Where to store bitcoin?

Compare wallets to store crypto currency

In the field of crypto-currency technologies, trends change daily, and sometimes it is difficult to keep track of the latest developments in this area. One of the most pressing issues of concern to investors and owners of bitcoins and altcoins is where to store them? Today you will learn all about the purses for crypto currency.

Do you use an online purse tied to the exchange, or a local purse, the software for which is installed on your personal computer? Do you use a hardware purse specifically designed to safely store bitcoins? Or maybe you even transfer your virtual money into paper form and lock it in a fireproof safe? There are various ways to store crypto currency, and they all have their advantages and disadvantages.

Online purses are the best option for those who are just starting to work with bitcoins. They allow you to store crypto currency in a place easily accessible from anywhere in the world and from any device. Typically, online wallets are linked to the exchange, they allow you to buy other crypto currencies or fiat currencies (for example, the US dollar). Such wallets are easy to set up and easy to use. Many have applications for smartphones to make it as easy as possible to access bitcoins.

Most online purses guarantee a decent level of security, requiring at least two-factor authentication. For registration in some of them you will need to show a photo ID to confirm your identity. This means that these wallets are less anonymous than some other options on our list.

Online purses make you more dependent on a third party. If the exchange exchange is broken and lost all means, then you, most likely, will lose your virtual money. If the exchange has suffered from heavy traffic or DDOS attacks, you will not be able to operate with your currency. Since your bitcoins are stored remotely, hackers can access your account and take possession of savings.

For these reasons, such wallets are recommended for those who are just beginning to trade bitcoins, as well as for those who sell / buy small amounts or store crypto currency for a short period of time.

Our choice
Purse Blockchain.info has a clear interface and various security functions, including two-factor authentication. It has built-in access to the ShapeShift trading platform for simple reconciliation of bitcoins and Ethereum. Unlike some alternative systems, Blockchain.info does not require identification, although it recommends doing this to restore the account (if necessary).

Other options
Coinbase is an online wallet that provides quick and easy access to various Coinbase markets, including the GDAX trading platform, where you can buy and sell bitcoins, lightcoins and aetherium. Recently, Coinbase was involved in the scandal associated with Bitcoin Cash, resulting in a bad reputation for the exchange, but in any case it is one of the best and respected exchange platforms.

Stand-alone software wallets

Offline wallets, sometimes called "desktop wallets," are easy to access. Some of them are designed specifically for use on desktop and laptop PCs, others have a mobile focus.

The great advantage of autonomous wallets is your security and independence. The problems of the exchange can not affect you in any way: in order that you lose access to your crypto currency, you must specifically hacked or attacked your computer. Your personal data is protected: you are spared the need to register somewhere or provide some form of identification to access your wallet.

If you have an additional mobile application, you can not only easily exchange with other bitcoin owners, but also use the crypto currency to pay for certain goods in real stores. Soft-wallets with online components due to the convenience of trade provided by them are more popular than truly autonomous means intended for "cold storage".

All this does not mean that offline wallets are ideal. They are still software-based and therefore easily vulnerable. If you store many bitcoins in one purse, this can attract unwanted attention from intruders.

Our choice
Exodus - an application that combines the support of various crypto-currencies: bitcoins, lightcoins, ethereum, etc. Exodus has a powerful functionality of privacy and security, has a built-in function ShapeShift for easy exchange of various crypto-currencies, is compatible with Windows, Mac and Linux. However, in this wallet there is currently no two-factor authentication.

Other options
Electrum - fast stand-alone software-purse. For many years, Electrum was one of the most popular owners of crypto-currencies. It is safe, has a convenient interface and a full feature to export your private key to other customers. It is also compatible with hardware wallets through the use of third-party plug-ins.

Mycelium - a mobile software wallet with open source and with full support bitcoin. Currently, Mycelium can not work with other crypto-currencies, but it is constantly developing and improving. For beginners, Mycelium can be a bit complicated, but it offers many additional options for more advanced owners of bitcoins. The undoubted merits of this purse is its speed and availability.

Bread Wallet is one of the most popular solutions for iOS devices. Now this purse is also supported on Android-devices. Thanks to the simple interface and ease of configuration, which takes just seconds, Bread Wallet is considered one of the easiest to use (among mobile purses). Having a paper key support means that you can restore your wallet, even if you lose your phone.

Hardware Wallets

Those who want to have maximum confidence in the security of their bitcoin investments or plan to deal with a large amount of crypto currency, need a hardware purse. Keeping his bitkoins in the "cold storage", i.e. on a device that is not connected to the Internet, you can be sure that no one can steal them. Hackers and malware will be very difficult to penetrate into your wallet, and if you exclude the option of physical theft of the device itself, you have almost no chance to lose access to your savings.

A hardware purse can be a simple external hard disk with one of the above software purses installed on it, or a device specially designed to store crypto currency. In any case, you need to store such a purse in a safe place (some offer to put it in a real safe to be sure twice), because it is protected only from digital threats.

Such a "cold" purse can be connected to any computer, so at any time you can easily transfer the funds stored on it to a "hot" purse to make a transaction or transaction.

Some hardware wallets can cost over $ 100, so you'll have to look closely at prices and goods, especially if you are interested in certain specific functions.

Our choice
Ledger Nano has the support of bitcoins, lightcoins, ethereum and Ethereum-based altcoyins. Ledger Nano is a small USB device with an OLED display for dual transaction control. It has a PIN-unlocking system and supports two-factor authentication via FIDO UTF and internal equipment to protect against unauthorized access. The cost of this bitcoin-purse today is about 80 dollars.

Other options
Trezor - the oldest hardware purse on the market. Trezor lacks some of the most advanced features of Ledger Nano, but it is still much safer than many other wallets. Thanks to a simple input interface and a number of important security functions, Trezor can certainly be considered the right choice. Its price is about 100 dollars.

An external hard drive is a safer version of a soft wallet that works offline. A typical external drive does not have the same degree of protection as some specialized hardware wallets, but this option allows you to use a wider range of software platforms that may be preferable to you personally. If you ever decide not to "play" with the credits, you can use an external drive for other purposes.

Paper Wallets

Paper wallet allows you to store bitcoins on a completely non-electronic carrier, and this is his undoubted advantage. However, in terms of physical vulnerability, the paper purse is less reliable than the hardware purse. If you decide to use this option, we seriously recommend a waterproof, sealed bag and refractory safe as a secondary security measure. A piece of paper is too short-lived to trust him to store a large amount of "money."

Paper wallets, of course, designed for advanced users. If you make a mistake while decorating, or, God forbid, lose paper, there is almost no chance of recovering your funds, so take this extreme step in securing your crypto currency with great care.

Our choice
BitcoinPaperWallet is a free program (or with payment if you want to enable hologram functions and authentication). BitcoinPaperWallet will help to create a paper wallet very quickly. There is even a support service: the founder of the site will help in solving any problems that you may be confronted with.