5 Best Bitcoin Wallets 2018 July 5, 2018

5 Best Bitcoin Wallets In 2018

The task of safely storing your Bitcoin is as perhaps the most important bit of acquiring coin.

Especially given the security challenges ushered on by the internet age.

It is an undeniable that Bitcoin has captured the world’s imagination. This alternative currency has the promise of freedom; freedom from centralized regulation. Proponents would argue that is a safer, easier and more private option. The rise in value particularly in the past two years has made it a considerable investment option for many

Therefore, decisions as to the kind of wallet to store your coin can’t be made lightly. As a matter of fact it is a barometer on the seriousness of your coin venture. This is an engaging process whereby you have to balance your customer needs with security.

The list provided is not necessarily of the 5 most secure wallets. Instead, other parameters were taken into account to come up with a collection that works for most users.

These wallets are the 5 best wallets in 2018:

1. Trezor: Best for Security

Figure 1: Trezor Hardware Wallets

There is nothing like absolute security for your Bitcoin but this is as close as they come. Trezor wallet is essentially a removable physical device used to store coin. It is also called a cold wallet.  This wallet should cost about $99 from stores or even at online retailers with considerations given for buying three. There is also a similar cold wallet called Ledger which is pretty much the same in functionality.

Pros

  • Literally impossible to hack. This is because Trezor is offline and hence becomes immune to hacking.
  • Works as a password manager and has useful features such as two-factor authentication.
  • Great for long term storage.
  • Works with multiple currencies.

Cons

  • It is simply a storage mechanism and not connected to exchanges.
  • The strong protection could mean trouble in case of lost passwords unless you have a backup.
  • Still susceptible to physical damage.

2. Electrum: Best for Desktop

Figure 2: Electrum Wallet

As the title suggests, this is a desktop software wallet. Electrum allows the storage of Bitcoin in a series of files on your computer.

Pros

  • Greater flexibility than cold wallets.
  • Can work with some cold wallets.
  • Easy to set up and use.
  • Available forWindows, Mac OS X, Linux and Android.

Cons

  • By virtue of internet connection, it is not as safe as Trezor and hacking is possible.
  • Susceptible to desktop problems such as crashing.

3. Best Online: Blockchain.info

Figure 3: Blockchain Info

Thus may be easy to remember because of the name blockchain. You probably know that this is the technology on which the entire cryptocurrency ecosystem runs. That said, there is a distinction between the two.

Blockchain.info wallet is an online wallet, separate from the Bitcoin marketplace. To illustrate better it is eerily similar to the Coinbase wallet.

Pros

  • The fact that the wallet is online makes access to the marketplace easier.
  • It is considered safer than larger exchange wallets like Coinbase and therefore means less susceptible to hacking.

Cons

  • Hacking still is and will always be a risk.

4. Robinhood Wallet

You may wonder about what this wallet does and even its presence in the list. However, for investors big on trading and other investments, this is a no-brainer. Robinhood is both an exchange and a wallet.

Pros

  • Versatility and trade options available give Robinhood an edge.
  • The cost is really the difference here. The wallet is free! There are no commissions when trading in Bitcoin. This might be the reason for the unique name because the real Robin Hood had such charitable tendencies.

Cons

  • As with every other online wallet, be wary of hacking. This is why it is not advisable to store coins long-term on such wallets.

5. Mycelium: Best for Mobile

Figure 4: Mycelium Wallet

This wallet is really the minnow in the list. However, with more cryptocurrency platforms increasingly focusing on mobile, it is worth mentioning. Mycelium wallet is a unique mobile-only Bitcoin wallet. There are Android and iPhone versions available for the same.

Pros

  • The mobile application brings extra convenience as it literally places control of your coins in your hands.
  • Extra anonymity.
  • Quite secure.

Cons

Mycelium can be complicated compared to most other wallets. However, an advanced user should cope just fine. The fact that it is a mobile app means the interface and functionality cannot be as extensive as other platforms hence the direct nature of the app.

Final thoughts

The task of making a final pick depends on each user. As we have seen, some wallets are suited for users who are keen on long term storage while others are not. Alternatively, some like the Robinhood wallet are excellent for those who trade regularly. Desktop wallets are perfect for small volumes and so on.

Therefore it is upon an investor to assess each option here or elsewhere keenly and see what works best for them. The variety is a great thing as there is always general improvement from this kind of competition.