Storing Bitcoin can be daunting. You might find yourself in a dilemma, should you store Bitcoin in a mobile wallet? on an exchange? The safest is always the hardware wallet, maybe you should hodl bitcoin on a computer just for this?

The answer is never easy, and it mostly depends on the Bitcoin use. There is no one fits all. What is certain is that you need one to participate in the Bitcoin network. The general rule for storing bitcoin is that if you own as much as your monthly paycheck, buy yourself a hardware wallet and keep private keys there. For everything else, there is a variety of Bitcoin wallets, some better than others and to help with your decision, Tokens.net’s team of experts share their favourites. Factors determining what would be the best wallet for you are described in detail in our other blog post, How to choose the best bitcoin wallet.

Before we list Bitcoin wallets, we will go through an easy guide on how to keep your Bitcoin in a wallet safely. All you need to worry about is your private key. A private key is a random string of letters and numbers stored in your Bitcoin wallet that allows you to prove ownership of the coins. The second most important thing is a mnemonic phrase, also known as the seed phrase. The seed comes in the form of 12 or 24 words and is a safety net in cases, such as a lost phone, broken hardware wallet or other misfortune. You will thank us later, but it is necessary to write it down, and this is your last resort if you ever lose access to the wallet. Never store Bitcoin in a wallet that does not offer the option to recover data.

If you know all the basics, and you only wish to read about the products, please skip the next paragraph and go directly to number 1.

An important factor when you decide on a Bitcoin wallet is its type. There are a few different types according to its uses. There are hot or cold wallets, desktop, mobile or browser versions, and a special one is a paper wallet. The latter became obsolete for everyday users and we would only advise it for highly-knowledgeable Bitcoiners, so we will not mention it here. You have to pick the one that fits your needs and preferences, and not because we like it. The characteristics that you should keep in mind when deciding on a wallet are security, privacy and control.

Cold Wallet - Hardware wallet

Cold wallets are an external device for enhanced security for your cryptos. Hardware wallets are non-custodial wallets, where the user has complete control over private keys. They are designed to store multiple private keys. The most popular cold wallets are hardware wallet makers Trezor and Ledger. They have been around the longest and are pioneers in the field. Coldcard is preferred by the cryptocurrency experts for its privacy and security. A detailed breakdown of the best hardware wallets is in our blog post, Top 5 Hardware Wallets.

1. Trezor

Multicurrency hardware wallet from SatoshiLabs.
Browser application Trezor Bridge.
SatoshiLabs has a great knowledge base for Trezor.

2. Ledger

Multicurrency hardware wallet in the form of a USB key.
Local application Ledger Live.
Multisig support.
The current price goes from 59 EUR for Ledger Nano S and 119 EUR for Ledger Nano X.

3. BitBox02

Slightly less popular than others.
Comes in two versions: BTC only and BTC, LTC and ETH.
Local application BitBoxApp.
Uses invisible touch sensors for navigation.
Has an easy backup and restore feature.
Can be used for second-factor authentication.
Current price is 109.99 USD or 125 EUR or 82 GBP.

4. Coldcard

Bitcoin only.
Looking like a pocket calculator, this wallet is privacy and security-oriented.
Operates on open-source software, i.e. Electrum Personal Server or Wasabi Wallet.
Generates seed.
MicroSD slot for backup and data storage.
Multisig support.
Uses BIP174 natively.
Current price is 119.97 USD.

Hot Wallet

Hot wallets are called hot because they are continuously connected to the internet. Hot wallets are all desktop, mobile and web wallets. They are perfect for constant use and frequent transactions.

Desktop Wallets

Desktop wallets are wallets that you download to a computer and are one of the oldest types of Bitcoin wallets. The desktop wallet provides users with full control over funds but can be difficult to use with QR codes and subject to the most hacks.

5. Atomic Wallet

Decentralized multi currency wallet.
Built to leverage the potential of atomic swaps.
Multisig support.
Made for in-app peer-to-peer exchanges of cryptocurrencies.
Your past transactions are shown to you by looking up the blockchain.
Compatible with desktop and mobile devices.

6. Bitcoin Core

Official Bitcoin Core wallet from 2009.
Not recommended for less tech-savvy users, unless you really wish to store a full node on your computer.
High level of security if used on a dedicated computer.
Available for Linux, macOS and Windows in 27 languages.

7. Coinomi

Multicurrency mobile and desktop wallet.
Has a fair reputation as a secure wallet. Private keys are stored on your device.
Has a comprehensive knowledge base.
The wallet is user-friendly and easy to use, making it appropriate for all levels of users.

