Bitcoin is the first and most popular cryptocurrency in the world. Its market capitalization exceeds $1.8 trillion. It is four times higher than the next most popular currency (Ethereum).
Bitcoin is available in most cryptocurrency wallets, which is not surprising given the demand for this coin. Choosing the right service to store it can be tricky. We offer an overview of the best Bitcoin wallets and tell you what criteria you should focus on when choosing one.
Bitcoin: Main Information
Bitcoin is the world's first cryptocurrency, launched in 2009. At the time, the exchange rate was only 13 BTC per one cent, but now the value of one Bitcoin exceeds $86 thousand, and the circulating supply is 19.7 million coins.
BTC is powered by blockchain technology. It is a decentralized system that stores data on all transactions made with the coin's participation. Instead of a single server, the place for data keeping is the devices of all network participants, which guarantees the transparency and irreversibility of transactions.
Bitcoin is used for various purposes. One of the primary uses is for investments and earning money on rate fluctuations. However, cryptocurrency has been increasingly used for payment transactions in recent years, including online stores, online services, and even in some restaurants and cafes.
Choosing a Bitcoin Wallet: What to Pay Attention to?
To pick a cryptocurrency wallet for Bitcoin, it is recommended to take into account several factors:
- Protection level. Access can be protected with two-factor authentication, biometrics or other tools. A protection mechanism against physical tampering will be an advantage for cold wallets.
- Compatibility. The Bitcoin wallet should support the necessary networks. If the user plans to integrate the cryptocurrency account with other services (exchanges, reviewers, exchangers, etc.), it is essential to check the possibility of connecting such a service.
- Usability. The system should have an intuitive interface. This is especially important for hot cryptocurrency wallets, which are more often used for transactions than hardware wallets. Nevertheless, cold devices should also have a user-friendly design and clear management.
- Support. You can check tech support quality in advance by contacting a specialist with some questions about creating a wallet. This will allow you to assess how informative the answers are, how fast the service responds, and how easy it is to converse with a human rather than a bot in case of a real problem.
- Additional features. The tools required by the wallet depend on the needs of the individual user. Some necessary functions may include exchanging and selling currency through the wallet, ready integrations with other services, synchronization between multiple devices, etc.
How to Create a Bitcoin Wallet?
A Bitcoin wallet is quite simple to create. Although the nuances of the process may vary from service to service, in most cases, creating an account will require:
- Select a wallet. You should decide on the type of service: hot or cold, custodial or non-custodial. This choice determines the level of control over the wallet, security of storage and convenience of use.
- Create an account on the website or download a Bitcoin wallet. Even when using a cold wallet, you will usually need to install an app to manage your account.
- Set a code or password. Most services offer recommendations and requirements for password complexity, such as mandatory letters in different cases or minimum length.
- Provide the necessary data for verification. It will be required when using most validated Bitcoin wallets. The procedure is needed to fulfill legal requirements.
- Activate additional features to protect the account. These usually include two-factor authentication, but some wallets may use biometrics or other security measures.
- Save the seed phrase. Do not copy it to digital storage but write it down on paper and store it in a safe place. If a hardware cryptocurrency wallet is used, the pass phrase should be stored separately from it.
Best Bitcoin Wallets
Bybit
Bybit's Web3 wallet is a service for working with DeFi tokens, trading, staking, participating in airdrop activities, and using DApps. In addition to Bitcoin, the wallet supports over 10,000 tokens and 20+ networks.
One of Bybit's advantages is the ability to choose the suitable wallet type for any user: cloud-based custodial (tied to a Bybit account), non-custodial with a mnemonic phrase, or custodial that uses MPC technology.
The wallet is available as an app and Chrome extension.
Binance
Binance Wallet is a convenient tool that supports multiple currencies, Web3, and DApps. Users can easily transfer funds between the wallet and their exchange account and exchange tokens via Binance Bridge and DEX exchanges.
The security uses MPC technology, which does not use a seed phrase. Instead, the system generates three key fragments that are stored separately.
Creating a wallet is easy: you only need to download the application. However, for activation, you will need to confirm your home address.
TON Wallet
TON Wallet is a cryptocurrency wallet in Telegram, available to messenger users since 2024. It is built into the side menu of Telegram, and you only need an account in the messenger to activate it.
It is a hot custodial wallet that allows you to make transfers both by third-party wallet number and directly to Telegram without commission. The app also features a P2P platform, a currency exchange option, and the ability to receive payments through a bot.
