Are you looking for the Best Bitcoin Wallets? If you are, this article should help you find the best Bitcoin Wallet for yourself. The name Bitcoin is nowadays heard everywhere. Most often, we hear news regarding bitcoin as soon as we switch on the news channel. We daily come to know that some people have lost money in their bitcoins and some have gained money.
So the question arises what actually bitcoin is? Have you ever thought of what change it brings to the economy of a person? Bitcoin is a worldwide payment system.
It is a cryptocurrency. Here the whole system works without any administrator. It doesn't even require a central bank. Every transaction is verified here by cryptography and then recorded in a blockchain.
The blockchain is a distributed ledger where everything gets stored. Now the question arises what is bitcoin wallet. As the phrase suggests bitcoin wallet, it doesn't mean the wallet stores any type of bitcoin rather it stores the block chains.
The wallet holds the private key of the user which gives the users the perfect right to use their wallets. These wallets send bitcoin directly to the user without any third person in between.
NOTE: I listed the Best Cryptocurrency Exchanges in 2020 to buy bitcoins and altcoins. You can buy coins from our recommended exhanges and then move it to some of the best bitcoin wallets mentioned below.
Best Bitcoin Wallets 2020
It is the duty of the private key holder to keep it as safe as he can as losing that key may allow any unknown resource to use all of your bitcoin. There are several types of bitcoin wallets:
1. Hardware wallets
These wallets are small computers or smart cards. They have the aim to generate the private keys of Bitcoin offline. These wallets handle every transaction in the offline condition.
Ledger Nano S. is the best hardware bitcoin wallet
These are those types of bitcoin wallets that are made for those users who want increased security. It was a French start-up. Its structure and working condition are just like a USB drive. It acts as a source of protection.
The disadvantage of this wallet is that it starts up only when either it is plugged into a computer or mobile battery. It doesn't have its own battery so it is dependent on them. The integrity of the instrument is checked when the power is on. This occurs in its cryptographic procedure. When setup occurs a random 24- word seed is generated.
In case a theft or damage occurs then the whole wallet is recovered with the help of the seeds. This is the major advantage of Ledger Nano S. You can also use a PIN to secure your wallet and the device for any kind of theft or hacking. These are the only reasons why Ledger Nano S is considered as the best hardware bitcoin wallet.
2. Mobile App Wallets
As the name contains the word mobile then it is sure and obvious that this particular biotin is related to mobile applications. Such type of bitcoin wallet stores your private keys very easily. They are very easy to work with also.
They allow you to pay for materials through your phone easily. Now you can understand how easy is to deal with these bitcoin wallets is. Everyone knows the phone is the most commonly used gadget and then you have your bitcoins key on your phone then how pleasant is it.
Mycelium is the best mobile app bitcoin wallet
It is the most tension-free wallet. It is also the most loved wallet among people. The reason for this is that it doesn't require any type of verifications like email, username or password to start its job. This doesn't mean it lacks security.
It has the most advanced features of security. It is one of the most well-established bitcoin wallets. It gets upgraded constantly. It consists of the active developer community and a software program. Just you need a smartphone to use this app.
3. Desktop wallet
Desktop, the very common name heard among people. Now the strange part is we have a bitcoin wallet with this name also. Now the question comes how does this wallet work? This wallet works the same way as that of a desktop. It stores every bitcoin on the hard disk as a desktop stores everything on a hard disk.
The best desktop wallet is Exodus
It is one of the newest bitcoin wallets. It was launched in July 2016 and crafted by JP Richardson and Daniel Castagnoli. This wallet is free to use. The major advantage of this wallet is that it also stores litecoins, ether, dash and dogecoins other than bitcoins. Its uniqueness lies in the design and multi-user interface of this wallet. It provides full safety for your bitcoins.
4. Paper wallet
These are those wallets that prints the bitcoin private keys using an offline computer.
5. Web wallets
These are the safest bitcoin wallet. It uses a user set password to be accessed. You can only use them when you are online.
Some of the best Web Wallets are CoinBase, Binance etc. Some web wallets are available only for USA. If you're outside US or need to access bitcoin wallets securely, you can always use the best VPN to safeguard from hackers and attackers.
6. HD wallets
These are those kinds of wallets that can store a number of crypto coins and alt coins at the same time.
It is the world's leading digital wallet. Since it is an HD wallet, therefore, it stores 14 crypto coins and many alt coins. It too doesn't need any type of verifications like email, password or username.
It contains a seed backup feature. You can easily export your private keys here. It doesn't hide anything. It allows you to be known for every aspect of your transaction. This is available on Chrome and Firefox extensions, IOS products and MAC/Linux versions.
It is very necessary to keep the full record of the bitcoin wallet when you invest in it. You must be aware of each and every feature your wallet possesses. I wish this article will surely help you.
There are lot of wallets which claims themselves as the Best Bitcoin Wallets. In this post, we analyzed and brought you the best bitcoin wallets under each categories like Hardware, App and Desktop wallets.