8. Electrum

Most popular desktop wallet since 2011, from MIT.
Uses third-party centralized servers to confirm transactions to reduce the amount of downloaded data in comparison to the BTC Core wallet.
Level of security is improved if you use it in combination with an offline computer.
Can be used with a hardware wallet and supports Trezor and Ledger.
Multiplatform use. Available for Linux, macOS and Windows, and for Android devices.

9. Electrum

Multicurrency desktop wallet recommended for entry-level users.
Has a simple design and great online support.
It keeps your interaction with the Bitcoin network effortless.
Break down to wallet, your portfolio overview, backup, wallet settings and support.
Can be paired with your Exodus wallet on your mobile device.
Has support for Trezor hardware wallets.
Works well and is constantly improving.

10. Wasabi wallet

Desktop-only Bitcoin wallet, known for its extreme privacy features.
Open-source software, also using CoinJoin.
You have control over your private keys.
Possible validation through Tor.
Has a rating system for transaction privacy level.
Advanced technical features without sacrificing ease-of-use. The user experience is intuitive.

Mobile Wallets

Mobile wallets are probably the most common. They are the most convenient, easy to use and most widespread Bitcoin software. They are ideal for everyday transactions.

11. Bitcoin Wallet

Easy to use and reliable Bitcoin wallet.
User has full control over funds but is responsible for backing up the wallet.
Rotates addresses so it is harder to track.
Lets you set up Tor as a proxy.
Supports legacy and Bech32 addresses.
User has full control over fees.
Only available for Android.

12. Blockstream Green

Best Bitcoin wallet for iPhone.
Also available for desktop and with hardware wallet support.
Multisig support.
Full API for integrations.
Allows you to customize the miner fee and in a transaction jam, urgent transactions can be pushed with replace-by-fee.
Multilingual.

13. Bread

Multicurrency mobile wallet for iPhone.
Its modern design and simple interface make it suitable for complete beginners.
Users have control over private keys.
What is missing is a customizable transaction fee system.
Has a built-in market for buying and selling cryptocurrencies.
Has their own token BRD.

14. Copay Wallet

Hierarchical deterministic wallet developed by BitPay in 2015.
Known for its multisig support and security.
Open-source software with Bitcoin Livenet/Testnet support.
Prices can be displayed in over 150 currencies.
Has remote backup storage.

15. Lumi

Mobile and web multicurrency wallet.
Suitable for beginners and advanced users.
The private key is generated on the device.
Uses HD addresses for each Bitcoin transaction.
Supports withdrawing Bitcoin directly to a credit card.

16. Mycelium

Once the best Bitcoin wallet for Android.
Very simple to use with an impressive list of features.
Designed exclusively for Bitcoin.
A most notable feature is account management and the variety of accounts you can create.
Also has watch-only accounts.
The company behind it also manufactured Entropy.
Lately, it has been behind in development.

17. Samourai Wallet

Best Bitcoin wallet for Android.
The creators call it a Bitcoin wallet for the streets.
You have control over your private keys.
Uses PIN access that is randomized at every use.
Has a Stealth Mode that hides the wallet on your Android device.
Can be used offline.
Has a full node application for a mobile called Dojo.
Whirlpool in testing. Whirlpool is a mobile implementation of CoinJoin to remove the Bitcoin history.

Browser - Web Wallets

Web wallets are online wallets that the majority of exchanges offer. In most cases, these wallets are custodial wallets, where the user does not control the private keys.

18. BitGo

Best web wallet.
Multi-user wallet with interactive design and built-in security features.
User fully controls the private keys.
Multisig support.
Supports individual and institutional wallet services.
Built for advanced use cases.
Has a free and a paid version.

19. Blockchain.com

Formerly Blockchain.info and one of the most popular mobile Bitcoin wallets.
Extremely easy to use.
Also a blockchain explorer.
Not the safest wallet, your wallet backup is stored on company servers.

20. Tokens.net

Our multi-currency exchange wallet. This is a custodial wallet and it should not serve as a wallet to store your Bitcoin, especially large amounts.
What is great about it is the ease of use and exchange behind it.
Even if Tokens.net is not a “real” Bitcoin wallet, it is a perfect option for storing Bitcoin while trading.
Security and privacy are a top priority.
Security and privacy are a top priority.
Supports Bech32 addresses.

Whatever wallet you choose, do not forget to secure your legacy. Make certain your successors will know how to restore a Bitcoin wallet in case something happens to you. Choose wisely and write down that mnemonic phrase!

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Author: Tokens.net Team
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