The Five Best Bitcoin Wallets for Storing Crypto

Bitcoin Wallet

There are so many Bitcoin wallets you can use to store crypto coins. You might prefer to store them on online exchange sites or hardware wallets. Storing your coins in third-party wallets exposes you to security exposures and hackers. A certified crypto coin wallet ensures you are the only one with access to your finances and private keys. Below are the best Bitcoin wallets in the market.

1. Electrum

Electrum came into existence in 2011, two years after Bitcoin’s inception. It is open-source that gives the user’s ability to set their transaction fees. You also have the liberty of deciding between Segwit and Legacy Bitcoin. You store your Bitcoin in Multisig wallets. It has a bare-bone setting that carries its commitment and user interface on Bitcoin. According to Crypto news, Electrum is one of the oldest Bitcoin wallets. This desktop wallet is suitable with Linux, Windows, and Mac operating systems and downloads for free on their official website. It is also accessible for Android devices on the Google play store. The wallets have no downtime with decentralized and redundant servers Simple Payment Verification (SPV) handles transactions in the Electrum wallet. For offline users, you can use private keys and cold storage. In case of a broken device, Electrum recovers your funds through a private retrieval phase given at setting up of the wallet. It also holds major hardware wallets like TREZOR, Keepkey, and Ledger Nano S.

Pros

  • Adaptable transaction fees
  • It is accessible on android devices and desktops.
  • It has cold and cloud storage
  • Electrum has Simple Payment Verification (SPV) for efficient transactions.

Cons

  • It has no customer care support

2. Mycelium

Mycelium wallet launched its operation back in 2013 for android users before it crossed over to iOS users. It is open-source and banks on the SPV security (SPV). SPV finds out transactions without having to analyze the entire blockchain. Mycelium works on a basic interface that provides the users easy browsing on the app. You can add payment addresses, flip through your accounts, and test your transaction history. Mycelium has its exchange zone; Mycelium Local Trader. It brings together traders to buy and sell Bitcoins in a protected zone. There is also a safe chat space that works on end-to-end encryption on Bitcoin private keys. This exchange zone is prominent for automated calculation based on the number of profitable and abandoned trades. The cold storage feature lets users keep their funds until they spend or use them. It works on a simple address account that helps in events of insecurity. You erase your private key on the phone to make the account inaccessible and protect your finances. To retrieve your account, import the private key back to your device. Mycelium uses a master seed to bring about the Bitcoin address for wallet retrieval. You can store your Bitcoins on a hardware wallet like Ledger Nano S, KeepKey, and Trezor.

Pros

  • It supports offline transactions
  • You can create multiple accounts
  • Fast and economical transaction
  • Supports hardware wallets

Cons

  • It has no desktop version

3. Exodus

According to Investopedia, Exodus is convenient for newbies in the Bitcoin and crypto space. It is 100% free with 24/7 customer care support. It is flexible and available for hardware, mobile, and desktop crypto wallets. Exodus has a simple-to-use User Interface that distinguishes it from other Bitcoin wallets in the market. Exodus supports over 100 altcoins that you can exchange without registration. It has a partnership with Trezor, which gives you time to manage your funds offline. You won’t need another account; they work both on Trezor and Exodus platforms. It also comes with an in-built trading zone. Users can buy and sell Bitcoin on the software. Exodus users Simplified Payment Verification to track your wallet balances. More advanced users will not find their preferred features in it. Exodus is a closed source wallet that locks their codes. Rely on the support team to check on your wallet. It has an added alternative to change the custom fees to ensure efficient transactions. Exodus only aims at beginners yearning for convenience at a cost.

Pros

  • It has over 100 altcoins
  • 24/7 customer support
  • They updated it after every two weeks
  • In-built exchange

Cons

  • Closed source wallet

4. Shift Crypto Wallet

According to Benzinga, cryptocurrency has amassed billions. One of the safest wallets is Shift Crypto’s BitBox02. The hardware wallets come in two versions; Bitbox02 Bitcoin-only edition and Bitbox02 multi-edition. The Multi-edition supports common cryptocurrencies in the market, like Ethereum, Litecoin, Bitcoin, and ERC-20 tokens. The Bitcoin-only version caters to Bitcoin transfers. Shift Crypto has 2-factor authentication security for your online wallet. Both editions have the same characteristics. It comes with touch sensors, a microSD card slot, USB-C connector, display, safe chip, and a mini-controller. Shift Crypto has extra security features like a tamper-proof bag and mnemonic phase. But in cases of breakage or loss. It also relays your mnemonic phrase in case you also lost your microSD.

Pros

  • It supports over 1500 coins
  • Simple and secure
  • Advanced features for experienced users
  • Open-source wallet

Cons

  • It is expensive

5. Coinkite Coldcard MK3

It has the same design as the majority of hardware crypto wallets. It comes in the same size as a credit card weighing 29g. The Coldcard comes with a strong plastic cover that can take bangs and knocks without damaging the contents. It takes the shape of a calculator with a small OLED display and 12 buttons. At the top is a micro-USB port and a microSD slot at the back. It receives power through a micro-USB port partly because it has no inbuilt battery. It allows you to create a multi-signature wallet on the device. You can use the Coldcard on wallet options like Bluewallet, Electrum, BT Pay, and Wasabi Wallet. You can also use it offline to stamp transactions that come on the MicroSD card. To avoid contradictions, confirm that the number on the device matches the one on the bag. After powering it on, it will require you to choose a secret code of up to 12 digits, comprising a suffix and a prefix. The Coldcard will provide two unique words you will use in the future to unlock the device.

Pros

  • Secure and simple
  • Open-source wallet
  • It has easy navigation
  • It enables offline transaction

Cons

  • It is expensive

Conclusion

There is always an excellent alternative to store your Bitcoins, whether a hardware wallet or an online wallet. You can also opt to write your private keys on a page. You should check on its reviews, costs, and security when choosing a Bitcoin wallet, whether cold or hot wallet. A card with maximum and plenty of security options prevents you from hackers.

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