To store your bitcoins, you would need a wallet. There are dozens of Best Bitcoin wallets available in the markets but one that suits you required your attention. We have done this research for you and came up with 12 best Bitcoin wallets in 2020 that have a good reputation in the bitcoin community in terms of security.
We have covered different kinds of bitcoin wallets depending on your needs and you can select one that is based on your requirements. These include hardware, desktop and mobile wallets with their positive as well as negative points.
Here is a list of 12 best bitcoin wallet in 2020
- Bitcoin Core
- Atomic Wallet
What is a Bitcoin Wallet
A bitcoin wallet is defined in simple terms as software or a secure place where you can store your bitcoins. From this, you also have access to send and receive the specified digital coins. But for these executions, it is necessary that the wallet must be connected with ledger called blockchain. The users have full control over it and act as the owner.
There are various kinds of wallets such as desktop, mobile, web and hardware wallets.
These types of wallets are popular for keeping digital assets off the internet. They are functional without having an active connection with the internet. One can easily store his cryptocurrency offline with full security.
These are considered very secure as there are fewer chances of hacking. These are further divided into hardware, paper, and brain wallets.
4 Best Bitcoin Hardware Wallets
These wallets have physical existence as these normally come in the form of flash drives. The private keys are stored in these flash drives. In order to use this, you have to connect these drives with your computer device through software that is built especially for hardware wallets.
Hardware wallets offer a greater extent of security and simple procedure to execute functions. The only drawback is that you have to carry it with yourself.
If you want to keep a large number of bitcoins then a hardware wallet is the best option for you. These can be bought online and you can get it at your home or workplace through shipping.
Here we suggest the best bitcoin hardware wallets based on the users’ reviews.
1 : Ledger
Ledger is offering three best bitcoin wallet products that include Ledger Nano S Ledger Nano X and Ledger Blue. Ledger Nano X is more updated than the former one. The noticeable features include Bluetooth connectivity and its support for a wide range of cryptocurrencies.
The Ledger Blue is a premium product that has a very large screen with a simple interface. It gives you feelings of advanced user experience.
The first step after the unboxing of Ledger is to set up a secure pin code. And then, you have to make a strong seed that will act as a password to your assets. These ledgers are physical devices and they are functional only when connected to a computer.
2 : TREZOR
TREZOR is another competitive company that is providing hardware wallets. It has also issued two types of wallets: one is TREZOR One and the other one is called TREZOR One T.
The difference between the two is the additional feature of the screen in TREZOR One T.
The distinguishing feature of TREZOR is that it has a very simple interface for new babies as well as for experts. It is also compatible with the desktop wallets. So there is no need to set up a pin code.
3 : KeepKey
It is one of the top famous hardware wallets besides Ledger and TREZOR. There is support for almost 40 different cryptocurrencies including bitcoins. KeepKey came into existence as a firm in 2015 by Darin Stanchfield with headquarters based in the US.
However, it comes in number three when ranked all types of hardware wallets. The KeepKey has a very sleek design and easy to use.
In order to set up the device, you have to download the KeepKey client from the internet and follow the instructions. The remarkable thing about KeepKey is that it is compatible with software wallets such as MyCelium and Electrum.
4 : CoolWallet
CoolWallet is a hardware wallet that seems like a credit card. The specialty of the CoolWallet is that it works by connecting it with your mobile phone.
If you want to send your Bitcoins to anyone, you will have to make a connection with your phone and then you will proceed to the next procedure. There is a small screen on the CoolWallet where you have to put seeds and passwords. It is also used for confirming your transactions.
In order to set up CoolWallet, you first have to download the compatible mobile application. However, its reputation is not very satisfactory.
4 Best Bitcoin Desktop Wallets
Bitcoin Desktop wallets mean you can keep your bitcoins on your computer drive using programs. These are called hot wallets since they are connected with the internet.
1 : Electrum
Thomas Voegtlin created Electrum in 2011 that shows it is one of the oldest competitors in the crypto markets. There are various changes occurs to make it more efficient and reliable since the date of inception.
It is the best wallet for desktop because it is basically designed for desktops though it is also available on mobiles. You have to download it on your computer in order to do further executions such as the storage of bitcoins.
There is no role of the server at all as the server does not store users’ accounts and other sensitive information. It also supports hardware wallets such as Ledger and TREZOR. Based on the users’ reviews it is considered as the most favorable and best wallet in the crypto markets.
The UI is a bit complex for new babies but once one is familiar with it there will be no problem at all. It is available for:
- Mac OS
2 : Exodus
Exodus was founded was created by JP Richardson and Daniel Castagnoli in 2015. Exodus is not just for storing bitcoins but on the hands, it is a multi-asset wallet.
The UI is very interactive for new beginners as well as for experts. It is a lite wallet that means you don’t need to download the whole blockchain data. You can store more than 100 digital assets on Exodus along with Bitcoins.
The online support is functional and you can ask any query by going into this section. It is very interesting that Exodus is automatically locked up after a certain period of time.
