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7 Best Bitcoin wallets to choose from in 2020 + Best wallet tips

Republished by Plato

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It is hard to avoid the phenomenon that is Bitcoin. This new technology and cryptocurrency is changing sector after sector.

Bitcoin is standing tall and strong, no matter how many times certain people like Warren Buffet or Jamie Dimon calls it worthless or a fraud. Here it is, still strong.

That was what attracted me a lot to this crypto space and Bitcoin. So if you are here after investing in Bitcoin, or if you are planning to buy Bitcoin and now you are researching what the best Bitcoin wallets are then welcome.

I will give you my thoughts on what the best wallets for Bitcoin are right now in 2020. I have used several different wallets for my BTC. So I am sharing my thought on my preferred wallets to use for Bitcoin.

I’ve also discussed best wallet alternatives for BTC with some friends and checked on Reddit/Bitcoin on what their favourites are.

7 of the best wallets for Bitcoin in 2020

1 ) Ledger Nano X (hardware wallet)

Ledger Nano X

The Ledger Nano X is one of the most popular Bitcoin wallets around. It is a hardware wallet created for maximum security, but it also comes with added benefits of the modern Ledger Live application.

With Ledger Live you get a complete overlook of your Bitcoin holdings in a nice modern look. You can track the value of your portfolio and easily send and receive new transactions.

The Ledger Nano X is the upgraded version launched after the previous success of the Ledger Nano S. It comes with added Bluetooth which makes it possible to use it with a mobile device. Added storage space, now you can download and install over 100 wallet apps to your device.

And of course some added hardware and software updates to make it even more secure.

Ledger Nano X and S are compatible with macOS, Windows, Linux, iOS and Android.

The Ledger devices has one of the best supports for cryptos by all wallets, find out the full asset support list here.

Pros

  • One of the most secure hardware wallets on the market
  • Easy to Ledger Live software application
  • One of the supports for coins and tokens (1200+)
  • Integrated with many other 3rd party wallet applications
  • Decent price for the value it brings
  • Easy to use and reliable
Cons

  • It’s not cheap but it is still a lot cheaper than the Trezor Model T
  • Not very mobile-centric, you probably don’t want to travel with a hardware wallet
  • Not fully open-source yet, OS is but not firmware

2 ) Trezor Model T (hardware wallet)

Trezor Model T

Here is the latest hardware wallet from SatoshiLabs, the Trezor Model T.

It comes with a touchscreen (no more buttons) and now you enter your PIN, passphrase and recovery phrase all from the device.

Previously it was all done in the online web wallet.

The Trezor Model T comes with upgraded firmware so it’s faster and much better support for cryptocurrencies than the Trezor One.

The Trezor devices are compatible with Windows, macOS, Linux, Android, and iOS.

Pros

  • Very secure and reliable hardware wallet
  • Great support for most popular coins and tokens (1000+)
  • Open-source firmware (compared to only open-source OS for Ledger)
  • Nice UX and it’s easy to use, with a useful large touchscreen
Cons

  • Quite expensive, and even more so than the Ledger Nano X- $60 more
  • Not as good cryptocurrency support as the Ledger devices

3 ) Ledger Nano S (hardware wallet)

Ledger Nano S an excellent choice for storing your Litecoins

The Ledger Nano S was the first hardware wallet produced by this French cryptocurrency team. And it still today remains one of the most popular Bitcoin wallets around, and it is highly popular.

The main reason why some like I, have upgraded to a Ledger Nano X is because of the added storage space. I am used to using my desktop so that’s fine. But others might enjoy Bluetooth which also comes for the Ledger Nano X.

But other than that this Ledger Nano S is still one of the most secure wallets you could pick for your BTCs.

The Ledger devices has one of the best supports for cryptos by all wallets, find out the full asset support list here.

Ledger Nano X and S are compatible with macOS, Windows, Linux, iOS and Android.

Pros

  • Very secure and reliable hardware wallet
  • Great support for most popular coins and tokens (1000+)
  • Open-source firmware (compared to only open-source OS for Ledger)
  • Small and nimble wallet
  • Affordable price
Cons

  • Not as good support for coins and tokens like the Ledgers
  • A bit small screen to read
  • Feels a bit plasticky and not so solid

4 ) Trezor One (hardware wallet)

Trezor wallet cryptocurrency

The Trezor One is the original hardware wallet, and one of the most popular choices together with the Ledger Nano S. The team behind the Trezor wallets is SatoshiLabs, famous for the work in the cryptocurrency space.

