The best Bitcoin Wallet?

The first step in choosing the right Bitcoin wallet is to understand what a wallet is, including the data it contains and its features.

What is a crypto wallet?

A crypto wallet, also known as a wallet, is an online solution that allows you to store and exchange different cryptocurrencies. For example, a Bitcoin wallet is software that allows you to send and receive your bitcoins. The same type of wallets exist for other cryptocurrencies such as Ethereum.

How to secure and hold your crypto assets is one of the most frequently asked questions by Coinhouse customers. While the most paranoid members of the community may feel that the only secure choice is to install Bitcoin Core, a wallet that contains a full copy of the Blockchain, takes up a huge amount of space on your hard drive and requires a 24-hour connection to the Internet, fortunately there are lighter, more affordable solutions that we detail below. Here are all our tracks to help you find the best crypto wallet.

What criteria should I take into account when choosing the best crypto wallet?

There are several criteria you need to pay attention to if you are looking for the best cryptocurrency wallet.

The criterion often considered the most important by investors is security. An unsecured wallet cannot be among the best wallets for cryptocurrencies. There is no way you can risk losing your assets by using an insecure software. Therefore, prefer a wallet that offers a multi-protected system (with several levels of authentication).

Ergonomics is also an important criterion. The wallet must be easy to use and allow you to carry out your various transactions quickly. In addition to a clear and intuitive interface, the solution must provide a customer service that is easily accessible and whose response time to your questions is immediate or almost. Another point that often comes to the forefront of your concerns is that of fees (management fees, transaction fees, etc.). However, you should not want to limit the transaction fees at all costs because these fees can sometimes guarantee a faster validation of your exchange requests. Buying and selling your tokens at the moment you decide to do so, without delay, is essential in trading virtual currencies in view of the hyper-volatility of the market, as it can allow you to make a bigger profit.

The accessibility of the wallet is also a criterion to take into account. Indeed, not all wallets are always available on mobile devices and computers, or on all operating systems (iOS, Android, Windows, Mac…). And this wallet availability must be convenient for you. Some investors only want to manage their cryptos on mobile, others think that the best crypto wallet is the one that is accessible from all devices. For the latter, the Exodus solution has the advantage of being multi-support, available on desktop (computer), mobile (smartphone, tablet), and in a hardware wallet version in partnership with Trezor.

The best crypto wallet will also be the one that best fits your investor profile. Indeed, some wallets are more suitable for people who are just starting out in crypto-currencies, and others for those who have more experience, while a physical wallet (hardware wallet or crypto hardware wallet in English) is recommended for larger investors.

Wallets for newcomers

For beginners ready to buy their first bitcoins, you can simply use the custody solution directly included in the Coinhouse platform. It follows strict rules for optimal security. You can sell your bitcoins for euros or send them to your personal wallet at any time. Of course, if you then want to store your bitcoins on a personal wallet to access them independently from any platform, you can opt for hot wallets, which are software programs that allow you to store your bitcoins on the Internet.

From then on, with a simple internet connection, you will access your cryptocurrencies from any device. Here are some hot wallets suitable for beginners and enjoying a good reputation in 2021: Coinomi is the perfect wallet for beginners: it is a free mobile application, available on both Android and Iphone, which offers an intuitive user experience without complexity. It is compatible with more than a hundred blockchains and the corresponding assets. If an asset is not present on this application, it is to be considered as a warning about the quality of the project. Finally, a computer version is also available, but less used.

Electrum is another wallet that has been around for a long time and has a good reputation. It is, however, a solution for purists, since the wallet only supports Bitcoin. Keep in mind that using a personal wallet has its risks. If you are not comfortable with technology, we do not recommend using them. If you make a mistake, you may lose your funds permanently because it will be impossible to reverse the transaction. You may also lose your password or wallet recovery phrase. If all these responsibilities scare you, we advise you to opt for the first option and keep your cryptocurrencies on Coinhouse’s storage system.

Wallets for regulars

Are you familiar with the concepts of “seed”, “private key” or “gas”? Then more sophisticated personal wallets are available: For Bitcoin, Blockstream Green (formerly known as GreenAddress), has built a solid reputation in the community for combining security, rich functionality, and an intuitive user interface with ecosystem standards.

