There are dozens of wallets to host your Bitcoins, making it tough to choose the right one. Typically, you want a Bitcoin wallet that is secure, accessible, and easy to use (in that order). Like Coke and Pepsi, everyone will have a favourite, so I highly encourage leaving your wallet of choice in the comments below.
It’s important to remember that while it’s easy to buy and store your Bitcoins on an exchange like Coinbase or Bittrex, it’s highly, highly recommended that you transfer your currency to a separate wallet for added protection. There’s traditionally nothing safe about storing your hard-earned Bitcoins on a potentially hackable server.
Best Wallet for Android: Mycellium
Cost: Free • Download Mycellium
Mycellium is a standard go-to for Android phone and tablet users. Simple yet powerful, Mycellium uses enterprise level security to keep coins safe and secure. It’s also open source, with a strong development team that regularly improves the wallet. Despite it’s visually unappealing look, it does give additional features not found in other wallets, including Full control over your transactions with adjustable miner fees, cold storage functionality, and an easy sentence-based backup/restore system.
My suggestion? Install the wallet and immediately make a backup. Write the sentence on a piece of paper and store it in a safe location in your home. Then copy your public key so you can regularly transfer Bitcoins to it. Afterwards, delete the app. You can send Bitcoins to your wallet any time with your public key, and when you’d like to view your wallet again, restore your backup. This method provides further protection in case your phone is stolen.
Best Wallet for iPhone: Bread
Cost: Free • Download Bread
One of the most powerful wallets for iPhone is Bread (previously called Breadwallet). It’s simple for beginners, yet equally used by Bitcoin pros. Like Mycellium it’s open source, however it instead uses built-in AES hardware encryption for extended security. Bread also connects directly to the Bitcoin network, making it faster and safer at processing transactions. For recovery, it uses a “Personal recovery phrase” system so you won’t have to worry about losing your coins if you lose your phone.
Easily top option on iPhone, considering Mycellium’s iOS app is rather lackluster.
Best Wallet for PC/Mac: Exodus
Cost: Free • Download Exodus
By screenshots alone, Exodus sits among the top for it’s well-designed UI. It has a built-in exchange, allowing for quicker transactions while not requiring a full download of the Bitcoin blockchain. Exodus supports a variety of cryptocurrency beyond BTC, including ETH, LTC, and plenty more. While the currency exchange rates may appear lower, they do tack on fees per transaction. It’s partially open source with a backup/restore feature, although many users are looking forward to a mobile version and 2FA authentication.
Honourable Mention: Electrum. Not exactly as good looking at Exodus, Electrum is one of the original Bitcoin wallets that boasts many similar features. It does take a bit of time to get used to the UI, but it certainly does deserve a mention.
Best Wallet for PC/Mac (Hardcore): Bitcoin Core
Cost: Free • Download Bitcoin Core
The most secure way to transact Bitcoins? Download the entire blockchain and do everything yourself! Using Bitcoin Core is arguably the most secure way to store coins, mainly because it requires downloading the entire 134 GB blockchain (as of October 2017). However it does allow you the added benefit of confirming transactions and generating private keys locally. Initial setup can be a chore, and it’s limited on features, so it’s only really reserved for the hardcore Bitcoin users.
Best Wallet for Offline: Ledger Nano S
Cost: $135 CAD • Buy Ledger Nano S on Amazon
You may have already heard about offline hardware wallets, and the Ledger Nano S sits currently at the top. Ledger produces numerous offline wallets that vary in security and usage. Providing ultimate offline security, the Nano S only requires a PC/Mac/Linux and a USB port loaded with Google Chrome. It includes a tiny screen for viewing transaction and wallet details, and it can generate private keys offline using the ST31 secure chip. It syncs with Mycellium or Coinkite for daily wallet use and restoring (if you lose or trash your Nano S). Lastly, it supports over nearly a dozen cryptocurrencies for your storing pleasure.
What do you recommend as your wallet of choice?