8 Best Bitcoin wallets in 2019

Last updated on July 17, 2019

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There are plenty of Bitcoin wallets exists but few of the Bitcoin wallets are trusted and secure and updated. If you want to own Bitcoin, then eventually you need to buy or download or sign up for bitcoin wallet. In this guide will mainly explain the 8 best bitcoin wallets which are secure, trusted and constantly updated wallets and their advantages and disadvantages.  

Also, bring introduction, how to choose a wallet based on your needs and requirements, general terms used in industry related to bitcoin wallets, type of wallets and best wallets according to their trustworthy, security and constant development supports. Let’s dive into the best bitcoin wallets,

Refer cryptocurrency wallet guide in this article.

What is a bitcoin wallet?

A bitcoin wallet is software or code technique to hold or store, send, receive bitcoin securely and trusted way like a traditional bank account to manage your funds and savings in a secure way but in the crypto wallet, completely you can control your funds without any third party or intermediaries. There are two keys generated of any wallet creation which are private and public key use for two different purposes.

There are few bitcoin wallet types according to medium and wallet running environment as for example paper wallet, a desktop wallet, online or web wallet, hardware wallet, and mobile wallet, etc.

General terms of wallet

There are some terms use in Bitcoin wallets related, Here is simple explanations of them,

The public and private key

Public key: Public key is mainly used to receive bitcoin to your personal wallet from anywhere such as from your friend, cryptocurrency exchange, or from the mining pool.

Private key: Private key is mainly used for access your wallet and update your fund status,  send funds from your wallet or Other sense of mean private key make secure communication bridge between your wallet and Bitcoin blockchain.

The hot and cold wallet

The hot wallet is kind of cryptocurrency wallet which is online and connected to the internet as example cryptocurrency exchanges use the hot wallet in order to facilitate fast withdrawal and other operations. The hot wallet needs greater security than the cold wallet.

The cold wallet is not online and not connected to the internet, this case eventually it will increase wallet security at a greater level. The disadvantage is basic operation such as sending, receiving funds is not possible until it is offline.

Current market, hot wallets are free to use and cold wallets are not free as example Trezor and Ledger Nano.

What are the Transaction Hash and Transaction Fee?

Transaction Hash(Txid):  is a combination of alpha-numerical characters which is used to identify particular cryptocurrency transaction. Which provides a timestamp, from and to address, value, and block no, etc.

best bitcoin wallets - txid

Transaction fee: When new transaction happing on the blockchain, There is a transaction fee. The transaction fee is used to pay for miner because miners validate the transaction through the mining process. User set the transaction fee when performing a new transaction, where high fee fast transaction and low fee slow transaction.

Every time average transaction fee should be maintained and wallet default transaction fee is economical.  

What is wallet seed or key phrase?

Wallet seed is kind of key or backup phrase which includes memorable different words. Wallet seed is wanted to recover the wallet if the wallet crash or device fail or crash. 

Multi-signature wallets

Multisignature wallet requires two or more parties or keys to operate basic wallet operations such as access to wallet funds, transfer wallets funds, etc.

Multi-currency wallets

Multicurrency wallets support two or more cryptocurrency or tokens where all operations can perform in one wallet. Every multicurrency wallet has wallet seed or key phrase to recover the wallet where the public key generated separately for various coins.

Funds handling is easy than the single currency wallet because no need maintains separate wallets for each currency or token.

How to secure your wallet?- Safety precautions

There so many facts to consider your wallet security and funds security. Here are few more things you can consider right now

  • Use cold wallets: cold wallet have greater security than the hot wallets. If you can afford to buy a hardware wallet, your funds can securely store also, some of desktop wallets lot secure such as Electrum wallet.
  • Regularly update your wallet to prevent existing malware attacks and phishing attacks
  • Activate 2FA if available
  • Double check the send or receive address before takes any action: There some malware which can change your sending address, then your funds will go anywhere else
  • Don’t put your large amount of funds on an exchange account and in one wallet: Spread your funds through two or more wallets
  • If you are using online or web wallet, check site address before any actions to avoid a phishing attack
  • Buy hardware wallet, If you can afford

Types of Bitcoin wallets-Simple introduction

There are a different type of Bitcoin wallets which are paper, desktop or software, online or web, hardware, and mobile. This section brings the simple meaning of that wallet types.

