BTC Feed- You Should Know About Best Bitcoin Wallet
- 1 The best Bitcoin wallet 2017
- 1.1 Hardware Wallets
- 1.2 Software Wallets for Bitcoin
- 1.3 The best Bitcoin wallet for iPhone
- 1.4 Best Bitcoin wallet for Android
- 1.5 How to control security of a Bitcoin?
- 1.6 Best BTC wallet 2017
The best Bitcoin wallet 2017
A Bitcoin wallet is similar to a bank account, to allow you to receive and keep Bitcoins as well as sell them out. To find out which is the best Bitcoin wallet 2017 is first you have to know about how the Bitcoin wallet works. There are basically two types of wallets available software wallet and hardware wallet. Below are the examples of best BTC wallet 2017 (Both software and hardware).
Hardware wallets are actually small computer devices and smartcards with only purpose to generate Bitcoin private keys offline. These wallets securely sign transactions in the offline environment. Therefore these wallets are virus free and more secure than software wallets. The software wallets are prone to attack by hackers; you can lose your entire money in terms of Bitcoin if such incident happens.
Also read: Best litecoin wallets In Hardware
Here is some Hardware wallets you would like to use are among the Best Bitcoin wallet 2017.
It is a smartcard based hardware wallet. The private keys can be generated and signed offline in the very secure environment of microprocessor smartcard. Nano has a kind of Ledger Chrome (chromium) application; a 24-word random seed is generated by setup when connected to the computer in a secure environment. In the case of theft or loss the same wallet can be created with the seed. A pin is generated to protect it against any physical theft or hacking. It is compatible with more than one third party software: Electrum, Mycelium, GreenAddress, Greenbits, Coinkite and Copay and with any computer or Android devices.
Trezor is a Bitcoin locker; it is very tiny computer and generates Bitcoin key offline. It stores Bitcoin and transactions signing pool, as the private key generated by the device it cannot be accessed by the malware. Therefore Trezor is considered as a Best Bitcoin wallet 2017 in the category of Hardware wallets. Trezor like ledger nano generate 24-word seed which is display on the screen and saved. The offline mode provides extra security and you can add phrase password for extra security.
Opendime is Bearer bond and also known as Bitcoin Stick; it is a small USB which allows you to spend the Bitcoin as a dollar bill. You can pass it along multiple times. It can connect to any computer to check balance, it acts like read only USB flash drive. It is designed to work with any computer, laptop and Phone (Both android and ios). When you give it to someone else you, it works as a physical Bitcoin and the other person get it from you also doesn’t worry as you cannot take the Bitcoin back. It has no minor charges or confirmation delays. In everyday business opendime is deemed as Best bitcoin wallet 2017 for regular use without any worry.
It is a hardware wallet on the USB smartcard. HW is a blind secure device to save multiple signature transactions; it has a secure derived private key without your confirmation. It is immune to malware attack as an offline mode; it secures all your transaction and helps to create a prepaid card.
Software Wallets for Bitcoin
The software wallet is one that is installed on your computer or any mobile device. It provides the complete control over the security of the wallet but it is very difficult to use and maintain. Other software wallets are web wallets which are hosted online as a third party. If you store your Bitcoin in these wallets then you are depending on them for the security levels to protect your coins, they are very user-friendly in use. Here we have a list of Best Bitcoin wallet 2017 in the software section recommended for you.
Also Read: Best Litecoin Software wallet
Copay Bitcoin wallet
Copay is the Bitcoin wallet available on multiple platforms such as IOS, Android, Windows phone, Linux and Mac OS X. Copay Bitcoin wallet by Bitpay is easy to use and the same wallet can be used across different type of devices. The user interface is very transparent and provides adequate help to new user. Copay has a feature of multi-signature which is a good option for business also support multiple individuals and shared wallets. There is private BWS node to enhanced security and privacy.
Electrum Bitcoin wallet
Electrum is a desktop app; it is fast, lightweight and easily run on old and less powerful computers. The processing is done on the remote servers and provides good level of security. There is secret password phrase generated through which you can regulate the account in wallet. As the Electrum Bitcoin wallet processes is rely on the remote server that is why people don’t want to risk their money. Sometimes ago hackers hacked some wallets and stole millions of worth of Bitcoins.
Bitcoin core wallet
The Bitcoin core wallet is also another desktop wallet. It is highly recommended for privacy and security features. Bitcoin core is known for its transparency policy and stable system. It takes considerable memory space to store a blockchain. But it does not offer mobile applications or web interface which is quite important these days hence it is the Best Bitcoin wallet for Windows. Considering the list of Best Bitcoin wallet 2017 Copay is in trend by the users for its feasibility.
The best Bitcoin wallet for iPhone
Apple has banned all Bitcoin wallets on apple store in February 2014. But after changing its decision and now there are many Bitcoin wallets available for iPhone and iPad and all apple devices.
The breadwallet is the most popular Bitcoin wallet for iphone. It is easy to use and you can have complete control of your funds. The interface is very transparent and user friendly for the new beginners. The recovery is also very easy if the customer makes the wrong transaction.
As discussed earlier, Copay made by Bitpay is a payment processor. It is easy to use and gives clear interface suitable for all types of devices based on android and ios. This is the reason why Copay still famous among Bitcoin users and have a ranking of Best Bitcoin wallet 2017. It is useful to create multiple accounts through one wallet only which help in personal and business transactions.
