Best Bitcoin Wallet
Looking for the best Bitcoin wallet keep your crypto safe? On this page we explain all options.
Anyone who has just entered the world of bitcoins may not have heard of a bitcoin wallet. This is a kind of online bank account, but for bitcoins. Just like with a bank account, a wallet allows you to receive, send and manage bitcoin on your own bitcoin wallet address. We explain exactly how this works in this article.
Never put all your Bitcoin in one Bitcoin wallet
Before we start, it is good to mention that you should never put all your bitcoin on one wallet. Otherwise all coins can be stolen at once in case of a hack. This will also prevent you from losing everything if you forget your access key or can’t access it for some other reason.
Spreading your bitcoin over different Bitcoin wallet addresses makes it safer to trade. There is no limit to the number of bitcoin wallet addresses a person can use, so make the most of it!
Downloading and using a bitcoin wallet
A bitcoin wallet can be downloaded for the computer, PC, Mac or smartphone. You use these devices to login to the wallet. From the device the wallet connects to the blockchain. It then shows how much bitcoin the user has. The safest is an offline wallet, but like the Ledger Nano S or Trezor. The easiest way if you are just starting is to use the wallets on the exchanges like Bitvavo and Binance.
This is what Bitvavo’s wallet looks like, all your coins in one overview.
To fill the wallet, the user or crypto trading bot buys bitcoin from an exchange. The currency is then sent to the wallet. From the wallet, the user manages the money, so it can be sent or received. To send bitcoin, the receiving address must be entered. This is a unique number that belongs to another user. The cryptocurrencies are then sent from the wallet to the final recipient.
Which is the best bitcoin wallet?
What’s the best bitcoin wallets are has to do with personal preference. If you are new to bitcoin, you will probably choose a simpler wallet than someone who has been using it for some time. In addition, the size of the amount can also determine the choice for a wallet.
Basically there are three types of wallets: mobile wallets, software wallets and hardware wallets. With a mobile wallet, the user uses his smartphone to manage the bitcoin. The advantage of a mobile wallet is that the user always carries his wallet with him. Moreover, the use of a mobile wallet is free of charge. A mobile wallet is always very nice to see the current bitcoin value that you own.
Bitcoin wallet app
If you prefer to manage your crypto from a computer, you can do so by means of a software wallet. This is similar to the mobile wallet, except that the software is installed on a fixed computer or laptop. The mobile wallet is available for the most commonly used mobile operating systems, such as iOS and Android.
Some users prefer a hardware wallet. This is a physical device to manage crypto. According to experts, this is the safest way of managing bitcoin: malicious parties need to physically get hold of the device and know the code in order to log in. A mobile wallet or a software wallet could be hacked. With a hardware wallet, the user increases his or her security. Such a device often comes in the form of a USB stick.
How to get a bitcoin wallet?
A commonly used bitcoin wallet is the Blockchain wallet. This wallet is completely free of charge and is used by more than fifteen million users worldwide. You can create a wallet via Blockchain via the website of the provider: Blockchain.info. It is of course also possible to choose another provider. There too, the user will have to log in first.
It is important to consider security when creating a wallet. This means that the user uses an e-mail address and a strong password. A strong password consists of a long sentence with uppercase, lowercase letters, numbers and symbols. Sentences are more secure than passwords. A good password could be: I use a long password90210! You can remember this password by the sentence, the Beverly Hills zip code and the exclamation mark. Choose your own variation on this passphrase.
In order to create a bitcoin wallet, general terms and conditions must first be read and accepted. Often a provider of a bitcoin wallet with a donkey bridge occurs if the password is accidentally forgotten. It is useful to keep this donkey bridge well; without it, a bitcoin wallet can become irreversibly inaccessible.
Activate Bitcoin wallet
After creating the wallet, the applicant will receive an e-mail. This e-mail contains an activation link. Open the welcome message, click on the link and login with the unique identification code. This code is also sometimes called ‘Wallet-ID’. It can be recognized by the length of the code and the dashes in between.
As soon as a wallet is activated, it can be used. The user will also find a personal Bitcoin address in the wallet. This address is public. It can be compared to a bank account. The public address can be used publicly, for example, to transfer and receive bitcoin.
Send and receive Bitcoin on your personal Bitcoin wallet adsress
After the wallet is activated, you can trade Bitcoin. By trading, we mean sending (paying) and receiving (being paid). This is done using a receiving address.
