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These Are The Best Bitcoin Wallets For 2016

As we more or less noted in an article about Coins.ph last December, Bitcoin wallets are becoming more and more useful. Different wallets are embracing different functions, and as more companies and retail locations begin to accept cryptocurrency, the wallets are beginning to serve a greater purpose for Bitcoin users. And to think we’re still in the fairly early days of cryptocurrency’s existence!

In case you’re still on the outside looking in with cryptocurrency (as so many of us are), it’s important to understand just what these wallets are all about. The easiest way to think of it, as one helpful overview pointed out, is that a wallet operates like a Bitcoin bank account. You can use a wallet to send, store, and receive Bitcoins, either on computers or mobile devices (though there are “paper wallet” and hardware options that operate a bit differently). There’s some debate about whether web-based or downloadable wallets are more secure, but the basic idea is that this is a digital account through which you manage all of your Bitcoins.

That’s the basic foundation for understanding, but it all gets complicated when you actually look into wallets and find out that there are dozens of options. In fact, there are dozens of pretty decent options. Bitcoin emerged relatively quickly and as a result it seems that a variety of companies and tech innovators started creating wallet options. And now there’s no clear leader in the market; there are simply a bunch of different choices to sift through.

To some extent any ranking or comparison of these choices is subjective. But generally speaking these are some of the most reputable Bitcoin Wallets as of the middle of 2016.

Coinbase

In perhaps the most comprehensive comparison of popular Bitcoin wallets in 2016, Coinbase got the highest score (with a 94 percent positive rating based on the comparison’s criteria). One of the real perks for Coinbase is that it’s been around for a while and is thus more established and reliable than most Bitcoin options. It’s considered to be one of the simplest and most secure wallets for exchanging Bitcoin funds. The only knock on Coinbase is that the company has some control over your funds, but there is a “vault service” option that makes your dealings more private, even from the company.

Mycelium

For people who are particularly tech-savvy, or just familiar with how Bitcoin works, Mycelium may be the best option out there. It’s not thought to be particularly friendly for beginners, but its security features are as good or better than any other wallet’s, and it has both hot and cold storage options. This basically means that it’s useful for using Bitcoin as a currency to exchange or as a resource to store long-term. It’s also worth noting that Mycelium is only available as a mobile app.

Trezor

Trezor is a very secure web-based wallet option, though it serves a specific purpose. This wallet is meant for cold storage (keeping Bitcoin for an extended period of time), and does not facilitate quick transfers particularly well. Thus, it may not be perfect for everyone, but if you look at Bitcoin more as a commodity, Trezor may be a good choice for you.

Blockchain.info

Despite some concerns about privacy, Blockchain.info is extremely popular, and actually got the second highest score behind Coinbase in the aforementioned comparison online. Security is considered to be strong even with a lack of total anonymity, and this is another wallet that’s been around for a little while and has gained some credibility along the way. It’s a good option to consider if you happen to be a beginner just looking for an easy way to handle Bitcoin transactions from your browser and/or mobile phone.

As stated, there are dozens of additional options out there and many of them are perfectly respectable. But these four are among the most popular and most highly regarded at this stage.

The post These Are The Best Bitcoin Wallets For 2016 appeared first on Tech Blogger Zone



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