Best Bitcoin Wallet 2022 - Comparewise

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Best Bitcoin Wallet 2022

So, you’ve taken the leap and invested in cryptocurrency. You’ve already found the right cryptocurrency exchange for you, and navigated your way through the process to buy Bitcoin, or whichever cryptocurrency type you prefer. Now you want to find the best Bitcoin wallet to safely store your investment.

This is quite commonly done as an extra security precaution because holding your cryptocurrency on a crypto exchange can increase its vulnerability to hackers and online theft. But, much like crypto exchanges, there are a ton of different Bitcoin wallets on the market, which can make choosing the best Bitcoin wallet quite difficult.

We’ll give you a list of what we consider the best Bitcoin wallet platforms on the market, tell you about their pros and cons, and give you detailed information about how to choose the best Bitcoin wallet for you!

Trezor Crypto Wallet -Comparewise

Best Bitcoin Wallet Platforms

Here are our choices for the best Bitcoin wallet platforms on the market currently.

1. Ledger Nano X

We chose to add Ledger Nano X to our list of best Bitcoin wallet platforms because it has some pretty good security features, and it allows you to use their desktop or mobile app to connect it to other devices using either a USB cord or Bluetooth.

Pros of Ledger Nano X

  • It has a user-friendly interface that’s easy to learn and navigate.
  • You can store your assets between 3-20 different apps.
  • They use open-source software, which means that users can improve it and have an active role in designing new features and functions.
  • It utilizes Bluetooth connectivity, which is quite convenient.

Cons of Ledger Nano X

  • Bluetooth may be convenient, but it’s vulnerable to hackers.
  • They haven’t quite perfected their Bluetooth features.
  • They provide fairly limited wallet storage, which is something that disqualify them for people with lots of assets.
  • Ledger was victim to hackers in 2020, and it led to a massive data breach.
    Users’ information was compromised, such as their names, email addresses, phone numbers and home addresses. This didn’t actually affect things like private keys, but it’s alarming to anyone who wants a very secure wallet because it calls into question the validity of their security measures.

Cost: $119

Kicking off our list of the best Bitcoin wallet platforms is Ledger Nano X. Ledger is a French company that was first established in 2014. Their first crypto wallet was Ledger Nano S (more on this later), which was one of the first hardware wallets, as well as the most popular wallet service for quite a while.

The Nano X hardware wallet looks like a USB flash drive, and you can plug it into any USB device, or link it to devices through Bluetooth. This is great because it means that you don’t need a computer to use it- you can connect it to iOS and Android devices.

Nano X supports more than 180 different cryptocurrencies, and that number is constantly growing due to community input, which is a major component of the Nano X.

Ledger Best Crypto Wallet - Comparewise

The Ledger Nano X functions as a cold storage device, but the company also provides you with Ledger Live, which is software that provides you with a user interface to access all of your assets. Ledger Live allows you to add additional wallets and any new cryptocurrencies you purchase to your wallet, which is one of the reasons we chose to list Ledger Nano X on our list of the best Bitcoin wallet platforms.

Another interesting feature is that your Nano X comes with a USB-C to USB- A cord so you can plug your device into a computer, or to a cell phone. This means that you don’t have to use Bluetooth if you don’t want to, which circumvents some of the security risk associated with Bluetooth connections.

Ledger is one of the most popular cryptocurrency wallets on the market at the time we’re writing our best Bitcoin wallet article, which is one of the reasons we felt that our list would be lacking without mentioning it.

2. Trezor Model T

One of the reasons we chose Trezor Model T for our best Bitcoin wallet list is because it has impeccable security features, and a stellar track record to back it up.

Pros of Trezor Model T

  • They have a web-based user interface with a crypto exchange built into it.
  • They have an expansive list of supported cryptocurrencies.
  • They use open-source software so customers can contribute to new features and services in a meaningful way.

Cons of Trezor Model T

  • It’s more expensive than some of the other Bitcoin wallets on our list.
  • The touchscreen on the device, which is used to type, is quite small.
  • It’s not beginner-friendly and can be somewhat confusing.

