The world of cryptocurrencies has moved so quickly in the last decade that it seems incredible to think that it wasn’t long ago that all of this was a pretty much unknown concept to the overwhelming majority of the public. Now, even if people don’t utilise Bitcoin wallets, they probably know what they are, meaning that the world of cryptocurrencies has now entered mainstream consciousness.
With that has come plenty of other options too. There’s now a wide choice of other cryptocurrencies and wallets. If you wish to find out more about them, be sure to check out our Ethereum wallet reviews, Bitcoin Cash wallet reviews and EOS wallet reviews.
Still though, Bitcoin remains the most popular option for cryptocurrency and storage by a significant margin. In fact, these wallets are so in demand that there’s a huge selection available, meaning often people’s biggest problem in finding the best cryptocurrency wallets isn’t a lack of options, but rather an overabundance of them. For that reason, we’re going to be breaking down what’s available, who should take advantage of them, how to stay safe and everything else you need to know, so that finding the best Bitcoin wallets for you is a fruitful journey.
Comparison of All Wallet Types
There’s a lot of variety to consider when discussing Bitcoin wallets. In essence, they all do the same thing – keep your Bitcoins in a safe and secure place. However, the reality is there are a lot of different ways to do that and some are better suited to some than others. Understanding these differences is vital to our Bitcoin wallet reviews. For that reason, we’ll be breaking them down to an explanation of key types and then which types are best suited for what kind of user.
These come in several different forms but what they all have in common is that they’re not always connected to the internet and are instead taken offline on things like paper wallets. These are pieces of paper with a private key written on it or a hardware wallet like Ledger Nano. They are often used for long-term storage thanks to their increased security, but sacrifice a little in practicality to make that happen.
Hot wallets are essentially the opposite to cold wallets, as their name suggests. They’re connected to the internet and are often part and parcel of crypto exchanges. They offer greater convenience but they might not be suitable for larger amounts.
These are a kind of hot wallet, as they’re connected to the internet, however, they are managed by third-parties. These are very easy to use and can be secure but that all depends on the security of the provider. When we’re writing Bitcoin wallet reviews for web wallets, we take their security incredibly seriously because any breach with the provider could lose you a fortune. For that reason, a lot of people use a mix of web and cold wallets depending on their needs.
Do note that these are only overviews of key types and there are plenty of variables and intricacies, which we cover in our Bitcoin wallet reviews.
Who Should Make Use of the Comparison?
One of the most important parts of our Bitcoin wallet reviews – and indeed, our reviews in general – is ensuring we direct people towards good options that are right for their needs and preferences.
In terms of who will want to seek out the best crypto wallets, this includes pretty much anybody and everybody using Bitcoin. If you’re looking for the best Bitcoin wallets in UK, Bitcoin wallets Canada, or the best Bitcoin wallets South Africa, you’ll need to ensure they are suitable for your individual requirements.
More specifically, cold wallets are better for people who require long-term storage, while web wallets – as long as they are from a secure provider – and hot wallets offer more convenience but not the same levels of security and are better for short-term use. Remember, you can use a variety of both if you wish.
Wallet Checklist: Top 5 Steps for a Secure & Easy User Experience
For all our Bitcoin wallet reviews, security is always our top priority. Obviously, cryptocurrencies, in general, are all about security and there’s nowhere this is clearer than when we’re looking for the best Bitcoin wallets or crypto wallets generally.
Put simply, Bitcoin wallets are somewhere you can store your Bitcoins. This is obviously worthless if you can’t be sure they’re secure. We’d love to tell you that all wallets are bulletproof, but that’s sadly not the case. With that in mind, here’s our look at the top five steps to stay safe while using wallets.
1. Choose Cold Wallets for Long-Term Storage
This bears repeating here: cold wallets are the best possible option for long-term storage. No matter how secure a wallet is, if it’s connected to the internet, it can never be as secure from online attacks than something physical and not connected. Whether you choose a paper or hardware option, that fact is pretty much an undeniable piece of logic.
That doesn’t mean other options don’t have their place. There are a lot of hot wallets we have judged as being very good indeed in our Bitcoin wallet reviews. However, they’re more suitable for short-term use and more active users. For you savers, invest in a good cold storage option.
2. Keep Your Cold Wallets Close
There is, however, one key security flaw with cold wallets and that’s physical objects can be lost, especially in the case of paper. If they’re lost, you may be in big trouble. Hardware wallets actually are better in terms of recovery options, but no matter what, you’ll want to keep your cold wallet where you can find them.
Another point for paper wallets is they can physically deteriorate, so you’ll want to keep them in a safe place away from the damp, direct heat or excessive sunlight. Imagine it like a high-value collector’s item that’s value depends on its condition.
3. Research Your Choice
The next couple of points we’ll be discussing are important for hot wallet users but here we’re not actually talking about researching whether a hot or cold wallet is right for you, although that’s very important. We actually mean that no matter what you choose, it’s vital to ensure you’re going with a trustworthy wallet. That’s why we go into so much detail in our Bitcoin wallet reviews, so you’re getting a secure place for your crypto coins, as the alternative could be disastrous.