It comes with two buttons to operate it and a screen. It is quite small in its size so that’s both positive as it’s small and nimble but the screen can be quite small I’ve found it.

The Trezor devices are compatible with Windows, macOS, Linux, Android, and iOS. And it supports Bitcoin but most popular cryptocurrencies.

Pros

  • Very reliable and secure hardware wallet
  • Fairly cheap now since the new Ledger Nano X was released
  • Easy to Ledger Live software application
  • Integrated with many other 3rd party wallet applications
  • Easy to use
Cons

  • You can download and install maximum 4-5 apps on it at one time
  • No mobile support (only desktop)

5 ) Edge (mobile wallet)

Edge mobile iOS wallet

Right here we got a new favourite mobile Bitcoin wallet of mine, the Edge wallet.

Firstly this is a very slick mobile wallet that comes with all the features one could look for in a modern cryptocurrency wallet.

This multicurrency wallet has support for iOS and Android. It’s a very easy to use and intuitive wallet.

You can follow the value of your Bitcoins, you can trade and buy more Bitcoins directly from the wallet, etc.

And it is open-source which adds another comfort knowing the source code has been tested and can be verified by anyone.

With Edge you can have all your cryptos under one roof. Log in using PIN or fingerprint login.

Check out this video with the CEO of Edge wallet where he talks about Edge and Bitcoin.

Pros

  • Very modern-looking and easy to use
  • Has a built-in cryptocurrency trade feature
  • Fully open-source
  • Support Bitcoin but many other popular cryptocurrencies
  • Non-custodial
Cons

  • Not as good cryptocurrency support as Ledger, Trezor, Atomic wallet, and others on this list
  • Mobile wallets are not as secure as hardware wallets
  • As it’s a mobile wallet it might be easier to lose it or break your phone, so make backups

6 ) BRD wallet (mobile wallet)

BRD mobile Bicoin wallet

I have put another interesting mobile BTC wallet on my list, and it is BRD wallet.

Like Edge this is a modern and extremely nice-looking Bitcoin wallet. Here you can access your Bitcoins, but tons of other cryptocurrencies too.

But you can also trade and buy more BTC right from the wallet here also.

The BRD wallet like the Edge wallet is fully open-source and free to use.

BRD is available for download to Android and iOS devices.

Pros

  • Popular modern Bitcoin mobile wallet
  • Fully open-source under MIT license
  • You can trade your cryptos and buy more directly in the app
  • Support Bitcoin but a few other popular cryptocurrencies
  • Non-custodial
Cons

  • Not as good cryptocurrency support as Ledger, Trezor, Atomic wallet, and others on this list
  • Mobile wallets are not as secure as hardware wallets
  • As it’s a mobile wallet it might be easier to lose it or break your phone, so make backups

7 ) Atomic wallet (mobile wallet – desktop wallet)

Atomic wallet for Bitcoin

This intuitive multicurrency and multi-device wallet is one of the most popular Bitcoin wallets today in 2020.

Like other popular modern crypto wallets, it comes with portfolio tracker and built-in cryptocurrency trade exchange.

With Atomic Wallet you can access your BTC here, but lots of other popular coins and tokens.

Atomic Wallet comes in a desktop or mobile app. For Windows, macOS, Linus, Android, and iOS.

Pros

  • Very popular and modern Bitcoin wallet for both desktop and mobile apps
  • You can trade your cryptos and buy more directly in the app
  • Support Bitcoin but many other cryptocurrencies too
  • Non-custodial
Cons

  • Not as secure as hardware wallets like Trezor and Ledger
  • Not open-source

How do I pick a good Bitcoin wallet?

Bitcoin wallet illustration

For me a good cryptocurrency wallet is:

  • A safe wallet – I want to own my own private keys (what are private vs public keys). And that no one else has access to it. I prefer if the code is open-source so others can inspect it. Additionally, rigorous audits and source code testing is a must
  • An easy-to-use wallet – Good UX and intuitive experience is also very important to me. I’ve worked with UX for a long time so it is close to my heart and I realise the importance of it.

Any added benefits of live cryptocurrency portfolio tracking, tax reporting, alerts, etc are all nice to have features. But not a must for me. Maybe you are different?

For me, the security of my cryptocurrencies and Bitcoins is the single most important thing.

No matter what is your most important aspects for choosing a wallet for your Bitcoins I will here present to you a list of wallets with different use cases. Some hardware wallets, some mobile wallets, web wallets, desktop wallets, etc.