Cost: $195

Trezor is another big name in the crypto wallet industry, so it’s no surprise to many people that it showed up on our best Bitcoin wallet list. This is the second crypto wallet hardware line that they’ve produced.

While you’re reading this, you’re probably noting how similar the Trezor Model T is to the Ledger Nano X. But there’s a distinct difference that makes the Trezor Model T stand out. With the Trezor, you can use their website to access various third party crypto exchanges. This means you can buy your cryptocurrency from the same interface that you access your Bitcoin wallet.

However, we don’t feel that this convenient feature really justifies the Trezor Model T’s high price.

Previous Trezor wallet models had buttons, which made them difficult to use, but the Model T has a touch screen that’s easier for beginners (and everyone, honestly) to use. It also has a Micro SD card slot, which means you can use encryption for protection.

It currently supports an impressive 1,800 cryptocurrencies.

The Model T comes with a USB- C cord, much like the Ledger Nano X. This means that you can connect it to a computer or mobile device.

Some people consider the Trezor Model T to be a more secure wallet option than the Ledger Nano X because the Nano X utilizes Bluetooth connectivity, and even though that’s an optional feature, some people prefer the Model T because it doesn’t have a Bluetooth option.

3. Ledger Nano S

Another Ledger product on our best Bitcoin wallet list, Ledger Nano S is a really affordable Bitcoin wallet.

Pros of Ledger Nano S

  • You get free access to the Ledger Live interface.
  • It’s a secure form of cold storage for a reasonable price.
  • They use open-source software so the user community can provide assistance and feedback about new features.

Cons of Ledger Nano S

  • 3 app maximum storage
  • No Bluetooth connectivity feature

Cost: $59

The Nano S was the first cold storage hardware wallet that Ledger offered, and one of the first ever introduced to the Bitcoin wallet market.

Ledger supports more than 1,800 different types of cryptocurrencies, so you can access this plethora of crypto on the Nano S, as well as the Nano X. And, you can access the Ledger Live interface.

Essentially, the Nano S is the same as the Nano X, but it doesn’t have as many features as the Nano X.

One downside is that the Nano S doesn’t come with the USB- C cable, so some users may struggle to connect it to their newer mobile devices.

The Nano S doesn’t have the Bluetooth connectivity, and you can only store up to 3 apps, rather than the 100 apps of the Nano X. This obviously means that you don’t have much storage for various types of cryptocurrencies, but Ledger says that removing apps and replacing them with other ones doesn’t affect your assets.

That may seem weird, but you can still see the apps you deleted on the Ledger Live app, as well as the assets in them, even if you can’t see them in your wallet. So, if you need to send or receive cryptocurrency to the app you’ve deleted, you may need to delete another app to do this.

With all of that being said, you can’t beat the $59 price. And Nano S is a great option for beginners who want secure storage at a fair price, which is why it’s on our best Bitcoin wallet list.

4. Trust Wallet

Binance is the most popular cryptocurrency exchanges in the world, and it supports hundreds of different types of cryptocurrencies.

Because of this, it wasn’t any real surprise when they acquired Trust Wallet in 2018, so they now have options to buy, sell, trade and safely store your cryptocurrency, which is one of the reasons we chose to include it on our best Bitcoin wallet list.

Pros of Trust Wallet

  • The ability to earn interest on the assets you hold in your wallet through Binance staking
  • You can buy cryptocurrency from your wallet app
  • It has an easy backup feature
  • No KYC (Know Your Customer) verification

Cons of Trust Wallet

  • Because it’s cloud storage-based, it’s not as secure as cold storage options.

Unlike the other wallets we’ve talked about on our best Bitcoin wallet list so far, Binance Trust Wallet is a software wallet that comes in the form of a phone app,  available on iOS and Android devices.

Trust-Wallet-Crypto-Promo-Comparewise

It’s a non-custodial wallet, which is important to many people. It means that they don’t keep control of your private keys. In fact, private keys aren’t saved on their servers.

One of its best feature is that it allows staking on several different types of cryptocurrency: Tron (TRX), Callisto (CLO), VeChain (VET), Kava (KAVA), Tezos (XTZ), Cosmos (ATOM), TomoChain (TOMO), loTeX (lOTX), and Algorand (ALGO). There are plans to add Cardano (ADA) and Ethereum (ETH) to this list soon, as well.

