What Is a Bitcoin Wallet?

A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins and give ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; There are the four main types of wallets.

  1. Desktop Wallets
  2. Web Wallets
  3. Mobile Wallets
  4. Hardware Wallets

Desktop Wallets:

Cryptocurrencies have become so popular today, thanks to its mesmerizing technological innovation. For an investor to trade in digital currencies, getting the best desktop wallets in 2020 is one of the pre-requisite. One cannot make transactions without a cryptocurrency wallet. A crypto wallet is like a bank account that can be utilized to send and receive digital currency. As digital wallets are not registered under the law of any country, so it is important to cautiously choose the cryptocurrency wallet for digitized transactions. While selecting the best desktop wallets crypto, it is advisable to choose a universal cryptocurrency wallet that supports more than one cryptocurrency.

1. Electrum

Let’s start with electrum wallet review. Did you know approx 10 percent of all bitcoin transactions occur on Electrum? This lightweight desktop bitcoin wallet supports multiple operating systems such as Windows, Mac, etc. It is integrated with premium hardware wallets such as TREZOR, KeepKey and Ledger Nano S. As a service provider, Electrum charges transaction fees, and the default fee is a flat rate of 0.2 mBTC. It is not ideal for beginners and only supports bitcoin.

Download Electrum wallet

2. Exodus

It is criminal to talk about desktop crypto wallets without mentioning Exodus wallet.

Exodus, a Bitcoin and altcoin wallet, is a creative masterpiece crafted by JP Richardson and Daniel Castagnoli in mid-2015.

It is a desktop-only wallet that supports Bitcoin and many altcoins (precisely more than 30 cryptocurrencies & tokens).

On the first look, you will find that a lot of work has gone in making it really user-friendly and I specifically love this self-hosted crypto wallet.

I have been using this wallet from the day I entered the crypto world. Ever since the wallet has grown leaps and bounds in its UI and also it’s behind the scene technology.

Another good thing is that you do not need any registration or KYC check to be able to use this wallet but you certainly need to spare your email ID to backup your seed.

Recommended For: Intermediate & advanced users

Supported Operating System: Windows, Mac OSX, Linux

Custom Fee Feature: Yes

Cost: Free

Segwit Enabled: Yes, bc1 formate

Download Exodus Wallet

3. MultiBit HD

MultiBit HD is a lightweight and easy to use desktop wallet. This easy to install wallet quickly synchronizes with the network and is ready to use in minutes. It offers multi-lingual support and has always been the top choice for non-technical users. Though it offers decentralized verification, good privacy, and basic Transparency, its major con is that it operates in a vulnerable environment.

Download MultiBit HD wallet

4. Bitcoin Armory

Bitcoin Armory is another old and tested Bitcoin wallet for all desktop platforms.

If you understand it well you can set it up for cold storage, which means your bitcoins will be stored securely offline and out of reach from hackers.

Download Bitcoin Armory Wallet

5. Bitcoin Core

Bitcoin Core is a Bitcoin full node wallet. This means it downloaded the entire Bitcoin blockchain.

It is the most private Bitcoin wallet although it takes patience and quite some time to setup.

Download Bitcoin Core Wallet

Web Wallets:

There are a lot of digital wallets from which to choose for storing your bitcoin. However, if you’re new to bitcoin, then you might not know where to start. One option many users like is the online wallet.

An online wallet is also known as a web wallet, which means you can access it through your web browser, in much the same way you would visit a website. Of course, since web wallets reside online, they are more vulnerable to theft or cyber attacks than hardware wallets.

There are several bitcoin online web wallets, which is why we’ve done the hard work for you. Listed here are our choices for the best bitcoin online web wallets. We’ve rated each wallet on a scale of 1 to 5 using categories such as the number of digital assets supported, ease of use, security, years in business, and additional features.

