The cryptocurrency market has evolved over the years with more people trading and investing in cryptocurrency every day. The first digital currency was Bitcoin, and it has paved way for the creation of other cryptocurrencies.
The increment in the acceptance of cryptocurrency has led to different exchange platforms looking for new and better ways to satisfy their users.
The need to create better security for cryptocurrency investors has to lead to the development of different crypto wallets. You might be familiar with the term “Bitcoin wallet” but unlike the normal wallet which is used to keep money and other valuables, the bitcoin wallet serves a different purpose.
It’s utilized not simply to store Bitcoin and other digital assets, but also to improve identity verification and secure private keys. You can also use your wallet to transfer and receive payments.
There are a lot of crypto wallets out there each with its own benefits and downsides. It might be a little difficult to select the best for you therefore, in this article we’ll explain what Bitcoin wallets are and why you need them.
We’ll also give you a review of some of the best Bitcoin wallets out there to aid you in making a better decision. Read through.
What is Bitcoin?
Bitcoin is decentralized digital money that may be sent from one user to another on the peer-to-peer bitcoin network without the need for an intermediary.
Bitcoin was the first digital currency launched in 2009 by a person or group of persons known as Satoshi Nakamoto. Any financial institution or the government does not regulate it but relies mainly on peer-to-peer technology.
Bitcoin is a digital currency or online money, that was the first to be utilized for payments and financial activities.
Since Bitcoin is not a fiat currency or legal tender, it can’t be saved in a bank. They can only store bitcoin and other digital currencies in a cryptocurrency wallet.
Check Out: What Is Bitcoin Mining And How Does It Work?
What is a Cryptocurreny Wallet?
According to Wikipedia, a cryptocurrency wallet is a program, device, physical medium, or a service that stores the public and private keys for Bitcoin.
Asides from this, it also offers digital signatures before authorizing or processing any transactions ensuring the security of your digital assets.
Crypto wallets are also used to transfer, receive, or spend digital currencies.
Read Also: 15 Best Bitcoin Mining Software In 2021
Factors to Consider Before Choosing a Bitcoin Wallet
Easy of use
Most people prefer a user-friendly app or website especially beginners.
You should select user-friendly crypto wallets to avoid difficulties in carrying out your transactions.
Before selecting a bitcoin wallet you need to consider how you’ll want to access your wallet.
It is best if you select a bitcoin wallet that is compatible with your devices.
Select wallets that offer the best security features like 2-factor authentication, multi-signature accounts, backup keys, and user control of private keys.
15 Best Bitcoin Wallets For 2021
These are some of the best bitcoin wallets with a detailed reviews about them.
- Bitpay wallet
- BRD wallet
- Keepkey wallet
- Electrum wallet
- Trezor wallet
- Guarda wallet
- Infinito wallet
- Bitcoin wallet
- Nexo wallet
- Blockstream Green wallet
- Blockchain. Info wallet
Coinbase was launched in 2021, based in USA. It was built with beginners in mind, Coinbase is a trusted and secured exchange platform used by many cryptocurrency investors.
Here are some outstanding qualities of Coinbase:
- Coinbase has a nice, easy to use, and beginner friendly interface.
- Insurance policies offered by Coinbase cover all cryptocurrencies owned by users on the exchange platform.
- Coinbase has licenses and gets regulatory approval from most of the jurisdiction it operates in.
- It has a huge amount of investors.
- It uses 2-factor authentication, SSL, and other top security technology to secure your data and personal information.
- Coinbase offers two types of accounts for users to select from, the individual account and company account.
- It offers more than 100 types of cryptocurrency and it is available in over 100 countries.
eToro is Israeli social trading and multi-asset brokerage company that aims at providing financial and copy trading services. eToro was founded in 2006 and it has registered offices in USA, Cyprus, UK, and Australia.
Transferring, buying, receiving, and storing cryptocurrencies is very easy on this platform. Trading on this platform is simple even for beginners.
Some outstanding features of eToro include :
- The unlosable private key can help you get access to your wallet should you lose access to your wallet.
- The platform offers an on-chain address which helps your cryptocurrency to be received, stored, and transferred anywhere on the blockchain.
- The platform allows you to create a free account.
- You have over 120 cryptocurrencies to invest and trade in.
- The platform is one of the most secured exchange platform they come with a DDoS protection, multi signature accounts, and standardized protocol.
- eToro offers tools to aid your investment decisions in the financial market.
Zengo is one of the best Bitcoin wallets that has simplified the process of buying, transferring, receiving, and storing cryptocurrencies.
They have featured Zengo in Forbes, Coindesk, Tech crunch, Finance Magnate, and others. Outstanding features of this crypto wallet include:
- Zengo offers a keyless platform where you don’t need passwords, private keys, etc. to access your wallet.
- Zengo uses facial biometrics to access your wallet and this gives you total control over your wallet.
- Purchase digital currencies directly from your wallet using wire transfer or credit cards. Save your cryptocurrencies in a savings account and earn interest.
- Has a user-friendly interface and a new private backup system.
