but it’s a lot of work and a lot of hassle for the casual user.
Does The Wallet You’re Considering Having Good Reviews?
If people aren’t talking good about the wallet you’re interested in, there’s a reason for it. Read through the reviews and don’t believe the “it won’t happen to me” lies that everyone seems to believe. Find a wallet that has plenty of good reviews and doesn’t have a history of being hacked.
Is The Wallet Secure?
What security implementations does the wallet you want use? Is it an online or an offline option? Does it require a strong password or can you get away with a normal password? Does it use 2FA or some other type of authentication to keep hackers away?
If you want to know if your online wallet offers 2FA, you can go to Two Factor Auth’s online portal and verify it for yourself.
Main Page of the Two Factor Auth (2FA) Online Portal
The more hoops you have to jump through, the better off you’ll be. No, it doesn’t make your experience easier, but it makes the hacker’s life more difficult (which is the point). Convenience generally meansyou’re an easier target to hack.
The top crypto wallets are the ones that provide you with the access that you need, where you need it, how you need to use it, while maintaining a strong level of security and protecting your private information.
The three options above are definitely some of the best cryptocurrency wallets available right now. But, if for some reason they don’t meet your needs, you have the guide to help lead you to the best wallet for you. Welcome to the world of cryptocurrencies and we hope you enjoy it as much as we do!
Image Source: Pixabay
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