Airbitz his highly feature Bitcoin wallet available for iOS. It has very fast recovery when you lost your mobile by mistake. It automatically backs up your wallet. It provides you Bitcoin merchant directory and you can buy gift cards through it.
Best Bitcoin wallet for Android
It is launched in 2013, also become a standard mobile wallet and use HD (Hierarchical Deterministic) seeds. Which means when you lost it then only a key phrase of twelve English words is required to generate the wallet. The transaction is highly secure as it based on Tor network with Orbot app, nobody can know about your transactions. This anonymity makes it recommended as Best Bitcoin wallet 2017 in Android.
You can enjoy great financial privacy, as you can separate Bitcoin from the saving account and income account. You can add extra wallet that makes it easier record keeping but keeps in mind to backup them separately. The private key protection when you need to recover your wallet, a QR code can be scanned into your devices or you can use twelve word key phrases to recover the wallet and hence all balance will be recovered to your account. You can use Mycelium with hardware wallets too like Trezor and Ledger Nano.
Schildbach Bitcoin wallet
Schildbach named after its developer Andreas Schildbach. It is known to be the oldest Bitcoin wallet and can download the whole blockchain but it has become huge now it is not possible. With this wallet you can connect to the server to know your history of the transactions without any delay. You can do Bitcoin transaction to another device through Bluetooth and NFC in this wallet. The Schildbach wallet is among the Best bitcoin wallet 2017 due to its connectivity and transaction easiness.
Coinbase supports both android and ios. It is very secure and has three step verification proves to carry out access to spend Bitcoin. Coinbase is a US based exchange and requires extensive verification to signup that makes it more reliable than others. You need to give ID proof and resident proof to send or receive Bitcoin and opening the bank account. The user can link debit card or credit card with the wallet to start trading.
This wallet app is very interactive and has efficient user interface. It can make your day to day transaction easy and without much worry and you can hold your Bitcoin as longer as you can. Dollar to coin conversion is easy through this wallet app. Coinbase for its usability and flexibility is also count in our list of Best Bitcoin wallet 2017.
How to control security of a Bitcoin?
You should control private keys, in order to protect money and financial records of transactions. There are many Bitcoin wallets like Coinbase, Copay to take care of your money. But choose only that wallet which provides you control on private keys so you can have full control of your funds. Relying on third party software for security is very risky.
When you request blockchain data from a wallet the respected server may be able to view the IP address and try to connect with your address. In order to stay anonymous use the wallets such as Bitcoin core and Armory these are some of the most secure Bitcoin wallet. In order to remain anonymous these wallets download the whole blockchain instead of a block. The Tor network makes it more helpful to make a shield for IP address, this feature makes these wallets in the list of Best Bitcoin wallet 2017.
The most Bitcoin wallets create new address automatically on each transaction. As all Bitcoin transaction are public and the address reuse make it easier to direct which transaction is related to which identity. Hence it is unsecure to reuse the address and let anyone know about your transaction history.
Methods for Bitcoin wallet security
Maintain two wallets can make it easier for you to handle your Bitcoin. You can use the paper wallets and hardware wallets to secure your Bitcoin and saving them from spending. There are other online Bitcoin wallets available for spending, so you can have two wallets for different functions one for saving and other for spending. You can find the best online Bitcoin wallet on the internet or on play stores. Based on their ratings you can find out which is among the Best Bitcoin wallet 2017.
If you lost your device like mobile phones or hardware wallets or desktops or software wallets then it is necessary to learn about the backup or recovery options. Multiple backups should be created of the wallets and their physical location should be kept secure in order to prevent any damages from theft or fire. If you have paper wallets you can laminate it or engraved on the piece of metal.
Best BTC wallet 2017
First there are wallets based on their mode of operation. But now the Bitcoin wallets are further classified over different storage and security basis. If you find all feature in a wallet and satisfy all necessary condition then make it in your list of Best Bitcoin wallet 2017.
These wallets refer to wallets used on internet and can be connected to devices such as phones, and computers. As they are run over the internet they are risky to use and only restricted to day to day use only. If anyone has hot wallets he only uses few dollars in the wallets while the major amount is stored in cold storages.
The best Bitcoin wallet in US and UK is hot wallet, as they are quick and flexible. Services like Coinbase and Copay are not true Bitcoin services they have private keys of their customers. Since if you don’t have private key you don’t have control over your funds. An extreme example of theft is given by Mt.Gox which was the first and biggest exchange until 2013. Several thousand users stored more than 800,000 in Gox account and Gox was hacked and all the users were left empty handed. Since there is huge precautions carried out in the Best Bitcoin wallet 2017.
As these hot wallets provide extreme security but there is always a risk to include third party as security feature. As your money is not in your control hence any accidental theft or hacking cost you loosing it.
Since the hot wallets are vulnerable to hacking or theft attack the Bitcoin users start storing generated private keys offline. As in the offline mode no hacker or malware can steal your Bitcoin. Cold storage is deemed as best Bitcoin wallet in India as hot wallet are not it trend here.
There are three ways by which you can create cold storage. Through Paper wallet, hardware wallet and on those software wallet which can run on offline computers. The cold storage is the Best Bitcoin wallet 2017 works as saving accounts. Related to today scenario of internet hacking you can save your coins in cold storages when you don’t want to spend them.
For example Copay is one of the universal wallets provides you to share control to multiple parties, if it created offline multi-signature provide extra protection to cold storage.
The multi-signature wallets need multiple parties to sign transaction in order to spend the coin. 2-2 for two parties signs the transaction and in 2-3 multi-sig more than two parties sign the transaction.