Bitcoin wallets There are several types of cryptocurrencies for storing cryptocurrencies. You can choose online sites or crypto exchanges, local (desktop) programs to install on your computer, mobile phone applications, hardware devices, or a paper wallet. According to the storage method, they are divided into hot and cold. Each has disadvantages and advantages.
In the article, the editors of Profinvestment.com looked at all possible ways to create a Bitcoin wallet. She presented the most complete list of the best of them, provided instructions for registering on popular online services, and downloaded the wallet using the official website of the Bitcoin Core developers. I made an overview of how and where to buy, how to top up and withdraw Bitcoin cryptocurrency from your wallet.
List of Bitcoin wallets
| Bitcoin exchanges | Binance EXMO Currency, CREX24, Huobi, Kucoin, CEX IO |
| Web wallets | Blockchain, Luno, Magnum, Bitgo, Uphold, Satowallet Exchange, EO Finance, Green Address, Bitforx, Coinbase, Unocoin, WageCan, Xapo, Unboxcoin, Bitinka, Bitpanda, Bitwala, CoinVault, Counterwallet, Gatehub, Holy Transaction, Kimera, Mitex, OmniWallet, Paxful, PlasmaPay, Zumminer, Trust Wallet, ChronoMint, Wirex, Coin Wallet, Morph |
| Desktop wallets (Windows, MacOS) | Exodus, Jaxx, Armory, Bitcoin Core Client, Electrum, , Guarda, Wasabi, MSigna, Copay Bitcoin, Pungo, Magnum, Bitgo Wallet, Satowallet Exchange, Atomic, Agama, BC Vault, Bither, ArcBit, Eidoo, Ledger, Trezor, Waves Wallet, Evercoin |
| Mobile applications (Android, iOS) | Coinomi, Mycelium, Samourai, Abra, Ellipal, Blockchain, AirGap, Eidoo, Lumi, Trust Wallet, ArcBit, Bither, Aximetria, BitcoinBitKeep, Bitpie, Bread, Citowise, Cobo, CoinPayments, Ethos, Kcash, CoinBank, Edge, Enjin Wallet, Fingo, imToken, Infinito, Mobi, Nexo, qPocket, Quppy, UberPay, ZebraWallet, Jaxx, ECOMI Secure Wallet, Coin Wallet, Luno, Morph, Guarda, Evercoin, CoolWallet, KeepKey, Trezor, Ginco, ANX Vault, BlueWallet, Carbon, Coffee Wallet, LykkeWallet, Zebpay, Atomic, Bitforx, Coinbase, Unocoin, WageCan, Xapo, Green Address, Freewallet, BitCron, Copay Bitcoin Wallet |
| Hardware wallets | Ledger, Trezor, KeepKey, CoolWallet, Bitlox, Chronobank, ECOMI, Keycard, Bitfi, Ellipal |
| Paper wallets | BitAddress |
Wallet compatibility table with various types of devices
| Name | Address | Mobile | For PC | Online | |
| Android | iOS | ||||
| Bitcoin.com | https://wallet.bitcoin.com/ | + | + | + | + |
| Bitcoin Core | https://bitcoincore.org/ | + | + | + | — |
| BreadWallet | https://brd.com/ | + | + | — | — |
| Bither | https://bither.net/ | + | + | + | — |
| Coin.Space | https://coin.space/wallet/ | + | + | — | + |
| Electrum | https://electrum.org/ | + | — | + | — |
| ArcBit | — | — | + | — | — |
| BTC.com | https://wallet.btc.com/ | + | + | — | + |
| Copay | — | — | + | + | — |
| Airbitz | https://edge.app/ | + | + | — | — |
| Mycelium | https://wallet.mycelium.com/ | + | + | — | — |
| Blockstream | https://blockstream.com/green/ | + | + | + | + |
| Bitcoin Knots | https://bitcoinknots.org/ | — | — | + | — |
| Armory | https://bitcoinarmory.com/ | — | — | + | — |
| mSIGNA | — | — | — | + | — |
| BitGo | https://bitgo.com/ | — | — | + | + |
| Coinbase | https://wallet.coinbase.com/ | + | + | — | + |
| XAPO | https://xapo.com/ | + | + | — | + |
Types of Bitcoin wallets
List of Bitcoin wallets:
- Online. This includes wallets on cryptocurrency exchanges: Binance, Currency.com, EXMO, FTX and others. After creating an account, they are provided with a free crypto wallet on which the cryptocurrency will be stored. Online services: Blockchain Wallet, Matbi (wallet + exchanger), Guarda, GreenAddress, Luno, Coinfy, Copay.
