What is a Bitcoin Wallet?

Bitcoin needs no introduction for the crypto enthusiasts who spend a day, not without checking the value of the cryptocurrencies, especially Bitcoin- the father of the cryptocurrencies. Even the folks who don’t follow the crypto market might have heard of Bitcoin at least once for sure. For them, let me simplify what Bitcoin is all about in a brief way.

To be honest, Bitcoin and its underlying technology can’t be explained just in a paragraph but can try to get you a hack of it. There are more than 1500 cryptocurrencies in the world and is still growing. Out of that, Bitcoin is ranked one in terms of its market capitalization and its worth, too.

Bitcoin is a peer-to-peer digital currency and payment system, introduced as open-source software in 2009 by pseudonymous developer Satoshi Nakamoto. Bitcoin works on Blockchain technology which is an open and distributed ledger. Through the distributed nature feature of this ledger, the blockchain transactions are verified by the consensus of every member, offering security and trust without a third-party overseer. Owning the right wallet, which can secure your BTC holdings is one of the prerequisites before you trust and transfer your funds.

As Bitcoin has gained popularity, the hacking events also went on increasing, so it is very important to store your precious Bitcoins securely so that you don’t lose out. To store Bitcoins and other cryptocurrencies, there is a platform called wallets, which helps you secure your currencies, with the only access available to you. To create a Bitcoin wallet, you must first choose which type of wallet you want, viz, Hardware Wallet, Paper Wallet, Desktop Wallet, and Online Wallet) by means of a platform. You must be aware of bitcoin wallet details before storing it in a wallet. Below, Bitcoin wallets explained which can guide you choose the best.

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List of 22 best Bitcoin wallets in 2020

The top 22 best Bitcoin wallets in 2020 are:

Ledger Nano S

Trezor

KeepKey

Exodus

Coinomi

Electrum

Guarda

Armory

Blockchain.info

Enjin Wallet

Green Address

Bread Wallet

Edge Wallet

Mycelium

Jaxx Liberty

CoPay

Bitcoin Core

Bitcoin Paper Wallet

Opendime

Strong Coin

Bitpay Wallet

Cool Wallet

imToken Wallet

Ledger Nano S

Ledger Nano S is a USB sized cryptocurrency hardware wallet which is best for Ethereum transactions. It is multi-asset hardware which looks like a folding drive. The good part is that it can store Bitcoins, Ethereum, Ethereum tokens, and more than 30 other digital currencies. It works like a USB device, which when connected needs the device to confirm the transactions.

It is secure and can run multiple apps, unhackable, relatively inexpensive and malware proofed so there is no risk of the private keys to get exposed to the internet. It is one of the best Bitcoin hardware wallet. This is one of the best cryptocurrency wallets available these days.

It can support and store more than 30 cryptocurrencies and can integrate with multiple software wallets. Lastly, it is one of the not so expensive OLED-based hardware wallets.

Click here to access Ledger nano S

Trezor

Trezor is a hardware Bitcoin wallet which also acts like a USB device, which works on “Zero Trust Approach”, which lessens the third-party compromise. It is one of the best Bitcoin hardware wallets.

Trezor is protected by a PIN which provides you with recovery seed if your wallet is lost. It is specifically a Bitcoin wallet but supports many other altcoins. It has an easy-to-use interface and even saves from hacking and thefts by their difficult protection PIN.

Just that it limits its communication with other devices. When the USB device isn’t connected, it’s turned off.

Click here to access Trezor

KeepKey

Keep Key secures Bitcoin, Litecoin, Ethereum, Dogecoin, Dash, and Namecoin. They claim to be virus or malware proof, and assets are secured from thieves and hackers. KeepKey is a Bitcoin hardware wallet with advanced security against virtual and physical theft. Now, a lower price tag means more users can give it a try. In addition to Bitcoin, the KeepKey wallet enables the storage and transaction of a variety of cryptocurrencies and helps you keep a track of the bitcoin wallet balance.