Cold, hot or a mixture of both, do your research to make sure you’re getting the best option for you and your financial security. This is especially important when it comes to web wallets, as a breach could leave you financially devastated. Take a look at our Ripple wallet reviews and Tether wallet reviews to get you started.
4. Remember the Regular Rules of the Internet Still Apply
There are a few things to keep in mind with Bitcoin wallets, but much of that comes down to remembering the basic rules of internet safety. Ensure your internet security is absolutely top-notch, always use strong, unique passwords, don’t click on any suspicious links and keep your antivirus software up to date. We know it’s basic stuff, but it’s the kind of thing that could cost you dearly if you’re not careful.
One last point to check for is two-step authentication for your online wallet. This is becoming more common and there’s no excuse for it not being part of your online wallet. In fact, it not being an option would be a red flag during our Bitcoin wallet reviews.
5. Never Give Away Your Private Key
This may sound all too obvious and we’re absolutely sure that the vast majority of people reading this would never dream of giving away their private key. But it does happen – people are tricked into providing those details and end up putting their crypto coins at risk. Your private key is for your eyes only. Don’t let anybody tell you any different.
Editor’s Recommendation – The Best Wallet
We discussed earlier how some wallets are better for some purposes than others. It’s vital to understand that while there are certainly good and bad Bitcoin wallets, there’s no definitive best Bitcoin wallet.
That’s because people have different needs and priorities, and in many instances, those priorities mean that certain elements have to take a greater priority. For example, often you have to choose between convenience and extra security. While a very secure option may do everything it can to be as convenient as possible, there’s an unavoidable reality to how they work which will mean there’ll always be more practical options. Therefore, those limitations are not a flaw but are rather a choice.
It works the other way around too, with many very practical wallets not logistically being able to provide the level of security something like a cold wallet can. In these instances, neither option is necessarily better than another: they simply have different goals. For a fair comparison, take a look at our Bitcoin SV wallet reviews, Binance Coin wallet reviews, or Litecoin wallet reviews.
This is How Our Experts Test Wallets
Here’s a quick rundown of some of the tests we do to ensure every wallet we recommend meets the highest possible standards.
Research Their Reputation
As the world of cryptocurrency wallets isn’t as regulated as many others, their reputation has a huge amount of importance in gauging their trustworthiness.
Check Out Their History
Just as important is the history of the Bitcoin wallet in question. One that’s been around for a long time without serious incidents and with a good reputation is ideal.
Look For Any Past Security Breaches
This is part of history but is important enough for us to consider it separately. Have there been any security breaches, particularly in the case of web wallets? If so, why, and what has been done in response?
Check Which Security Features Are in Place
Good wallets of any kind should wear their security features on their sleeve. Here we find out exactly what they’re doing to keep your money safe.
At this point we usually have a few questions about the Bitcoin wallet, making this the perfect opportunity to contact customer service to see how easily we can get answers.
Look Up How We Use That Particular Wallet
The next step is really simple, we check out how we use the wallet in question. Next up, we actually test the wallet out in order to see if everything works as it should. What we do next in practical terms does differ depending on the specific wallet, so we’re instead going to focus on the things our tests are looking for.
Practical Tests: Ease of Use and Practicality
The first thing we look for when testing out a wallet is how easy it is to use. This one is really simple. We act just as anyone would and see how straightforward things are and how easy and practical it is to use.
Practical Tests: What Options Are Available?
Once we have utilised the basic function of a wallet, we want to see everything it has to offer, so we test out every option we can, and while doing so consider who it would be best for. This also includes additional cryptocurrency options.
Practical Tests: Speed
How quickly things work in almost every element of cryptocurrencies depends on a lot of different factors. However, there’s usually set expectations based on what other options can offer. Do keep in mind that the practical tests we conduct do differ between different wallet types.
See How it Compares
Ultimately, how good an option is is all relative to what else is available, so here we pull all our data and see how it stacks up to the competition.
Finding the Right Wallet For You
We can’t tell you which wallet is right for you. We don’t know what you’re looking for. What we can do though is give you an idea of what kind of wallets are best for what kinds of uses, and only recommend ones which meet high standards. This allows you to make an informed decision on what’s right for you. Not sure where to start? Take a look at our best Bitcoin wallets in US, Bitcoin wallets Australia, and Bitcoin wallets India reviews.
In a way, calling anything a contender for best Bitcoin wallet seems overly simplistic, and doesn’t reflect the sheer variety of options available. It’s that variety which is the greatest strength of these wallets, because there’s no need for you to compromise.
When we recommend a best Bitcoin wallet, we always take into account the kind of wallet it is – whether it’s web-based, hot or cold – alongside so many different factors. With that said, when we recommend an option, it’s always because we believe it only hits certain standards, but also has the potential to be the right choice for many people.