Another feature that many investors love is that Trust Wallet doesn’t require any KYC (Know Your Customer) verification from customers during the signup process.

There are a lot of wallets and exchanges that require lengthy identification verification processes. But Trust Wallet doesn’t do KYC verification because they don’t store any user data on their servers.

You can check out the prices of different cryptocurrencies through the Trust Wallet app, thanks to their built-in charts.

Their unique backup feature is great for security. When you first set up your account and your wallet, they provide you with a 12- word account recovery phrase.

This is quite helpful in the event that your account is compromised or somehow lost. You’re instructed to write down the 12- word phrase so that you can provide them with it any time you need to recover your account.

But there’s one major aspect of Trust Wallet that draws people to it, and is ultimately the reason we added it to our best Bitcoin wallet list: their partnership with Binance.

Since Binance is one of the largest cryptocurrency exchanges in the world, it’s a name that many investors trust. So they can now sign up for both crypto exchange and crypto wallet services from a name they know and trust.

Different Types of Bitcoin Wallets

When you’re learning about the best Bitcoin wallet options available to you, it’s important to know about the different types of Bitcoin wallets. Bitcoin wallets aren’t a one- size- fits- all service, and different wallet types support different security features, or suit different types of investors.

Paper Wallets

This is the most common type of wallet on the market. It’s called a “paper wallet” because you write your private keys down (presumably on a piece of paper) for safekeeping and security features. The real downside of this sort of wallet is that you have the potential to lose the piece of paper that has your private key written on it.

Software Wallets

These wallets are typically cloud-based, and you can access them either through a desktop or mobile phone app. This means that you can access your wallet even when you’re away from home. The downside to these types of wallets is that they’re vulnerable to cybercrime, theft and hackers.

Hardware Wallets

These are considered to be the most secure types of wallets available. They’re a physical device that isn’t connected to the internet in any way. (Unless you connect it to your computer to add apps.) This means that it’s a lot harder for hackers to access them.

Hot vs. Cold Wallets

One thing you need to learn about when you’re choosing the best Bitcoin wallet is the difference between hot and cold wallets. You’ll hear and read about these terms often while you’re reading about different wallets.

Hot Wallets

These are the software-based wallets that we’ve discussed. Hot wallets are housed on the internet, either on a website or mobile app, with cryptocurrency and account information being stored in the cloud. The most important distinction of hot wallets is that they provide users with keys that have been generated by devices that are connected to the internet.

These are the most popular types of crypto wallets, and typically best Bitcoin wallet articles include nothing BUT hot wallets, even though their internet access poses a serious security threat. This popularity is often due to the fact that users are typically buying, selling and trading cryptocurrency through exchanges online, and then pop over to a different website or app to store their cryptocurrency online.

Some platforms have an exchange built into them, so you can do everything from the same site or app. It’s also not uncommon for a crypto hot wallet to allow you to store other asset types in your portfolio.

Cold Wallets

The most important distinction of cold wallets is that the keys are generated by machines that aren’t connected to the internet. They’re usually hardware devices, similar to USB flash drives. Because it isn’t connected to the internet, a cold wallet device provides you with an extra layer of security.

These devices usually encrypt your cryptocurrencies, and you’re able to instantly access crypto exchanges when you do link them up to the internet. You’re able to connect it to perform your purchase, sale or trade, then disconnect it for optimal security. Many people consider cold wallets the best Bitcoin wallet types.

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Decentralized Finance

We couldn’t discuss the best Bitcoin wallet without also having a discussion about decentralized finance, or DeFi. This is the idea that cryptocurrency originally revolved around: anonymity and a lack of government regulation or oversight.

When you choose a DeFi option, you’ll typically get all of the options and features that you would from a centralized wallet or exchange, but with a few added benefits. Some of these are the fact that you can sign up quicker because DeFi wallets and exchanges don’t typically require you to complete KYC (Know Your Customer) identification verification, which also means you can remain somewhat anonymous.

