There are actually various forms of Best Bitcoin Wallet that are used for different requirements and they vary in the aspect of safety, convenience, accessibility and security, but the aim of this article is to talk about wallets that are generally exclusive to or a best choice for the Bitcoin cryptocurrency.
Here, we’ll discuss a few that stand out and present to you our Top 5 Bitcoin Wallets Ultimate Guide for 2018.
The Best Bitcoin Wallets to Use and Store Bitcoin
With cryptocurrency technologies, one of the most important things bitcoin (as well as alt-coin) investors have to consider is where to store them. You need to use the best bitcoin wallet or wallets to store them. It should be known that because bitcoins aren’t in any physical shape or form, they can’t really be physically kept in any place. The most important aspect is the private keys used to access Bitcoin addresses and to sign for transactions.
These need to be particularly stored and protected. Before the purchase of any bitcoin, you’ll need a place to store them and that place is called a “wallet”. Instead of holding your bitcoin, it actually safeguards the private key that enables you to use your bitcoin address.
After you have purchased your Bitcoin from any Bitcoin supported cryptocurrency exchange, you can choose to either trade or exchange your Bitcoin, or store it. To store bitcoin, you will need a secure wallet.
You might wonder which bitcoin wallets are the best for storing your Bitcoin. They include;
1. Electrum Top 5 Bitcoin Wallet
This is a desktop bitcoin wallet with a compatibility that ranges from Windows to Linux. It is one of the most trusted wallets around due to the fact that various developers have contributed to its source code.
Even though there are close to a hundred cryptocurrencies available on the market, Electrum solely focuses on bitcoin. This will make sure that the platform is always fast and efficient. However, with a little tweak, Electrum is made to be compatible with most well-known hardware wallets (which support other cryptocurrencies apart from Bitcoin). This is the reason why there is constant debate as to whether Electrum is actually a Bitcoin-exclusive wallet or not.
As well as receiving bitcoin payments, you can also transfer bitcoin from another wallet to your Electrum wallet.
Due to the encryption techniques, it uses to safeguard private keys, Electrum is regarded as one of the most secure bitcoin wallets around. It also uses a highly secure “seed”; a random phrase used to create your private keys. This seed allows for the same amount of security as a bitcoin private key. It is the only way you can also recover your password which you initiated when you opened the Electrum wallet.
Another feature of Electrum is its ability to create secure offline cold storage. Master public and private keys can be generated using an offline computer. This master public key is scanned afterwards into an online computer. The offline computer can then be used to securely sign transactions while the online one is used to receive payments.
Launched in 2011, Electrum works with Windows, Mac, and Linux. Electrum does not download the entire Bitcoin blockchain like the Core, rather it connects to other servers to confirm Bitcoin balance and confirm payments. What this means is that Electrum takes less time to set up and does not consume a large space on your device.
Electrum is a deterministic wallet. This means that when you launch a program for the first time, it automatically generates a random seed of twelve (12) dictionary words. These generated words help it to derive the keys that are necessary for receiving and sending Bitcoins. As you set up your Electrum wallet account, these twelve generated dictionary words will be shown to you, and you are expected to write these words down. These generated words will help you restore your Bitcoins in the event that you are not granted access to the Electrum version. KEEP THESE SAFE and DONT LOSE THEM
Electrum offers its users the opportunity to choose between encrypting or leaving the wallet unencrypted. Electrum can also be used as a “cold storage” wallet. What does this mean? It means that Electrum allows its users to receive Bitcoin payments and see their balance regularly without spending coins.
a) Apart from having a brilliant reputation, this platform is widely used.
b) This platform is also very fast and easy to set up.
c) Hardware wallets can be integrated for added security.
d) Has one of the best privacy features
a) Takes a bit more time to set up then some others but worth it and easy
b) It only supports bitcoin.
2. Bitcoin Core Another Great Wallet
As well as being a full node software, Bitcoin Core is also a best bitcoin wallet choice for Linux, Windows and Mac. Full nodes authenticate and store the whole Bitcoin blockchain and wallets that are paired with full node clients (e.g. Bitcoin Core) are regarded as more secure and private.
This wallet ensures that Bitcoins can be sent and received. It does not, however, provide for the buying or selling of bitcoin. Users are allowed to generate QR codes to receive payment.
This is one of the oldest Bitcoin wallets. This is a full-node Bitcoin wallet, which means that on the first run it can download the current version of the Bitcoin blockchain. This download is made possible by the help of connected nodes and it will continue to download transactions from the blockchain.
One important feature of this wallet is that it makes it difficult to link a specific Bitcoin payment made to your identity, this is because it downloads transaction from Bitcoin blockchains everywhere. This feature is important because it protects users against certain types of fraud.
Bitcoin core is run by the Tor technology which ensures that transactions and payments made are anonymous. Tor technology makes it difficult for people to trace payments made to your IP address. This ensures that your privacy is maintained.
