8 Best Bitcoin Wallets to Keep Your Bitcoin Safe

8 Best Bitcoin Wallets

Over the past several years, you’ve probably heard a lot of chatter about Bitcoin—what it is, the mystery behind its creator, its usage on the black market, the Mt. Gox robbery that shook the Bitcoin industry and community to its core, causing controversy worldwide. But unless you use Bitcoin, you probably don’t know what Bitcoin is, though since you clicked on this article, you might be interested to find out. If you already know the very basics of Bitcoin, and you’re just here to learn some of the best Bitcoin wallets available, skip the next paragraph; otherwise, here’s a very brief, very introductory definition of Bitcoin.

Bitcoin is a response to the flawed digital payment systems of our time. Because of how digital systems can copy and duplicate information, it’s impossible to make sure no one is spending the same currency over and over again by copying it without using a centralized authority to verify each payment (like Paypal). This is where Bitcoin comes from: instead of having to rely on that third party payment system, Bitcoin is an encrypted peer-to-peer transaction that allows for some added benefits, including keeping payments non-reversible and lowering transaction fees between two parties. There’s also a controlled supply of Bitcoin in the world around us, meaning only a certain number of Bitcoins—21 million—can exist in the world. Bitcoins are created by “mining” with computers, which is a bit too technical to go into here. The 21 million number isn’t expected to be reached until about 2140, meaning there’s still a century of mining to go before Bitcoin is close to topping out. The controlled supply keeps Bitcoin safe from inflation, and from government control of currency.

That’s our basic, by no means complete explanation of what Bitcoin is and does. If you want to learn more about Bitcoin, we suggest this Medium post or reading the Bitcoin Simplified website. For now, let’s move onto our recommendations for wallets, and what a wallet is.

When it comes to keeping your Bitcoin safe, you’re going to want to use a wallet, and preferably one through a trustworthy enough system that won’t run you into any trouble. Your Bitcoin funds will use a password, which only you have access to—just like any other online private or banking account. The value of Bitcoin is determined by the number of users that buy and sell at any particular moment, similar to how standard currency markets function. The price and worth of Bitcoin ebbs and flows based on supply and demand of the digital currency. Because of how important it is to keep your finances safe, you’re going to want to ensure your Bitcoin collections is stored in a secure wallet. Luckily enough, we’ve collected eight of the best choices for Bitcoin wallets below—let’s take a look!

