Since Bitcoin’s emergence in 2009 it has become the first thing people think about when the word crypto or blockchain comes up. While cryptocurrencies like Bitcoin are highly volatile, they don’t seem to go away.
One Bitcoin is still worth thousands of dollars today. As cryptocurrencies like Bitcoin continue to exist or even appreciate in value, individuals may become interested in owning some, but it’s important to understand how to safely store Bitcoin.
To accommodate those looking to safely invest in Bitcoin, we have assembled a list of the best Bitcoin wallets and storage devices. Some of these wallets have more features than others, including the ability to store more cryptocurrencies than just Bitcoin, as well as added security measures.
This list goes in no particular order other than having hot wallets come first, but that does not mean hot wallets are better. To learn about the differences in specific wallet types, such as hot and cold wallets, you can check below this list for detailed information.
For now, you can think of hot wallets as a less secure way to make transactions quickly and cold wallets as a more secure way to store for longer terms, though we do recommend that you understand these concepts entirely before choosing a wallet, as safe storage is key.
A Bitcoin wallet is a software program or app that stores the private keys associated with a person’s Bitcoin address and allows them to send and receive Bitcoin. It acts as a virtual wallet for holding and storing Bitcoin and provides a way for users to manage their Bitcoin transactions.
There are several types of Bitcoin wallets, including:
- Software wallets: Software wallets are programs that can be downloaded and installed on a computer or mobile device. They provide a high level of security, but the private keys are stored on the user’s device, which means they are vulnerable to malware or physical theft.
- Mobile wallets: Mobile wallets are apps that run on a smartphone or tablet and allow users to access their Bitcoin from anywhere. They are convenient for making transactions on the go, but the private keys are stored on the user’s device, which means they are vulnerable to malware or physical theft.
- Hardware wallets: Hardware wallets are physical devices that store the user’s private keys offline and provide a high level of security. They are resistant to malware and physical theft, but they can be lost or damaged and are more expensive than other types of wallets.
- Web wallets: Web wallets are online platforms that allow users to access their Bitcoin from any device with an internet connection. They are convenient, but the private keys are stored on the web wallet’s servers, which means they are vulnerable to hacking or server downtime.
It is important to choose a Bitcoin wallet that is secure and suits your needs. It is also important to keep the private keys associated with your wallet safe and not to share them with anyone else.
Best Bitcoin Wallets of 2021
- Exodus: Best Hot Wallet for Beginners
- Electrum: Best Hot Wallet for Advanced Users
- Mycelium: Best Hot Wallet for Mobile Users
- Ledger Nano X: Best Hardware Wallet (Cold Wallet)
- Trezor Model T: Best Hardware Wallet For a Large Number of Cryptocurrencies (Cold Wallet)
- Ledger Nano S: Best Bang For Your Buck Hardware Wallet (Cold Wallet)