- Nov 22, 2024
Bitcoin Wallets are like bank accounts where your Bitcoins are stored.
We will compare the following bitcoin wallets on the basis of their type (hot/cold/multisig etc), if they offer a web/mobile/desktop variant, on privacy, security and price.
TREZOR offers the users with the ideal combination - it is secure, as well as flexible. It can be used by pro users as well as new entrants into the bitcoin trade. One major drawback of the wallet is the fact that it isn’t as high in terms of privacy as some other wallets are. It does not feature a mobile app or a desktop client as it is a cold storage wallet, a seperate hardware device which can be connected to your PC. It offers a web client though.
Wallet Type: Cold storage hardware wallet
Web Interface: Yes
Mobile App: No
Desktop Client: No
Privacy: Average
Security: High
Price: $99
Link: https://shop.trezor.io
The Ledger Bitcoin wallet offers the users with an extremely high level of security as it is a hardware wallet similar to TREZOR. The biggest benefit is in terms of security as your bitcoins cannot he sent to anyone because the device needs to be physically connected to your PC in order for that to happen. This is one of the best bitcoin wallets.
Wallet Type: Cold Storage Hardware Wallet
Web Interface: Yes
Mobile App: Yes
Desktop Client: No
Privacy: High
Security: High
Price: 58 GBP
The Blockchain wallet is the most popular bitcoin wallet among users. This wallet offers the users with an incredible ease of use as well as accessibility. Users can send and receive bitcoins easily via the web version or the phone app. One of the best bitcoin wallets, this is a hybird hot wallet as the wallet is online but the key is with you. This is an ideal mix of ease of use as well as security. This is a wallet that comes free of cost!
Wallet Type: Hot Wallet
Web Interface: Yes
Mobile App: Yes
Desktop Client: No
Privacy: Low
Security: High
Price: Free
Also Read: Best Bitcoin Exchanges
Coinbase is one of the most popular names when it comes to Bitcoin exchanges. They have been around for a long while and have a good reputation. The Coinbase Bitcoin Wallet is a popularly used wallet - however it’s biggest limitation is that it is not a worldwide exchange system. It operates in only 19 countries and since it is owned by Coinbase, the company has some control over the funds. A recently introduce option allows you to restrict the company from doing so.
Wallet Type: Hot Wallet
Web Interface: Yes
Mobile App: Yes
Desktop Client: No
Privacy: Average
Security: High
Price: Free
Link: https://www.coinbase.com
The Keepkey Bitcoin Wallet comes out as a fairly new entrant in the markets. It is perhaps the most good looking physical bitcoin cold storage wallet in the market. However what looks good costs a lot. It is one of the more expensive names despite being a new entrant. It is also quite easy to use for beginners.
Wallet Type: Cold Storage Hardware Wallet
Web Interface: Yes
Mobile App: No
Desktop Client: No
Privacy: High
Security: High
Price: $99
Link: https://www.keepkey.com
The MyCelium Bitcoin Wallet is one of the most popular Bitcoin wallets. It is primarily a hot wallet but also has a few features pertaining to cold storage. The wallet ranks high up in the list when it comes to security and privacy but we recommend this wallet for slightly experienced users and not for the first timers. The only limitation of this wallet is that it is a mobile-only wallet and does not have a web interface or a desktop software.
Wallet Type: Hot Wallet
Web Interface: No
Mobile App: Yes
Desktop Client: No
Privacy: High
Security: High
Price: Free
This is among one of the best wallets for those users looking for a desktop based Bitcoin wallet solution. While the Bitcoin Core wallet ranks high on security and privacy, the one drawback is that it occupies a lot of storage space on your computer and would also consume a significant bit of memory. This is an official wallet from Bitcoin.org
Wallet Type: Hot Wallet
Web Interface: No
Mobile App: No
Desktop Client: Yes
Privacy: High
Security: High
Price: Free
A multisig wallet which offers one of the widest arrays of features and functionalities, the Copay wallet is used by many users across the world. The highlight of this wallet is that multiple users can share one wallet - this is particularly useful for those users mining together. It can be set-up to require more than one key to send Bitcoins making it quite safe.
Wallet Type: Multisig
Web Interface: Yes
Mobile App: Yes
Desktop Client: Yes
Privacy: High
Security: High
Price: Free
Link: https://copay.io
Wondering how you can mine Bitcoins? Read: How to Mine Bitcoins
Armory is a primarily a cold storage hardware wallet which also comes with a desktop app that acts as a hot wallet. This is a popular choice among experienced users and offers a good amount of security. It comes with multisig support and offers the users with a number of security measures - even if someone steals your wallet you could still have control over your bitcoins via the desktop app.
Wallet Type: Cold Storage Hardware Wallet
Web Interface: No
Mobile App: No
Desktop Client: Yes
Privacy: High
Security: High
Price: Free
The Jaxx Bitcoin wallet comes out into the markets with the support for Bitcoins as well as Altcoins. It allows the users to store as well as exchange various cryptocurrencies. The wallet is self-hosted and does not store keys with a third party. It is easy to use and quite comfortable for anyone regardless of them being a new entrant in the world of Bitcoins or experienced pros.
Wallet Type: Hot Wallet
Web Interface: Yes
Mobile App: Yes
Desktop Client: Yes
Privacy: High
Security: High
Price: Free
Link: https://jaxx.io
Factors to keep in mind before choosing a Bitcoin Wallet
Amount: Users who deal in lesser bitcoins can maintain a different kind of wallet than users who deal in a high volume. Those involved in a high volume need more secure wallets.
Frequency of Use: Depending upon how often you use your wallet, you might need different kind of wallets.
Ease of Use: Some users who are not as tech savvy as the others might prefer simpler wallets. Others might be comfortable working with a more complex wallet system.
Mobile Usage: Sometimes payments have to be made on-the-go. Mobile wallets are needed for these kind of payments.
Cost: Sometimes setting up a hardware wallet or a cold storage wallet might be costly.
We hope you make an informed choice after reading this guide on the best Bitcoin wallet!
