Cryptocurrency has become a quick, anonymous, secure, and convenient mode of payment for Internet users and rightfully so. Bitcoin is continuously making news headlines for breaking its own records of high valuation per unit.
However, for all its popularity, investors and even cryptocurrency enthusiasts still have some apprehensions about this “new” currency, or for that matter, any other well-performing crypto-currency. Online scams, fake wallets, ransomware, and viruses are only some of the threats that people have to be careful about with using Bitcoin. Listed below are the top Bitcoin wallets where you can store your cryptocurrency. We have included the popular wallet options used by people for all the common platforms.
Bitcoin Core
Desktop wallets are by far the most secure and advanced of Bitcoin storing option where the user has to first download and install the application on his/her desktop and then carry forward the transaction. Bitcoin core is the first e-wallet that gives you total control over all your public and private keys from one place. A bit complicated for a newbie, this software also requires a lot of storage space (about 65GB) as it records all the details of every transaction you perform. Investors can rest assured that all your money is in safe hands, as Bitcoin core offers the highest level of security.
Multi-bit
While Bitcoin core was the original cryptocurrency wallet option for desktop, there have been many that have followed suit. The most popular alternative to Bitcoin core is Multibit, a software that is immensely popular among the first-time users. A very robust and lightweight application, Multibit requires only 30MB storage space. Also, the program is a not as complicated as its predecessor. People who use Bitcoin on a regular basis will find Multibit especially useful and intuitive as it collects and stores all details of every transaction performed very systematically. Most people prefer Multibit with Keepkey (a hardware storage device we’ll talk about later in the article) where you can manually control all your keys.
Armory
Armory is your next best bet after Multibit and has been a well-known desktop cryptocurrency application among amateurs and professionals alike. Considered to be the only open-source wallet that comes with cold storage support and a multi-signature access option, Armory is what we call “the future of Bitcoin wallets”. Users can add various authorization options, passwords, and encryptions to their Bitcoin for greater security. Also, all your private keys are stored offline on your desktop, only people who know the physical location of your computer can then access those keys.
Mycelium
Desktop wallets though extremely secure aren’t as portable. People today need a more flexible and compact storage option for everyday use that they can carry around everywhere. What better places to store your Bitcoins than you’re smartphone!? Mycelium is one of the safest and most recommended options for storing Bitcoins. It boasts of a bank-level security and incorporates several layers of online and offline protections that keep your cryptocurrency out of the hacker’s hands. It allows you to create Hierarchical Deterministic wallets with private key detection features. Also, the “watch only” accounts are accessible only to a select few as they’re password protected.
Wirex
Wirex is another mobile-compatible Bitcoin storage option that is a lot more user-friendly than preceding application. The fully-functional cryptocurrency storage service provider stores your keys both online and offline. The software is extremely robust and intuitive, helping first-time users in adding and accessing their bitcoins without compromising on the security. Wirex can be used for both Android and IOS devices and allows a multi-signature access. This enables a 2-way authentication via both the Wirex application and your email making it difficult for a third-party to squeeze their way in.
Xapo
Xapo is an advanced and secure Bitcoin storage option used by many that combine the best of online and offline features. For instance, your Bitcoins are kept in cold storage, i.e., in a USB device or on paper. This way, only people who know the exact location of the storage device will have access to your Bitcoins. Another cool feature that users can avail here is the multi-signature authentication options; in this, the user can add several other passwords or encryptions to their Bitcoins. Also, you will be notified by the app and on your email in case anyone tries to log in to your account.
Blockchain.info
Online e-wallets are a practical option for people who use Bitcoin frequently. For starters, it is pretty flexible and quick. And secondly, online wallets are safe (but for the occasional threats from viruses and malware, nothing than a strong firewall can’t detect). Blockchain.info is one of the best virtual cryptocurrency options for users out there. It is user-friendly, compatible with almost all platforms and available in almost every country. Blockchain.info also has its own mobile application and desktop software that you can check out.
BitGo
With the failure of the big online cryptocurrency options such as MT Gox and BitFinex, users were pretty skeptical about the whole idea of keeping an e-wallet. All that changed with BitGo. It is an advanced, responsive and reliable platform that is considered a leader in blockchain security. BitGo is best for people who need instant or immediate Bitcoin transfers without having to compromise on security. In a normal Bitcoin wallet, it takes roughly an hour to complete a transaction. The zero-confirmation feature of BitGo saves you all that time and effort.
Green Address
Green Address is an intuitive e-wallet best recommended for all the paranoid users who have a habit of constantly logging in to their accounts checking their Bitcoin balance. Frequent logins and logouts from an account is not a healthy practice, especially on a public network. For you see, each time you log out and log in again, there’s a small gateway opened through which malicious malware can enter and infect your system. With Green Address you get the option of checking your Bitcoin account without having to log in every time.
KeepKey
Online wallets for all their flexibility also have a lot of disadvantages. They are a lot less secure, have a lot many threats looming in the background when compared to the other cryptocurrency options. It is best that you just store your Bitcoins in an external hardware device and carry it anywhere you want. KeepKey is one of the most popular and well-protected hardware storage devices where users have to manually approve each transaction that takes place from their account. This lessens the threat of unknown third-party hacking and stealing of Bitcoins considerably. We talked about Keepkey earlier; people can store their private keys that are pin-protected.
Trezor
Trezor is a compact, lightweight, and portable hardware storage device where people can store all their Bitcoins, private and public pins and protects them with passwords and pin codes. Trezor is used by many established entrepreneurs and Bitcoin leaders both online and offline. One of the biggest fears that people have against hardware wallets is that they’d accidentally lose it somewhere. Worry not, with Trezor, users get a disaster recovery system that ensures and detects your device against theft or loss. Your Bitcoins are also protected against virus attacks and malware infestations.
Ledger Nano
Ledger Nano is a small, inexpensive and smart option for first-time Bitcoin users who require a decent and reliable storage option. Here, you can manage and access all your private and public keys in one place and keep a password or pin to restrict unauthorized access. There are two variations to the device, one being hardware wallet (Ledger Nano) and the other being an Ether storage (Ledger Nano S). With Ledger Nano, you can keep track of all your transactions, check the Bitcoin balances and monitor any third-party access.
Bitcoin Paper Wallet
Paper wallets are by far the safest options for storing Bitcoins that included the physical buying and selling of Bitcoins on paper. However, there are no reliable storage options for paper, it can be destroyed, burnt, torn or otherwise lost. Also, there is no recovery of the information once you lose the paper Bitcoins. BitcoinPaper Wallet uses tamper-resistant print and a seemingly durable paper. You can even customise the design and layout of the Bitcoin paper, check out the additional security tips and add your own protection to the currency. bitcoin paper wallet also comes with a tutorial video that would guide you through the entire process.
Bottom Line
To a new Bitcoin user the entire setup might seem a bit daunting; however, it gets a lot easier once you’re familiar with the entire process. Remember, the security of your Bitcoin is ultimately your responsibility. We recommend you keep your Bitcoins on either hardware devices or on paper. For people using online mediums, we suggest you add several passwords, link your email accounts and also activate a powerful firewall for your device.