1. CoinBase:

Some people argue that Coinbase is an exchange, which is true, but it also provides its users with online wallets for their bitcoin and altcoins. Sending and receiving bitcoin is easy on the Coinbase platform. With the convenience of Coinbase, users can buy and sell bitcoin right from their wallet. This is especially nice since you can link your bank account or debit or credit card to make things even simpler. One great feature about Coinbase is that it guarantees your funds, as the wallet insures 100% of your crypto holds.

Signup to CoinBase Account here

2. Blockchain.info:

It has been around since 2011. This popular online bitcoin wallet boasts over 23 million user accounts and has performed over 100 million transactions. You can seamlessly and easily store, transact, and exchange bitcoin with the Blockchain.info wallet.

Signup to Blockchain.info Account here

3. CoinPayments:

This is a cloud wallet solution that offers an easy way to integrate a checkout system for numerous cryptocurrencies. Its website offers payment solutions for multiple crypto-currencies such as bitcoin and litecoin. The company also provides various shopping cart plugins, as well as custom payment solutions and an array of merchant tools.

Coinpayments was founded in 2013 and is based in Vancouver, Canada.

Signup to CoinPayments Account here

4. GreenAddress:

Choose GreenAddress bitcoin wallet to take control of your digital currency securely and conveniently.

GreenAddress strikes a fine balance between convenience and security while delivering a highly ambitious bitcoin wallet. As the following discussion illustrates, GreenAddress is a powerful bitcoin wallet built for experienced users.

Signup to GreenAddress Account here

5. Binance:

This website makes it simple to buy, sell,trade and Store cryptocurrencies. Buy Bitcoin instantly with credit card, or trade spot & margin on the world’s leading cryptocurrency exchange!

Store and send hundreds of digital assets securely with the secure in-app crypto wallet. Whether you need a Bitcoin wallet or Ethereum wallet, your funds are protected with world-class security and fraud detection systems. Plus, Binance offers the SAFU insurance fund for free to all users.

Signup to Binance Account here

And there are many more wallets to store but as per my view these are safe Web Wallets

Mobile Wallets:

Bitcoin Android wallets are apps that allow you to store, send and receive your Bitcoin from your Android device. While using a mobile wallet allows you to make payments quickly and easily,  mobile wallets are constantly connected to the Internet (i.e. hot wallets), and this makes them more vulnerable to attacks.

Moreover, mobile devices tend to get lost, broken or stolen quite often, so extra steps are required to secure your coins when using a mobile Android wallet.

1. Xapo:

Xapo combines the convenience of an everyday bitcoin wallet with the security of a deep cold storage vault. Xapo was founded with the aim of making the bitcoin currency more secure and accessible. The Xapo Wallet operates through a mobile app and online and includes the ability to transfer funds to and from the Xapo Vault. In April 2014, Xapo introduced a debit card that links to the user’s Xapo Wallet and

will function like a standard debit card, except that it is backed by bitcoins instead of traditional currency.

Download Android   Download IOS

2. Coinomi:

Coinomi is a mobile wallet designed for storing multiple cryptocurrencies, including bitcoin and Ethereum. Robust privacy features and an intuitive user-interface make the Coinomi app a popular choice for Android users. Coinomi provides a secure storage platform with support for a wide variety of digital assets and a built-in exchange for fast and easy trading. The Coinomi wallet combines strong encryption technology with a user-friendly design that is easy to install and navigate.

Download Android   Download IOS

3. Mycelium:

The MyCelium wallet is one of the oldest and most popular Bitcoin wallets available. It was first released in 2013 as an Android app and was later ported to iOS as well.

Interestingly, the team behind MyCelium formed in 2008, before Bitcoin had been created and released. At that time they were a group of hardware engineers interested in a mesh networking project. After Bitcoin was released, they naturally shifted their efforts to the Bitcoin ecosystem.

Download Android   Download IOS

4. Edge:

Edge is a decentralized and secure mobile multicurrency wallet. Rebranded from Airbitz, the Edge Wallet provides true financial autonomy & privacy for its users. Neither Edge nor any 3rd party can access users’ funds or data within the Edge wallet. A clean, user-first interface solves many of the usability issues plaguing current wallet solutions

Download Android   Download IOS

5. Atomic Wallet:

Atomic is a universal cryptocurrency wallet that allows you to secure, buy, and exchange over 300 cryptocurrencies all from one interface.

