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Top 6 Bitcoin Wallets to Store Your Bitcoins

Published By: Jake Wilson

Published On: May 7, 2021

Published In: Cryptocurrency

Top 6 Bitcoin Wallets to Store Your Bitcoins

Owing Bitcoin nowadays seems like the best move to make. The first cryptocurrency has become a fairly common investment asset among tech-savvies. It’s so popular that even the widely used Paypal app is offering its storage services for coins.  

Tesla’s $1,5 billion investment in bitcoin and Elon Musk’s market-moving tweets fueled more interest in digital currencies and contributed to their price surge at the beginning of 2021. Well, one Bitcoin now will cost you an arm and leg, or over $50 thousand to be precise. Nevertheless, analysts are strongly bullish on a future price and consider Bitcoin one of the top cryptocurrencies to invest in in 2021

Like most valuable objects, the overall value is determined by how safe your Bitcoin storage is. We have overviewed 6 crypto apps and wallets to help you choose the optimal platform for keeping and managing your virtual wealth.

Hot Bitcoin wallets

A hot wallet refers to any Internet-connected crypto wallet. Generally, they are easier to set up, access, and make payments. But, hot Bitcoin wallets are more susceptible to hackers and other technical vulnerabilities. They are great for storing friction of your virtual currency to make payments. So here are our top picks.

Exodus for desktop usage

Exodus is a simple, easy-to-use wallet that works perfectly for beginners. It was initially designed for desktop only, but now there is a mobile app version for both platforms. 

This software wallet stands out in a crowd with a design focus on the beginning users who aren’t acquainted with a crypto space. It has an attractive user interface. As experts in software development, we want to admit that its developers polished the UI, making it more user-friendly. Plus, Exodus has a superior service team that helps first-time users adopt new software.  

The desktop-first wallet puts many investor-focused tools in your hands. Exodus turns your cryptocurrencies into a portfolio with graphs and charts. It also integrates seamlessly with the Trezor, a cold wallet, which is also in our list below, simplifying the transaction from hot to more secure cold storage.  

Reasons to use

  • Cross-platform
  • Regularly software updates
  • Integrates with hardware storage devices
  • High-quality UI

Reasons to avoid

  • No 2-factor authentication

MyCelium for mobile

Smartphones became an integral part of our lives for most of us, so having a mobile-friendly option of storing and accessing your Bitcoin funds whenever you need them is crucial. MyCelium gained its popularity as an excellent mobile-only wallet for storing Bitcoin. It was first released as an Android app and was later ported to IOS. 

You’ll find a simple and uncluttered interface that presents a wallet itself and easy-to-read tabs. You will see the current Bitcoin exchange rate, send & receive buttons along with a QR code. Back up your private key in the accounts tab to ensure your coins remain secure if you lose your smartphone or have it stolen. 

This blockchain wallet works well for experienced crypto enthusiasts who appreciate such options as offline storage and control over private keys.  

Reasons to use 

  • Ability to use hardware wallets
  • Open-source app

Reasons to avoid 

  • Confusing for a beginner

Wasabi for privacy-concerned

Wasabi bitcoin-only wallet lets crypto enthusiasts store, manage, and transact digital currency in a more anonymous environment than other wallets out there.

Using this wallet you can be sure that no third party can freeze or lose your funds. The private key is personal, which means that you are the one who keeps it. However, you are still responsible for backing up your wallet. 

Wasabi’s remarkable feature is its validation that involves communication with a central server anonymously over Tor browser and the Bitcoin P2P network. This digital wallet for desktop lets you set up and use Tor as a proxy to prevent attackers or Internet service providers from associating your crypto transactions with your IP address. It makes Wasabi a preferred choice for privacy-focused users.

Reasons to use 

  • Open-source app
  • Privacy-focused 

Reasons to avoid

  • No 2-step verification

Electrum universal wallet

Electrum is one of the earliest Bitcoin wallets packed with superior privacy features. You can decide on the level of protection you want to have. For instance, the software wallet enables setting 2-step verification, using multi-signature protection measures, and enhancing your seed phrase with custom long-tail words. These robust features work well in protecting your crypto fundings. Moreover, you can use this wallet in cold storage mode. 

While its UI is simple and bare-bone, Electrum excels at its primary function.   

Reasons to use 

  • Highly secure hot Bitcoin wallet 
  • Lightweight and fast to set up

Reasons to avoid

  • Basic UI
  • No customer support

Cold Bitcoin wallets

Cold wallets refer to any crypto wallet that is not connected to the internet. This wallet type is more secure, but they don’t offer such rich functionality as hot wallets do. Additionally, cold storage devices cost $100 on average, whereas hot wallets are free.

Ledger Nano for long-term storing

Ledger Nano is a famous name for a hardware wallet that keeps your virtual currency safe on an offline device. It looks like a standard USB flash that connects to your mobile phone or laptop to access your digital holdings. Ledger lets you check the balance and perform basic Bitcoin operations. 

The Ledger Nano S is the first brand wallet at $59 that provides safe Bitcoin storage for a fair price. It is also a user-friendly storage device that meets beginners’ needs for a simple cold wallet.

Reasons to use

  • High-level security storage for a reasonable price
  • Open-source nature contributed to the greater community support

Reasons to avoid

  • No Bluetooth 

Ledger Nano X is a more powerful hardware device designed to be plugged into your computer to manage your crypto asset portfolio. You can connect it to your mobile phone via Bluetooth as well. At $119, it uses secure chips similar to ones used in credit cards. 

Reasons to use

  • Supports DeFi functionality
  • Attractive design

Reasons to avoid

  • Quite expensive

Trezor for high security

This cold wallet functions in a way Ledger does but offers you an additional ability to access third-party crypto exchanges directly from your device.

Trezor latest Model T has a touchscreen that enables you to input the PIN and passphrase on the hardware itself. While it’s a very convenient innovation, it doesn’t justify its costly price tag of $193. There’s also a MicroSD slot so you can encrypt your PIN code to improve the safety of your device.  

Reasons to use

  • Open-source
  • Colorful touchscreen

Reasons to avoid

  • Pricey
  • Android platform support only

Final thoughts

There is much to consider when choosing the Bitcoin wallet that will suit your needs. This article has given you some initial guidance into the types of wallets and their key characteristics. 

Think of hot wallets like your physical wallets: you use them to store some cash but not your life savings. Hardware Bitcoin wallets are more like your bank account. They aren’t free, but the price can be worth it if you own a significant amount of coins and want strong protection of your funds.

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About the author
Jake Wilson

Jake Wilson

author

Jake has a background in the finance and IT industries. He is passionate about cryptocurrency, blockchain, IT, tech and likes to think about the bright technology-led future.