- Desktop wallets: Bitcoin Core, Electrum, JAXX, Exodus, Knots, Capay, ArcBit, Armory, Lumi Wallet, Bither, Morpheuswallet and others.
- Mobile applications: Coinomi, JAXX, Mycelium, Luno, Guarda, Airbitz Bitcoin, Infinito, GreenAddress, Bread Wallet, Kcash Wallet.
- Hardware wallets: Ledger, Trezor, Keepkey, CoolWallet, Bitlox, Digital Bitbox.
- Paper wallets: bitaddress.org.
Each method has both advantages and disadvantages. Registering a Bitcoin wallet on an exchange or online service is the easiest option. At the same time, cryptocurrency trading will be available. The user has access to the public address of the wallet, private keys are available from the crypto exchange itself. Local wallets can be heavy or light, the difference is whether you need to download the blockchain for synchronization or not. Hardware devices are paid devices.
For long-term storage of the Bitcoin cryptocurrency, you only need a private address, which must be recorded and saved. When you need to use them, you just need to import the keys into your Bitcoin Core, Electrum, etc. wallet.
Bitcoin is a bearer asset
In cryptography, a public key is used to encrypt messages and a private key is used to decrypt them. If someone wants to send you an encrypted message, they encrypt it with your public key. Your private key is the only way to decrypt this message, so as long as you are the sole owner of the private key, no one else will be able to read this message.
Bitcoin uses public and private key cryptography to ensure secure transactions. When you create a Bitcoin wallet, a private key is created. The wallet creates public keys, which are hashed and used as addresses to receive bitcoins. A private key is required to confirm ownership of bitcoins stored at the appropriate address. It also provides the opportunity to spend coins.
If you do not personally control the private keys associated with your Bitcoins, then you do not actually own your Bitcoins. In other words, if an exchange or bank holds your bitcoins on your behalf, you do not directly control your coins. You hand over the responsibility for keeping your bitcoins safe to a third party, and along with the responsibility, you hand over the coins themselves.
To take full advantage of Bitcoin's unique properties as money, you need to control your own private keys. As Bitcoiners themselves often say, “not your keys, not your bitcoins.” Storing your private keys yourself ensures that your coins cannot be confiscated, seized, or stolen. But choosing to store your own keys makes you responsible for the security of your own bitcoins. Our goal is to help you get comfortable with the prospect of storing your own keys.
Now let's look at possible options for managing your own Bitcoin keys.
security vs convenience
What is Bitcoin
Bitcoin is the world's first cryptocurrency, founded back in 2009. Currency issuance occurs on the Internet and is limited in quantity. A total of 21 million BTC will be issued.
Advantages and differences of Bitcoin from the usual traditional electronic money and wallets:
- Decentralization. Bitcoins are used to pay for purchases on the Internet and trade currencies on exchanges, but the key difference is dispersion. The network remains without the control of a central authority, distributed among participants, who automatically become part of it. No one has the ability to impose rules or restrictions on a currency. And also in the event of a possible fall of part of the network offline, the system will continue to operate without failure.
- Simplicity. It’s easier to open an account with bitcoins; you just need to create a wallet for this cryptocurrency and start using it.
- Anonymity. The use of cryptocurrency does not require entering personal data. Bitcoin wallet addresses are not tied to a name, address, or personal information, and you can create an infinite number of them.
- Transparency. In contrast to anonymity, Bitcoin tracks the history of transactions and builds a sequential chain, i.e. a blockchain. This chain consists of blocks containing information about transactions based on a personal Bitcoin address. But in the case of a public Bitcoin address, any user can have information regarding the total balance on it. If the owner of the wallet did not disseminate information about his involvement in a given Bitcoin address, no one will know about it. Those who want to gain full anonymity create a different Bitcoin address for each transaction.