Other with lots of attractive user features and a modern look. Some with top of the line security protection, etc.

All so you can easily find your new favourite BTC wallet.

If you want to learn more about how cryptocurrency wallets work then check this guide out. In short we can say that the wallets are used to access and interact with our cryptos, that are stored on the blockchain.

Meaning sending and receiving them.

Frequently asked questions about Bitcoin wallets

How do I use a Bitcoin wallet?

With your Bitcoin wallet you can send and receive BTCs. You use your Bitcoin address from your wallet to request payments to, or send to yourself from another Bitcoin wallet.

The same goes for sending your Bitcoins to someone else’s wallet, you will then use their BTC address to send to.Bitcoin wallet illustration

Is there a minimum amount I need to buy and store?

There is no minimum amount to hold or send usually. But there are fees for sending Bitcoins.

So if you are sending an amount lower than the fee that might not always be possible. Or it also doesn’t make sense either to do.

Some wallets have set their own minimum thresholds so check the guides at each wallet website for more information.

What’s the difference between private and public keys?

The private keys are your secret codes to unlock your wallet. These should never be shared with others. Anyone with access to your private keys can access and use your BTCs stored in that wallet.

The public key is the public information for your cryptocurrency wallet. You generate new BTC addresses from your public keys.

What are Bitcoin addresses?

Bitcoin addresses (and cryptocurrency addresses) are what you send BTCs to. These belong to its respective cryptocurrency wallet.

Bitcoin addresses starts on either; 1, 3 or bc1 and its a long string of 26-35 alphanumeric characters

How do I fund my Bitcoin wallet?

You fund your BTC wallet by sending coins to it. Or when someone else sends their coins to your wallet. You can track transactions and wallets using a Bitcoin block explorer.

Examples of Bitcoin block explorers are; Blockchain.com, BTC.com and Blockcypher

How do I decide which BTC wallet to choose?

I have picked a wallet with the strongest security. But for you, it depends on what you are looking for. I would always recommend going for the safest option – a hardware wallet from Ledger or Trezor!

Otherwise, is mobile important to you? Do you want to trade within the app? Are there any other features that you want? Those are things to consider when choosing a good Bitcoin wallet for yourself!

Conclusion

I hope that this guide to some of the best Bitcoin wallets was insightful. And that you by now have a better idea of how bitcoin wallets work. But also what are some of the most popular choices of BTC wallets available.

However, you can pick whichever wallet you want. But I do recommend a secure hardware wallet. These are the most secure wallets for your cryptos. For me, that’s a choice I’ve never regret making.

These are some of the top BTC wallet choices. There are plenty more out there of course.

I’ve specifically looked at wallets that are non-custodial, preferably open-source, have a portfolio tracking tool built-in and of course are secure and then also user-friendly.

Find other Bitcoin guides:

  1. How to buy BTC with a bank account
  2. Where to spend Bitcoin list
  3. How to cash out your BTCs
  4. Best sites to use for purchasing BTC with PayPal
  5. How to buy BTC with cash

Source: https://gocryptowise.com/blog/best-bitcoin-wallets/

Blockchain

TRON’s First Cross-Chain Prediction Market Comes Through a Partnership with Prosper

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The popular blockchain project TRON will introduce the DLT-agnostic prediction market Prosper to its ecosystem. TRON users and TRX holders will be able to provide liquidity and enhance the success-rate of the prediction market solution.

TRON Teams Up With Prosper

Justin Sun’s TRON announced its latest partnership in a press release shared with CryptoPotato earlier today. It informed that the two blockchain projects have teamed up to address some of the issues related to decentralized prediction markets.

Such tools have been active for a while, but the statement highlighted the lack of sufficient liquidity as a major hurdle on their way to receive mass adoption. This comes mostly because each prediction market “has traditionally been segregated to a single chain,” and not enough users could provide the necessary liquidity to produce accurate predictions.

Prosper works similarly – the higher the liquidity is, meaning more users are involved, the more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”

Furthermore, Prosper operates a cross-chain platform, which enables it to aggregate liquidity into its platform regardless of the user’s access point.

With the introduction of TRX, one of the largest digital assets by market cap, TRON and Prosper expect a surge in the liquidity to the underlying pool. Additionally, the integration will enable users to receive access to new applications that could impact their investment strategies and potential earnings.

The statement also touched upon a free insurance pool provided by Prosper. It allows the platform to repay any funds stolen from hacks from an emergency fund that is automatically set aside.

This partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.” – said Iva Wisher, co-founder of Prosper.

