The Most Secure Bitcoin Wallets 2020
Trying to find the most secure bitcoin wallet can feel like trying to find a needle in a haystack. There are so many to choose from. All of the claiming to be the "most secure Bitcoin wallet."
Over the years I've tried quite a few and have narrowed down what I think to be the most important features. First of course, is security. Next, for me anyway, is the capability to support multiple platforms/blockchains. Lastly, I want to be able to use the wallet on ALL of my devices - phone, PC, and tablet.
“First of course, is security. Next, for me anyway, is the capability to support multiple platforms/blockchains..”
Crypto wallet technology is rapidly advancing and even the most secure Bitcoin wallet will soon have a superior replacement heading its way. Exchange integrations, multi-platform/currency function, and debit/credit card availability are just a few common features that were difficult to find not so long ago.
For the scope of this article, it would be impossible to include all of the most secure bitcoin wallet options. Should you not find a viable alternative here, further research will certainly lead you to more options. But first, some wallet basics!
What are Hot and Cold Wallets?
"Hot Wallets" are connected to the internet. They include mobile wallets, desktop wallets and web-based wallets. Hot wallets are more popular than Cold Wallets because they are convenient to use. There are many web-based wallets that have over a million users.
"Hot Wallets" are connected to the internet. They include mobile wallets, desktop wallets and web-based wallets.”
These wallets often provide more features than hardware or paper wallets, but they are not the most secure Bitcoin wallet. However, they can provide access to trading, micro-payments, and other technologies such as Atomic Swaps etc..
"Cold wallets" (hardware wallets, paper wallets) are not connected to the internet. They offer higher security for Bitcoins and other cryptocurrencies. They are rapidly catching up to hot wallets in terms of features and ease of use.
Security Vs. Ease-Of-Use?
Cold Wallets are the most secure Bitcoin wallet type. Your Bitcoin and cryptocurrency are stored offline, and there is no safer known way to keep them secure. They are extremely resistant to hacking, but can be complicated to use. In my opinion, the trade-off in learning curve is well worth the pay off in security.
"Cold Wallets are the most secure Bitcoin wallet type. Hot Wallets are less secure, but provide ease of use and access. ”
Hot Wallets are less secure, but provide ease of use and access. Since these wallets are connected to the internet, there is always a risk they can be compromised. To be fair, some are making huge strides in security. It is possible they may even rival hot-wallets some day.
However, storing your Bitcoin and cryptocurrency with a third party always carries some risk. You will have to decide which is more important to you....security or ease of use? Personally, I'd rather invest time learning than lose my crypto!
Some of the Most Secure Bitcoin Wallets
I’ve listed several wallets I have personally used and found to be secure, easy to use, and affordable. For the most part they are free, with the exception of the hardware wallet Ledger. Also, I have only included multi-currency, multi-device, and highly secure wallets. There are many more to choose from if you wish to look further!
LEDGER NANO X
The Nano X is a hardware wallet which supports over 1,150 cryptocurrencies. The Nano X provides cold storage by creating and storing your wallet’s private keys offline.
Exodus is visually stunning and easy to use . Their exchange integration feature makes it unique. You can swap one crypto for another one without leaving your wallet.
Jaxx Liberty is one of the world's most popular cryptocurrency and blockchain wallets. Access your blockchain portfolio, exchange, markets, news and rewards all in the same app.
Coinomi is a multi-currency cryptocurrency wallet. It supports over 125 blockchain assets. It also has support for over 382 tokens.
The only exchange-based hot-wallet I recommend. Due to the fact that they insure your funds against loss or theft due to employee theft, hardware/software malfunction, or security breach.
It is important to remember that even the most secure Bitcoin wallet is only as safe as the owner who uses it. If you don't have a security protocol or system for storing your passwords, private keys, etc.., then even the strongest wallet will do you no good.
You should have an iron-clad back-up strategy for your wallet information. This includes your private keys, restore phrases, and passwords.
"You should have an iron-clad back-up strategy for your wallet information. This includes your private keys, restore phrases, and passwords. ”
All quality wallets provide you with a 12 word back-up phrase you can use to restore your wallet in the event that you lose your device, or something else unplanned occurs that results in you losing access to your wallet.
Most wallets will allow you to download a PDF containing your private keys or a QR Code that represents your private keys and/or restore phrase. I recommend you keep three copies of all these files.
"I have the USB drive stored in a water-proof and fire-proof safety deposit box in my home. ”
One on a quality USB drive and two on paper. A few companies make metal plates which you can engrave or stamp this information on to protect from damage from the elements if you want to be super secure.
I have the USB drive stored in a water-proof and fire-proof safety deposit box in my home. I have one paper copy stored in a safety deposit box in my bank.
I also have the other paper copy stored in a safety deposit box at a trusted close relative’s home. Three different locations in case something like a fire or flood should occur. Remember, if you lose or compromise your private keys or back up phrases, there is no one who can help you retrieve your crypto!
And remember, CryptoVerrified.com is always here to help you survive and thrive in this new and exciting space! We have an awesome FREE Crypto Guide and toms of resources at our crypto blog.
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