BEST BITCOIN WALLETS

 

A Bitcoin wallet is a program for sending and receiving bitcoins. A Bitcoin wallet carry-out transactions by interacting with Bitcoin’s ledger, known as the blockchain. The full list of mined blocks since the creation of Bitcoin is called blockchain. There is also a company called Blockchain.info which supplies various Bitcoin services such as a block explorer and a bitcoin wallet but they have no control or authority over Bitcoin’s blockchain. Bitcoin wallet programs are available for mobile phones, desktops, web platforms and even as a standalone piece of hardware (more will be discussed as you proceed). Bitcoin wallets are similar to how emails work. If you want to send and receive emails, you need some sort of a program to do so (Gmail, Yahoo, Outlook etc). Like emails, receiving Bitcoins requires a unique personal address. This unique address is called your Bitcoin address, and like your email address, you can share it with anyone who wants to send you bitcoins. It is strongly advisable to use more than one wallet, both a mobile and a hardware wallet. For example, you can use a hardware wallet for large sums of bitcoins and a mobile wallet with a small balance on it for daily payments. This way, even if your mobile phone breaks or gets stolen, you’re not risking a lot of money.

Types Of Bitcoin Wallets

For the sake of security, easy understanding (newbie friendly) I’ll be recommending just two.

Software wallets (Hot wallets) &
Hardware wallets (Cold storage wallets)

Software wallets (Hot wallets): These are software programs or apps that can be run on a smartphone or computer. Software wallets are usually used for making smaller transactions when shopping both online and offline with bitcoin. It is the most convenient way to store your Bitcoin. Transactions can only be performed with access to internet connection. They are called hot wallets because they have to be connected to the internet before access and transactions can be made. These wallets can be installed in your computer device, mobile phone device while some run as web platforms. The following are the types of hot wallets;
• Mobile wallets.
• Desktop wallets.
• Web wallets.

Mobile wallets: These wallets store your private key on your mobile phone. This is not actually the most secure of all wallets. As phones are frequently lost, broken, or stolen, it’s strongly advised that you enable two-factor authentication, password-protect your wallet, and create a private key backup.
Mobile wallets are highly convenient and are designed to provide as much security as possible. Regardless of the security put in place, substantial sums should not be stored in a mobile wallet unless it’s being used simultaneously with a hardware wallet.

Below is a list of some of the few best and most secure mobile wallets:

 

COINBASE

BLOCKCHAIN

BTC.com

COINOMI

Desktop wallets: These type of hot wallets store your private key on your computer. As long as your computer is free of malware or any security weaknesses, your Bitcoins are safe. Presently it is hard to be sure that your computer is 100% protected and this makes desktop wallets that are connected to the Internet vulnerable and a valuable target for hackers.

Below is a list of some few best secure desktop wallets;

Web wallets: These are bitcoin services that frequently require you to deposit funds into their online hot wallets in order to conduct your business with their platform. Example of these services are, online exchange platforms, trading platforms for buying and selling cryptocurrencies. Web wallets are not a secure option for storing bitcoins because the platform operators own the private key to the bitcoins stored on their site. The case with web wallets is that you’re basically asking someone else to hold your coins for you. Web wallets are very convenient as you can transact easily at a moment notice in rise and fall of cryptocurrencies / live current market price.
Reliable and competent web wallets service providers are those that provides two-factor authentication with options like text message, email authentication or google authorization code for validating login attempts and transaction verification. Despite such security installed, it is not advisable to store large amount of cryptocurrencies in a web wallet to avoid risk of losing your bitcoins or altcoins in situations where the platforms get hacked as exchange & trading platforms are valuable targets to hackers.

Below is a list of some reliable and secure web wallets;

COINBASE

BLOCKCHAIN

BTC.com

GREENADDRESS

Hardware wallets (Cold storage wallets): They are called cold storage wallets because they detachable from internet connection/ internet connected devices. These are actual physical devices that run their own wallet software but are significantly more secure than purely software-based wallets as they require the manual pressing of their buttons to confirm transactions. This manual input requirement makes hardware wallets difficult to hack and is why they’re best used to secure large amounts of Bitcoin and other cryptocurrencies. These devices store your private key more securely & safely. They are mostly in form of USB devices and flash drives that can connect to a computer device in order to make use of them.
Hardware wallets are built to protect your private key even when the device that it’s been connected to has been compromised by malware or Trojans. You can even use them in a computer device you don’t trust like a public computer. To send bitcoin at anytime to someone using your hardware wallet, you need to have an internet connected computer connecting to your hardware wallet and a webpage that is ready to transact when confirmation button is pressed on the hardware wallet.
Hardware wallets are the best for securing your bitcoin/ altcoins. It’s also easy to use and understand. The only thing that seem like a limitation is that you’ll need your hardware wallet with you at all times when you need to send bitcoin, which we all know might not be possible to carry around always, although it is small and mobile to avoid it getting lost or accidentally ruined (this is hardly ever going to happen) because if any of the above happens, the company only insures your hardware wallet meaning you can get it back but they will not insure your Investment (whatever you have stored in the wallet in cases where it gets missing or ruined).

Below is a list of the most recognized hardware wallets for easy transacting;

Ledger Nano S

Ledger Nano S - The secure hardware wallet

Trezor

Coolwallet

Keepkey

Xeeda