It is recommended that do not store bitcoins in large numbers because it is not an open-source platform. You can lose your assets if any kind of malicious attack damages your software. Exodus is available for:
3 : Bitcoin Core
Unlike others, Bitcoin Core is a full node wallet that means you have to install the full blockchain data along with the software. So you don’t have to rely on a computer network for the execution of transactions.
To store blockchain data, there is a need for specified space on your hard drive that is almost 200GB. It is only designed to store, send and receive bitcoins. It is criticized for its limitation to store digital coins but it is the best platform for Bitcoins.
It is integrated with Tor for hiding the IP address of the users when making transactions. There is a high level of security wall for making ongoing and outgoing transactions. It is available for the following operating systems:
- Mac OS
- Linux (tgz)
- ARM Linux
- Linux (Snap Store)
4 : Atomic Wallet
Atomic wallet is a multicurrency platform that has support for a wide range of digital currencies (about 300) including Bitcoin. Atomic Swap is operational means you can exchange cryptocurrencies without any aid of crypto exchange. It is a non-custodial wallet and the fees are variable depending on the services.
There are following steps to make Atomic wallet functional on your desktop:
- Install Atomic Wallet from the given website.
- Create a secure password for it.
- Save the seed in a secure place.
- That’s all, start using it.
It is available for the following operating systems:
- Mac OS
4 Best Bitcoin Mobile Wallets
Bitcoin Mobile wallets are best when comes to the question of handling. As you can always keep your mobiles so the wallets are with you all the time. However, mobile wallets are less secure than desktop and hardware wallets.
1 : Edge
Edge was founded in 2014 and its headquarters are based in San Diego, California. Edge is designed especially for mobile phones and is available for both iOS and Android. It is not just a wallet but you can buy, sell and exchange the cryptocurrency which makes it more prominent than others.
It does not allow its users to save the seed phrase but instead directs them to create a username with a password.
The two-factor authentication is very necessary because one who has your username and password can easily access your assets. You can also buy gift cards for websites through Bitrefill.
There is complete anonymity as the server of the firm does not store any information about users. You can enjoy the services of exchanges such as ShapeShift, ChangeNow, and Changelly within the application of Edge. You can enjoy more than one feature on Edge and it is equally friendly for both new babies and experts due to its interactive UI.
2 : Coinomi
Coinomi came into existence in 2014 under the supervision of George Kimionis. It is non-custodial as it saves the private keys on your device. Strong layer of encryption will prevent your funds from any kind of malicious attack. The fees are very low as compared to other wallets and execute faster transactions.
Coinomi is not open-source software like many other wallets but its privacy is very strongly sealed. Coinomi supports more than 125 cryptocurrencies and one can also easily exchange digital assets. It has a simple and friendly interface that makes the whole process very easy for newcomers.
However, some complaints have been filed by users in terms of security. But now Coinomi claimed that it is totally secure and there is no threat to the privacy of its users. It is filtered from transaction tracking and identity linking.
3 : BRD
BRD is one of the simplest mobile wallets in the crypto markets. It is available for both iOS and Android. You can start using it after installing it because there is no need for registration. It was previously known as BreadWallet and founded in 2015 by Adam Traidman and Aaron Voisine.
Purchasing of digital gold with it is somewhat expensive as the charges are almost 7.5%. However, there are no customized charges at all. There are very limited numbers of digital assets that are listed on BRD but it is the best wallet for BTC.
BRD is listed as secure because it is an open-source application and the users have an inclination towards open source services.
4 : Mycelium
By using Mycelium you can send, receive and trade bitcoins through mobile phones. It is specially designed for bitcoin and no other cryptocurrency is working on it. It is very credible when comes to the question of its security level. It is sealed with HD security and backup options to save your sensitive information like private keys.
There are following five kinds of accounts you can create on Mycelium:
- Watch Only Account
- Single Address Account
- Hardware for cold storage
- Bit ID
It is an open-source wallet with a strong company reputation among BTC users. It is also compatible with various physical wallets such as TREZOR and Ledger. It is not for those people who are seeking 2-factor authentication. Its support section for answering queries is not very operative as the majority of users have the very same issue.
As the name suggests these types of wallets are just a piece of paper. On paper, the sensitive information is written such as seed phrase or private key. It is recommended that more than one copy should be created so that your important information will be saved in case of paper damage.
It is risky because one who can steal paper can steal your bitcoins. You must have the paper in front of you when sending or receiving BTC.
The private key on paper wallets are coded in different format called Wallet Import Format (WIF).You should be careful when copying the data from computer on papers.
With Brain Wallet, one can easily create his favorite private key out of given words. In other words, you select a private key by your choice instead of randomly chosen. The main defect of brain wallets is that there are high chances of stealing or hacking.
To create brain wallet, you just need to create a passphrase and save it in a secure place. The level of security to protect your bitcoins is dependent on the complexity of your created passphrase.
It is recommended that you should use software to create a difficult passphrase for you because human-created are predictable and you might lose your BTC.
We have successfully covered 12 best Bitcoin Wallets for you. These reviews are based on our own research work. We recommend that you should do your own research before choosing any wallet. If you have any queries or questions in your mind, please do inform us in the comment section.