Best Bitcoin Wallets 2020
Here you can select the best bitcoin wallet to store your bitcoin, according to your needs. You can choose from the largest online, desktop, mobile, hardware and paper wallets.
Bitcoin, as a cryptocurrency, is becoming popular around the world. More and more people are interested in owning and transacting with bitcoin regularly. Just like any other currency, bitcoin needs an account number to own and transfer money. In Bitcoin’s case, this is called the public address. This is a random combination of digits and characters allotted to a user. Public address can be seen by anyone remotely through the blockchain. Anyone can verify the money owned it which is available publicly. However, to help transfer money, you also need a secret key called a private key. Therefore, every Bitcoin wallet has one or more private keys. Certainly, only private keys can trigger a transaction and how the user intends to demand complete control over it.
Why Use Bitcoin Wallets?
Since Bitcoin is a P2P system, private keys are only known to the owner. Therefore they can only be shared with the user’s permission. Cryptocurrency exchanges often receive flak, because they refuse the user to control the private keys. So there is a risk of funds that can be stolen by hackers, as witnessed in many cases around the world.
So, it is highly recommended, that users store their valuable crypto funds on P2P wallets with full private key control than exchanges. There are different options, available for users with varying levels of security and accessibility.
Some Of The Best Bitcoin Wallets for 2020
There Are 5 Types Of Bitcoin Wallets:
1. Online Bitcoin Wallet
- Online Bitcoin Wallet
- Hardware Bitcoin Wallet
- Desktop Bitcoin Wallet
- Mobile Bitcoin Wallet
- Paper Bitcoin Wallet
The online bitcoin wallet is extremely accessible and easy to use. Here you can easily store and quickly send or receive bitcoin. However, it lacks security, as the information is available through the server. Thus the funds are in danger, in one way or another. So you should only store small amounts of bitcoin in these wallets. Here are the best Bitcoin Online Wallets:
The Blockchain is the most trusted online bitcoin wallet. It is a versatile wallet that can be used also for other cryptocurrencies, in addition to Bitcoin itself. Blockchain is one of the go-to options for people looking to get into Bitcoin. Actually, it is as safe as online wallets get. It has over 23 million registered wallets until now.
Cryptonator is another online bitcoin wallet and supports a variety of other cryptocurrencies as well. It has easy accessibility and is free to use. Cryptonator enables fast and easy direct transactions. Also, this wallet allows instant Bitcoin exchange into different cryptocurrencies in one personal account.
FreeWallet is a simple and secure online bitcoin wallet. It is available on iOS and Android devices as well. It has enhanced security features and gives constant updates for this purpose. There are 2 effective steps to ensure your funds stay safe: 2-factor authentication and email confirmation for each transaction.
2. Hardware Bitcoin Wallet
The hardware wallet has the unique ability to go offline. Thus be virtually impenetrable to hackers in the offline mode. Therefore it is perfect for storing large amounts of bitcoin. Hardware wallet needs to be plugged into a PC or wi-fi for transactions. But, to ensure safety, the actual hardware needs to be protected by the user. Here are the best Bitcoin Hardware Wallets:
Ledger Nano was the earliest Bitcoin hardware wallet and has a big userbase around the world. It comes in two main models, the Ledger Nano S and Ledger Nano X. Both are useful in their own right. (Read More)
Trezor was perhaps the first Bitcoin hardware wallet. It is extremely useful for users. This wallet can be backed up by a long one-time backup code. (Read More)
3. Desktop Bitcoin Wallet
The desktop bitcoin wallet is easily accessible yet mostly operated through PCs. It has better overall security than online wallets. Here are the best Bitcoin Desktop Wallets:
Electrum is one of the most popular bitcoin desktop wallets. This wallet is a useful option for cryptocurrency users. It gives considerable control over the crypto ownership to the users. It is one of the safest options around except for hardware and paper wallets. Electrum has various user interfaces. It can be used on desktop or mobile.
This is one the “original” Bitcoin desktop wallet and only available on PC. In addition to the wallet feature, it lets you download the entire blockchain and becomes a functioning node in the process. Being a Bitcoin node is extremely useful for a Bitcoin end user as it allows users to monitor and report transactions in the decentralized consensus system.
4. Mobile Bitcoin Wallet
The mobile bitcoin wallet is installed onto a phone. There are two categories of Mobile wallets: iPhone wallets and Android wallets. Here are the best Bitcoin Mobile Wallets:
Mycelium is an Android and iOS Bitcoin wallet app. It is one of the best mobile bitcoin wallets. Adapted for more advanced users. Here you can store your bitcoins and manage multiple accounts. Also, you can create backups and trade here.
Trust Wallet is a popular Android and iOS mobile Bitcoin wallet. The private key is only stored locally and protected with many layers of security. Trust Wallet is now the official cryptocurrency wallet of Binance.
5. Paper Bitcoin Wallet
A Paper Wallet is an offline mechanism for storing bitcoin. Therefore it is not subject to malware. Paper bitcoin wallet is an approach, in which the information can be printed out. So removed completely from any kind of digital storage. This increases security. Here are the best Bitcoin Paper Wallets:
Bitcoinpaperwallet.com is one of the best bitcoin paper wallet generators. It recommends users to generate a seed phrase, associated with the private keys and print it out. You can store this seed phrase offline for secure ownership.
This is another useful option, that you can download from Github directly. Users can then open the index.html file offline to use the app and secure the funds. It is also one of the best Bitcoin paper wallets.