Every thing you need to know about bitcoin and cryptocurrencies

  • March 7, 2021
bitcoin wallets

There are many wallets available for the king of digital coins, bitcoin. It is obvious that bitcoin has more wallets than other coins because of its popularity and of course history. There are many companies and teams which create bitcoin wallets, but can you really trust them? Let’s take a look at the best bitcoin wallets in 2020.

What is the best bitcoin wallet?

The answer to this question may vary based on how professional you are or how much assets you own. For people who are new to crypto world, the best wallet can be the ones you can work easily with and supports many cryptocurrencies. If you still don’t know what is cryptocurrency, you can read about them here!

However there is a known fact:

The best bitcoin wallet, is the safest!

Since cryptocurrencies are decentralized, the primary factor to chose a wallet is its security and then you can move on to appearance and other stuff. But first, you need to know more about bitcoin, so I suggest you read our article on what is bitcoin.

What are the best crypto wallets for 2020?

Although there are more than 100 wallets for bitcoin, but we will review 7 of them in this article. These wallets save your private key on a physical device or space, so than the developers of the wallet have no access to your data. We have considered many factors like security, user interference, accessibility, and user satisfaction to chose the list below.

1. Ledger hardware wallet

The best option to keep your bitcoin is using a hardware wallet and the French company provides you with the best hardware wallets. Ledger Nano S is its most known wallets which have been trusted for years.

However, the company have released wallets with new features such as better screens. These hardware wallets keep your private keys offline and therefore safe, and hacking into it is almost impossible.

Ledger wallets support almost all cryptocurrencies and many Ethereum tokens. So you can have one wallet for all your cryptos.

Advantages:

High level of security

Supporting more than 1000 cryptocurrencies and tokens

Syncing with software wallets

Appropriate size and weight

Disadvantages:

Because it is a hardware, it is not good for everyday use.

2. Trezor hardware wallet

Trezor is the first company which created bitcoin wallet for public. This company also make the safest wallets in the world. Their most popular wallet is trezor one but they have recently released another wallet named Trezot model T. These two models are not much different in their security aspects but only differ in their side features. Also, Trezor One does not support some of the cryptos like ripple but T model does.

Trezor wallets, just like Ledger, save your private keys offline and therefore it cannot be hacked.

Advantages:

High level of security

Supporting more than 1000 cryptocurrencies and tokens

Syncing with software wallets

Appropriate size and weight

Disadvantages:

Because it is a hardware, it is not good for everyday use.

The material used in it is not of high quality.

3. Mycelium wallet

Mycelium is one of the best mobile wallets to keep your bitcoins. It has both IOS and android versions. Although its appearance is not as good as new wallets, but we can certainly call it one of the safest wallets.

You can sync it with hardware wallets and also use it to spend from paper wallets. Using this wallet, you have complete access to your keys and assets and you can use options like pin code as well.

Advantages:

High level of security

Many side features

Syncing with hardware wallets

Available for IOS and android

Disadvantages:

It is only for mobile.

Bad interface.

4. Electrum wallet

Electrum is one of the oldest and most favored wallets among bitcoiners. This wallet is completely open source, developed on 2011 and is constantly updating by its developers.

Of course, if you are new to the world of cryptos, we don’t recommend electrum since its interface is not good for newcomers.

Although it has both versions of desktop and android, the desktop version is preferred by bitcoin associate members. Its desktop version has been developed for windows, Linux and mac and you don’t have to download the whole blockchain to use it! it can also be synced with hardware wallets.

Advantages:

High level of security

Fast and easy setting up

Options for privacy

Available for desktop and mobile

Disadvantages:

The android version is not good enough.

Bad interface.

5. Coinomi wallet

Coinomi is like a paradise for newcomers. This wallet is secure, supports more than 125 coins and tokens, is available for both desktop and mobile and most important of all, its incredible interface makes it easy to work with for newcomers with every level of knowledge.

It has also received 4.3 point on google play with more than 1 million downloads. Coinomi also saves the users’ private keys on the device and gives complete access to them.

Advantages:

High level of security

Easy interface.

Supporting more than 100 coins and token.

Available for both desktop and mobile.

Disadvantage:

It is not open source.

6. Trust Wallet

Trust is also another famous wallet for bitcoin which is being developed by Binance exchange. This wallet just like coinomi has been downloaded more than 1 million times and is a good option for storing your bitcoin on your mobile. Its most important feature is its simplicity.

This wallet is available for both android and IOS platforms and supports 42 cryptocurrencies and more than 100 tokens. Trust also saves the private keys on users device to scale its security level.

Advantages:

High level of security.

Simple interface.

Supporting more than 100 coin and tokens.

Disadvantages:

Only available for mobile.

It is not open source.

7. Exodus wallet

If you are looking for something shiny beside security, we recommend exodus wallet. Exodus is one of the oldest wallets which is providing services for crypto users since 2015. This wallet was at first only available for desktop, but now it can be used on android and IOS as well. Aside from supporting more than 100 coins and tokens, its interface is incredible and unique.

Advantages:

High level of security.

Simple and beautiful interface.

Supporting more than 100 coin and tokens.

Available for desktop and mobile.

Disadvantages:

It is not open source.

There are many more wallets available on the market. You can also receive a very high level of security when using paper wallets, but they are handy when it comes to every use, even harder than the hardware wallets. However, the list above is the one you have to chose your wallet from. You have wide range of choice and you can choose which features you need the most. Even if you are not choosing from the list above, we strongly recommend that security be your number one priority since you can learn to work with a wallet with hard application, but if your wallet isn’t safe, you can not sleep at night and you will loose your asset at some point.

I hope this article would help you choose the best wallet for your precious bitcoins. Please leave your comments below.