When it comes to DeFi exchanges, they function on primarily peer-to-peer transactions, so no one is involved in the transaction aside from you and the other person you’re interacting with- no third party.

If you choose a DeFi exchange app (called DApps), then one of the factors you’ll need to consider when choosing the best Bitcoin wallet is that you’ll need a wallet that supports DApps. These apps allow you access to investment tracking, lending services, and have a lot of security features you’d see on a hot wallet, with the privacy features you’d expect from decentralized exchanges.

One of the most convenient DeFi features is what’s known as “atomic swap”. Atomic swap means that you’re able to trade cryptocurrencies with different blockchains using peer-to-peer transactions. Atomic swaps use something known as “smart contracts” that follow “if-then” formats. So, basically if the transaction meets the conditions specified in the contract, then the transaction will go through.

The conditions of the contract are timed, and if they aren’t met before the timer runs out, then the transaction terminates and doesn’t go through. This gives you another way to protect yourself from scams. If atomic swaps sound like a good idea, then finding a DeFi exchange and wallet is a great start to finding the best Bitcoin wallet for you.

Are Bitcoin Wallets and Security?

We couldn’t tell you about the best Bitcoin wallet without talking about the security of Bitcoin wallets. Of course, it’s natural to wonder whether Bitcoin wallets are safe, especially when most people site security as the reason they use them. But it’s not easy to plainly state whether they’re safe or not because it’s a complicated issue.

Most hot wallets are centralized, and they maintain control of your wallet and keys. This has both benefits and drawbacks. On the one hand, it’s easy to assume that they have better security than you do.

But one of the drawbacks is that they’re likely controlling thousands or millions of wallets, which makes them vulnerable to cybercriminals and hackers, while one single user with one wallet isn’t as likely to be targeted. Another issue that you should consider with hot wallets is privacy concerns because they’ll no doubt ask for a LOT of identifying information or bank information from you.

Decentralized hot wallets may be the best Bitcoin wallet option in terms of hot wallet security. They don’t require you to go through the wallet platform’s back-end system to perform transactions, and you have control of your key. You’re able to create peer-to-peer transactions without regulations or oversight.

Of course, this sounds like the best Bitcoin wallet option for anyone who’s concerned with security, but it also means that there are a lot of unsavory characters who flock to decentralized exchanges because they can complete their dubious activities with little fear of repercussion.

There are several governments around the world that are considering cracking down and creating regulations regarding cryptocurrency soon, so decentralized exchanges and wallets currently face an uncertain future.

In the past, there were lots of decentralized wallets that had been hacked. Now they’re typically “self custodial”, which means that you’ll be given access to your keys, and you’re responsible for keeping up with them because the wallets no longer store them on their servers.

What you need to find out if you’re using a “self custodial” wallet is whether they offer a backup or recovery process in case you lose your keys. These backup or recovery protocols typically involve 12- word phrases which you’ll need to write down. The catch is that if you lose your 12- word phrase, you’re not going to be able to recover your key.

Trezor_Crypto_Promo_Comparewise

Ways to Keep Your Wallet Safe

One of the things you’re probably wondering while reading our best Bitcoin wallet article is how to keep your wallet safe. Most of the best Bitcoin wallet options will use SSL (Secure Socket Layer) to encrypt all of your transactions, and make sure that your public and private keys are stored, either by you, or on their servers. But these are the absolute bare minimum security features you should expect from a wallet.

There are a few more security features you should look for when you’re trying to find the best Bitcoin wallet.

Multi-Factor Authentication (MFA)

This is like the Two Factor Authentication that you come across on some good social media platforms. It generates and provides you with a code, which you need to enter to access your wallet. The code is usually sent to you through text, email, authenticator apps, and hardware security keys.

So, if you’ve chosen the best Bitcoin wallet and a hacker wants access to your account, they’ll not only need your account information, but access to the device that receives your MFA code. It’s a lot more difficult for cybercriminals to access your account with MFA in place.

Biometrics

Of course, the best Bitcoin wallet options aren’t the only platforms using biometrics, so you should be somewhat familiar with this particular security feature. This is when your mobile phone or computer uses some sort of physical characteristic for identification, such as facial recognition or fingerprint readers. This is an easy way to add extra security measures to your account, beyond your password.