- Small commission. Banks charge large amounts for commissions, while Bitcoin charges a small fee for confirming a transaction on the network.
- Fast translation. Payments on the Bitcoin network are processed quickly (up to 1 hour) regardless of who and where they are sent.
- Irrevocable transactions. Once the Bitcoin has been sent, there will be no refund. You can return the cryptocurrency if there is an agreement with the recipient.
Pros and cons of Blockchain info
Advantages and disadvantages of the Blockchain.com wallet
The main advantages of the Blockchain.com web wallet include:
3-level security system.
Intuitive design.
Ability to display account balance in different currencies.
Built-in tools for buying and exchanging cryptocurrencies.
Linking a mobile gadget with the Blockchain application installed to the web version of the wallet via a QR code.
Interaction with hardware devices.
Low service commissions.
Despite the impressive list of positive qualities, the Blockchain wallet still has several disadvantages:
Small number of supported cryptocurrencies.
The need to pass verification to gain access to all the features of the wallet.
The function of buying/selling Bitcoin for fiat does not work in all countries.
Otherwise, the Blockchain wallet is excellent for storing cryptocurrencies, offering very convenient and reliable functionality to users who prefer to work with their funds directly in the browser instead of installing desktop applications.
Where to buy bitcoins and how to top up your wallet
In online exchangers you can exchange almost any payment system: WebMoney, Yandex.Money, Qiwi, Sberbank, Privat 24 and transfer it to your wallet address. Reliable exchangers for buying cryptocurrency: ProstoCash, 60cek, Xchange.
On the ProstoCash website you need to select suitable payment systems for exchange. For example, for 300,000 Russian rubles from a Sberbank card you receive 1.07 bitcoins (BTC) per wallet.
You can buy Bitcoin (BTC) on crypto exchanges, for example, Binance, Currency.com, EXMO, FTX. After purchasing, bitcoins can be transferred to any other wallets for storage.
Blockchain Wallet (Blockchain.com)
Blockchain Wallet
Blockchain.com is a “thin” Bitcoin wallet with an intuitive interface and limited functionality. It is positioned as the most widespread in the industry (the official website says there are 42 million registered wallets).
The Blockchain multi-currency wallet allows you to create accounts for Bitcoin, Ethereum and a number of other coins, including the USD PAX stablecoin. From time to time, organizers hold airdrops for new users.
Pros and cons of a Blockchain wallet
The main advantages include:
- Mobility - the service can be used online or through mobile applications on Android and iOS, so such a Bitcoin wallet will always be at hand. There is no need to download the 350 GB blockchain;
- User-friendly interface - if you have ever transferred money through a banking application, then you can handle it with Blockchain.com. The developers have taken care of simple and understandable account management;
- Multicurrency and internal converter - the user can not only store several cryptocurrencies on one service, but also freely convert them in the application itself. Therefore, if you are worried about the fall of Bitcoin, you can convert bitcoins into stablecoins without using exchanges or exchangers.
Among the disadvantages:
- The need for verification - although this can hardly be called a minus in a transparent and regulated crypto market, the need to confirm the address and take a selfie with documents complicates access to the wallet;
- There is no support for ERC-20 - among the tokens of this standard, only Ethereum is supported. You can send and receive other ERC-20 coins to an Ethereum address, but you won’t be able to view their balance in the application itself;
- There are a lot of negative reviews - despite two-factor authentication, verification and the absence of hacks, many users from the CIS report missing funds or problems with the application. However, reviews are always subjective.
How to Use Blockchain.com to Transfer Funds
Like Bitcoin Core, this Bitcoin wallet offers 2 tabs for transactions:
- “Receive” - everything is simple here, just click on the tab and in the pop-up window indicate the currency that should be sent to you and the method of receiving it (web wallet or hardware). The application itself will generate the address and convert it into a QR code. We simply send the QR or address to the sender and wait for the transfer:
Blockchain Wallet Funds Receipt Tab
- “Send” - sending cryptocurrency is similar to payment in an online banking application. We simply indicate the transfer currency, the amount, the wallet from which it will be debited and the recipient’s address. You will also need to set a commission, but by default it is calculated automatically.