KeepKey integrates with the wallet software on your computer by taking over a private key generation, private key storage, and transaction signing.

Its top-notch security almost makes it impossible for hackers to steal the private key.

Click here to access KeepKey

Exodus

Exodus is a desktop supported cryptocurrency wallet which deserves to be included in the bitcoin wallet list. Exodus supports nearly three dozen cryptocurrencies including Bitcoin, Litecoin, Dash, Zcash, Ethereum among the popular ones.

As Exodus is a lite wallet, you never have to store the entire blockchain in your desktop.

Exodus galore with its pros over its cons. It has a very good interface with good access to the wallet, i.e full control.

Transactions over a crypto network can be made directly through the Exodus wallet. The transaction fee is paid to the network itself and not Exodus.

Click here to access Exodus

Coinomi

Coinomi is one of the oldest multi-platform, multi-chain cryptocurrency wallets available, trusted by over 2.5 million users. It is a Hierarchical Deterministic wallet that offers native support for over 125 blockchains and 1770 tokens and implements the strongest standards of security and privacy. It supports multi-seed setups, and each seed phrase can have its own encryption settings, according to its use case. No user data are ever collected by Coinomi, while users' IP addresses are obfuscated for total privacy.

Coinomi was one of the first wallets to offer native segwit for BTC and 14 more blockchains, and users can switch between native segwit, compatibility, or legacy address formats with the click of a button. Users enjoy full control of their transaction fees and UXTOs in Coinomi while its UI is hailed as one of the most intuitive in the space, suitable both for first-timers and advanced users. Coinomi is translated in over 25 languages and boasts 175 Fiat representations as well.

Click here to access Coinomi Wallet​

Electrum Wallet

Electrum was mainly known for supporting Bitcoin and is widely considered to be a trusted software wallet in the bitcoin community. Electrum Wallet is a lightweight and easy platform to store your BTC holdings securely, where the bitcoin wallet sign up is convenient and easy.

It uses the Simple Payment Verification(SPV) method, which can verify the transaction in five seconds and the good part is that you don’t have to download the entire blockchain. Electrum uses two separate levels of encryption to protect your funds and it is easier for new users to navigate as it is having an intuitive interface.

Electrum wallet is available on Windows, Mac OS X and Linux operating systems and you can store your private keys offline in a hardware wallet used in conjunction with Electrum, and take advantage of multisig functionality to split the permission to spend your bitcoins between several wallets.

Click here to access Electrum Wallet

Guarda Wallet

Guarda Wallet is a custody-free, multi-currency wallet for over 45 blockchains and thousands of tokens. The storages come in Web, Desktop, Mobile (iOS, Android) and Chrome Extension versions. The coins that Guarda supports include Bitcoin BTC, Ethereum ETH, Bitcoin SV, Monero XMR, Zcash (Shielded transactions are supported, too), Dash, Ethereum Classic and more. The extended functionality of the wallet also allows built-in exchanges, purchases, selling cryptocurrency for fiat and operating with Ledger hardware wallet. Staking, delegation and more currency-specific features of supported blockchains are also there for Guarda users to try out.

Guarda is secure, as it does not store any personal data of the clients – all the wallets are non-custodial, with backups encrypted and stored on the user's device. From the point of safety, coin and feature support as well as versatility, Guarda is one of the best cryptocurrency wallets on the current market.



Click here to access Guarda wallet.

Armory Wallet

Armory is a full-featured software wallet known for its emphasis on security and flexibility. It is comparatively easy to use and compatible with Microsoft Windows, Apple Mac OSX, Linux Ubuntu and Raspberry Pi, which is designed for advanced cryptocurrency users.

f you’re a newcomer to the world of cryptocurrency, the user interface may seem a little overwhelming and confusing. You can also only store bitcoin with this wallet, so you’ll need to consider other options if you want multi-currency storage.

