bitcoin wallet

Are your Bitcoins safe from hackers? If you keep them in an exchange like Coinbase or Binance, then your answer is not entirely.

The only way to completely control your Bitcoin stash is to keep it in a Bitcoin wallet. A wallet’s private key is owned by you, as opposed to cryptocurrency exchanges. If an exchange is hacked, your Bitcoin can be compromised.

The best way to store your Bitcoin safely and still be accessed quickly is by using a Bitcoin wallet app.

Types of BTC Wallets

There are several types of Bitcoin wallets and each has its benefits with one commonality: you hold the private key (the code to transfer your coins) and therefore have ownership of your Bitcoin value.

Here’s a quick overview of what kind of cryptocurrency wallets are available:

  1. Hardware Wallets– stored on an offline device like a USB
  2. Online Wallets– accessed from the cloud with your key stored online
  3. Paper Wallets– your key is generated by a software and stored on physical paper
  4. Desktop Wallets– downloaded and stored on your personal computer only
  5. App Wallets– accessed from your mobile device

In this article, I will focus on the best cryptocurrency wallet apps that provide you with security and convenience.

Best Bitcoin Wallet Apps Reviewed

In no order, here are four popular Bitcoin wallet apps and their features.

  1. Edge (Formally known as Airbitz)
  2. Jaxx
  3. Mycelium
  4. Bread

Edge Bitcoin Wallet

Praised for its usable, Edge works well for beginner cryptocurrency enthusiasts who want to store and use their Bitcoin on the go.  It uses Bluetooth technology to make transactions in over 140 different fiat currencies.

Your coins are secured by a 2-step authentication process and daily spending limits locked by a pin code.  And you can backup your wallet and easily login using only your username and password. No personal data is needed to set up or maintain your account.

The wallet is encrypted, and your private key is known only by you—no third parties can access your code. For recovery purposes, your code is backed-up on a peer-to-peer cloud with its location hidden even to Edge.

Private keys can be recovered using your private seed code only or use security questions to obtain login information.

Other features:

  • Decentralized server that works even if Edge is down
  • Buy and trade cryptocurrencies
  • Free to use and only charges Bitcoin value transfer fees
  • Works for android and iOS devices
  • Optional plugins like purchasing retail gift cards and reloading your mobile’s data
  • Create multiple wallets and use on multiple devices
  • Supports 31 various cryptocurrencies

Cons:

  • Only mobile version, no desktop interface
  • Considered a hot storage option as it stores private keys online

Jaxx Cryptocurrency Wallet

This versatile wallet allows you to connect to other programs and blockchain projects on 8 different platforms including android, iOS, Windows, and MAC. Sync all your devices with a secure 12-word masterseed phrase that also recovers your private key.

In addition to securing your Bitcoin, the wallet also supports over 80 other altcoins like Litecoin, Dash, Ethereum, Qtum, Salt, and many more. You can even check Bitcoin price and trade your Bitcoin for altcoins right on the app using Shapeshift (a cross-blockchain integration tool).

Other features:

  • Requires no registration or personal information
  • Free to use, only pay transaction fees set by coin networks
  • Includes a blockfolio, blockchain search, news portal, and market watch features
  • Set transaction speeds based on transfer costs
  • A private key is stored only on your device

Cons:

  • Users have reported slow transaction times and bugs
  • It was hacked in 2017, but affected only desktop software and may have been from user error, which is no longer an issue

Mycelium Bitcoin Wallet

Being around since 2008, Mycelium has long been a user favorite for Bitcoin mobile wallets. It takes security seriously with 12-word master seed that is used to restore your private key. The private key uses a single address function that is deleted from your device and restored when needed. Use a secure Bit ID to authenticate your account and even change your account to a “watch-only” mode that disallows transactions.

It also conveniently adapts to offline hardware storage, so you can back up your Bitcoin using Ledger or other cold storage devices.

Mycelium is about to launch a major upgrade that will include debit card integration, investment/financial portfolio options, cost-effective remittance options, and escrow protection services.

Other features:

  • Address book for storing frequent account information
  • Bank account integration for Bitcoin purchases using fiat
  • Built-in exchange that only facilitates trades, so it does not own or have access to your Bitcoin
  • Deletion of the private key from your device until it is needed
  • Encrypted chat
  • Review system for traders
  • Billing service (in EU only)

Cons:

  • Only supports Bitcoin
  • No desktop platform, only for android and iOS
  • Advanced, not for beginners

Bread Bitcoin App (Formally known as Bread Wallet)

This app is two-fold: a wallet and an evolving reward-based network using BRD tokens.

The wallet acts as a secure, off-server wallet that connects directly to the Bitcoin blockchain.  Buy Bitcoin using your credit card, in-person at an ATM or in a linked convenience store. Convert your bitcoin ton Bitcoin cash, Ethereum and several EERC20 tokens like BRD.

Your account links directly to the blockchain without the need for a password or account. You can recover your wallet with a 12-word paper key that is stored offline.

The new tokenized reward system allows you to buy BRD with your bitcoin. Several reward levels are available that include a security box, phone support, and 25% off trading fees. More levels are in the works.

Other features:

  • Memo attached to transactions
  • Fingerprint unlock
  • Import paper wallets
  • Option to display Bitcoin in bits
  • Free to use, only pay trading fees
  • No registration or personal information required for sign up

Cons:

  • No 2-step authentication
  • Only supports one wallet
  • No desktop platform—only uses android and iOS

Using Bitcoin Wallet Apps Safely

Remember that no matter how many security options that are available with Bitcoin mobile wallets, it is your responsibility to secure your private key and ensure your account doesn’t get hacked. Bitcoin wallet apps offer an easy way for you to keep your Bitcoin relatively safe while allowing you to buy, sell, and trade with ease.

To further increase your chances of investment success visit our article on how to avoid cryptocurrency scams.

This list is not comprehensive, and it is not endorsed by Coin Colony. It merely showcases the features and possibilities available to Bitcoiners. Do your research before downloading and transferring Bitcoin to any app to avoid fraud.

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