Storing your cryptocurrencies is an essential part of buying, selling, or trading, as the last thing you want happening is to be left without your cryptocurrency assets due to a hack or compromise.
Bitcoin is the largest cryptocurrency in terms of market capitalization, and as such, it is the most stored coin in any cryptocurrency wallet.
Even if you get free Bitcoin, you will need a wallet in order for the tokens to be sent to you.
Today, we will be exploring some of the top wallets for Bitcoin (BTC) you can start using instantly, and hopefully, you’ll learn everything you need to know about each option.
Quick Summary for Fast-Readers
- If you are constantly buying, selling, or trading BTC, a software wallet will make things a lot easier for you.
- Many brokerages and exchanges offer their own cryptocurrency wallets, but having control over your private keys is a much safer option, so using a personal wallet Is advisable.
- Software wallets provide you with accessibility, so you can quickly move BTC around, while hardware wallets are intended to be used by users who buy and hold onto BTC for prolonged periods of time.
- The safest way for you to store Bitcoin is in a hardware wallet.
- Hardware wallets are the most expensive wallet option out there, but if you are storing your cryptocurrency tokens for a long period of time, they are the safest option you can pick.
List of the Best Online Bitcoin Wallets 2022
- Bread Wallet
- Bitcoin Core
- Blockstream Green Wallet
- Samourai Wallet
Find the Right Bitcoin Wallet for Your Needs
To assist you in the process of finding a cryptocurrency wallet that’s right for your specific needs, we’ve categorized them in accordance with their speciality.
Some cryptocurrency wallets provide exceptional desktop features, while others have their focus set on the functionality within their mobile applications, and provide a solid experience while you are on the move.
Best for Beginners: Bread Wallet
Bread Wallet features a simple user interface and a simplified payment verification process. It is a wallet that keeps the user’s data private and conforms to security measures such as data encryption. Additionally, the wallet is open-source, which makes the wallet free and easily downloadable anywhere. This wallet was founded by Aaron Voisine, Adam Traidman, and Aaron Lasher.
- A High level of privacy as well as security
- Easy to use and manage
- The process of syncing to blockchains can be slow
- It doesn’t support multi-signatures
Best for Advanced Users: Bitcoin Core
Bitcoin Core is one of the first cryptocurrency wallets and is seen as a direct way into the BTC blockchain network. It is not a standalone app but a full suite of apps that allow for Bitcoin blockchain implementation. It’s a hot wallet that directly connects to the full Bitcoin network node. It serves the role of the backbone of the network, and it serves an additional role of validating and relaying the transactions onto the Bitcoin network.
- Great privacy and security
- Every Bitcoin Core user contributes to the software
- UX is developed with advanced users in mind
- It takes a week to synchronize and requires a minimum of 5GB of disk space
Best for Mobile Phones: Blockstream Green Wallet
Blockstream Green Wallet is a cryptocurrency wallet that’s considered one of the most innovative and secure wallet applications. Its main stand-out feature includes the fact that it’s user-friendly, compatible with many operating systems, has hardware wallet integrations, and allows you access to real-time account monitoring and the ability to connect multiple accounts.
- Advanced security features
- Real-time account monitoring
- Multiple accounts
- Limited operational features
- No support for altcoins
Best for Android: Samourai Wallet
The Samourai wallet is a mobile software wallet developed for Bitcoin that focuses primarily on user privacy and security. Additionally, it features dynamic transfer fees, private transactions, Tor and VPN support, SegWit support, and BIP47. Its primary target group is advanced traders who specifically go out of their way to increase their privacy.
- A high level of anonymity
- Secured and private transactions
- Advanced features not seen in other wallets such as Tor and VPN support
- Simple user interface
- Only supports Bitcoin
- There aren’t any in-app trading or exchange options
Best for Apple iPhone and iOS: Exodus
Exodus is a cryptocurrency wallet that lets you hold Bitcoin alongside other cryptocurrency tokens. In fact, it supports over 100 tokens and works across desktop, mobile, and other hardware devices. It was founded by JP Richardson and Daniel Castagnoli and lets users retain control of their private keys, which is an exceptional security feature.
- Users can retain their private keys
- Supports many cryptocurrencies
- Allows an in-app crypto-to-crypto exchange option
- Slick user interface
- The transaction fees are high
- It does not support multi-signature addresses
Best for PC & Mac Desktop Environments: Electrum Wallet
Electrum is a wallet that works on various operating systems but has a reputation due to its excellent desktop environment. It was created in 2011, so it has stood the test of time and has a solid reputation. Electrum can integrate with all popular hardware wallets, which makes it possible for you to access many of its features, such as transferring bitcoin in and out of the wallet through the hardware wallet interface.
- Easy to set up
- It offers many securities features
- Provides integration with a hardware wallet
- Suited only for advanced users
- Exclusively supports Bitcoin
Best as a Chrome Extension: MetaMask
MetaMask is a digital wallet intended to be used to manage, transfer, and receive ETH and ERC-20 tokens. It allows users to fully interact with the Ethereum blockchain without needing to download it. However, this wallet can also be used to store Bitcoin after it has been converted into Wrapped Bitcoin (WBTC).
