Ensuring that you keep your cryptocurrency secure is one of the core tenets of crypto investing, staking, or even being part of the community. It is one of the main hurdles that people face when they first start investing, and most people who don’t invest in crypto are put off by the idea of having to choose a wallet.
Whether you’re using a physical wallet, an online wallet, or both, you’re going to need to pick one that you trust. Since we mine Bitcoin at Elite Mining Inc, we make use of various wallets to store our mined BTC and other coins. We know how important it is to use a secure, trustworthy wallet.
After all, picking a wallet is much like choosing a bank. In this article, we’ll look at six of the best Bitcoin wallets available.
Types of Bitcoin Wallets
In this list, you’ll find hardware wallets, desktop wallets, mobile wallets, and browser wallets. Let’s review what each one is before continuing:
Best Bitcoin Hardware Wallets - Trezor Model T & Ledger Nano X
The Trezor Model T is arguably the best hardware wallet for Bitcoin that you can get your hands on. The Model T is a second-generation wallet and it features an open-source design that helps make it possibly more secure than the best competitor, the Ledger Nano X. That’s because being open-source allows the community to help iron out and detect security flaws.
The Trezor Model T is compatible with the Trezor Suite software that can be installed on your desktop, making it more secure than an app that’s based on the web. The Model T connects to your computer through a USB cable, though it is also compatible with microSD cards.
The Ledger Nano X is another great choice if you’re looking for a Bitcoin hardware wallet. Ledger Nano X’s design, flexibility and security make it just as good, if not better, than the Trezor Model T. Able to support over 5500 cryptocurrencies, the Nano X keeps all your digital assets stored in one place, with the ability to connect to your phone and more than 50 wallets and exchanges.
Best Bitcoin Desktop Wallet - Exodus
Exodus is a noncustodial wallet in which you’re the only one that has access to your private key. This helps offset the security risk of Exodus being a hot wallet that stores your assets online. One of the best things about Exodus is that it features a sleek user interface that we’re not used to seeing in desktop wallets.
A benefit to Exodus is that it makes it easy for its users to upgrade to cold storage, especially since it’s fully compatible with the Trezor One and Trezor Model T. Exodus can run on Linux, Windows, and Mac computers. It also features a companion app for iOS and Android mobile devices.
Best Bitcoin Mobile Wallet - Mycelium
Mycelium is one of the oldest continually operating wallets, and it is also one of the best-known. If you’re a mobile user, then you’ll appreciate the simplicity of Mycelium’s interface. One thing to keep in mind is that this isn’t only the best mobile wallet on this list, it is a mobile-only wallet.
The app makes it easy to make transactions, allowing you to purchase Bitcoin directly, even using fiat currency. As a noncustodial wallet, Mycelium offers excellent security because you’re the only one who has access to your PIN and your private key.
Best Bitcoin Browser Wallet - Coinbase Wallet
If you’re trying to keep your crypto wallet simple, you may be tempted to use a browser extension wallet, and the best one available for Bitcoin is the Coinbase Wallet extension.
Note that Coinbase Wallet is different from storing your funds on your Coinbase exchange account. Coinbase Wallet is a non-custodial wallet in which you’re the only one that has access to your password.
The extension allows you to use DApps, access DEXes, and even purchase NFTs. The Coinbase Wallet extension is also fully compatible with the Coinbase Wallet desktop app.
Best Mac OS Wallet - Electrum
Electrum is one of the most straightforward Bitcoin wallets that you’ll find available for Mac OS. Don’t focus too much on the outdated aesthetic, because looks aren’t everything when it comes to Electrum. In spite of the dated interface, Electrum is surprisingly secure and effective.
One of our favorite things about Electrum is that it’s open-source, meaning that the community participates in keeping it secure. It also comes with helpful features like fee adjustments, address tagging, and verifying and signing messages.
Best Exchange to Store Bitcoin - Coinbase
While not a self-custody wallet, some people may prefer the convenience and ease of keeping BTC on an exchange. This means you don’t have to worry about remembering where you stored the seed phrase or private key. The best option for that, we think, is Coinbase.
Certain exchanges, like Coinbase, have robust security and offer some insurance, making them a generally secure place to keep your money — though we always recommend you keep your private keys.
Anyway, if you’d like to store your funds on an exchange, consider Coinbase — a publicly traded company that keeps 97% of the Bitcoin they hold in offline storage. The interface is easy to use and most folks can quickly learn how to use Coinbase to hold their Bitcoin.
Choosing Where to Store Your Bitcoin
Cryptocurrency was created to take away intermediaries, remove the government monopoly on money supply, and put people in control of their money. This is why it’s vital that you choose a great Bitcoin wallet. It’s how you secure your funds and stay in control of your BTC.
Take a look at the six Bitcoin wallet options above, and start securing your Bitcoin properly today. If you have any questions along the way, reach out to us in our Telegram group.
* This article is for educational purposes only. We are NOT affiliated with any of the above-mentioned Bitcoin wallets. While these Bitcoin wallets are reputable today, that could change in the future. Always do your own research before downloading or buying a Bitcoin wallet. Elite Mining Inc is NOT responsible for any loss of fund that occurs from using any of these Bitcoin wallets.