- Uses an innovative MPC cryptography that distributes secrets shared between your device and Zengo servers to help you complete your transactions with full security.
- Encrypted 3D biometric face scan for authentication.
Exodus was founded in 2015, based in the Midwestern USA. It is a reliable and secured crypto wallet offering over 100 cryptocurrencies.
It is one of the best Bitcoin wallets for mobile and desktop users. You can easily exchange cryptocurrencies across multiple platforms using Exodus.
Some amazing features of Exodus include:
- It offers a user-friendly interface that aids easy transaction.
- Supports cryptocurrencies like Shapeshift and others.
- Exodus doesn’t allow you link your bank account with your wallets, but you can purchase bitcoin using fist currency.
- Desktops like windows, Linux, and Mac are supported on the desktop wallet.
- IOS and Android apps are also available for mobile users.
- It doesn’t support 2-factor authentication and multi signature accounts.
5. Bitpay wallet
Bitpay or Copay wallet is a crypto wallet developed by Bitpay. It was launched in 2011 and was initially called Copay wallet.
It is one of the most widely used Bitcoin wallets because it allows many businesses to use Bitcoin for payment. Features of Bitpay include:
- Bitpay supports Bitcoin and Bitcoin cash.
- Bitpay stores private keys locally and not in the cloud to ensure device based security.
- It generates addresses through hierarchy protocol, the BIP70_BIP73 payment protocol recognizes payment request easily and verifies it.
- You can use your Bitpay wallet to make payments on famous eCommerce websites like Amazon.
- Bitpay is an open source wallet backed by developers to ensure the security of your cryptocurrencies.
- You can also carry out group payments using shared wallets.
6. BRD Wallet
BRD wallet is a cool Bitcoin wallet that was founded in 2014. It offers over 70 cryptocurrencies and is available in over 170 countries.
It is the first crypto wallet to offer rewards and loyalty programs to its users. BRD is very secure because it connects directly to the Bitcoin network. Features include:
- A beautiful user-friendly interface
- Allows Bitcoin exchange anywhere at anytime.
- Easy convert your Bitcoin into other digital currencies including Bitcoin cash and Ethereum.
- Users don’t need to provide an account because it is a highly decentralized wallet linked to blockchain technology using the 12-word paper key.
- Excellent customer service
- Supports the multi signature facility, free to use. Doesn’t store user information on its servers.
7. KeepKey Wallet
KeepKey wallet is a bitcoin hardware wallet that secures your digital assets from thefts and hackers. The USB device stores and protects your Bitcoin.
KeepKey was founded in 2015 and is headquartered in Greater Seattle Area, West Coast, Western USA. KeepKey protects your cryptocurrency, stores your private keys offline in cold storage, and secures your digital assets from theft.
A 12-word security key is generated in every device and you can also retrieve it whenever you misplace it. You can send, receive, and store over 40 coins using KeepKey.
ETH, BTC, BCH, DOGE, DASH, NMC, and LTC are supported on KeepKey. Transactions can be completed using the software, Multibit, and Electrum. Some features of KeepKey include:
- Uses a security sentence as a backup to recover the keys you have misplaced or forgotten, you can also put an additional word to make the sentence unique.
- Offers a web platform as well as mobile and desktop applications that gathers various crypto tools together to enhance efficiency.
- It is the best HD wallet in terms of security; it is also secured from physical and cyber crimes.
- Due to its size, you can’t easily carry it around like TREZOR.
8. Electrum Wallet
Electrum was built in 2011. The crypto wallet is a reliable wallet created to use cryptocurrency as a payment method for transactions due to its ease and security. Features of Electrum wallet include:
- Its automatic and user-friendly interface makes it simple for beginners to conduct Bitcoin transactions.
- Doesn’t store data online for better privacy. User are in charge of all their keys and bitcoins.
- Supports only Bitcoin.
- Electrum is an open source software, therefore anyone can contribute to its further development.
- Uses a simple payment verification method which is used to verify transactions using SPV to allow you to use it as a regular Bitcoin wallet.
- You can use it on a desktop, mobile, or with a command-line interface.
- Supports hardware wallets like KeepKey, Ledger, and Trezor.
- Private keys are encrypted, and it uses 2-factor authentication.
9. Trezor Wallet
Trezor is another famous Bitcoin hardware wallet that allows you to save your Bitcoin in cold storage and use it as a hot wallet.
Basically, Trezor is very portable, affordable, and easy to carry around. Trezor’s screen is protected with an extra layer.
Some features of Trezor include:
- Used by millions of people
- It can be connected to your computer using a USB.
- Supports multiple cryptocurrencies at once.
- Gives you total control of your private keys and the fee starts at $89.
- Trezor can be backed up by a 24-word recovery seed generated by a random number generator algorithm built-in in the device.
- Has 2-factor authentication and also uniquely signs with each transaction to keep your assets secured.
- You can set a pin for the first time and also include a paraphrase on the 25th letter.
10. Guarda Wallet
Guarda is a non-custodial multi-platform crypto wallet designed to transfer, purchase, receive, and store cryptocurrencies launched in 2017.