Blockchain Wallet Funds Send Tab
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Read the full article: Blockchain wallet: how to create and how to withdraw bitcoins
How to create a Bitcoin wallet
Bitcoin is a virtual currency. To store it you need an appropriate wallet.
There are 5 main types of Bitcoin wallets:
- Online (browser or web wallets). Use online services - sites where you can register a wallet and store bitcoins there. Online wallets include an account on a crypto exchange. The advantage is that there are a large number of cryptocurrencies available, and it is also a good way to buy or exchange them. From the exchange, the virtual coin can later be withdrawn to any other wallet.
- Desktop. You can download a special client program to your computer from the website bitcoin.org.
- Paper.
- Mobile.
- Hardware.
The recommended method is the so-called “cold storage”: using paper, hardware, local programs on a computer or other device. In this case, almost complete security of storing bitcoins is guaranteed. Local wallets can be heavy (they require the entire blockchain network to operate) and light. For example, the official Bitcoin Core wallet is heavy; after installing the program, the synchronization process with the network starts and all blocks with transactions, the volume of which is 150 GB, are downloaded. This will require a constant Internet connection and a long time. But the owner has full control over his wallet and private addresses.
If you don’t want to waste time, then you should download programs that synchronize with the Bitcoin network online. These include the popular Electrum client wallet. It is quite reliable and protected. The owner is given full access to private keys, which can be exported and saved. Restoring access to the Bitcoin Electrum wallet is carried out using the seed phrase, which is received during registration.
The official website bitcoin.org presents all the ways to create a Bitcoin wallet, both for mobile devices and computers, and online.
Choosing a wallet on the website https://bitcoin.org/ru/choose-your-wallet
Each method of storing bitcoins has its own advantages and disadvantages.
Desktop wallets
Desktop programs for storing bitcoins can be downloaded from the official cryptocurrency website https://bitcoin.org/ru/choose-your-wallet by selecting “Computer”:
When you click on each of the proposed wallets, a window appears with information about the main parameters and a download link:
The disadvantage of some programs for storing bitcoins (for example, Bitcoin Core) is the large volumes of information that need to be downloaded to your computer. In turn, this is a safe way to store bitcoins. You just need to worry about the security of your computer and prevent third parties from accessing it.
Online wallets for storing bitcoins.
Their main advantages: they do not take up space on the computer, are quickly installed, and take care of the security of data storage. The main thing is to use only reliable and proven online services. The owner will not have access to private keys.
Bitcoin online wallet in Russian – blockchain.info. The service is popular, serves clients from more than 120 countries, more than 8 million wallets have been created. Registering a Bitcoin wallet on the blockchain is very simple and will take a couple of minutes.
First you need to click on the “Create your wallet” button. Next, fill out the form indicating your email address and password. You must remember the password, as there is no recovery function:
Click "Continue". A letter will be sent to the specified email in which you need to confirm your email. It will also contain the wallet ID, which must be written down and not shared with anyone. It is better to delete the letter later. Then click on the “Yes, this is my email” button in the letter:
After that, log in to the site using your password and wallet ID:
After logging into the wallet, you will see the current balance, the “Send” or “Receive” items, the ability to configure the security of your personal account, and configure the wallet.
To send bitcoins, you need to enter the recipient's Bitcoin address and indicate the amount (if necessary):
The transaction is processed within a few minutes. All transactions will be displayed in the “Transactions” item.
To receive bitcoins to your personal wallet, you need an address. You need to go to the “Get” item and copy the code provided or generate another one for any amount. Then inform the sender of this address. He can send bitcoins to it.
To protect your wallet, you should configure security, which includes several levels. At the first, you will be asked to verify your email account, come up with a backup phrase (if the password suddenly slips out of your memory) and create a password hint that will point you to the correct option.
At the second level, you need to link your mobile phone number to your wallet and activate step-by-step verification:
Following these recommendations should ensure the security of your wallet at a high level.
Examples of desktop Bitcoin Wallets:
Bitcoin Core. This is a full node wallet, that is, when you download it, you download the entire blockchain to yourself (more than 200 GB). It takes a lot of time. Bitcoin Core is suitable either for those who are very concerned about security issues, or for those who, out of curiosity, want to become better acquainted with the workings of the blockchain. For the rest, it is wiser to choose one of the lightweight wallets and use hardware wallets to store large amounts of funds (more on them below).
