With the recent surge in price of Bitcoin it seems that everyone wants to get in on the action and buy some of those highly sought out coins. If you’re like me and value a mixture of readability, aesthetics, and security, the best bitcoin wallet I’ve used so far has been a browser app based wallet, but we’ll get into how and why I use these further down in the article. I’ve been in the cryptocurrency game for over six years now, and I’ve seen my fair share of amazing bitcoin wallets and also some pretty poor ones. I’ve also seen wallets that will literally steal your coins right from you through the code being altered and being downloaded from unofficial portals. It’s a risky game choosing the right wallet and making sure that you are secure. Luckily I’ve provided this neat little guide so that you can choose the best bitcoin wallet for you.We’ll take a run down of all the types of wallets you can have, my top picks and then conclude.
What you need to know about Exchange Bitcoin wallets
If you’re new to this game, and I expect you probably are if you’re asking yourself the question, “what is the best bitcoin wallet” then you’ll probably feel a relative sense of security within the confines of a cryptocurrency exchange. Exchanges like Bittrex and Poloniex feel official and sanctioned, and the chances of your coins being stolen feel relatively low — feels a bit like the security of a bank. It can be super hard to break FIAT banking defence measures.
But you’d be so wrong. So, so wrong.
Bitcoin exchanges can be shut down by governments. Poloniex is an exchange that serves the entire world but is hosted in America, and if it doesn’t comply with American law, or the powers that be decide to act against it, then it can find itself shut down before it knows it. This is why if you’re registered with any exchanges you’ll see that they have to regularly update their terms of service to fit with rules and regulations. There’s an FBI agent that’s on record describing exchange shutdowns as ‘pennies from heaven’ — so no, you won’t be getting your Bitcoin back. This is why we say never leave your coins on the exchange. Keep your coins off the web and in your home wallet
My best bitcoin wallet – Jaxx
Truth be told I absolutely love Jaxx. I was shown Jaxx back in 2015 when I was eagerly awaiting the development of Breakout coin; their initial idea flopped but they run away with their gambling system anyway. One of the helpful developers there introduced me to this chrome extension and well, was I impressed. Usually with a normal bitcoin wallet on the PC it can take days to synchronise with the entire network, but not Jaxx. As soon as I enabled the app, the wallet had automatically synced in mere seconds; well, after a little set up of course. The great value with Jaxx is that you could add numerous coins to your wallet too and treat it as an exchange. There are versions for this app for almost everything Desktop / Android / Iphone. Perfect, huh? And, absolutely free.
Just, please, remember to keep the security details safe. Like really. I forgot my seed code that it uses to load the app from anywhere when I had a new computer and remembered there was 0.1BTC still on there. That’s the equivalent of around $1000, now.
Bitcoin Core – The original wallet
Bitcoin core has been around for longer than I have. It’s basically the original Bitcoin wallet. The one that came out when Bitcoin came out. There’s nothing fancy about this wallet. It gives off no graces, but it does what it says on the tin. As far as I know it’s also incredibly secure were you to set it up properly. Details of how to do that are on the Bitcoin Core website. The only downside to Bitcoin Core is that at current levels, to download a copy of the blockchain, it’s over 145 GB, and depending on the speed of your network provider, and data allowance, that one is going to be a BIG annoyance to download — which is why I’ve opted for the more compact and always synced Jaxx wallet.
Always be wary
Always check what you’re downloading is from a reputable site. It’s not scare tactics that Bitcoin and the likes is the wild west when it comes to people wanting to make a buck from you. I’ve seen reports of people downloading wallets from a non-reputable site and then that same wallet literally taking their coins away from them. Only download wallets and buy coins from official sources. If it’s too good to be true then it generally is. That’s the rule of thumb you should go by. Please keep a good head!
I’m not saying it’s all bad though. Because of Bitcoin and altcoins I’ve managed to quit my 9-5 job and concentrate on what I love doing best — creating. We’re only in the beginning, the rest of the world has at least a decade in front of them before Bitcoin is mainstream and caught up. So if you’re searching for the best bitcoin wallet right now then you’re well ahead of at least 90% of the world.
Keep at it my friend!