What are the Best Bitcoin Wallets to Use in 2022?



If you own Bitcoin or plan to own some, you need to find a way to keep your Bitcoins safe, secure and easily accessible. This is done with a digital wallet. We are here to provide you with a guide on what could be the best Bitcoin wallet for you in 2022.

Disclaimer: We do not provide investment advice and in no way should this article be construed as such. Cryptocurrency is risky and highly speculative, with extremely volatile markets. We strongly recommend consulting with a qualified investment professional before making any financial decisions. 

There are almost as many BC wallets to choose from as there are bitcoin currencies and with bitcoin becoming a household term, many are looking to get ahead of the curve and start considering investing in the currency. But how do you store Bitcoin?

Simply put, Bitcoin wallets use and store a collection of “private and public keys’ to access your assets. Not unlike a physical wallet or a debit card, a Bitcoin wallet is password-protected (private keys) from unauthorized access. It is managed and controlled entirely by you, the owner. It is not shared, distributed or otherwise known to any other entity such as a financial or governmental institution. It works on Blockchain technology. 

Your wallet is responsible for validating your Bitcoin transactions. You can make purchases or exchange assets with your wallet’s private keys. Because you have complete control and the blockchain offers cryptographic security, you can feel safe from bad actors who may otherwise hack your traditional assets, such as banks that hold your fiat currency. 

There are an array of crypto exchanges offering services that allow you to buy and sell your currency. Many of them will offer an online or mobile wallet as part of their service. 

When you set up your wallet, you will receive a pair of keys: Public and Private.

These cryptographic keys can be used to spend, receive and track ownership of your cryptocurrencies. The public key grants those you do business with an address to transact with, while the private keys allow you to spend from that address. 

You should regard your wallet as your BC bank account which will fall into one of two primary classifications: ‘cold’ storage wallets and ‘hot’ storage wallets. It is your choice. Please bear with me while I attempt to break down these two complex options into their simplest terms and to demonstrate the difference between them.

A hot wallet is always connected to the internet, allowing you access to your investment at a moment’s notice, whereas a cold wallet is not connected to the internet and will be stored on a physical drive. This could be on USB, detached HDD, SSD or any other form of digital storage. That’s it. 

You may hear reference to a ‘software wallet’ which refers to cloud and app-based wallets for mobile and PC. Hardware wallets refer to physical storage devices. 

Cold storage wallets that remain offline are a clear choice for those whose primary concern is security. We have all heard of the stories of crypto owners losing their drives and spending years looking for it.

Cryptocurrency wallets come in five primary formats:

Mobile

Desktop

Online

Hardware

Paper

We will focus on the first four which are most common.

When accessing your bitcoin wallet on mobile, it is done through a mobile app. You use the app for all of your day-to-day transactions, whether purchasing or trading on your mobile device. Because you are accessing your wallet through an online device, you will often see QR codes used to scan for Bitcoin purchases at a point-of-purchase. 

Like any online company or website, an online wallet or exchange is vulnerable to attacks, which makes this wallet commonly known as one of the least secure forms of storage.

By storing your wallet on a desktop computer, you will be storing them offline on your system’s physical hard drive. This is superior to the mobile app as the coins are stored in offline mode and only accessible on the downloaded computer. This also leaves your coins vulnerable in the event of a virus attack on your machine. 

A bitcoin hardware wallet is the safest option for storing your keys and virtual coins. They are stored on external hardware devices such as a hard drive or USB. This is because it remains offline and transactions remain offline until the device is connected. The cold storage providers will mail you a device that has a screen and user interface for managing your crypto account. Again, just keep it in a physically safe location. 

Now you have the knowledge to determine which crypto wallet is most suitable for you. If you are just starting out, then you should consider a free or low-fee wallet for transactions. 

If you are a more experienced user, you will likely want a hardware wallet to secure your investment. It also depends on how literate you are with computers. But again, these are choices that you must make. 

Let’s dive into some of the more popular wallets and determine the best bitcoin wallet in 2022. 

Background: Any of the Ledger wallets are a good choice. The Nano X is a highly secure wallet, they have sold 1.1 million wallets, operate in 165 countries, and have been around since 2014.

Features:

Good value

High-speed transactions 

Provides free shipping to almost every country

One of the most well-regarded wallets available

Great for beginners, includes tutorials and other resources

Background: This is one of the more expensive wallets available. They were one of the earliest wallets available, establishing themselves in 2014, Trezor wallets offer unbelievable support and premium features. You can access up to 7000 different cryptocurrencies and assets. 

Features:

Supports most languages

More than 600 cryptocurrencies supported

Plenty of resources for beginners to get you started

Single transactions can be sent to multiple recipients

Compatible with Windows, OS X, Linux, and Android via OTG support

Background: One of the more popular Cold wallets with more than 1.4 million sold. This wallet is small, discrete, about the size of a lighter and features only two buttons and a tiny screen.

Features:

Very affordable

Easy for beginners

Can also be used with web wallets

23 cryptocurrencies directly supported 

Store Bitcoin up to 107+ and 1,000+ tokens

Security features make it impossible to hack

Does not limit you to just Ledger Live, as the hardware wallet 

Compatible with Android, iOS, OS X, Windows, Linux, and Trezor

Background: One of the latest entries into the DeFi category, offering convenience without sacrificing decentralized security.

Features:

It has the form factor of a credit card

Enhanced security and encrypted Bluetooth communication

Multi-layer cold storage security through its EAL6+ secure element (SE)

Tamper-free and water-resistant

Background: Founded in 2015 Exodus prides itself on selling to the mainstream, with its goal being making crypto easy to use for anyone, regardless of tech-savvy and experience. 

Features:

Ease of use

24/7 support

Great charting features

Updated every two weeks

Supports ShapeShift

Mobile and desktop friendly

Support 100+ cryptocurrencies

An abundance of resources on their website

Integrates with Trezor Model T and Trezor One

Background: Founded in 2008, what makes this award-winning app so reliable is the dedicated team of designers and engineers. 

Features:

Very high security

Offline transactions available

Free to download and get started

Compatible with Trezor and Ledger

Available for mobile users on Android and iPhone

Make payments, transfers, and exchange cryptocurrencies

Background: Acquired by Binance in 2018, this is the official wallet of Binance Smart Chain or Binance Chain and will require this wallet if you intend to trade on Binance. 

Features:

Can handle a wide range of cryptocurrencies

Keeps most of its currency on cold storage servers

A formidable array of features contribute to a reputation for solid security

Security options to use Two-Factor Authentication, Google Authentication, and even SMS or email verifications

Background: Coinbase is not a traditional crypto wallet, but due to its mainstream adoption, should be included in this list. It is a cryptocurrency exchange that offers more of a secure app as part of its platform. 

Features:

No account required

Regulated in the USA

Listed on NASDAQ

500+ tokens support

Very easy to buy, sell and trade

The most used wallet in the world

Technology has afforded us with goals that we have never dreamed of. As we continue to evolve and new and innovative technologies emerge, those who are ahead of the curve will receive the spoils. 

As we have outlined, bitcoin wallets come with a spectrum of features depending on your wants, needs, and lifestyle. You can choose from a hardware wallet, offline wallet, desktop and mobile wallet or a platform-based wallet like Coinbase. 

Regardless of whether you are just getting into bitcoin or if you are an old pro shopping for a new wallet, these are all great options, depending on what features you are looking for, specifically. 

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