Free and open-source, Blockstream’s Green: Bitcoin Wallet app is the best choice for users who want more control over their funds and to further explore the possibilities offered by Bitcoin blockchain technology.

Wallets for investments above 5000€.

Are your crypto assets starting to represent a substantial amount? Then it is advisable to go for more secure services than the hot wallets mentioned above.

For large investments, you can always rely on Coinhouse’s custody service. Moreover, for investments from 50 000€, it is possible to benefit from our Premium offer to be accompanied and to know the solutions and the level of security requirement the most adapted to your profile.

For customers who want the highest level of security in terms of storing crypto assets, it is also possible to use physical wallets, or hardware wallets. In this field, the French company Ledger is known for offering the best solution to date with its products. The physical devices Ledger Nano S or Nano X allow a very high level of protection and come with an application called Ledger Live that meets the majority of users’ needs. These products are compatible with any type of computer for the Nano S or smartphone for the Nano X.

On the other hand, as with online personal wallets, these products are suitable for customers who are very familiar with the cryptoasset ecosystem. A mishandling or mistake during a transfer operation can cause you to lose your entire funds.

In conclusion, each of the custody solutions outlined in this article caters to different needs and levels of knowledge. It is even possible for advanced users to combine the use of several types of wallets and even use decentralized wallets like Metamask for cryptoassets like Ethereum. However, the uses of these products and services are reserved for people who are familiar with the ecosystem and very comfortable with new technologies. It is much simpler to use the curation services offered within the Coinhouse platform.

What is the best wallet to secure Bitcoin?

As said before, the Blockstream Green app (new name of GreenAddress since 2019) is an excellent solution when holding Bitcoin. The fact that this app available on iOS and Android is specialized in the market leading crypto, with a very high level of security and usability, logically makes it one of the best Bitcoin wallets.

An app like ZenGo has the same qualities, so it’s not surprising to see it very often considered the best Bitcoin wallet by investors and specialists, even though this app also specializes in other cryptos.

For people who are new to virtual currencies, we recommend that you stick to the storage solution offered by Coinhouse for free. You will be guided step by step for your first transactions and you will not risk making a wrong manipulation that will cost you money. Moreover, Coinhouse has earned the reputation of being one of the most secure platforms on the market (1st platform to be certified by the French Financial Markets Authority).

How to set up a wallet for crypto?

Setting up a wallet for crypto requires following a few steps:

• Choose a wallet that you feel is both secure and easy to use.
• Install the requested applications or software.
• Create your account with the necessary information.
• Secure your account with the authentication system(s) provided (keys, codes…).
• Remember to write down your authentication key or code.
• Link your Coinhouse account to your crypto wallet.
• Start transferring your virtual currency assets.
• Store them or exchange them in currencies, for example in euros.

This setup procedure may vary depending on the wallet you have. The best crypto wallets are easier to set up and use than the others. If you’re worried about not knowing how to set up your crypto wallet, look into the more affordable solutions we’ve outlined above. If you choose a hard wallet, you will have to buy additional hardware.

What is a hardware wallet?

The hardware wallet: definition

A hardware wallet is a physical wallet. Also called crypto hardware wallet or cold wallet, it is opposed to hot wallets, which are 100% digital wallets that are therefore totally dematerialized.

The use of a hardware wallet requires the purchase of a small device in the form of a box or a key that looks like a USB stick. This hardware allows the storage of your crypto-currencies in the form of digital data without being connected to the Internet, in order to avoid hacking and therefore online theft. On the other hand, you will have to be careful to store your hardware wallet in a secure place (for example in a safe with your valuables).

What is the best hardware wallet of the moment?

Here again, opinions may differ depending on the user. However, some models of crypto hardware wallet stand out among the current offer.

In addition to the Ledger Nano models that we have already presented above, we will particularly remember the Trezor hardware wallets. This brand sells two models: the Model T which is one of the best crypto wallets in terms of security, and the Trezor One which is sold at a cheaper price. While it doesn’t have a touchscreen, the Trezor One allows you to store more than a thousand cryptoassets and networks, including obviously the leaders Bitcoin and Ethereum.

Special mention for the KeepKey hardware wallet that implements a system to recover your authentication keys that may be lost or broken. Moreover, KeepKey has a large screen that allows you to have a better control of your cryptos and an easy use of the wallet features.