You can’t use Bitcoin without a Bitcoin wallet of some kind. This represents the most complicated part of the process for a lot of people. While the very concept of digital currency can be a little confounding to people who are just being introduced, you wind up trusting that it all works well. However, you still need to sift through a lot of different wallet options to find one that is suitably secure, private, and convenient for your needs.
This is the reason that we presented a piece on the best Bitcoin wallets for personal privacy almost two years ago. Since then, things have only gotten more complicated. Bitcoin has become more of a mainstream currency, meaning that more people are using it for transactions—and that means they’re taking advantage of wallets. Along the way, countless new wallet options have materialized, to the point that it can now be a little bit dizzying to try to find the most appropriate option. In this article, we’ll try to make it easier.
These days we have at least narrowed down the types of Bitcoin wallets into those that are more popular and those that operate more on the fringe of the cryptocurrency movement. Namely, paper wallets have largely lost out to digital wallets in the name of security. These days most software wallets are compatible on many operating systems so you might use the same wallet on Windows, Mac OS, Linux, and multiple mobile platforms (such as Android and iOS). That means that there’s a growing selection of secure, digital wallets that most anyone can make use of—as opposed to competing wallets engineered for different platforms or operating systems.
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That still leaves us with a lot of options to work through. So to simplify things here’s a look at a few of the wallets that are considered to be the most trustworthy and popular for 2017.
Mycelium
This is a wallet that came on strong as a leading competitor in this market over the course of 2016. It has been labeled as one of the best beginner wallets for new users, largely because of its easily navigable mobile interface. The wallet gets top marks in privacy and security, and allows users to store their Bitcoin keys within the app. The drawback is that, despite the aforementioned migration of most wallets to a variety of popular platforms, this is a mobile-only wallet, meaning there is no web interface. Nevertheless, many find it to be a simple and secure option.
Blockchain Wallet
As the most popular Bitcoin wallet out there, this was also mentioned as one of the best options for cryptocurrency newcomers. It operates on both web and mobile platforms, and even allows users to download their wallets to Google Drive or Dropbox for backup purposes.Some people question the privacy and security of the Blockchain Wallet because it’s known to be a common target for hackers. Thankfully, the people behind the wallet have built in a lot of encryption options to counter these concerns, for those who want to use them.
Wirex
This wallet is less established, but it’s a newer option to look toward in 2017 that could wind up being a game changer. Like Mycelium, it currently only operates on iOS and Android, but it’s distinguished by its ability to handle multiple currencies, as well as the fact that it can come with a plastic bank card. You can manage your bank account, Bitcoin storage, and any other currencies you might carry through Wirex, and switch between them to make payments. It’s also a very affordable wallet option, and has been cited as one of the top wallets with low transaction fees for the year.
Coinbase
Coinbase, has emerged as one of the more stable and trustworthy options around. It’s not new, but it seems to check most of the boxes for the average Bitcoin user, offering strong security as well as mobile and web compatibility. It’s also thought to be pretty easy for newcomers to grasp. Coinbase has some of the same risks as Blockchain in that it’s so thoroughly established it might be more inviting to hackers, but there haven’t been any widespread issues yet.
These are just a few of many, many options that are out there. Take your time to choose the wallet that’s right for you, but with for a combination of credibility, ease of use, and forward-looking features they’re among the top choices for the year ahead.