Bitcoin Wallets for Beginners
Bitcoin is far from a traditional currency, so the approach to it should be different as well. This is also why you need a Bitcoin wallet: since Bitcoin is not a physical thing, it can’t be stored just anywhere. There are several types of...
Bitcoin is far from traditional currency, so keeping it safe is different as well. That’s why you need a Bitcoin wallet.
One of the main ideas behind Bitcoin is empowering people to be their own banks. Since Bitcoin is not a physical thing, it can be stored almost anywhere (including physical things). There are several types of Bitcoin wallets that vary in terms of safety and security, convenience, accessibility, ease of use, device type and so on.
Since owning Bitcoin wallet private key is the only way to claim and prove ownership of your bitcoins, Bitcoin wallets and security go hand in hand.
Bitcoin wallet types
Online (“hot”) wallets, where the private key is stored online or on devices connected to the internet – e.g., on cryptocurrency exchanges or other websites, computers, tablets, or smartphones.
Offline (“cold”) wallets, where the private key is stored on paper or offline hardware like a password-protected USB, computer, or simply in one’s head (when you memorize a special phrase to access your funds). Besides, there are special encrypted cold storage hardware devices like Ledger or Trezor.
Online, or “hot”, wallets are less secure due to the threat of hacking. Website wallets are especially vulnerable as you must reveal your private key to a third party. But hot wallets are more convenient for daily use.
It’s thus recommended to use both types of wallets – hot wallets to hold small amounts of bitcoin for daily transactions, and cold, or offline, wallets for storing larger sums. In any case, you can have as many wallets as you want.
Bitcoin wallets for beginners
Here are several easy to use Bitcoin wallets that you can download, install, and use immediately.
|Electrum||Desktop and mobile||Windows, Linux, Mac OS, Android||Popular Bitcoin wallet|
|Exodus||Desktop||Windows, Linux, Mac OS||User-friendly|
|Jaxx wallet||Mobile and web||Android, iOS, Chrome||Multicurrency wallet|
|Coinbase||Web and mobile||Android, iOS||Cryptocurrency exchange|
|Wasabi wallet||Desktop||Windows, Linux, Mac OS||Privacy-oriented|
|Blockchain.info||Mobile and web||Android, iOS||Super easy to use|
|Bitcoin wallet||Mobile||Android, iOS||Let's you see local Bitcoin merchants|
|Binance||Web and mobile||Android, iOS||Cryptocurrency exchange|
|Armory||Desktop||Windows, Linux, Mac OS, RaspberriPi||Multi-signature and cold storage options|
|Paper wallet||Free||Can be stored both offline and online|
|Ledger||$50-$200||Enhanced security, screen|
|BitLOX||$98-$198||Extreme security, privacy-oriented|
To learn how to create a Bitcoin wallet, you can follow our guide. Hopefully, these explanations of Bitcoin wallets for beginners are sure to help you take your first step into using the cryptocurrency.