TRON Aims at Ethereum

The announcement further explained that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”

The PR outlined Ethereum’s major role in the space but touched upon its scaling issues, which have caused significant transaction delays and high gas costs.

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Source: https://cryptopotato.com/trons-first-cross-chain-prediction-market-comes-through-a-partnership-with-prosper/

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XRP, Polkadot, Cosmos Price Analysis: 03 March

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At the time of writing, bullish movements were underway across the crypto-market, with the same precipitated by Bitcoin’s foray above the $50,000-mark. Thanks to BTC’s movement and owing to the correlation shared by the market’s alts with the world’s largest cryptocurrency, the likes of Polkadot, XRP, and Cosmos were all rallying. At press time, however, their daily charts were yet to register more than a minor uptick in price trend.

XRP

Source: XRP/USD on TradingView

Once one of the mainstays of the market top-five, XRP, at the time of writing, was ranked 7th on CoinMarketCap’s charts. Thanks to its own topsy-turvy price performance over the last few months and the performances of altcoins such as Polkadot and Cardano, the crypto is no longer among the market’s top-five.

Like the rest of the market, XRP too bore the brunt of corrections after Bitcoin dropped below $50,000. In fact, the altcoin fell by over 25% in a 5-day period.

Over the last three days, however, the cryptocurrency seemed to be gaining some bullish momentum. In fact, on the hourly charts, XRP’s hike was observed to be even more significant. However, at the time of writing, it was still difficult to predict whether the crypto would be able to sustain its movement north.

On the contrary, XRP’s indicators continued to flash bearish signals as while the Parabolic SAR’s dotted markers were well above the price candles, the Awesome Oscillator was still noting negative market momentum.

With the legal status of XRP still up for debate in the United States, it is difficult to ascertain what the future has in store for the altcoin.

Polkadot [DOT]

Source: DOT/USD on TradingView

One of the cryptos to have replaced XRP on the rankings, the last few weeks and months have been great for Polkadot, with the altcoin registering its ATH just a few weeks back. However, like most alts, it too dropped dramatically on the charts after BTC’s depreciation, with the crypto falling by 17%.

Curiously, since then, DOT has been on an impressive uptrend, with the alt up by over 22% in the last 7 days. With the rest of the market pumping at press time, it seemed likely that these gains would be pushed even higher.

While the width of the Bollinger Bands suggested some degree of near-term price volatility, the Relative Strength Index was nearing the overbought zone. Here, it’s worth noting that XRP’s price has corrected itself the last two times the RSI has climbed into the said zone.

The project made headlines recently after a Polkadot-based platform raised $1.6M in funding from venture capitalists.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

ATOM’s price movements shared more similarities with the likes of XRP, than Polkadot, with the altcoin also gaining on the charts only recently. In the last 7 days alone, ATOM has climbed by 12%. However, the said hike did come on the back of a 16% depreciation. While the altcoin’s market was trending upwards at the time of writing, it is worth noting that ATOM’s indicators on the daily timeframe were yet to underline any bullishness.

While the MACD line was under the Signal line, despite the bearish momentum falling on the histogram, the Chaikin Money Flow was heading south. If these indicators reverse course in the near-term, a trend reversal can be expected soon.


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Source: https://ambcrypto.com/xrp-polkadot-cosmos-price-analysis-03-march

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Bitfinex launches Bitfinex Pay for merchants to accept payments in ETH, BTC

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Crypto exchange Bitfinex launched a payment widget dubbed Bitfinex Pay that will aim to provide online merchants with a means of receiving “seamless” digital token payments.

Merchants can integrate the payment technology onto a website facilitating e-payments. Users will have the option to pay with various cryptocurrencies which include Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether (USDt) via Ethereum or Tron. 

Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex. The value of payments is capped at $1,000. 

Furthermore, customers will not have to pay any processing fees for using Bitfinex Pay. However, transaction fees incurred on the relevant blockchain will be borne by online merchants and their customers.

In a release shared with AMBCrypto CTO at Bitfinex Paolo Ardoino said: 

Bitfinex Pay enables merchants to be easily equipped to support crypto payments as increasing numbers of consumers become more comfortable with paying for goods and services using digital tokens.

“Eligible” merchants who choose to integrate the widget on their websites will first need to register and verify their Bitfinex account to at least the intermediate level and apply for merchant verification. Merchants can create a sub-account on verification. 


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Source: https://ambcrypto.com/bitfinex-launches-bitfinex-pay-for-merchants-to-accept-payments-in-eth-btc

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