Your “wallet” serves as the equivalent of a bank account, and it’s where you store, receive and send bitcoins from. As a result, it’s very important that you make the right choice when selecting which wallet you’ll use as it will be the “home” of where your coins will live.
There are many different kinds of bitcoin wallets, each with different strengths and weaknesses. Because of this, many people who are just getting started with bitcoin often have a difficult time selecting which wallet to use.
To help you during that process, I have developed the basic guide below featuring trusted recommendations of the top and best trusted options in Bitcoin wallets in order to make your selection process easier.
The are two main types of wallets we will be discussing here as they are the most popular for new users:
1) Software wallets
2) Web wallet/hosted wallets.
Software wallets are downloaded and installed on your mobile device or personal computer.
You are responsible for securing your coins. The downside is that installation and maintenance can sometimes be tricky.
For beginners, this is often not the best option as it requires a steeper learning curve.
Web wallet/hosted wallets
On the other hand, a web wallet or hosted wallet is hosted by a third party.
One advantage is that they are very easy to use. However, the security of your coins is under complete control of the provider.
This is not necessarily a bad thing as the wallet provider takes active steps to help secure your bitcoins, but it does limit the options of what you can do with your bitcoins to the options offered by the third party that is hosting your wallet.
Four Good Bitcoin Wallet Options To Start With
To help you out, here are four of the top wallets to set you off.
Coinbase has a simple design and numerous features making it excellent for beginners. Now you can send and receive bitcoins through email, as well as buy and sell bitcoins right from Coinbase.
Access all your account functions on the go thanks to the full-featured Android app.
If security is your top priority then you are at the right place. Coinbase is one of the only big Bitcoin companies that has never suffered a major hack.
This is my personal favorite hosted wallet, and one of the options I use.
New users: Get your Coinbase wallet using the link below and you’ll receive $10 bonus additional bitcoin when you buy or sell your first $100 or more in bitcoin.
Get a Bitcoin wallet hassle free by simply filling out the brief requirements at Blockchain.info. Just like Coinbase, Blockchain.info provides an easy setup and mobile access to your account through their mobile app.
Enjoy a number of other useful services provided by this wallet.
Electrum is one of the most popular options when it comes to software Bitcoin wallets. A key quality of Electrum is that you can quickly set up a strong security level. In case your computer fails, you can recover all of your bitcoins by using the twelve-word phrase that you are given during the easy installation process.
Worried about hackers?
Don’t worry; your wallet is encrypted by default to help safeguard your coins against hackers.
Electrum is available for Linux, OSX and Windows operating systems.