Top 5 Bitcoin Wallets 2017
Bitcoin is one of the most successful digital currencies out there on the Internet. The best thing about using Bitcoins is that no one is controlling it. In fact, it’s people like you who buy, sell, and trade in these coins, directly from your digital bitcoin wallet, are the ones who decide its demand and supply. Investors can purchase this crypto currency (they are encrypted) from a number of bitcoin exchanges that are publicly dealing with them, online.
The concept of Bitcoins was first introduced by a Japanese software developer, Satoshi Nakamoto, whose real identity is still at large.
If you do find his real identity, let us know as we are equally interested in knowing the mathematical logic he deployed behind the design of bitcoin. Since the day Bitcoin went viral across the Internet, the digital currency has increased considerably in value. What started at a cheap rate of a dollar is now worth more than a $1000. Mind-blowing stuff.
Well, that’s all fine. You probably already knew all of that. The question is, once you buy Bitcoins, where exactly do you keep them? Since they are digital currencies, you can’t keep them in your physical wallet. And this is where digital bitcoin wallets step in.
Do I Need A Bitcoin Wallet?
Yes! You will need a digital bitcoin wallet! Don’t worry, though. It’s not difficult to acquire a wallet on the internet. With Bitcoin’s popularity, it’s even easier to find a reliable digital wallet for yourself! To make things easier for you, we save you the hassle of going through intense searching.
Here are the top 5 online currency wallets that are spreading like wildfire among Bitcoin purchasers across the world.
Breadwallet is one of its kind bitcoin wallets because it creates a direct bridge between you and the bitcoin network infrastructure. This keeps your Bitcoin in a safer environment as compared to other Bitcoin wallets. You see, there are no other servers in between that connect you to the commodity. The code is open source so you can make personal verification if you are concerned about its security.
Also, Breadwallet, like any other bitcoin wallet, offers you automatic backups. However, it’s not multisig supported which can be a downside for those who wish to share their personal bitcoin accounts with multiple distributors. Nor does it support connections integrated within a TOR network infrastructure.
Breadwallet is supported by iOS as well as Android. You can carry your bitcoin wallet wherever your smartphone is with you! However, it has gained much popularity within the iOS community, so you if you an iPhone, you’ll have huge company!
Initiated back in 2008, Mycelium started off with a team of engineers working on mesh networking project. With the concept of Bitcoin stepping down into the market, they shifted their original goal towards crafting technology to support Bitcoin transactions. Who knew that bitcoins would one day grow its market share at such an alarming rate? And today, Mycelium is considered one of the default Bitcoin wallets in the digital wallet realm.
Mycelium is a semi-open source Bitcoin wallet which enables visitors to observe the code. But you cannot modify or redistribute it. They have, by far, worked on three types of technology within the field of Bitcoin: Wallet, Entropy, and Gear. Moreover, it has been awarded as one of the best Bitcoin-based mobile apps in 2014 by BlockChain.info. It provides you enhanced security and privacy by allowing you to connect to the TOR network. You can backup your account and add a PIN to protect the wallet through your smartphone.
It is fully compatible with both Android & iOS.
Secured by TOR network, Armory is one of the most reputable desktop based Bitcoin wallets on the Internet. It offers multisig support and is an open source wallet. You can make transactions in an encrypted stronghold environment as it offers you private keys. You can keep these private keys safe at an offsite location and use them as per your preference when required. This way, your encrypted Bitcoin data is much secure as it will need a private key to be accessed.
Armory also offers a backup mechanism that ensures that all your bitcoin data is secure and no hacker can hack into it. If by chance, a hacking attempt takes place, your backup data will give you a fresh analysis report on the go. This bitcoin wallet is more focused for advanced users as the setup requires a bit of an effort.
Armory is a desktop client and is fully compatible with Windows, MacOS, Ubuntu and Raspberry Pi.
One of the oldest Bitcoin wallets in the market is the Trezor Wallet. It is a hardware bitcoin wallet and is one of the earliest brainchild brought forth by SatoshiLabs, a European startup for Bitcoin technology. Trezor offers you a hardware device which can connect to your laptop or desktop computer via a USB. The device contains an LED display with a lock/unlock key.
This hardware wallet gives you full control on your Bitcoin transactions. Your bitcoins are safe and sound with this device because all of them are stored offline on this device which you can carry around in your pocket. Trezor is compatible with any software wallet across the Internet. With this portable device, you can make payments to any wallet on the Internet. All you have to do is confirm the transaction from your device once you initiate it.
You can purchase the hardware wallet device at a reasonable price rate of $99 from their official website.
Last, but not the least on our list is CoPay. CoPay is a universal bitcoin wallet brought to the digital world by Bitpay. One of the main reasons why CoPay is popular within the Bitcoin realm is because of its versatility and ability to support multi languages. You can use this wallet across many accounts on multiple devices supporting different OS platforms. The application itself is not the only thing that is open-source, but it’s servers are open-sourced too.
CoPay comes with a user-friendly interface and is mostly the first choice among new Bitcoin users. It is also a reliable business option because it offers you shared account features. It’s also multisig supported, which means that if a transaction is made through a shared account, it is necessary that each member of the account confirm the transaction. Unless the conditions aren’t met, the transaction won’t take place.
CoPay is supported on all platforms like iOS, Android, Windows Phone, Linux, Mac OS X, and Windows.
Simply put, Bitcoin is now the future of the digital currency. It has drastically gained immense fame within the digital world over the last decade and is quite profitable. Although you can keep your Bitcoins on the exchanges where you purchase them, they are not entirely safe. To add an element of security to your crypto currency, it is necessary that you make use of an online wallet.
I own an iPhone; hence, my preference will always be Breadwallet. It is one of the safest online wallets because it creates a direct network without the inclusion of any third-party vendors or servers. Though, it entirely depends on you depending on the type of device you are currently using.
So what are you waiting for! Don’t hold back and become a part of the bitcoin network. Who knows what value Bitcoin will reach in the coming years. Cheers 😉