The Best Bitcoin App Wallet and Hardware - [Giveaway]

Bitcoin is hot. What once cost 6 cents in 2010 hit highs above $7,400 in 2017. If you own the cryptocurrency, or are even thinking of buying some, you'll want to find the best bitcoin wallet you can. Wallets are where the currency lives.

Storing Bitcoin is just as important as buying it. With a wealth of options available, which is best?

Without a Bitcoin wallet, you can’t send or receive Bitcoin payments. So before you get bitcoins, you’ll need to buy, download, or create a bitcoin wallet.

Have you been using Bitcoin for a while and want to upgrade your security practices? Then keep reading!

Coinbase 

Coinbase allows its users to buy and sell three of the most popular cryptocurrencies; Bitcoin, Ethereum, and Litecoin. They plan to add more cryptocurrencies in the future. Coinbase is a great place for newcomers to buy cryptocurrency. Newcomers will find Coinbase easier to use than an exchange, while being able to use more payment methods. However, we do recommend storing your cryptocurrency in a wallet you control, if holding large amounts.

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Blockchain.info Bitcoin wallet review

The most popular Bitcoin wallet today, Blockchain.info allows you to send/receive Bitcoins through your browser or mobile phone. This is what’s known as a hybrid wallet – meaning the company stores your wallet online but they do not have access to your private keys. However, since the wallet is loaded from their servers some trust in the company is still needed. Recommended for beginners who are trying out Bitcoin.

Ledger Bitcoin wallet review

Much like TREZOR, Ledger is a cold wallet designed for users who want increased security. The wallet is actually a physical device that connects to your computer and acts as another source of protection. Meaning, you can’t send Bitcoins from your wallet without owning the physical device. If you’re looking for a cold wallet (e.g Ledger or TREOZR) I’ve compared the two in this post.

Ledger offers a variaty of products such as Ledger Nano S, Ledger Unplugged (a contactless Bitcoin wallet), etc. The most popular model today is the Ledger Nano S.
Ledger Nano S - The secure hardware wallet

MyCelium Bitcoin wallet review

MyCelium is a popular mobile app wallet that features a wealth of advanced privacy and security features. Yes, the wallet can be a bit complicated for newbie users but it’s still one of the safest and fastest on the market. As an open source software program, MyCelium is constantly being upgraded. While MyCelium is primarily a hot wallet, there are some cold storage features for Bitcoin users looking to put their wealth on ice.

Pros: Advanced privacy features make this app great for people looking to stay anonymous, and advanced security features will help keep your Bitcoin wealth secure.

Copay 

Copay is a Bitcoin wallet by Bitpay and available on iOS, Android, Windows Phone, Linux, Max OS X, and Windows. Because Copay is available on multiple platforms, it’s easy to use the same wallet or accounts across multiple devices.

Copay’s simple, clean user interface makes it a good choice for new Bitcoin users. Copay is also a good option for businesses due to a shared account feature, which requires a certain number of users to sign each transaction. Two co-founders, for example, could create a 2 of 2 wallets where both will be required to sign each transaction.

Airbitz 

AirBitz is another Bitcoin wallet that’s great for everyday use. It’s integrated with Fold, meaning you can get 20% discounts at Starbucks from within the wallet.

Airbitz manages accounts with usernames and passwords but doesn’t have access to your funds. This type of account creation is easier for less technical users who may have trouble backing up or understanding HD seeds.

TREZOR 

The TREZOR differs from the Ledger Nano in that it’s a very tiny computer rather than a smart card. Private keys are still generated offline.

TREZOR also generates a 24-word seed upon setup. The TREZOR has its own built-in screen where the seed is displayed and copied down during backup. Since the TREZOR is an offline device it offers extra security since the seed isn’t displayed on an online computer.

An additional passphrase can be added to the 24-word seed. This provides extra protection, since anyone who finds someone else’s 24-word seed is free to access the funds. If the optional passphrase is added, an attacker still wouldn’t be able to access funds without both the seed AND the passphrase. If the passphrase is forgotten, it cannot be recovered.

Paper wallet 

Paper wallet or other cold storage. A paper wallet is simply a document that contains all the information you need to generate the bitcoin private keys you need. It often takes the form of a piece of paper with a QR code that can be scanned into a software wallet when you so desire. By storing your bitcoin offline, trusting nothing and no one but yourself, and you have all the information you need to control and access your bitcoin, you're using the strongest "cold storage" method out there.

"I recommend using a paper wallet so you have a physical backup of the private key," says Ryan Spanier, director of research at Kudelski Security.

"Be sure to generate it using a clean system, such as a Linux live CD. Store this in a safe place, such as a safe or safety deposit box," Spanier says.

The incremental complexity and technological know-how needed for this method are both downsides to the paper wallet approach. Cold storage solutions and hardware wallets are less nimble than other options, too; if bitcoin were crashing, for example, you might find yourself slower to the draw than if you merely kept your bitcoin on a site like Coinbase.

Sure, paper wallets may elicit images of a tin foil hat-wearing paranoid, but the truth is that a paper wallet is the best bitcoin wallet for 2018 and beyond because it's the safest, and in the crypto space the value of safety is – or at least should be – placed at a premium.

Now we will have another giveaway for our loyal readers where 2 random lucky winners will get $50 in Bitcoin or PayPal or in any Gift Cards of winner's choice. For any giveaway on our blog, winners will be drawn and announced on the giveaway page within 10 days of it's finished date.

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We have a winner now.
Congratulations Catteleya A. from Australia. 
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2 comments

  1. I'm still a bit wary of bitcoin but I keep hearing about it. Maybe I'll buy .018738743 or however that works one day soon!

    ReplyDelete

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