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Best Bitcoin Wallets That You Should Be Using [2018 Update]

List Of Best Bitcoin Wallets

Bitcoin wallets make it possible to hold Bitcoins. They also facilitate transactions. Not everyone can run a full node. Moreover, it is not always possible to carry a full node with us. Light wallets make it easier for us to make day to day transactions. This list of best Bitcoin wallets intendeds to make your job of selecting a wallet for your needs easier.

What are Cryptocurrencies?

What is a Bitcoin?

Essential features of a Good Wallet

Control over your private keys

Wallet needs to provide you full control over your private keys. That would prevent anyone from freezing your funds. It also protects you from unauthorized transactions. Wallets must not store the private key on their server. They must store them on your hardware protected with encryption. Ensure that your wallet is backed up.

Validation

Transactions are signed and broadcasted to the Bitcoin network. When a wallet uses a full node for this purpose, it ensures the highest level of security. Otherwise, a third party trust is required. Full nodes offer the best level of protection but they are difficult to maintain as they use a lot of space and bandwidth.

Transparency

An open-source wallet allows for anyone to check the code and scrutinize it. This makes sure that there is no secret code hiding in the software. A wallet also needs to be a deterministic wallet.  A deterministic wallet derives its keys from a single starting point known as a seed. The seed allows for an easy backup/ restore of a wallet without needing any other information.

Full Control over fees

Wallets must not pre-decide the fees. They must offer flexibility and let you choose the fees. Wallets must also support RBF and CPFP. RBF (Replace-by-fee) allows the spender to increase fees. CPFP (Child Pays For Parent) allows the recipient to increase fees. Wallets must also suggest fees based on real time. This offers great flexibility to the users.

Enhanced Privacy

Wallets must prevent spying on your payments by rotating addresses. Ensure that you always use a new address whenever you are transacting. Wallets must allow you to use Tor so that your Bitcoin address is not associated with your IP address.

List Of Best Bitcoin Wallets

Desktop Wallets

Bitcoin Core

A full Bitcoin client that offers you the best in terms of security and privacy. However, it requires a lot of space and memory to function. With great developmental support, it is easily one of the best Bitcoin wallets.

Get Bitcoin Core here

Platform supportedWindows, Mac, Linux
+Control over Private keys
Full validation 
Complete transparency 
Enhansed privacy
Full control over fees
Wallet can be loaded on vulnerable environment 

Electrum

With a focus on speed and simplicity. Consequently, Electrum is not resource heavy. Remote servers are used to handle resource heavy parts of the Bitcoin network. Allows the recovery of the wallet from a secret phrase. This wallet can be used in the vulnerable environment because of two-factor authentication. However, take necessary precautions.

Get Electrum here

Platform supportedWindows, Mac, Linux, Android
+Control over Private keys
Simplified validation 
Basic transparency 
Two-factor authentication 
Baisc privacy
Full control over fees

Armory

One of the best Bitcoin wallets for advanced users. It features an advanced Bitcoin client. Offers many backup solutions and supports a good number of encryption features. Also, allows for the secure cold-storage of Bitcoin on offline computers.

Get Armory here

Platform supportedWindows, Mac, Linux
+Control over Private keys
Full validation 
Basic transparency  
Enhansed privacy
Full control over fees
Wallet can be loaded on vulnerable environment 

Hardware Wallets

Ledger Nano S

Trezor

Keep key

Ledger Nano STrezorKeep key
Features
 Multi-currency Support Yes YesBitcoin, Ethereum, Litecoin, Dogecoin, Dash, Namecoin currently
Built-In-DisplayYesYesYes
Multi Apps SupportYesYesNo
Backup and RestorationYesYes Yes
Specs
 Display 50 Millimeters LEDBright OLED 128×64 256×64 3.12″ OLED
 Operating SystemWindows, Mac, Linux or Chrome OS Windows, macOS, Linux PC, Mac, Linux
MobileAndroidAndroidAndroid
Design
Size98mm x 18mm x 9mm60mm x 30mm x 6mm38mm x 93.5mm x 12.2mm
Weight16.2g12g54 g
Control over Private keysYesYesYes
 Environment 

vulnerablility

Very secure environmentVery secure environmentVery secure environment
Transparency  Not review enoughComplete transparencyNot review enough

Three Best Bitcoin Hardware Wallets To Consider

Mobile Wallet

Electrum (Already covered)

Breadwallet

Breadwallet has a very user-friendly interface. It is a real standalone Bitcoin client. With no server to get hacked or go down, it offers very good reliability. It has built upon iOS’s strong security base and hence is a recommended wallet for iOS users. Moreover, breadwallet is designed to be protected from malware, browser security holes, and even physical theft.

Get Breadwallet here

Platform supportediOS, Android
+Control over Private keys
Simplified validation 
Basic transparency 
Secure environment
Baisc privacy
Full control over fees

Samourai Wallet

A modern bitcoin wallet hand forged to keep your transactions private, your identity masked, and your funds secure. Samourai is encrypted on the device using AES-256 encryption and never communicated with any servers. Also, it never reuses addresses, never leaking valuable metadata about you and your purchase habits. Offers stealth mode & remote commands.

Get Samourai wallet here

Additionally, these Special features available

Ricochet Send, an exclusive premium transaction that attempts to circumvent known bitcoin blacklists and keep your exchange accounts from getting frozen unfairly.

Trusted Node, allows you to connect to your personal bitcoin node to push transactions instead of Samourai wallet’s Iceland based bitcoin nodes.

Platform supportedAndorid
+Control over Private keys
Full validation 
Complete transparency 
Enhansed privacy
Full control over fees
Wallet can be loaded on vulnerable environment 

Web Wallet

GreenAddress

A user-friendly and multi-signature wallet with good levels of security and privacy. Keys on the server side are not encrypted. It is recommended to enable the use of 2 Factor Authentication.

Also, Browser extensions are available.

Get GreenAddress App here 

Platform supportedWeb, Windows, Mac, Linux, Android, iOS
+Shared control of Private keys
Two-factor authentication 
Baisc privacy
Full control over fees
Centralized Validation (Third party server trust)
Remote App (Low transparency)

 

Cryptocurrency Terminology

Conclusion

Choosing the best Bitcoin wallets can be a very involved task. But it is worth every bit. Once you have chosen a wallet, get it from the official site. Moreover, watch helpful video tutorials to get comfortable with the wallet. Also, practice making transactions with the wallet with small amounts of Bitcoin.

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