Click here to access Armory

Blockchain.info

Blockchain.info is a widely known web-based wallet, which was launched in 2011. Blockchain.info claims to have provided more than 23 million wallets and been used for more than 100 million transactions.

Click here to access Bitcoin Wallet Blockchain.info

Enjin Wallet

Enjin wallet is one of the most credible wallets in the crypto space that supports Bitcoin, Litecoin, Ethereum, ERC20 tokens, and Enjin tokens. It has one of the best architecture, with a secure keyboard, two encryption, where it turns the mobile wallet like a hardware wallet. Enjin is an HD (Hierarchical Deterministic) wallet, that provides the maximum amount of protection from threats and attacks. It is available for both Android and iOS devices.

Click here to access Enjin wallet

Green Address

GreenAddress is one more popular option for bitcoin holders that value security and privacy but is not that expensive as other hardware wallets. Its important features include the security inclusions, such as two-factor authentication and multi-signature functionality. It’s a deterministic wallet and GreenAddress maintains that it never stores its users’ private keys, not even when they’re encrypted, making the Bitcoin Wallet Address safe and secure.

Click here to access GreenAddress

Bread Wallet

Bread is a popular bitcoin-only wallet available on Android and iOS devices which is a competent BTC Wallet free to download and use, and provides convenient and simple access to your BTC.

The app is having a straightforward setup process which ensures that it’s easy for cryptocurrency novices to use, while it uses hardware encryption to provide increased protection for your funds. Other features include a backup and restore facility plus PIN and Touch ID protection. Bread has the best Bitcoin Wallet app, with its streamlined process.

Click here to access Bread

Airbitz (Edge)

Airbitz (now EDGE) is an open-source mobile wallet available on Android and iOS devices which offers user-friendliness by allowing you to quickly and easily manage your bitcoin. It offers hierarchical deterministic (HD) and two-factor authentication features and can be easily backed up for extra protection. Bitcoin Account Signing up is also a quick and straightforward process, while scanning QR codes and Bluetooth Low Energy (BLE) are offered for the convenient transfer of funds.

Click here to access Airbitz

Mycelium

Mycelium is a well-established name in the crypto sphere founded in 2008. It is a mobile wallet available for both Android and iOS devices, and this open-source program offers a range of features that make it one of the most popular choices among bitcoin holders.

Mycelium uses the BitID open protocol for secure authentication, makes it easy to create backups and also offers support for offline hardware wallets, thus makes it one of the best Bitcoin wallets for Android.

Click here to access Mycelium

Jaxx Liberty

Jaxx Liberty is becoming increasingly popular day by day as it provides a seamless user experience. Jaxx is available on different platforms like Windows, Linux and OS X desktops.

Jaxx Liberty is even available on mobile versions such as android and ios and also chrome browser extension. Jaxx is appropriate for the new users as the setup process is very simple to understand. It supports cryptocurrencies like Dash, Ethereum, Litecoin, Bitcoin and many more. The private key always remains on the device for extra security.

Click here to access Jaxx Liberty

CoPay Wallet

The Copay wallet was created by Bitpay in 2014 and it was designed to combine high-level security with a host of user-friendly features, making it one of the popular choices for anyone searching for a software wallet.

With multisig functionality, Copay enables you to secure transactions by allowing more than one signature, providing extra protection against theft or hacking and also making this wallet worth considering for businesses. This HD wallet is also completely open-source and is not only accessible on your desktop but also through a mobile and web interface. For computer users, downloads are available for Windows, Mac, and Linux.

Click here to access Copay

Bitcoin Core Wallet

This is one of the old yet reputed Bitcoin Wallet, which is recommended on both Bitcoin’s official website on Bitcoin wallet review. The best part about it which makes it unique is that it is secure and unique. If you’re using Bitcoin core than you have to make sure you have enough bandwidth and time because it takes time to download the complete Bitcoin blockchain and it has to sync always.