Atomic Wallet is available on all major operating systems and available on mobile via iOS and Android.

Atomic Swaps — Use decentralized Atomic Swap to proceed with cross-chain exchange and avoid third party risks.

Security — Offers a self-custody security solution.

Multicurrency — Currently supports over 500 cryptocurrencies and tokens.

Purchase — Buy your favorite cryptocurrencies including Bitcoin, Litecoin, and Ethereum directly from within the wallet.

Download Android   Download IOS

Hardware Wallets: A hardware wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device.

They have major advantages over standard software wallets:

private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext

immune to computer viruses that steal from software wallets

can be used securely and interactively, private keys never need to touch potentially-vulnerable software

much of the time, the software is open source, allowing a user to validate the entire operation of the device

1. Ledger Nano S

The Ledger Nano S is built around a secure chip, ensuring the highest security to date. Protect your crypto assets with the most popular multi currency hardware wallet in the market. With Ledger Live, manage 25 coins & 1250+ ERC-20 tokens directly from your smartphone or your computer. You can manage more assets by connecting your device to external wallets.

Buy Ledger Nano S

2. Ledger Nano X

The next level hardware wallet: securely manage your crypto, anywhere you go. The Ledger Nano X combines ease-of-use and flexibility while ensuring the highest standard of crypto security.

When you own crypto, what you really own is a private key. You need to secure it to secure your funds. Ledger offers the best level of protection: your key remains protected in a certified secure chip

Install up to 100 applications on your Ledger Nano X among our list of 1250+ compatible coins: Bitcoin, Ethereum, XRP, EOS, Stellar … and many more.

Buy Ledger Nano X

3. Trezor One

The Trezor One by SatoshiLabs paved the way for the ever-growing hardware wallet industry. Launched in 2014, the original vaulting solution for cryptocurrency continues to be widely used today – in spite of the appearance of more modern alternatives.

For users that like to balance security with usability, the Trezor One’s small form factor and compatibility with a handful of desktop, browser, and mobile wallets make it a reliable everyday crypto wallet.

The web interface allows users to manage, send, and receive thousands of coins and tokens or to sign and verify messages. It doesn’t yet support multisig or native SegWit for Bitcoin transactions, but the Trezor One can be used with Electrum to get around these limitations.

When connecting the wallet to another device, users must enter their PIN to unlock it. The numbers are mapped to a grid on the Trezor, but masked on the other device’s screen. The device must be used in conjunction with the wallet for the user to input their PIN. This ensures that the computer, even if compromised, can’t gather any information from the wallet.

Nonetheless, because the Trezor One is more dependent on a secondary device for operations, it generates a 24-word seed phrase for greater security. Still, seeds of different lengths can be recovered on the device.

Another nice addition is the Trezor One’s usability as a password manager.

Buy Trezor One

4. Trezor T

The TREZOR Model-T is a second generation Bitcoin/Altcoin hardware wallet manufactured by SatoshiLabs. The TREZOR line debuted in 2014 with the TREZOR One (T-One) and has remained one of the most popular cryptocurrency cold storage solutions to date.

The footprint of the Model-T is similar to the T-One, with the biggest differentiator being the color touchscreen and lack of physical buttons. The Model-T’s firmware (dubbed TREZOR Core) was written from scratch to further optimize security. As with the T-One, this hardware wallet is designed to be used safely even on malware infected devices (although this is not recommended).

Buy Trezor T

5. KeepKey

KeepKey is a hardware wallet that secures bitcoin, bitcoin cash, ethereum, litecoin, dogecoin, dash and multiple erc-20 tokens. KeepKey works with the wallet software on your computer by taking over the management of private key generation, private key storage, and transaction signing.

Buy KeepKey