But if to be completely precise, coins are not physically stored anywhere – users simply receive data which gives access to private accounts. In addition, the best Bitcoin wallets allow sending and receiving crypto.
You have probably heard of hot and cold wallets, private keys, seed-phrases, and other unfamiliar terms. But don’t worry – we have made the best Bitcoin wallet review with the only goal - to explain everything.
Let’s start with the fact that for any person that is trading or hodling crypto, the presence of the best wallet for BTC is a vital necessity.
Crypto is compared to electronic money. Thus, you can match the best cryptocurrency wallet to the one, where we store money.
But before we will talk about storage types, let’s find out which one is the best Bitcoin wallet 2020 when it comes to usability and security.
We promise that you won’t find a more updated and clearer article no matter how hard you try!
Hot Wallets VS Cold Wallets
The only difference between a hot and a cold cryptocurrency wallet is that the first one works only with the Internet connection, while a cold one can work even without it.
Hot crypto wallet representatives are less secure because there’s always a risk of losing sensitive data via the Internet. But they are more popular among users.
Cold wallets are safer.
Choosing the best cryptocurrency wallet app and deciding what the safest crypto wallet is, you need to understand that everything depends on your needs and wishes.
If you make small transactions quite often, then you will better stick to hot wallets. But if you plan to HODL for a while, a cold wallet can be your best friend.
To access your best Bitcoin wallet Android, as well as to receive and send Bitcoin, you need to enter a private key.
I suppose there is no need to explain that when losing the key or when it ends up in someone else’s hands, you may lose all the money.
That is why it’s so important to store this key in a safe place that no one else has access to. Some best Bitcoin wallets store keys offline, others – online. So it’s only up to you to decide which one is the best crypto wallet Android in terms of key storage.
When discussing the best cryptocurrency wallet we couldn’t pass by multisig ones. For making a transaction they require the participation of other users.
In other words, all sides of the transaction should enter their own codes. Such wallets are usually perfect for family usage or business.
Some crypto wallet representatives allow storing only one cryptocurrency, while others can deal with many others.
For example, such wallets as the Exodus wallet allow storing Bitcoin, EOS, Ether, Dash, and other currencies.
Moreover, the best cryptocurrency wallet allows converting one coin into another. So if you receive ETH and want to exchange it on USDT, the multi crypto wallet will exactly help you.
You can also check such wallets as Trust wallet, Ledger Nano which is the best Bitcoin wallet, and KeepKey. However, the last two are hardware wallets.
It’s difficult to say which wallet supports the biggest number of coins because new types of crypto are added on a regular base allowing wallets to compete for users’ attention.
Custodial VS Non-Custodial Wallets
Custodial crypto wallet representatives don’t give users access to private keys and simply store them on servers. The main benefit of such a wallet is that you can restore access if the password was lost or forgotten.
The drawback is that even the best cryptocurrency wallet account may be frozen in case of any intervention or during hacker attacks (which happen quite often).
A non-custodial blockchain wallet is one of the safest Bitcoin wallets and operates in the opposite way – you gain total control over the access without using servers.
The cons of using these top Bitcoin wallets are that when losing the private key you won’t be able to regain access to the account.
For example, if you have lost your laptop or smartphone, restoring access to the account may be possible only by using the seed phrase. It’s given when you open an account.
Well, of course, if it’s not stored on the device that you have lost.
At the moment, you can pay attention to Trustee, Jaxx, Copay, Coinbase bitcoin wallet, and other representatives.
Types of Bitcoin Wallets
Bitcoin wallets are not limited to one option, so users can choose from five types of TOP crypto wallets – web or online wallets, mobile wallets (installed on smartphones and tablets), desktop wallets (which run on computers and laptops), hardware wallets, and paper ones.
Below we’ll tell you about each of the types of Bitcoin wallets, so you could choose the best crypto wallet desktop depending on the needs and expectations. For example, if you plan to store a big number of coins, it will be better to choose a hardware wallet.
But when speedy transactions are needed, you can turn to Blockchain.info or Trustee.
After reading the guidelines below even bagholders will find the best Bitcoin wallet Android to their taste!
Such TOP Bitcoin wallets representatives as KeepKey, Ledger Nano S, and Trezor wallet give access to coins with a high protection level because private keys are stored only on the device and not on servers of any company.
Even though they may cost from $60 to $100, such wallets allow you to proceed with secure transactions without fear of hacker attacks.
Such wallets are good for receiving and storing Bitcoin and other crypto coins. Once the coins are in a wallet, one part can be transferred to another place for regular usage, while the main part will be safely hidden on a hardware wallet.
As we have mentioned above, such wallets don’t need downloading blocks.
All the data is available through servers. Such a cryptocurrency wallet is very easy to manage when using tablets and laptops. They are fast and convenient.