Click here to access Bitcoin Core

Bitcoin Paper Wallet

As the name says, it is the wallet, which is in the form of a paper. That means all your private keys will be stored here, which is kind of risky. But, if you are sure you can store it properly, there’s nothing better than this.

The best part is that no one can hack your account as it is not available anywhere else apart from you. But the sole responsibility stays with you. If you forget where you have stored it, it’s gone forever. There’s no second copy.

Click here to access Bitcoin Paper Wallet

OPENDIME

It is the world’s first Bitcoin stick wallet which is a small USB like object that allows you to spend Bitcoin like a dollar bill and acts like a read-only USB flash drive. It is compatible on any computer, laptop, and phone.

That makes it one of the best Bitcoin Wallets. It is comparatively cheap and very easy to use bearing all the security features. It also has an easy verification chrome feature.

Click here to access OPENDIME

Strong Coin

This wallet has its own uniqueness for being a hybrid wallet wherein you and the server can hold the encrypted keys that allow access to the wallet. It stores an encrypted version of your private keys online but decryption happens in your browser. For security reasons, you should always backup up your wallet.

The wallet offers multiple features such as giving you a PDF document of the transactions made on your wallet for better transparency.

Click here to access Strong Coin

Bitpay Wallet

The BitPay Bitcoin wallet can be used for both desktop and mobile and is available for Android, iOS, Windows, Linux, and MacOS. This wallet solution was first released back in October 2016 and is built on top of the Copay platform. This has now started supporting BCH as well. It provides an easy way to keep and expand Bitcoin.

Click here to access Bitpay Wallet

Cool Wallet

CoolWallet is a hardware wallet that looks like a credit card. The Coolwalet card is a very slim electronic device that generates and stores your private keys on it. It can connect to any device that uses NFC or Bluetooth technology. It is started in 2014. They claim it as the first mobile hardware wallet.

I have used many crypto hardware wallets and the CoolWallet S is the best one I’ve used. It combines great security with usability that’s ideal for a hardware wallet - sys Charlie Lee, the creator of Litecoin

Click here to access CoolWallet

imToken Wallet

imToken is the world’s largest Ethereum digital asset wallet, with currently 6M users that produce ~10% of all Ethereum transactions on average. Apart from Ethereum, imToken wallet can be used for Bitcoin and EOS as well in version 2.0 of the wallet. The user will have the full control of their coins if they are using imToken wallet. They also provide inbuilt DEX support for in-wallet exchange of coins.

Click here to access imToken

We hope that you found this latest review of best Bitcoin wallets useful and will be able to make a better decision while choosing the best Bitcoin wallet for you.

FAQs On Bitcoin Wallet

1. How do I get a Bitcoin wallet?

You can go to any of these wallet websites and get it easily.

2. Which is the safest Bitcoin wallet?

The Bitcoin wallets discussed above are secure for usage. As per your device feasibility, you can choose them.

3. What is Bitcoin wallet used for?

Bitcoin wallets are used to store your Bitcoins safely.

4. Which Bitcoin wallet has the lowest fees?

Wallets don't charge you fees, you pay fees to the network.

5. What is the best Bitcoin wallet for iOS?

Most of the above-mentioned wallets support iOS devices, you can choose any of them.

6. How do Bitcoin wallets work?

The private key or seed is used to log in, providing a mathematical proof that they are from the wallet owner.

7. Which is the easiest Bitcoin wallet to use?

The Bitcoin wallets with an easy user interface are the ones recommended for the beginners.

8. What is the Bitcoin wallet address?

A Bitcoin address consists of 26-35 alphanumeric characters, that represent the destination for Bitcoin payment.

9. How do I create a Bitcoin address?

Just go to the wallet provider's site, and create an address from the "Add wallet" menu.

10. How do I create a Bitcoin withdrawal address?

You just login to your account and then press the withdraw button.

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