Best bitcoin wallets - Security level of wallet types

Paper wallet

In the paper wallet, Private key and public key print on it as key or QR  code where public key can be disclosed to the public and private key should be kept in a safe place. Basic operations are not easy and not user-friendly. Considering the security is far higher than other wallet types.

Hardware wallets

Hardware wallet consists of physical device like pen drive where the private key and public key integrate into the device. Wallet security is considerably higher than the other wallet types because of it always in offline mode.

Desktop wallet

Which is software runs directly on PC or Mac or Linus with a good interface to interact with sending, receiving, managing funds, etc? Desktop wallet security is better than Online and mobile wallets. One drawback is It should be regularly updated but necessary for wallets security.

Mobile wallets

This is wallet app or software run on mobile operating systems such as Android and iOS etc? Mobile wallets provide easy to use user interface. One drawback is It should be regularly updated but necessary for wallets security.

Web or online wallets

Which is run on an online server where It is always connected to the internet. Most popular web wallets have greater security but you need to rely on the third party. Most of the wallets provide a user-friendly interface.

8 Best Bitcoin wallets

This section brings best Bitcoin wallets to exist in the current market, content related to wallet security, ease of use, user interface, backup and recovery options, special wallet features, etc.

01. Trezor: a best bitcoin hardware wallet

Trezor is most popular established cryptocurrency hardware wallet which supports more 1000 coins and tokens such as Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash, Binance coin, etc. Trezor can directly connect to computer, tablet or mobile phone for daily cryptocurrency activities which supports too many decentralized exchanges in the current market.

There are two Trezor models which are Trezor One, price about 69 EUR and Trezor Model T price about 149 EUR. Trezor one includes a monochrome display with two buttons for normal cryptocurrency activities and It provides U2F authentication and password manager via the cloud. Trezor Model T owns a full-color touch screen, It provides U2F authentication with password manager via cloud + micro sd card.

Trezor Model T - best bitcoin hardware wallet

Normally hardware wallets are good at security, Trezor also, one of them because It is offline and only connects for the internet to basic cryptocurrency activities such as sending crypto, receiving crypto, etc.

Pros

  • Greater security
  • Supports more than 1000 cryptocurrency
  • Easy use and setup for beginners
  • Active customer support

Cons

  • Not for free and price is a little expensive
  • A physical device, It can be lost or break

02. Ledger Nano: a hardware wallet

Ledger Nano is a popular cryptocurrency hardware wallet which supports more than 1100 coins and tokens in the current market such as Bitcoin, Ripple, Steller, Bitcoin cash and many more.

There are mainly two models which are Ledger Nano S price about 59$ and Ledger Nano X price about 119$.

Ledger Nano X includes encrypted Bluetooth technology for mobile app and other device connections. Two buttons and display can be used for basic cryptocurrency activities such as checking balance, confirming the transaction, entering the pin code, etc.

Ledger Nano S includes two buttons and display can be used for basic cryptocurrency activities such as checking balance, confirming the transaction, entering the pin code, etc.

Ledger Nano x version

Ledger Nano wallet cab is restored any alternative ledger device using 24 seed phrase using few simple steps.

Pros

  • High security
  • Supports 1100 cryptocurrency
  • Easy to use and setup
  • Great customer service

Cons

  • Not for free and Expensive
  • A physical device, It can be lost or break

03. Keepkey: a hardware wallet

Keepkey is another trending cryptocurrency hardware wallet compared with Trezor and Ledger wallets. Keepkey supports more 40 cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Binance coin many more and price about 79$.

Keepkey hardware wallet

As a feature, they provide backup and recovery option using a 12-word key phrase and you can handle your crypto in their own online secured portal.