In most wallets, the public address can be accessed by logging into the wallet and choosing either ‘Receive’ or ‘Receive’. A Bitcoin address always starts with the number 1 or 3 and has several characters. The address changes as soon as a payment is received.
Sending and receiving is easy. You can prepare a shipment by selecting the ‘Send’ or ‘send’ option in the wallet. Fill in the recipient’s address on the screen and click ‘Send’ or ‘Send’ to confirm the shipment.
It is good to know that the system does not check for typing errors. So there is no such thing as a bitcoin wallet check. That is why it is important to check the address again before sending a command. Since the receiving addresses are long, it is not recommended to re-type addresses. It is recommended to copy the address. Be sure to make a transaction, because once the crypto has been transferred, it cannot be reversed. In that respect, Bitcoin looks like ordinary money.
Why does my Bitcoin address change?
Bitcoin addresses change after a transaction. If you don’t make any transactions, you will notice that the address changes on its own from time to time. This is done to better ensure privacy and security on the network. By constantly changing addresses, it is not possible to link an address to a person.
This does not mean that old addresses are completely obsolete and can no longer be used. Old addresses can simply be used to receive Bitcoin. The coins then simply end up in your wallet.
Important: Back up regularly!
If you have a software wallet, it’s best to back it up regularly. This is the piece of responsibility that comes with managing a bitcoin software wallet. Without backups, the user could lose his or her Bitcoin. If you are afraid of forgetting to back up, it is best to use a bitcoin hardware wallet. It also contains the private key.
A private key is a passphrase of 12 or 24 words. This private key can be used in case of emergency. The key is used if, for example, you forgot your password. The key can be requested using the security settings of your chosen wallet.
Safe, safer, safest: the Bitcoin paper wallet
As good as optimal safety? You do that with a bitcoin paper wallet. A paper wallet is a bitcoin wallet on paper. In addition to the hardware wallet, it is one of the safest ways to store bitcoin. Offline storage is the safest, because hackers and other malicious parties do not have access to paper, but they do have access to the web. This way, the crypto coins can only be stolen physically and not online.
A paper wallet is a form of cold storage. By cold storage we mean the offline storage of cryptocurrency. The idea of the paper wallet is that users put their private key on paper, so there is no trace of it online. The paper wallet is best stored in a safe or in another safe place. Note: a paper wallet cannot be used to send bitcoin. An online wallet needs to be created and the public key needs to be imported.
How to create a bitcoin paper wallet?
A paper wallet contains the private key of the Bitcoin account. The original form of this key is a series of 64 characters. They can be put directly on a paper wallet by printing the code. Nowadays, there is also software available to create a QR code. This can then be scanned on a mobile phone.
It is strongly discouraged to transfer a private key manually. The chance of a writing error is very high. If the key is not completely correct, it is a completely different address and it is impossible to still have the bitcoin. That is why we recommend printing the key.
The disadvantage of a bitcoin paper wallet and the solution
Don’t bitcoin paper wallets have any disadvantages? Certainly there are disadvantages: paper is flammable, not waterproof and in the long run the paper will discolour. If you choose a paper wallet, it is best to plasticise the paper. But then the paper can still get lost and that is of course an eternal sin.
If you really want to go for optimal security, it’s best to choose a crypttosteel. This is a stainless steel plate in which the original private key and the so-called backup seed (in case you lose the key) are engraved. The advantage of a crypttosteel is that it is resistant to water and fire and lasts longer than paper. It doesn’t have to be expensive; from about 60 euros you already have such an image.
Safety tip: use two-step verification
Bitcoin are a great commodity. It’s money and you don’t want to lose it. That’s why it’s important to use two-step verification. This means that after logging in, you will need to enter an additional code to complete the login process. Usually this code is generated by an app on the smartphone. With both online and offline wallets (such as a hardware wallet) it is important to enable this extra security measure. In this way, malicious parties have a very small chance of succeeding in their burglary attempts.
Digital money also needs its own method of storage and this is also called wallet within the world of cryptocurrencies. With this form of storage everyone has equal access to his or her own money and all transactions can take place from it. This is all possible and it is super easy to create one. With the bitcoins safely stored in your own wallet, making purchases around the world is no longer a problem.
Frequently asked questions about crypto wallets
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