A Bitcoin wallet is the first step to using
Bitcoin.
Why?
Without a wallet, you can’t receive, store, or
spend bitcoins.
You can think of a wallet as your personal
interface to the Bitcoin network, similar to how
your online bank account is an interface to the
regular monetary system.
Bitcoin wallets contain private keys; secret
codes that allow you to spend your bitcoins.
In reality, it’s not bitcoins that need to be stored
and secured, but the private keys that give you
access to them.
In short:
A Bitcoin wallet is simply an app, website, or
device that manages Bitcoin private keys for
you.
Types of Bitcoin Wallets
Hardware Wallets
A hardware wallet is a physical electronic
device, built for the sole purpose of securing
bitcoins.
The core innovation is that the hardware wallet
must be connected to your computer, phone, or
tablet before bitcoins may be spent.
The three most popular and best Bitcoin
hardware wallets are:
- Ledger Nano
- TREZOR
- KeepKey
Hardware wallets are a good choice if you’re
serious about security and convenient, reliable
Bitcoin storage.
Bitcoin hardware wallets keep private keys
separate from vulnerable, internet-connected
devices.
Your all-important private keys are maintained in
a secure offline environment on the hardware
wallet, fully protected even should the device be
plugged into a malware-infected computer.
As bitcoins are digital, cyber-criminals could,
potentially, target your computer’s “software
wallet” and steal them by accessing your private
key.
Generating and storing private keys offline using
a hardware wallet ensures that hackers have no
way to reach your bitcoins.
Hackers would have to steal the hardware
wallet itself, but even then, it can be protected
with a PIN code.
Don’t worry about your hardware wallet getting
stolen, lost or damaged either; so long as you
create a secret backup code, you can always
retrieve your bitcoins.
Think of a hardware wallet like your own
underground steel vault. If you own a significant
amount of bitcoins, you should strongly consider
getting one!
Why are hardware wallets good?
Easiest way to securely store bitcoins
Easy to backup and secure
Less margin for error; setup is easy even for
less technical users
Why are hardware wallets bad?
They're not free!
Hot Wallets
Hot wallets are Bitcoin wallets that run on
internet connected devices like a computer,
mobile phone, or tablet.
Private keys are secret codes. Because hot
wallets generate your private keys on an internet
connected device, these private keys can’t be
considered 100% secure.
Think of a hot wallet like your wallet today: you
use it to store some cash, but not your life
savings. Hot wallets are great if you make
frequent payments, but not a good choice for
the secure storage of bitcoins.
Why are hot wallets good?
Easiest way to store small amounts of
bitcoin
Convenient; spending and receiving
payments is easy and fast
Some hot wallets allow access to funds
across multiple devices
Why are hot wallets bad?
Not safe for the secure storage of large
amounts of bitcoins
Which Wallet is Best for You?
Why are you using Bitcoin?
Investing or saving? Then a hardware wallet will
keep your coins safe.
Otherwise, a software wallet will send and
receive bitcoins just fine. Best of all, software
wallets are free.
Each wallet has pros and cons, and different
wallets are built to solve different problems.
Some wallets may be geared towards security,
while some wallets may be more focused on
privacy.
Your specific needs should determine the wallet
you use, as there is no “best bitcoin wallet”.
Below, we've listed wallets you can buy or
download. We suggest using the wallets listed
or doing research before buying or downloading
any wallet.
Each day, new Bitcoin scam wallets are added
to the Google Play Store and Apple app store
that are designed to steal peoples' bitcoins.
We only list wallets that have published and
open-sourced their code.