Pros

  • High security
  • Secure platform to handle cryptocurrency
  • Good customer support

Cons

  • Price is relatively higher than Ledger and Trezor
  • A physical device, It can be lost or break

04. Electrum: a best desktop/software bitcoin wallet

Electrum is pure Bitcoin software or desktop wallet which is operating since 2011 and available for Mac, Linux,  and Windows.

Electrum servers have not downtime which means that are decentralized and redundant and never down.

Electrum wallet provides wallet seed phrase as Backup option to recover your wallet when wallet or OS going to crash. For security reason, the wallet provides an option to activate Google two-factor authentication when creating the wallet also, password option for access the wallet.

Also, Electrum supports third-party plugins such as multisig services, cryptocurrency hardware wallets like Trezor and Ledger.

Electrum - best bitcoin desktop wallet

Refer how to create Electrum wallet step by step guide

Pros

  • Multi-OS support
  • 2FA enabled

Cons

  • Ugly user interface

05. Bitpay: a software and mobile wallet

Bitpay is modern and sleek cryptocurrency software or desktop wallet which supports only for Bitcoin and Bitcoin cash. It supports and available versions for Windows, Linux, iOS, and Android.

Also, you can spend your Bitcoin online buying services, and goods in major retail using bitpay payment. Bitpay visa card enables converting BTC/BCH into fiat currencies such as USD, EUR

If the website or exchange get hacked, with your wallet private key and funds remain your control because they are using open source technology for the wallet.

As a backup option, it will generate a seed phrase to recover your wallet and funds when the wallet crash or device crash situation.

bitpay wallet

Pros

  • Spend funds online using bitpay payment
  • Sleek and user-friendly interface
  • Multiple OS supports

Cons

  • Only 2 coins’ support

06. Edge: best mobile Bitcoin wallet

Edge is user-friendly cryptocurrency mobile wallet which supports Bitcoin, Ethereum, Litecoin, Ripple, Monero, Bitcoin cash, Dash, Augur, Wings, Indorse, Zcoin, Feathercoin, Digibyte, Vertcoin, Bitcoin gold, Dai, Steller, Smartcash, Groestlcoin, Bitcoin SV and EOS.

Edge provides a high level of security and privacy

Some features are, buy and sell service, instant exchange for crypto to crypto, buy the digital asset for fiat currency, etc.

Edge available for both Android and iOS devices for beginners as well as experts.

Edge wallet app

Pros

  • Exchange service
  • User-friendly interface
  • Instant swap through the wallet app

Cons

  • Few coins’ support

07.Coinbase wallet: best online or web bitcoin wallet

Coinbase wallet is popular multicurrency web wallet which opens for worldwide users but cryptocurrency broker service and trading service do not provide for worldwide. Coinbase wallet supports Bitcoin, Ethereum, Litecoin, Bitcoin cash, EOS, Steller lumens, Ethereum classic, Chainlink, Zcash, Basic attention token, USD coin, 0x, Auger, Dai as well as exchange services.

Coinbase consists of tight security measures to secure the platform where online or web wallet has vulnerabilities every time.

Best bitcoin online wallet - coinbase

Pros

  • User-friendly interface
  • 2FA authentication enabled
  • Excellent customer support

Cons

  • Few coins/tokens support

08.Blockchain wallet: online or web wallet

Blockchain wallet is established online cryptocurrency wallet which supports Bitcoin, Ethereum, Bitcoin cash, Steller and USD Pax.

Additionally, the wallet supports exchange service, instant swap service, and It will connect with hardware wallets.

The wallet provides tight security to avoid hacking and malware attacks.

blockchain wallet service

Pros

  • User-friendly interface
  • Provides android and iOS app wallets

Cons

  • Few coins support

Conclusion-8 best Bitcoin wallets 2019

This article consists of 8 best bitcoin wallets and basic features of cryptocurrency wallet. There are a lot of cryptocurrency and bitcoins wallets but you need to choose the right wallet according to your requirements. When choosing the right wallet, you need to consider some facts such as security, ease of use, wallet backup options, privacy and transference, price and free to use, etc.


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