What is the Best Bitcoin Wallet?

In this article we are going to talk about the different types of Bitcoin Wallets that are available and what are the good points of each one of the wallets. So keep reading and you will learn everything you need to know about the Best Bitcoin Wallets.

The Best Bitcoin Wallets

First you need to understand that many people are willing to steal your cryptocurrency every single day, by trying to hack your bitcoin wallet. This is why it's so important to use a good Bitcoin Wallet so you can keep your balance safe and secure.

There are different types of Bitcoin Wallets and they are:

• Web Wallets (Online Wallets)
• Software Wallets
• Hardware Wallets

Now we are going to talk a little bit about each one of the types and we are going to show you the best wallet for each type, so you can choose the best option that suits your needs.

Web Wallets

First we have the Web Wallets. The Web Wallets are online services (websites) that are hosted by a third party organization. So it means that you have to trust that company, that they are not going to get away with your cryptocurrency. So in our opinion, this kind of wallet is not safe. They are easy to use, this is true, but we don't recommend storing big amounts of bitcoin in this kind of wallet.

But if you need to store small amounts, just for your regular day to day transactions, it's not that bad. But avoid storing all your cryptocurrency in a web wallet.

Software Wallets

Software Wallets are much better than the web wallets, because you have full control of your cryptocurrency (you have the private keys). So it means you don't have to trust a company to do that for you. In our opinion, the best software wallet is Electrum (download here).

This kind of wallet is very simple to use. If you ever tried to install Bitcoin Core you will know that it takes a lot of time to synchronize it, because you need to download the full blockchain (more than 100 GB of size). It takes a lot of time! And this is why a wallet like Electrum is so good, because you don't need to download the blockchain. You just install it, run, and you are good to go.

Become your own "bank" by using a Software Wallet like Electrum which allows you to have control of your private keys

You can transfer your bitcoin, make payments, receive cryptocurrency, etc, directly in your computer, and you don't need to trust a company to do that. It's also very important to learn how to backup your wallet, so this is the very first step you need to do after creating your new wallet using Electrum.


Pros of Software Wallets:

• You have the control of your private keys
• You don't have to trust a third party organization to store your cryptocurrency
• To use wallets like Electrum you don't have to download the full blockchain
• Your computer becomes your "cryptocurrency bank"

Cons of Software Wallets:

• If your computer gets compromised, the hacker can get access to your private keys, meaning they could move your balance.

Note: Not all software wallets are 100% safe like Electrum. Don't risk your bitcoins using an unknown software wallet! Download Electrum here.

Hardware Wallets

And last but not least, we have the Hardware Wallets, the best type of Bitcoin Wallet. They look like a regular flash drive, and when you unplug it from your computer, your coins will be offline, so you can't get hacked. They are created in a way that your private keys NEVER goes online.

It's the most secure way to store your cryptocurrency, and they are worth it, specially if you have a decent amount of Bitcoins and you don't want to risk your balance. They are the best type of wallets by far.

They are also very easy to use, and the most popular (and also the safest one) is called Ledger Nano S that is developed by Ledger. They are always improving their wallet, to make it more secure and to support more cryptocurrency. As of today, Ledger Nano S supports more than 20 cryptocurrencies!

More info about Ledger Nano S (click here)

Ledger Nano S is the most famous Hardware Wallet and also the most secure way to store your Bitcoins.

Pros of Hardware Wallets:

• You have full control of your private keys
• The private keys are stored ONLY in the hardware wallet, even your computer never get access to it.
• You can use a Hardware Wallet like Ledger Nano S even in compromised computers.
• Usually supports many cyptocurrencies, not only bitcoin (and you don't have to create a different wallet for each cryptocurrency)
• Most secure way to store your cryptocurrency, no one can get access to your Bitcoins other than you.

Cons of Hardware Wallets:

• They are not free.
• It can be very expensive if you buy from a reseller, so it's highly recommended to BUY DIRECTLY from the manufacturer (click here to go to their website so you can order it directly)

Conclusion

I highly recommend that you should invest in a Hardware Wallet, specially if you have a good amount of cryptocurrency.

And as I said before, when you use a Hardware Wallet like Ledger, your private key never goes online, which means it's the safest way to store your Cryptocurrency. You will only need to plug your Hardware Wallet when sending bitcoins to someone else. You can RECEIVE bitcoins in your wallet even if it's unplugged from your computer.

I hope this article was useful for you. Don't forget to bookmark our website so you don't lose our next posts. And leave a comment telling us what you think about the different types of bitcoin wallets! See you next time!