- Open-source wallet.
- Private keys are kept on the browser.
- Easy to use and navigate.
- It only supports Ethereum and ERC-20 tokens, so you’ll need to Wrap your BTC to Wrapped BTC (WBTC) before transferring it.
- Most browsers collect user info, which could compromise your security.
Best for Security: Wasabi
The Wasabi wallet is a non-custodial as well as privacy-focused client for storing Bitcoin (BTC). It includes a built-in Tor. The wallet features Chaumian CoinJoin, which is the system used by the wallet, where zkSNACKs Ltd. runs the CoinJoin coordinator server. Both the sending addresses as well as the blinded receiving addresses are signed cryptographically from the server.
- Best Privacy with Chaumian CoinJoin built-in
- Full access to the private key
- Support for cold API devices
- Fees are slightly higher and slower to send due to mixing
- SegWit addresses only
Cheapest with Lowest Fees: Leave them at Web Exchange
Many cryptocurrency exchanges and brokerages will provide you with their own built-in hot wallet where you will be given the opportunity to store your cryptocurrencies. However, they typically do not provide you with access to your private keys and will generally keep full control over the wallet. If the exchange gets compromised, so will your cryptocurrencies that are on that wallet.
- No transaction fees at all
- Easy to use
- No need for downloads or separate account creations
- The lowest level of security out there
- You don’t have access to your private keys
Most Secure Hardware Wallets
Having a hardware wallet provides you with the highest level of security; however, knowing which wallet to get is also important, as they are also the most expensive options. This is due to the fact that you are essentially buying a physical device that needs to be ordered, shipped, and brought to your home. Alternatively, you could always visit a hardware store and buy the wallet that way, all of which contributes to the cost of these devices.
Here are the two best hardware wallets in terms of security.
Ledger Nano X
Ledger Nano X is a hardware wallet that is equipped with a smart card chip, one you might also find in biometric passports. This is a beginner-friendly hardware wallet that’s easy to understand and use. It is highly secured due to the fact that it is a cold storage device and even has AES encrypted Bluetooth. Your private keys are never exposed outside of the device, and everything is always kept offline. When you send money from it, it will sign the transaction on the device, not on the computer that it connects to.
- Bluetooth connection.
- Many cryptocurrencies are supported.
- Easy to understand by beginners.
- You cannot purchase cryptocurrency assets through the wallet.
- Expensive when compared to other options.
Trezor Model T
The Trezor Model T is an advanced cryptocurrency hardware wallet that is designed to enable you to have full access and control over your cryptocurrency assets. You can store and encrypt Bitcoin public keys, passwords, or other digital tokens with peace of mind, knowing that they can never be compromised within this cold storage device.
- A high level of security
- Touchscreen user-interface
- Easy setup process
- One of the more expensive options out there
- Bulky and not as easy to transport
FAQs about the Best Bitcoin Wallets
What type of Bitcoin Wallet Should I Use?
There are two types of wallets, hot wallets, and cold wallets. Hot wallets or software wallets are recommended due to the fact that they offer you a high level of flexibility, while cold wallets are recommended due to the fact that they have far better security features.
What is the Safest Bitcoin Wallet?
The best and safest way for you to store Bitcoin (BTC) is by using a hardware wallet, a paper wallet, or a steel wallet. This is due to the fact that none of these wallets have a direct connection to the internet and, as such, cannot get compromised by online hackers.
When should I switch from a Digital to a Physical Wallet?
This should occur when you want to store Bitcoin for a prolonged period of time. Keeping cryptocurrencies on an exchange wallet or a digital wallet is not recommended long-term, and having them on a physical wallet can ensure that no matter what, your BTC tokens cannot get stolen through online hacks, exploits, or other types of attacks.
How do I use a Bitcoin Wallet?
Using a Bitcoin Wallet is divided into three steps. First, you generate a unique public address, and then you send Bitcoin to your new Bitcoin wallet address by using the public address. In the last step, you now hold or trade your bitcoins.
Are Bitcoin Wallets Free?
Using a hot or software-based Bitcoin wallet will not cost you anything when just storing tokens. However, when you complete a transaction, the exchange wallet, for example, might charge you various fees. All hardware wallets cost money.
When you are looking for the top wallets, be it a digital wallet or cold wallet options, hopefully, now you have a greater perspective of what exactly you need to look out for.
Remember that each wallet has its own pros and cons, so go over each of these options individually to see which wallet lives up to your specific criteria when it comes to storing Bitcoin.
If you are going to hold onto your Bitcoin (BTC) for a prolonged period of time, over six months, for example, storing them in a cold storage device will provide you with the highest level of security out there. If you are using your BTC tokens consistently for online purchases or to simply trade them for other tokens, then keeping them on an online wallet is recommended as this way, you’ll end up paying fewer transfer fees, and the process will be less tedious. This does, however, come at the cost of security.