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With cryptocurrency technologies, trends and values changing on a daily basis, it can often be difficult to keep track of the latest best practices. One of the most important considerations to make as an investor or owner of bitcoins (or alt-coins) is where to store them. For this, you need to know the best bitcoin wallets.
Do you use a wallet connected to an exchange? Do you use a local software portfolio for your machine? A hardware portfolio specifically designed to keep your coins safe? Or maybe put it on a piece of paper and close it in a fireproof safe? There are various approaches to the cryptocurrency portfolio and they all have their advantages and disadvantages.
Portfolios online
The best option for those who have just started with bitcoins, online wallets allow you to store your cryptocurrency in a place that is easily accessible from anywhere in the world, on whatever device you choose. Often connected to an exchange, they trade for legal currencies (like the US dollar), or other cryptocurrencies, easy and fast, and are simple to set up and start. Many also have smartphone apps to give you easier access to your bitcoins.
Most offer decent security in terms of two-factor authentication, or better, and some require I.D. photo forms. sign up to confirm your identity. This means that there is less anonymity with these portfolios than some of the other options on this list.
These portfolios make you more dependent on third parties for support. If the exchange is violated and loses all its funds, it is likely that the money has gone. If the trade is hit by heavy traffic or a DDOS attack, you may not be able to access your currencies. Since your bitcoins are stored remotely, hackers and social engineers may be able to steal your identity and access your account without your permission to clear your coin collection.
For these reasons, these portfolios are recommended for those who are just starting out with bitcoin trading, for those who only trade small amounts or simply hold coins for a short period of time.
Our choice
Blockchain – The Blockchain.info portfolio system includes an easy-to-understand interface, two-factor authentication and various other security options. It comes with built-in ShapeShift trading for easy conversion of bitcoins, Ether and Bitcoin Cash. Unlike some of the alternatives, it does not require identification, although it is encouraged to facilitate the recovery of the account, if necessary.
More options
Coinbase – Quick and easy access to the various Coinbase markets, including the GDAX trading platform where you can buy, sell and trade bitcoins, Litecoin and Ether. Recently he was involved in a small scandal involving Bitcoin Cash, so his reputation has suffered a major blow, but it is one of the most used and respected trading platforms.
Offline software portfolios
Offline software portfolios, sometimes called "desktop wallets", still retain some of the ease of use and access. Some are specifically intended for use on desktop PCs and laptops, while others have a more mobile focus and are exclusive apps.
The great advantage of this approach is independence. Every exchange in the world can go down, yet you still have the technical property and access to your cryptocurrencies. It also means that you must be specifically hacked or attacked for not having access to it. Your identity is protected, with no need to register anywhere or provide some form of identification to configure or access your wallet.
If you have a companion mobile application, you can transfer bitcoins easily between you and other owners and even use them to pay for certain items in real-world stores.
This does not mean that these types of portfolios are perfect, though. They are still software-based, so they are susceptible to hacker and malware attacks. Those with an online component for ease of trading are also more public than really offline hardware (cold storage) alternatives. If you're storing a lot of bitcoins in one, this can attract unwanted attention.
Our choice
Exodus – An all-in-one application that combines support for a variety of cryptocurrencies – bitcoin, Ethereum, Litecoin and more – with a strong privacy and security feature – Exodus is completely free. It features built-in ShapeShift functionality for easy inter-trading of various cryptocurrencies, graphs and trackers in real time and is compatible with Windows, Mac and Linux. However, two-factor authentication is currently lacking.
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copper alloy – A portfolio of fast and private offline software, Electrum has been one of the most popular choices among cryptocurrency owners for years for a good reason. It's private and secure, with a fast interface and full ability to export your private key for use with another bitcoin client. It is also compatible with hardware portfolios through the use of third-party plug-ins.
mycelium – An exclusive software portfolio for mobile devices, Mycelium is an open source wallet platform with full support for bitcoins. Although it can not be used with other cryptocurrencies at this time, it is constantly being developed and expanded. It's fast, easily accessible, and although a bit tricky for new users, it offers a wide range of advanced options for more confident bitcoin owners.
Bread wallet – One of the most popular bitcoin wallet solutions on iOS, this portfolio is now also supported on Android devices. With a simple interface and an installation process that takes a few seconds, this is one of the easiest to use mobile wallets in a fast and hassle-free manner. Key card support means that you can recover your wallet even if you lose your phone.
Hardware wallets
For those who want to have maximum security for their bitcoin investment, or plan to handle a lot of high value cryptocurrency in general, a hardware portfolio is a must. By storing your bitcoins on a specific "cold" hardware that is not connected to the Internet, you can be sure that nobody will be able to steal your cryptocurrency. Hackers and malware will find it very difficult to infiltrate your wallet and prevent someone from physically stealing your device, it's almost impossible to lose it.
A hardware portfolio can be as simple as an external hard drive with one of the above installed software portfolios or a specially crafted device used only to store your cryptocurrency. In either case, you need to be confident in your physical location – some suggest you put them in a safe real world to be doubly sure – and understand that, even if protected from digital threats, your wallet is not as protected by elements such as some of the other solutions on this list.
These cold wallets can be connected to any computer in the world, so you can easily transfer funds from it to a "hot" wallet, in order to make transactions or transactions, before disconnecting again.
Although not expensive, some wallet hardware can cost up to $ 100, so shopping is essential if specific features are important.
Our choice
Ledger Nano – With the support of bitcoin, Litecoin Ethereum and alt-coins from Ethereum, Ledger Nano is a small USB device with OLED display for double transaction control. It has a PIN unlocking system and two-factor authentication support via FIDO UTF and tamper-proof internal hardware. A bitcoin wallet that you can get is secure and private. You can get one now for around $ 80.
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Trezor – The older hardware portfolio on the market, Trezor may lack some of the more modern features of Ledger Nano, but it is still much safer than almost any other wallet in circulation. With a simple input interface and a number of important security features, it is definitely a valid choice of hardware portfolio. The price is currently just north of $ 100.
External hard disk – This option is a more secure version of some offline software portfolios. Although not as secure against tampering as some of the other hardware portfolio solutions, this option gives you the ability to use a wider variety of software platforms, which may be preferable. It is possible to reuse the unit if you decide to have also completed the cryptocurrencies. These are our favorites.
Paper wallets
Although it is less secure than hardware portfolios in terms of physical durability, a paper wallet is a very inconspicuous way to store bitcoins. They allow you to send bitcoins using homemade gift cards and store your bitcoins in an entirely non-electronic medium, but if you decide to use this option, we seriously recommend a waterproof, airtight and safe fireproof envelope as a secondary measure. A piece of paper is too fragile to keep a lot of money.
Paper wallets are also definitely an advanced system, as they can be complicated to configure. There is no recourse if you are wrong and certainly no one if you lose your card, so make this final step to protect your cryptocurrency with care.
Our choice
BitcoinPaperWallet – Free to use, or with an optional charge if you want to incorporate holograms and tamper checks, BitcoinPaperWallet.com allows you to create a paper wallet in no time. It also has a support service integrated with the site's founder, who can help you solve any problems.
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BitAddress – Consider this do-it-yourself option. There is not much hands on with this, so be sure to read before you dive. Coindesk's detailed guide on creating paper wallets can guide you through the process.