Bitcoin core is connected to the internet on a daily basis to ensure that it synchronizes with the network.
BE AWARE of the fact that this wallet will have you working to help the network which is great but make sure your aware it is a bit more work than other wallets. But more transparency is definitely in your hands with the highest level of privacy as long as you don’t mind a bit extra hydro costs to help the network.
1. Bitcoin Core assures decentralized verification.
2. Being a full node client, Bitcoin Core offers transparency.
1. Bitcoin Core needs at least 50 gigabytes of hard disk space and this full node client is not recommended for new users of Bitcoin and may use some extra hydro.
2. It is a vulnerable environment.
3. LocalBitcoins One of the Best Bitcoin Wallets & Trade Platforms
This platform gives its users a different way to purchase and trade Bitcoin. By making use of this site, users are also able to create advertisements, talk to potential buyers and sellers as well as authenticating all the transaction details before completing the trade.
The wallets in LocalBitcoin’s platform are kept on their own infrastructure and a transaction from one user’s wallet to another is free because it is not recorded on the blockchain. This is rather a transit-like ledger than a fully functional wallet, as its use begins and end on the LocalBitcoin platform.
1. This is one of the most secure and private ways to purchase bitcoins.
2. Users are allowed to buy Bitcoins with different payment methods.
1. Fraudulent transactions are rife on the platform. Make sure your transaction is confirmed before releasing bitcoin or funds held in escrow with Local Bitcoins. Whatever you do, make sure not to sell any bitcoins to people using PayPal as this is often then reversed as a transaction payment and the fraudster keeps your bitcoin and gets their money back.
4.) Jaxx Best Bitcoin Wallet
Launched in 2014, Jaxx does not just store Bitcoin, it serves as an application that stores other cryptocurrencies like Ethereum, Dash, Bitcoin cash etc. Just like Electrum, Jaxx generates a twelve-word seed that is displayed when creating an account.
Like Electrum, users would have to write these random words down, as it will help them restore their account in event of loss of the device, no access to the current version or update of the Jaxx application.
Jaxx is one of the best Bitcoin wallets because of its user interface. It is simple to use in the sense that users can quickly switch between wallet balances and the make payment column.
The adoption of Shapeshift technology by the Jaxx development team ensures that not only is it a wallet, it can serve as an in-built cryptocurrency exchange which allows users to exchange one digital asset for another. For example, NEO or any other digital asset can be exchanged between users on the Jaxx application.
Jaxx can be used on Mac, Windows, and Linux devices. It has a mobile app which allows users to receive, send and exchange digital assets with their various devices.
- Very easy to use for beginners
- has a large number of supported cryptocurrencies
- It is very easily accessible
- has suffered from news of some security concerns
- no two-factor authentication
5.) Exodus Best Bitcoin Wallet & Good for Exchange of Assets
This wallet supports other digital currencies. Like Electrum and Jaxx, Exodus at the time of registration displays twelve randomly generated words. Like other wallets, the purpose of these seeds is to enable users to restore their account in the event of damage or loss of the device.
Exodus has an excellent interface. It displays digital assets in a user-friendly pie chart. It allows users to change the default currency which is USD to any other currency of their choice.
Like Jaxx, it has also integrated the Shapeshift technology which allows for the exchange of digital assets on the platform.
- Has one of the most visually appealing interface
- Very user-friendly and can be easily used be newbies
- Has over a dozen crypto assets it supports
- Also good for full-time traders due to its live info features
- Has no two-factor authentication
- It is fairly new as such yet to win over all crypto lovers
Yes, there are other Bitcoin wallets out there but these 5 mentioned are the best in terms of security, exchange, and user-interface.
Conclusion: Which of the Top 5 Bitcoin Wallets Is Best?
BitBetBuddy has both a Local Bitcoin wallet set up and an account set up at Electrum for Bitcoins. But you choose for yourself. We will not be responsible for any loss or problems with any account you set up. We are doing our best to provide you with what is the best solutions online for wallets today and suggest you do your own due diligence before selecting your wallet. Also recommended is the Ledger Nano S for Coin Hardware Cold Storage.
Eventually we plan to implement them all and divide our bitcoin among all 5 best bitcoin wallets if we ever get that much. lol… Call me crazy but I believe in diversifying no matter what I do or how much I have. But the Bulk of your coins should be in a hardware wallet. We have a Bitcoin and Altcoin Safe Wallet Strategy we recommend that you read ASAP.
Whether you have half a bitcoin or 10 000 bitcoins, perhaps dividing them up and putting some into all 5 of these wallets as well as implementing hardware cold storage off line if indeed you do own that much bitcoin would be the best options to take. This is our must read on the top hardware wallets reviewed with set up instructions.
That way if there is ever any temporary problems what so ever at one time with any of these wallets you have others ready to go to take the place of any that are encountering technical difficulties at the time. Its not to say this would ever happen, but its better to be safe. Remember your mom always telling you not to put all your eggs in one basket!
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