Multi-Signature Support

This is a system for your keys that works similar to the security system of a joint bank account. It uses a “two out of three” system. Three keys are generated, one specifically for you, a joint key, and one specifically for the wallet service.

To access your account you need to provide two of the keys. Some services use more complex multi-signature support systems. For instance, Coinbase uses a 3 out of 5 system.

Crypto Trading Terms

Cryptocurrency investors have recently changed their investment strategies. Instead of the usual “buy low, sell high” tactic, they’ve adapted to find ways to make passive income from their cryptocurrency assets and wallet services have had to catch up. Here are some of the terms you should look for when looking for the best Bitcoin wallet.

Staking

When you see this term it means that you’ll be rewarded for not trading an asset for a specified period of time. Usually staking can earn you somewhere between 5% and 20% of your holding’s value. However, most of the cryptocurrencies that qualify for staking require you to make a minimum investment, so you’ll have to spend some money to make money.

But it’s typically worth it because the best Bitcoin wallet services allow you to earn money with your coins instead of just leaving them sit around.

Interest

Earning interest with your cryptocurrency works in much the same way that earning interest with fiat currency at a traditional financial institution does. You deposit your coins into a special type of account and they earn interest. The best Bitcoin wallet services offer high interest rates, and it’s a great option if you’re looking to make some passive income.

Token Stocks

When you see this term, it means that the company that created your cryptocurrency assets backs it with equity shares. Many of them pay out dividends on cryptocurrency quarterly, in much the same way that mainstream stock dividends are offered.

Some of the best Bitcoin wallet services offer token stocks, so it’s a good idea to look for them if you’re interested in generating passive income and making your investments work for you.

It’s important when searching for the best Bitcoin wallet to consider potential future tax burdens. Many countries are considering legislation to further regulate cryptocurrency transactions, and some places (such as the United States) have already passed legislation to get those balls rolling.

So, you should look for a cryptocurrency wallet service that complies with any tax reporting rules or regulations that your country has, or may pass in the near future.

Best Bitcoin Wallet Conclusion

Cryptocurrency investment is more popular now than ever before, so it’s no great wonder that many people are seeking information about the best Bitcoin wallet. Bitcoin wallets are an important part of any cryptocurrency transaction (buying, selling, or trading).

They can provide you with more security than a cryptocurrency exchange can, especially if you choose a cold wallet option. And the best Bitcoin wallet services also offer investors options to earn passive income with their cryptocurrency, such as staking or high-interest accounts.

Now you should know a great deal more about Bitcoin wallets, so go out and find the best Bitcoin wallet for you!

You might also like…

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FAQs about the Best Bitcoin Wallet

What is a Bitcoin wallet?

A Bitcoin wallet is a place to store your cryptocurrency assets that is separate from crypto exchanges. They also help to validate transactions because they provide you with a private key that functions as a signature on cryptocurrency transactions.

How does a Bitcoin wallet work?

The word “Blockchain” refers to the complex ledger of cryptocurrency transactions that happen online. When a cryptocurrency transaction takes place, it’s moved from one wallet to another. And a private key for the wallets is used as a signature, transaction receipt, and proof of ownership of the cryptocurrency.

How much does a Bitcoin wallet cost?

A Bitcoin wallet can cost anywhere from $0- $200+. However, it doesn’t cost anything to store your assets in the wallet.

How do you cash out a Bitcoin wallet?

There’s not typically a way to instantaneously sell your assets for cash. Some exchanges will find people who want to buy your Bitcoin for you, or if you use a decentralized exchange you can use peer- to- peer transfers to find someone to buy your assets. And every exchange has rules about how they transfer fiat currencies to your bank account.

What are some other good Bitcoin wallet services?

Here’s our full list of the best Bitcoin wallet services in no particular order:

  • Ledger Nano X
  • Trezor Model T
  • Ledger Nano S
  • Trezor
  • Keepkey
  • Coinbase Wallet
  • Binance (Trust Wallet)
  • Trezor Model One
  • Zengo
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