The European-based platform supports over 40 cryptocurrencies and 10,000 assets. Guarda offers many crypto tools to manage digital assets, exchange, and generate Guarda tokens.
It is available on mobile, desktop, web, and chrome. Some of its features include:
- Doesn’t store vital information like client details, wallet data, and private keys. It clears the safe memory immediately you log out.
- Doesn’t allow you purchase coins directly from your wallet rather it allows you use bank transfer or credit cards to make purchases.
- Allows you move your assets from one coin to another without asking for registration or unique authentication steps.
- Works on all dominant operating systems.
- Supports a huge collection of cryptocurrencies.
- You can manually backup your data and also retrieve it using the downloader backup file in text format and password.
11. Infinito wallet
Infinito Wallet is a crypto wallet that has made transactions for users globally. It supports various cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Neo tokens.
Infinito has passed rigorous audit tests from world-renowned audit companies. This globally recognized crypto wallet ensures quick transactions through the 24/7 regulation of blockchain. Some features of Infinito wallet include:
- Offers features like price management, contact, transaction history, QR code scanner, multi-language, and virtual portfolio.
- Transaction fees are required even though users can optimize the fees in three categories Economic, Regular, and Premium.
- Private keys protect users from hackers and theft while others use public keys to send payment.
- It is a mobile wallet and its touch ID claiming security differentiates it from other wallets.
- The coin management allows you to store coins for different purposes.
- Comes with a Token Veri-sign seal that helps you identity authentic tokens and its smart contact address among others with similar names.
12. Bitcoin Wallet
Bitcoin wallet is also one of the most trusted and widely used crypto wallets in the world.
It is secured and has over 42 million users on its platform. Some features of Bitcoin wallet include:
- Access to buy, sell, store, and transfer bitcoin from anywhere at anytime.
- Gives users full control over their private keys and wallets.
- It is very easy to create new wallets, and it is available on Android, iOS, Mac, Linux, or Windows devices.
- You can back up your assets and through the use of unique security steps, users can protect their wallets from unauthorized access.
- Recently introduced USD PAX in the wallet. Users can save a stable digital USD in the wallet together with cryptocurrency.
13. Nexo Wallet
Nexo is a crypto wallet that has been around since 2018. It is the world’s largest and most reliable digital financial platform.
This is the best wallet for people with Nexo tokens. It gives 30% of the profit to its users as dividend payment, making users earn passive income as the owners of the token.
Nexo is available on iOS and Android devices. Some features of Nexo include:
- Has a beautiful and user-friendly interface.
- Nexo allows users collet crypto loans, and the wallet offers crypto-backed loans.
- Gives you access to crypto banking on the go and it requires minimum time as well as uses the efficiency of cryptocurrency.
- You can check your asset’s value without selling them and also decide the perfect time to sell as well as the profit you’ll get from selling them.
- Users earn up to 8% on idle funds.
- Comes with a Nexo card that lets you spend the value of your digital asset without selling them.
- Offers insurance on custodian assets.
- Available in over 200 jurisdictions.
14. Blockstream Green Wallet
Blockstream Green or Greencoin wallet is a renowned Bitcoin wallet that offers users convenience, security, and control in their Bitcoin transactions.
Built for advanced crypto investors, you can use the wallet on both Android and iOS devices. Some features of Greencoin wallet include :
- Allows users transfer, receive, and exchange Bitcoin through it responsive interface.
- It is a flexible HD wallet.
- 2-factor authentication is available, and it is also secured against malware..
- Public address always remain unique while new addresses are automatically generated each time a transaction is completed.
- Doesn’t collect a fee for registration but charges only when a user has a successful transaction.
- The best Bitcoin wallet for long-term investors because it offers many unique features to render the best services to its users.
- Users can use the watch-only feature to check their balances immediately.
15. Blockchain Info Wallet
Blockchain. Info is a cryptocurrency financial company that was initially established as a blockchain explorer in 2011 based in Luxembourg. Its features are very similar to coinbase.
Also, it allows users receive and send payments directly in the mobile app. Users can also swap, transfer, and receive cryptocurrency. It supports Bitcoin, Ethereum, Bitcoin Cash, and Stellar Lumens. Its features include:
- Stores uses funds in cold wallets and uses the hot wallet for day-to-day transactions.
- Connects users from around the world for exchanging funds with no middle men
- Supports both Bitcoin and Ethereum.
- It is an open source API making it easy for you to change your wallet according to your demand.
- Private and public keys need to be written in the paper that will be stored offline later however, private keys are never exposed.
- Instant transactions enable users to use this crypto wallet like a regular wallet.
- Uses 2-factor authentication to secure transactions and personal data.
Crypto wallets are very important is because they provide convenience, security, and reliability for crypto investors. There’s no perfect crypto wallet and each wallet comes with its unique features.
This article was written to aid in making the right choice and you get to decide which wallet suits you best.
Some factors you should look out for before selecting a wallet include supported digital currencies, technologies involved, supported devices, backup features, fees involved, account type, conversion, customer support, etc.
You can also decide to optimize the benefits provided by both the hardware and software bitcoin wallets for better security.