Although only a limited number of currencies (Bitcoin, Toncoin, Notcoin, USDT) is currently available to users, the wallet is actively developing and plans to add new features.
Read more about TON Wallet in the article.
Trust Wallet
Trust Wallet is a non-custodial wallet for mobile and desktop devices. The service offers users a wide selection of currencies and networks, support for DeFi applications, Smart Swap access for favorable conversion, and staking.
Due to its ready integration with Binance and Coinbase exchanges, the wallet is incredibly convenient for account owners. It allows you to transfer funds easily between your account and accounts on these platforms.
More about the features and capabilities of the wallet in the article «Trust Wallet Review: Advantages & Features».
Trustee
Trustee Wallet is a multicurrency wallet with an exchanger and bank card support. Users can buy cryptocurrency for fiat or withdraw funds to a bank account (only for residents of Ukraine). In addition, users from Ukraine can issue a bank card linked to the cryptocurrency account. There is also an option for P2P trading.
The service offers anonymity and does not require AML and KYC. Users just need to install the app by scanning the QR code on the website. The app is available for both smartphones and desktop devices.
Gemini
Gemini Wallet is a service for trading and storing cryptocurrencies. One of the advantages is the maximum protection of the account. To guarantee account security, not only two-factor authentication is used, but also hardware keys, as well as the ability to specify the addresses to which currency can be sent from the wallet, and block the sending of funds to other accounts.
For users' convenience, the main page can be customized by choosing the elements displayed on it.
To get started, a mobile app will need to be installed. For additional convenience of account management, the issue of a bank cryptocurrency card is available.
Exodus
Exodus is a cryptocurrency wallet with 50+ networks and thousands of tokens available. Features include swaps, staking, NFT and Web3. The system supports the purchase of cryptocurrency for fiat with payment via a bank account.
This service is especially convenient for owners of Trezor devices: Exodus has seamless integration with Trezor wallets. This system allows you to store funds offline safely and, if necessary, quickly transfer them to a multichain account in Exodus. The wallet is available as an application for mobile and desktop devices.
SafePal
SafePal is a cold wallet for Bitcoin and tens of thousands of other assets. Users have access to compact hardware wallets with a small screen and a convenient management system. There are various ways to connect to mobile and desktop devices via Bluetooth or QR code scanning. You can manage your account via an app or browser extension.
The service provides several additional tools, including cross-chain, spots, staking, and NFT, in addition to storing assets. It is possible to buy cryptocurrency for fiat.
Learn more about the wallet in our article «How Secure SafePal Is? A Full Wallet Review & Analysis».
Ledger
Ledger is a cold wallet available in four models. Users can purchase touch-screen devices or a compact wallet the size of a flash drive. Connectivity to a smartphone or computer is provided via USB-C, Bluetooth, or NFC.
The wallets offer storage, purchase, exchange, and staking functions for 5,500+ coins. Management is done through the Ledger Live app, which you will need to tether your device to activate. Ledger also supports a range of integrations with online wallets.
We described Ledger models and how to use them in the article.
Trezor
Trezor is a hardware wallet available in several models with a color touch screen or buttons for control. The devices support thousands of currencies, use PIN and password protection, and connect to a smartphone or computer via USB.
Note that the system is fully compatible with Android, macOS, Windows, and Linux; only browsing is available via iOS, but not account management.
The wallet supports several integrations with various crypto platforms. Users have access to transfers, trading, and staking. An official app is required to activate the wallet, and for customization, you can contact a company representative who will answer questions via video call.
We have dedicated an article to the Trezor wallet review.
Ellipal
Ellipal is a cold wallet that supports 10,000+ coins. Its functionality includes storage, exchange, staking, DApps, and buying cryptocurrency from a bank card. The device has a touch screen (4 inches). To confirm the transaction, the owner of the cryptocurrency wallet needs to scan a QR code.
The wallet always remains isolated from the network, which increases its security. To protect against physical hacking, the device is equipped with a self-destruct mechanism. Crypto owners can also create a secret additional wallet in case the main one is lost.
Choosing a Bitcoin Wallet
It can be a daunting task to choose a Bitcoin wallet: there are hundreds of options on the market, each with its own advantages. To find the right service, it is recommended to focus on the necessary functions.
So, a hot wallet with access to the network and various tools is suitable for constant currency use, and a cold one, disconnected from the Internet, is recommended for safe asset storage. Many crypto owners use both options to combine convenience and protection.
