5 Best Bitcoin Wallets to Safely Store BTC

by Andrew McGuinness     Jan 15, 2018

Investing in Bitcoin can potentially bring you thousands if not millions of dollars in the future, if the investment is big enough and if numbers keep going up over the next few years. However, one concern that many Bitcoin and other cryptocurrency holders have is the safety of their Bitcoin storage. Bitcoin’s short history is filled with hacks and fraud that have cost users hundreds of millions of dollars in coins.

It’s important then to make sure that you find the best place to store your BTC. Here are the 5 best Bitcoin wallets to safely store BTC:

1) Mycellium

Mycellium is one of the most well-trusted Bitcoin wallets, due to its active developer team constantly refining its security and technology. Mycellium has a loyal fanbase of Bitcoin enthusiasts, and has never experienced a breach in its system. It is also one of the easiest ways to store your Bitcoin: it requires no usernames or passwords, difficult onboarding, or email verifications.

It is an HD wallet, giving you a 12-word backup seed key that you must record and store away safely. If your device is damaged, stolen, or lost, your 12-word backup seed key will allow you to recover your BTC. Mycellium can be used on iOS and Android platforms.

2) Exodus

In mid-2015, two developers by the names of Daniel Castagnoli and JP Richardson released one of the most reliable desktop-only multi-cryptocurrency and free-to-use wallet. Exodus allows you complete safety for your cryptocurrencies, as it keeps no records of its users or its data, with no hosted logs or servers. It also supports several currencies, including Dash, Augur, Golem, Litecoin, Ethereum, and Bitcoin.

No identity verification or registration is required; simply set your password to access and use your stored currencies. One great feature of this wallet is its pie-chart, showing you your entire cryptocurrency portfolio. This is built for users who have diverse portfolios in multiple currencies.

3) Ledger Nano S

If you’re looking for a hardware wallet, the Ledger Nano S is exactly the tool you need. Designed by a young French start-up, the Ledger Nano S resembles your everyday USB drive, connecting directly to any USB port. With no battery, the Ledger Nano S only functions when plugged into a computer or mobile device.

The device has no anti-tampering sticker due to its software, which checks for instrumental integrity every time it is powered on. Nano S supports Bitcoin, Ethereum, Ripple, Litecoin, Zcash, Dash, Stratis, and Monero.

4) Trezor

Trezor is the first Bitcoin hardware wallet released on the market. Created by a Czech Republic company known as SatoshiLabs, Trezor is a small device that connects to any phone or computer through a USB port. It allows users the basic functions of storing Bitcoin, allowing you to store private keys offline and sign for transactions with your currencies.

Setting up your Trezor is slightly more difficult than a Ledger Nano S, however, there is slightly more protection: the Trezor generates a random code every time it connects to a computer, meaning that even if your computer is infected, there is no chance that your Trezor can be hacked.

5) Jaxx

Multi-cryptocurrency users and investors might be interested in Jaxx, which is the leading multi-currency wallet. Jaxx supports up to 13 different cryptocurrencies, with an active and reliable development team that is constantly on the look-out for new and in-demand currencies to add to their support. Alongside the usual currencies such as Bitcoin, Litecoin, and Ethereum, Jaxx also supports Ripple, Monero, and Tether. Jaxx is also partnered with ShapeShift.io, allowing for easy currency exchange; users with multiple currencies can conveniently convert their coins.

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