Everyone else
BitGo
bitgoscreen BitGo's Bitcoin wallet is another wallet intended for small business customers—specifically those always-on-the-move entrepreneurs. Though independent accounts can exist through BitGo, if you're looking for something and the above descriptors fit you accurately, you'll definitely want to check out BitGo. The wallet offers a huge selection of security features for businesses, including 2-step verification, audit logs, address whitelisting, and so much more, helping to protect you from fraud while keeping your business running smooth and efficiently. Even better, with BitGo's premium support, you have 24/7, always-on monitoring protection, keeping you safe from intruders in your wallet. You'll receive instant alerts for all your transactions, and monthly in-depth statements keep you informed on what's going on in your account. BitGo is a web-based wallet client, but also features mobile apps on Android and iOS.
StrongCoin
strongcoinscreen StrongCoin's wide-reaching security features have attracted a huge following among Bitcoin users, and it's easy to see why. Unlike some wallets, StrongCoin processes your transactions through your web browser, so that your key is encrypted on their independent servers. You're the only one who can access your account and Bitcoins on their servers, creating a hybrid wallet for Bitcoin and allowing safer, more secure transactions than some competitors. Like Copay, you can contain multiple Bitcoin accounts within one individual wallet. Some other security features offered by StrongCoin: offsite secure backup protection guarantees your Bitcoin funds will never be lost due to an accidental delete of your wallet, and encrypted keys help make sure your information is only accessed by you. Your Bitcoin wallet through StrongCoin cannot be held at ransom, and there's built-in escrow, keeping your finances safe and secure. StrongCoin is another web-based platform, along with mobile apps on iOS and Android.
Ledger Wallet
ledgerscreen We hear you: you aren't a fan of storing anything on local or cloud-based servers, no matter what kind of encryption is used. Encryption can be broken by anyone with enough experience and time on their hands, so if you're looking for something to balance out your security with a local, hardware-based key you can take with you, you only have one really great choice: Ledger Wallet. Ledger is a two-in-one hardware and software-based wallet for your Bitcoin collection, with several different "smartcards" capable of storage and managing your Bitcoin collection. Since you need the physical key to access and transfer your Bitcoin currency, you're guaranteed additional safety and protection from hackers or thieves aiming to steal your cloud-based wallet funds. There are a few different sizes and models for your Bitcoin wallet, so head on over to Ledger's website to view their various hardware. One note: since you need the USB-based key to access your Bitcoin account, you won't be able to access your info on your smartphone of choice unless you buy the newer, much-more expensive Ledger Blue card, which uses Bluetooth to connect to your platform of choice. You can use the Ledger software on Windows, MacOS, or Linux, so no matter your desktop choice, you're all set to store.
UberPay
UberPay UberPay is one of the newer wallets on our list. It's main premise: allowing for users to swap Altcoin for Bitcoin, gold, or silver currencies, making it easier for a greater number of people to adopt various cryptocurrencies like Bitcoin and Altcoin. It does have some options available for business users, but nothing quite as substantial as Copay's various wallet functionalities, and it's designed less for business use and more for daily transactions with worldwide merchants available online. UberPay doesn't stress its security functions, but it is a decentralized wallet, so you shouldn't have to worry too much about your finances or information falling into the wrong hands. Like with plenty of the other apps on this list, UberPay is available for download on desktop operating systems of your choice, as well as your Android or iOS phone.
CoolWallet Bitcoin Hardware
coolwalletscreen Ledger isn't the only hardware-based Bitcoin wallet system—if you're looking for something a bit more convenient or high-tech, CoolWallet has you covered. The actual CoolWallet device looks really similar to a debit or credit card, and is designed to fit inside your real wallet. Just like Ledger, CoolWallet prides itself on being hack-proof, theft-proof, and—a new one on our list—even waterproof. What makes CoolWallet great compared to something like Ledger is the connectivity of the device. Whereas Ledger is a USB key designed to fit into a desktop or laptop, CoolWallet transfers information over a local Bluetooth network between you and your devices, allowing you to keep your device information on your iOS or Android phone. You can even set up an alert service that will tell you when your Bitcoin wallet and mobile phone are a certain distance apart, called Watchdog. There's only two noticeable flaws with CoolWallet. First, the Bluetooth connection means the device isn't quite as secure as Ledger's key-based system, even if it is far more convenient. You'll have to weight the two options to decide which is right for you. Second, CoolWallet is expensive—it runs $119 US dollars, an expensive device for someone just dipping their toes in the Bitcoin pool. Still, if you're an experienced Bitcoin user, or you need something with this type of functionality, it's more than worth the cost—even if it's another device you'll have to charge.
Luno (formerly BitX)
lunoscreen Luno (formerly BitX) is another great choice in Bitcoin wallet, and lacks any kind of Bitcoin fees for using the app to charge or collect Bitcoin from clients or friends. You can store, send, and receive Bitcoin inside your Luno wallet, all for free. The app also allows you to transfer funds, shop online, and manage your Bitcoin funds right from their client. Luno even has smart-wallet functionality to learn and become smarter about your uses the more you use it. Luno is a great choice for newcomers to Bitcoin; it has a great help center that can allow you to learn everything and anything you need to know about spending and earning Bitcoin online. It doesn't feature any notable strong security features, so if you're after always-available support, you'll want to look elsewhere. Overall, Luno is a great follow-up to BitX and a great choice for beginners. It’s available on Android, iOS, and through a Web browser.
Posted by Heather on May 21, 2017

2 thoughts on “8 Best Bitcoin Wallets to Keep Your Bitcoin Safe”

GainBitcoin says:
Hi, Any idea about BlockChain wallet? Is it secure?
Reply
Topman says:
I’m still up here using Electrum.
Reply

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