Review of the Top Bitcoin Wallets That Gives You Extra Protection(Part -1)

Last updated on 13 Jul, 2017 | 2 comments

Bitcoin Wallet

Last time, I talked about the safety of Bitcoin and the ins and outs of cryptocurrency. As you have learned that we cannot rely on the inbuilt Bitcoin security system, we need to take up a number of steps to implement security on our own. And if you want to keep your account safe, it is important to syndicate digital security with Bitcoin secure storage. Here’s the role of Bitcoin Wallet emerges.

As Bitcoin transactions are not reversible, to send or receive it, one must have access to both public keys and private keys. This is why Bitcoin wallets are here to help you transact your amount and keep your keys secure.

What exactly is a Bitcoin Wallet?

A wallet is a Bitcoin client software that secures your private keys and makes transactions on the Bitcoin network. It is a sensitive app which is required to be encrypted with a password so that no one can steal your funds.

Types of Bitcoin Wallets

Bitcoin wallets are of many types, including desktop, mobile, online, paper wallets, and hardware. You can access online wallets from the web using an active internet connection. The hardware wallets are the physical or electronic devices meant to secure Bitcoins. The online/software wallets are an app which can be downloaded to your phone or tablet. Whereas, Paper wallets are the Bitcoin private keys printed in a paper and used offline.

Top Bitcoin Wallets’ Review

CoPay

CoPay is a secure and open-source Bitcoin wallet that secures your funds using multi-signatures. The app securely stores multiple Bitcoin wallets, allowing you to store your business and personal funds separate. CoPay supports Bitcoin Payment Protocol so that when you transact funds to a Payment-Protocol enabled merchant, CoPay securely verifies that your payment will reach the right place.

Copay Bitcoin wallet

Moreover, CoPay natively supports the Bitcoin Testnet, which can accurately test new Bitcoin applications across multiple platforms. With multi-signature and multiple wallet support, CoPay makes it easy for developers to test and run Bitcoin applications with conflicting with other mobile apps.

Summary of features:

  • In-app multiple Bitcoin wallet creation and management.
  • Integration for buying and selling Bitcoin.
  • Multi-signature support and security for personal or shared wallets.
  • Private keys are locally stored and not in the cloud.
  • HD (Hierarchical Deterministic) address generation and wallet backups.
  • Bitcoin Payment Protocol support.
  • Support for more than 150 currency pricing options and unit denomination in BTC or bits.
  • Receive emails and push notifications.
  • Support for Bitcoin testnet
  • Customize wallet name and background colors.
  • Multilingual support.

Supported platforms: Android, iOS, Windows Phone, Windows PC, Google Chrome, Mac OS X, Linux.

Mode: Software or online application.

Price: Free.

Ledger Nano

Ledger Nano is a hardware Bitcoin wallet, which is built with robust features for storing your cryptocurrencies. This wallet can connect to any computer and displays a secure OLED display to cross-check and confirm each transaction with a single tap on its physical side buttons. This device looks exactly like a USB drive and is small and compact enough to carry in your pocket.

ledger nano bitcoin wallet

Your private keys will never get exposed with this wallet and your sensitive information is sealed inside the hardware wallet within a State-of-the-art Secure Element locked with a PIN code. So, you can easily send and receive Bitcoin currencies, check your account, and manage multiple addresses for each currency. Further, the Ledger Nano also supports the FIDO Universal Second Factor, which streamlines the authentication process on supported online services like Gmail, GitHub, Dropbox, etc.

Summary of features:

  • Supports multi-currencies like Bitcoin, Litecoin, Ethereum, etc.
  • Supports multiple apps and cryptocurrency wallets.
  • Inbuilt LED display to confirm transactions.
  • Supports FIDO Universal Second Factor Authentication standard on Google, Dropbox, Dashlane, etc.
  • Strong security keeps your data secured inside with a PIN code.
  • Easy backup and restoration process.

Supported devices: Windows, Mac, Linux, Chrome OS.

Mode: Hardware wallet.

Price: €58.

Trezor

Trezor is another Bitcoin hardware wallet that supports an instant set-up and registration process. It is the most trusted wallet that isolates your private keys. This Bitcoin Wallet provides strong protection so that you can transact Bitcoin funds without any risk. This Bitcoin wallet comes with an industry-leading design and advanced cryptography.

Trezor bitcoin wallet

Trezor supports multiple digital currencies and comprises of an inbuilt password manager that encrypts your passwords separately and sync them to the private cloud. So, that you can secure access to your data and enable SSH login with a single or multiple sessions. It safeguards your online account identities and encrypts every document or email you create with GPG.

Moreover, Trezor lets you sign and verify the ownership of your messages and can connect to third-party wallets and services. Without entering any password, you can securely log into Trezor with the click of a button.

Summary of features:

  • Supports multiple currencies like Bitcoin, Litecoin, DASH, and Zcash.
  • Integrated password manager that encrypts passwords separately.
  • Secure admin SSH access.
  • Enables 2-factor authentication to safeguard your online accounts and identities.
  • Encrypts every document or email you create with GPG.
  • Enabled logging in with one-click and without any password.
  • Easily prove your ownership of messages and documents.
  • Connect to third-party wallets and apps.

Supported devices: Windows, Mac, Linux.

Mode: Hardware wallet.

Price: €89.

Opendime

Opendime is a Bitcoin stick that can connect to any computer or laptop. The device seals your private key to prevent it getting leaked out and keep hackers away. It also supports open standards like Bitcoin message signing, normal Bitcoin payment addresses, and private keys in WIF format.

opendime wallet

The private key is generated inside the device and is never known to any second person. So you can hand it over to anyone without any worry. Opendime works as a physical Bitcoin and you can pass it multiple times. It also offers a Chrome plugin to check your Bitcoin balance, and without consulting online with the blockchain.

Summary of features:

  • Connects to any computer or laptop.
  • Private keys are strictly generated and concealed inside.
  • Uses Bitcoin message signing, normal (non-HD) bitcoin payment addresses, and private keys in WIF format.
  • Offers a Google Chrome plugin.

Supported devices: Windows, Mac, Linux.

Mode: Hardware wallet.

Price: $37.50 (1 x 3 pack)

So these are our first batch of Bitcoin wallet’s review. We’ll come up with more such wallets in our upcoming posts.