Crypto enthusiast and professional content writer Scott Mathews takes a look at seven best Bitcoin wallets, explaining key principles of safe storage.
Although Bitcoin has been with us for 10 years, it has experienced a surge in popularity in the last three years, thanks to its price rising from $572.33 to $4,764.88 in 2016. As if that wasn’t enough, the price of Bitcoin continued to soar, reaching as much as $13,680 by the end of 2017.
Slowly but surely, Bitcoin became accepted more widely, once people had gotten past their initial scepticism and actually figured out how cryptocurrencies worked.
As a result of that, the number of Bitcoin ATMs grew to 2,053 by January 2018, with the majority of them being located in the US and Canada. Now, regardless of how low the price of Bitcoin is, it is still worth quite a lot of money, which means you need to think about managing and protecting it, and the best way to do that is to use a Bitcoin wallet.
But, since there are multiple options available out there, it can get somewhat confusing, especially if you are new to the whole Bitcoin concept.
With that in mind, let’s take a look at seven best Bitcoin online wallets you are not using, but should be.
Coinbase is a Bitcoin wallet of choice for a lot of people, simply because it is so easy to use. Not only does it allow you to buy, sell, and keep your Bitcoins safely, but it also enables you to connect your online wallet to a US bank account. This means you can transfer dollars to and from your online wallet in just a few clicks.
When it comes to support for different cryptocurrencies, in addition to Bitcoin, it also supports Bitcoin Cash, Ethereum, and Litecoin. Rumors surrounding support for XRP came true.
According to James Wiseman, who works as a manager for EssayMama, Coinbase convenience and safety is one of the reasons why they use Bitcoin for their internal transactions.
If you are looking for versatility, you might want to take a look at Atomic Wallet, according to Helen Armstrong, who works in the finance department of Essay Writing Land. This particular wallet supports over 300 different coins and token, with users being able to exchange cryptocurrencies like Bitcoin, Litecoin, XRP, and Ethereum as well.
You can also try out the decentralized cross-chain atomic swaps here. What makes these exchanges so easy its user-friendly interface, with doesn’t require you register or provide proof of your identity.
According to EssayOnTime financial manager Chris Harmon, the option of being able to buy Bitcoin and other currencies with a bank card is why they have opted to use it for some of their transfers.
When it comes to safety, it’s pretty hard to beat Trezor, which is the world’s first hardware Bitcoin wallet. In other words, it is a device that plugs into your computer’s USB port, after which it will show a 9-digit PIN code on this screen. You will be required to enter the same code inside the screen that will show up on your computer.
For added safety, every time you connect Trezor to your PC, the code is generated randomly, which means that only you know the code and nobody else. It also acts as a device which can help you manage your passwords, and you can use it as a part of any two-factor authentication process as well.
According to Maggie Smart, who works in the accounting department for Edu Birdie, while Trezor is not the best solution when it comes to buying and selling, it is an essential one for those which put security above all else.
If you prefer to manage your Bitcoins using a desktop application, Exodus might be exactly what you are looking for. According to Jennifer Hunter, who is a manager for Nerdy Writers, what sets Exodus apart is not just its eye-catching interface, but it also its ability to turn your cryptocurrencies into beautiful graphs and charts for your finance portfolio, which is especially handy for those users which are interested in looking more professional.
Clark Simmons from Paperwritingpro.com maintains that the best thing about Exodus is the lack of account setup, which essentially means that this your wallet belongs to you only, and nobody else.
Electrum is a software wallet which you can set up and use in no time, which makes a popular choice for numerous users, according to Felicity Collins, who is a manager for Ninja Essays. It works with Windows, Mac OS X, Linux, and Android.
However, whereas Exodus is more convenient than most, it works best when paired up with a physical wallet, such as Trezor, since all of your Bitcoins are stored as files on your computer.
If you PC crashes or malfunctions, you could lose all of your Bitcoins without an appropriate solution for storing your cryptocurrency, which why you need to at least printout or write down a set of keys, according to Susan Klein, who works for Assignmentholic.co.uk and does the finances.
The sheer number of users who have opted for Mycelium speaks volumes about how effective it is. It’s been tried and tested, and on top of that, it constantly upgraded, Mycelium is packed with features, especially regarding privacy and security. It also comes with a 12-word backup key, which you should print out and store somewhere safe, otherwise, you won’t be able to recover your coins.
It requires no email verification, it has no user onboarding and works without any passwords and usernames, which is why it’s the wallet of choice for so many people. The only downside is that you can only be used it as a mobile wallet since there is no web or desktop version.
Jaxx is among the most trusted Bitcoin wallets out there, not just because it has a capable team of developers behind it which are constantly working on making it better, but also because it supports Bitcoin and 68 altcoins as of June 2018, among which are altcoins like XRP and Tether.
Like all the other top wallets, it doesn’t require you to authenticate your account via email, nor is there any onboarding or passwords. It also comes with a seed backup key option, which allows you to back up your assets. You can use Jaxx with your iOS phones and tablets, Chrome and Firefox browsers, as well as Mac OS and Linux devices.
As you can see, keeping your Bitcoins safely stored is a breeze nowadays, since there are so many different wallets to choose from. Our advice would be to combine any of the software Wallers with a physical one, and to keep your keys in physical forms hidden away somewhere safe, just in case. Good luck!
Scott Mathews is a professional content writer in such topics as economics, cryptocurrency and business relationship. Scott`s the biggest passion is blogging and travelling. He regularly takes part in different Bitcoin conferences and contributes his posts to different websites. Contact him on Facebook and Twitter.