Our Top 5 Bitcoin Wallets
In the crypto space, there is one question almost everyone has googled at some point. It’s the question that makes crypto beginners sit up all night, scrolling down multiple web pages searching for an answer. The question that has started a lot of Reddit and bitcointalk wars, and yet, has managed to stay open.
That question is, what is the best bitcoin wallet?
Luckily, we’ve learned a thing or two on the subject. In fact, we do know quite a lot, considering our team has built and continued improving one of the best crypto wallets on the modern market for mobile devices. As it happens, when you’re working on a project, you cannot help but watch what your competitors are up to. We have to admit, some of the top wallets for bitcoin have done an amazing job with their products, and it’s high time their work be praised!
But before we go on with our list of the best BTC wallets, we want to let you know that this article is based on our preferences, research, and experience, and has a lot of personal opinions.
Things to Consider
First of all, let’s outline the factors which determine a good bitcoin wallet.
Bitcoin HD wallets
Make sure the wallet you choose is an HD wallet, as it is a lot safer than its alternatives. HD wallets generate multiple public keys using one single seed (or ‘master key’). This system contributes to a higher level of anonymity and simplifies the backing up process.
We’ve said it before, and we’ll say it once again: the best Bitcoin wallets are always the client-side ones. The whole idea behind cryptocurrency is that people own their money. And giving away the private keys to your wallet providers and exchanges means that you let somebody else control your digital funds. Client-side wallets do not store your private keys on servers, you keep them on your own device. That being said, don’t forget that you’re the only person who’s responsible for your funds’ safety and don’t take it lightly. If you want to learn about this in depth, take a look at our previous article.
Obviously, when you look for the best bitcoin wallet apps or web versions, you should opt for a respected developer. Although it’s tricky these days. Some companies that present themselves as open source, in practice, turn out to be far from it. Unfortunately, there is only one universal (and very popular in the crypto scene) piece of advice that we can give to you at this point – do your own research.
In fact, the user experience is crucial for not only beginners. Even the pros want to be comfortable with the software. After all, you’ll probably be using the wallet pretty often, won’t you? So you might as well choose the one that fits you best. Take your time and try comparing several top rated bitcoin wallets and you will quickly figure out your preferences on your own.
Now, let’s get back to our top 5 Bitcoin wallets.
Best BTC Wallets
Many people tend to agree that the most secure Bitcoin wallets are the hardware ones. Here’s the thing with hardware wallets – market leaders pretty much stay the same, as they continue doing a great job on improving their products. Two main competitors and veterans of the industry are Trezor and Ledger.
Of course, you have to buy the device first and then figure out how to use it. Hardware wallets look like regular USB devices and you connect them to your PC via cable or Bluetooth. Although it isn’t a big deal, it’s not that often that beginners choose to go this way when they could get something for free instead.
You can get one of the most practical and reasonably-priced versions of Trezor, Trezor One, for about $83. Apart from Bitcoin, it supports Litecoin, Dash, Ethereum, ERC20 tokens, and more, but slightly less coins in total than its competitor. It is compatible with Windows, Mac, and Linux. It comes with an OLED screen and two buttons to confirm or decline transactions.
Trezor is the pioneer in the hardware wallet business and its major difference from others is that it works offline. It might not the cheapest device out there, but we have to give it credit for being not so difficult to use. And it’s light and compact.
Trezor’s main competitor, Ledger Nano, costs $59 and supports all major coins like Bitcoin, Ethereum, XRP, Litecoin, Doge, ERC20 tokens, and more. It is also compatible with three major OS.
Ledger is cheaper, smaller, and more stylish (if that’s even a thing to consider) than Trezor. It is equipped with a “smartcard chip”, which includes a secure element for the highest level of protection. You’ll need to install the Chrome application to use it on the web.
It’s really hard to say which one of the two is the best Bitcoin hardware wallet, as they both have basically the same “internals”. At the end of the day, it all comes down to the price tag, design, and particular coins that you’re interested in.
BRD is a mobile wallet, available for Android and iOS. It supports Bitcoin, Bitcoin cash, Ethereum, and the majority of ERC20 tokens.
Their interface is definitely beginner-friendly. The app also has an in-wallet exchange which is quite useful for beginners and those who prefer comfort over detailed price analysis. BRD is considered to be very secure and anonymous as you don’t have to provide any personal info. It is client-side and your funds are protected by a 12-word mnemonic. Moreover, their software is open-source.
One of the oldest wallets in general, Bitcoin.com is based on the open source Copay wallet made by Bitpay. It also supports BCH. This caused quite a drama in the community with some members claiming that the wallet was tricking people into buying BCH instead of BTC. However, in reality, it’s pretty clear that there are two separate wallets for each coin. The crypto community sure does love its drama, doesn’t it?
It is available for Android phones and iPhones, and has desktop versions as well. The wallet allows you to buy, store, send, and receive BTC and BCH. And apart from single signature, there’s a multisig option available which improves the level of security significantly and gives users a choice. Its interface is not that difficult to figure out.
Although there are plenty of critics out there, this wallet still remains a pretty solid option, especially if you’re not that interested in altcoins.
The goal of every conscientious developer is to build something they would want to use themselves. We’re proud to state that we’ve succeeded in this, and humbly think of Lumi as one of the best bitcoin wallets for Android and iOS. And there is also a client-side web version.
Lumi Wallet supports Bitcoin, Ethereum, BCH, ERC20, and, since recently, EOS. Actually, we have big plans for winning the hearts of the EOS community by providing essentials for EOS ecosystem features. In the near future, we will add the ability to create free EOS accounts and interact with EOS dapps, add EOS token support, and introduce a voting system.
Lumi has an easy onboarding process and suits both beginners and advanced users. As is customary for many mobile wallets, it is anonymous, easy-to-use, very secure and, has a convenient built-in exchange. There’s also a separate app, Lumi Collect, for ERC721 tokens (crypto collectibles) and crypto games.
We’re currently in the middle of the process of going open source and plan to finalize this in the summer.
The Bottom Line
In conclusion, we want to mention that each wallet has its pros and cons, and today users have an extensive range of options. There is one last thing you need to remember: it does not matter which wallet from any of the best BTC wallets lists you choose and how secure it may seem, at the end of the day, it is up to you to keep your assets safe.