Do you make use of Bitcoin? If you do, then, you know that one very crucial step that any bitcoin user must take is to get a bitcoin wallet. Receiving, sending, storing, and making use of your bitcoins is only possible with a bitcoin wallet. But what exactly do we mean by bitcoin wallets?
Visualizing an everyday physical wallet can help you to understand the function of a bitcoin wallet. However, bitcoin wallets can do even much more. Bitcoin Wallets simply serve as your personal interface, which can be used to access the Bitcoin network. This network can be likened to the general banking system, and a bitcoin wallet is similar to your virtual bank account.
A bitcoin wallet is just a safe which holds secret codes that are called private keys. These keys give you the ability to carry out bitcoin transactions. So, your bitcoins are not literally kept in the wallet, but it is these keys which can help you access the coins that you find in your wallet. To make it more simplified, a bitcoin wallet refers to a simple application, website, as well as hardware device, specifically built for bitcoin users to be able to manage their private keys.
Different Kinds of Bitcoin Wallets
Basically, bitcoin wallets come in 2 basic types which are:
Hardware wallets refer to physical, electronic devices specially designed for keeping private keys safe. We see them as the best when it comes to bitcoin wallets. They keep private keys secure offline, and this makes it difficult for anyone to steal them except where an internet connection is initiated. The only way to make use of bitcoins in hardware wallets is to connect them to internet-enabled computers. They are quite expensive but provide you with a high level of security, convenience, and reliability.
Software bitcoin wallets are online wallets that are utilized with the use of devices that can connect to the Internet. These devices include PCs, mobile phones, as well as tablets. They are also referred to as hot wallets and make it easy for bitcoin users to send, receive, and spend their coins conveniently. If you are looking to store cryptocurrency in very large amounts, it is recommended that you find a wallet service that guarantees high security or you could go for a hardware bitcoin wallet.
10 best-rated bitcoin wallets in 2019
Now that you understand what bitcoin wallets are and how they operate, here is a list of 10 premium bitcoin wallets that guarantee you top security in 2019 –
This is arguably the most secure that you can find when it comes to bitcoin wallets. It is known as a multi-asset hardware wallet that led the way in terms of its design that looked like a USB drive that can be folded. Ledger Nano S has the ability to store a wide range of cryptocurrencies such as Bitcoin and Ethereum. Safety is highly guaranteed because transactional confirmations may only be carried out when an internet connection is initiated by any device through USB. Another great feature is that it is safe from malware and it is really not that expensive in contrast with a wide range of hardware wallets that you can find.
Popularly known as the first wallet to have an interface within inbuilt ShapeShift so that cryptocurrencies, as well as altcoins, can be rapidly converted. In addition to that, this bitcoin wallet gives users the ability to keep their private keys secured in one app that has a user interface which can be customized. Exodus users exercise absolute control when it comes to Linux and Windows as well as Mac encrypted private keys. These amazing features comfortable rank exodus in our list.
This is another bitcoin wallet that is highly secured. It is actually a shared wallet and does not just act as an account service. You have the ability to keep your bitcoin funds safe by making use of a single signature, or you can activate multiple signatures. Bitcoin accounts on Copay can be transformed into a joint checking account which means that one Copay account can be used by more than one person which would require approval from each group member in order for transactions to be approved. This bitcoin wallet is also one of the first to show support in full for Bitcoin Payment Protocol, thus, guaranteeing safe and reliable transactions. Verification is secure, and payments are always sent correctly with Copay.
Number 4 on the list is Cubits, which is highly rated as a top bitcoin wallet. It performs superbly efficiently on a wide range of platforms such as Android, Windows, and iOS. The core node of Bitcoin is already used to configure this wallet, and users can get access to different features. Its interface is user-friendly, and it is extremely quick. Beginner bitcoin wallet users will love this wallet. The developer of Cubits is focused on transparency, which helps to improve security.
This wallet is the first in the family of hardware crypto wallets. When it comes to privacy and anonymity, no other wallet comes close. This hardware device is a leader in the industry of wallets, and setting it up is very hassle-free. This is one reason that it has become so popular. You can find a Google Chrome extension, which makes it easier for wallet owners to establish communication with their hardware wallet. TREZOR has a token integrated into its processes so that authentication can be carried out. This makes the wallet highly-sought-after. TREZOR therefore, rightfully earns its place on our list of top crypto wallets.
Blockchain.info bestowed upon this wallet its Best Mobile Application award. Mycelium definitely ranks among the top wallets as well as mobile applications that you will find around today. Users of this bitcoin wallet are able to carry out bitcoin transactions and enjoy the benefit of having top-notch security associated with banks backing the transactions. This multi-asset wallet is actually built for Androids, and this facilitates integration with wallets which are based on hardware. Users will get to find more unique features that can help them keep their private keys better-managed. There is also a separate number which helps them make use of their coins better. Mycelium has also gone ahead to create hardware wallets as well as decentralized applications which users will also find extremely useful.
Coinbase can be used in more than 30 countries and has a very credible reputation as a reliable crypto exchange. It gives its users access to software wallet services that can be used for Ethereum as well as Bitcoin. Just recently, it bagged the award of best bitcoin wallet. The user interface is extremely friendly and is quite unique. Coinbase has successfully been able to help process more than twenty billion dollars in crypto transactions for its users who amount in millions.
If you are a bitcoin lover and need a wallet that provides you with even more privacy when compared to other available wallets, blockchain.info will appeal to you. This bitcoin wallet is totally decentralized. What this implies is that no other person can have access to your bitcoins not even blockchain.info as well as 3rd-party companies. You can also get to access very outstanding features whether you access your wallet from a web-based platform or mobile-based platform. This wallet helps users remain anonymous while giving them access to extremely unique features.
This MultiSig Wallet happens to be open source. Users of this wallet have the ability to conduct Bitcoin transactions between a wide range of crypto wallets. There are encrypted private keys links to your PC, but it is possible to export that key. It also boasts fantastic speeds because of the kind of servers which are being used. These servers carry out Bitcoin blockchain indexing directly. If you are concerned about reliability, you have nothing to worry about if you make use of an Electrum Wallet. Electrum makes use of decentralized servers. Security is also not a problem since the company makes use of cold storage that ensures that private keys stay offline.
This wallet also operates as open source. Beginners would find the interface a whole lot friendly. Are you just beginning your journey in the world of Bitcoin? You could explore this wallet as it comes with a relatively easier learning curve with an intuitive website that is designed to help users navigate easily. You also get the ability to exercise total control over your private keys with full support for passcode features.
photo source: © shutterstock.com by Lukas Gojda photo source: © shutterstock.com by Quinten Jacobs photo source: © shutterstock.com by Lukasz Stefanski photo source: © electrum.org
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