There is only one but:
Everything that requires verification is conducted by a third party, which bears harm for security. Luckily, you still own the private keys.
Thick wallets require uploading a full blockchain copy on the computer. Such a wallet is called Bitcoin Core. A thick wallet is a full network node, which not only allows managing a personal account but also supports blockchain viability.
A thin desktop crypto wallet occupies only a few MB of memory and takes several minutes to install. It’s a client program, which doesn’t require uploading all the blockchain. It allows for conducting transactions and creating Bitcoin-addresses.
These wallets don’t work with the network directly (unlike thick ones) but through the developer’s servers. Thus, they are not so safe. Examples of the best desktop Bitcoin wallet are Jaxx, Electrum wallet, and Exodus wallet.
If you need a break, go and grab some coffee, we’ll wait!
By now you know that it’s impossible to say which wallet is the best BTC wallet for Android. We can simply tell you about the pros and cons of every type to simplify the choice.
Browser wallets have a series of advantages.
First of all, there’s no need to download all network blocks, which saves lots of time both during the first loading and during each run. Opening such an account can be conducted on multiple devices no matter where you are.
Just be sure there is a good Internet connection.
Most of such services offer additional benefits like sending coins on emails or indicating sell phone numbers. Users can also send notifications and use address books.
But no matter how good it sounds you shouldn’t forget that the use of any online crypto wallet there is a risk to lose your money. When the service is hacked, your crypto can be stolen.
Thus, the coins’ safety is on you.
What's the best Bitcoin wallet among all of the online ones?
The most popular online storages are Blockchain.info, Bitpay, Cryptopay, Xapo, Matbea, and Coinbase best crypto wallet.
The good news is that you can have multiple wallets, so if you think that hardware or the best Bitcoin desktop wallet is not enough, it’s the right time to discuss the best mobile Bitcoin wallet.
To get the best cryptocurrency wallet of this kind you should just own a smartphone that runs on Android or iOS. Transactions can be made using NFC technologies or QR-codes.
Wherever you are, any time of the day and night!
Great examples of these wallets are Bitcoin Wallet, Atomic wallet, Airbitz, and Mycelium.
Sounds strange, huh?
But don’t be surprised and read attentively. Especially if you want to store cryptocurrency for a long period.
A paper wallet is a piece of paper, which contains a printed version of public and private keys in the form of a QR code. You just need to scan it before using the wallet.
As a rule, paper one is the best crypto wallet in terms of safety. Here are the reasons why you should use it:
1. Such a TOP Bitcoin wallet is very convenient. It doesn’t take much time or skills to start an account. Using hardware wallets is more difficult and energy-consuming;
2. It is autonomous. Such wallet is not available online and is protected from hackers and scammers. Your coins are represented as a piece of paper and can be compared to a cheque. With its help you can use funds or give them to others;
3. There are no equipment issues. Paper wallets are safer compared to hardware ones, which can be damaged and undergo software malfunctions;
4. Easy to pass on. If something happens to the crypto owner, relatives, and beloved ones will hardly get access to an exchange or hardware wallet. But a paper one can be easily stored as a valuable asset in a drawer.
Ways to Make Bitcoin Storage Safe
Choosing the best crypto wallet for Android is not enough. You bear responsibility for the coins and can always use additional ways to protect your funds. Here’s what we recommend:
1. Encryption. Almost every Bitcoin wallet has such a feature and doesn’t require you to be a tech geek. Just encrypt the wallet using TrueCrypt or Bitcoin Core. This will significantly increase the safety of the wallet (but doesn’t provide complete inaccessibility to hackers);
2. Backups. This is one of the ways of protecting a good Bitcoin wallet along with complex passwords and two-factor identification. Make sure to have regular backups of the wallet and leave them in several places: disks, flash drives, etc.;
3. Complex passwords and two-factor identification. Use imagination and instead of an obvious password with your cat's name try coming up with a difficult set of letters and numbers;
4. Cold storage. Another way to protect the wallet is to store coins offline, so hackers won’t be able to gain access to your money online. Private keys are not stored on the web, so it’s impossible to steal them through the Internet.
The best free bitcoin wallet is necessary for those who are somehow related to the cryptocurrency world.
There are many types of the best cryptocurrency wallets and we have described each of the above. Now you can choose good storage depending on your activities, crypto volume, and frequency of operations.
Still waiting for our opinion to know what is the best Bitcoin wallet 2020?
Well, for our everyday operations we have chosen a hot non-custodial and the best mobile crypto wallet and a cold one for storing bigger sums.
New to the crypto world and only learning about the basic features and terms?
Go ahead and read this article, where you’ll find everything about crypto signals and providers.
Trust us, they are needed for profitable and smooth trading.