An easy-to-manage wallet with an intuitive interface, suitable for those who are just getting started. The downside to the closed source code of the project is that despite its good reputation, there is theoretically a risk that developers will introduce malicious code without the knowledge of users. However, if you don’t take risks and keep only small amounts in it, then there are no problems. In addition to Bitcoin, Exodus supports a number of popular altcoins.
Electrum . It does not have a very friendly interface and is unlikely to be suitable for complete beginners. This is one of the oldest and most reliable Bitcoin wallets (and also open source). One of the few applications that allows you to change the commission of an already sent transaction in order to speed up its confirmation.
How to top up your Bitcoin wallet
Replenishment of the wallet is carried out through exchangers, exchanges or directly through payment systems.
- Through exchangers. For example, exchangers ProstoCash, Xchange, 60cek. You need to select the currency that is given and received (bitcoin). Click "Find the best rate". A list of exchangers performing transfers in this direction will appear. Sorting is available.
- Through cryptocurrency exchanges.
- Through payment systems. Now many electronic payment systems directly transfer to bitcoins.
- Through P2P exchangers.
For example, we will transfer money from the AdvCash wallet.
We go to the already created Bitcoin wallet in the blockchain service: https://blockchain.com/ and, going to the “Top up” section, copy the address of your Bitcoin wallet:
Next, go to the AdvCash website, indicate the address and make a transfer to your Bitcoin wallet:
The sent money will instantly appear in the wallet on the blockchain.info service:
Mobile wallets for BTC
To register a Bitcoin wallet on an Android or iOS mobile device, you can select the appropriate application. Like previous types of wallets, mobile wallets allow you to send and receive payments, and are of the “hot” type, that is, they cannot function without the Internet. Using a mobile Bitcoin wallet is very convenient, as you are not tied to a computer. However, the vulnerability to attacks is also higher. Although the developers of modern wallets have already taken into account most of the errors that were encountered before. And now mobile options have a good level of security, but they are still not suitable for large amounts.
Examples of mobile bitcoin wallets:
Coinomi. An easy-to-use cross-platform wallet focused on the security of client funds and their confidential information. Supports many cryptocurrencies. Therefore, Coinomi is among the best wallets among Bitcoin users.
Trust Wallet. Multifunctional crypto wallet from the Binance exchange. Allows you to store Bitcoin, cryptocurrencies, tokens and make money on it using staking. Exchange, purchase and sale of crypto coins is available.
Edge . The application allows you to conveniently and safely store bitcoins and perform a lot of additional actions with them: you can open an interest-bearing account for passive income, buy or sell cryptocurrency through connected payment services. The developers do not hide the source code of the project.
BRD. Easy to use open source wallet. To work with it, you don’t need registration - just install the application and immediately start sending or receiving BTC. BRD works directly with the blockchain without the need to trust keys to third parties.
You can view and download other mobile wallets for Bitcoin on Google Play or the App Store.
Advantages and disadvantages
pros
- Convenient for those who like to make daily transactions from their computer.
- Private keys are stored directly on your device and developers do not have access to them.
- As a rule, wide functionality and a comfortable interface, support for almost all known cryptocurrencies.
Minuses
- By using such a wallet, you are tied to a specific computer or laptop.
- The wallet is constantly connected to the Internet.
- Reliable computer protection from viruses and damage, and creation of backup copies is required.
What are desktop wallets and what are their features?
A desktop (desktop, computer) wallet for cryptocurrency is a downloadable application that is installed on a PC/laptop and provides a connection to the blockchain, transaction management (sending, receiving), and balance control. These are the main functions, but the application can also be equipped with additional ones, the most common of which is a built-in exchanger of one currency for another.
Desktop cryptocurrency wallets are used to store the private keys of cryptocurrencies on your local computer. This is much safer than storing your keys on a server (as is the case with an online wallet) because you don't have to share this sensitive information with third parties. However, threats are still present, because desktop wallets are “hot” - they only work when connected to the Internet. Another danger lies in the computer itself if it is not sufficiently protected from viruses and spyware. So a lot depends on the behavior of the user himself.
