A crypto wallet is one of the essential requirements for transacting Bitcoin. Find out the best Bitcoin wallets for 2022.
Bitcoin is an alternative currency that allows users to conduct autonomous transactions worldwide without third parties. However, every user must obtain a Bitcoin wallet to send, receive, spend and store the coins. Unlike a physical wallet, Bitcoin wallets are programs or applications for managing crypto transactions.
Contrary to what some individuals usually think, a Bitcoin wallet does not keep the actual coins. Instead, it stores the private keys used to sign or authorize transactions. Every wallet also has a unique public address that miners must check against your private keys to prove ownership of the tokens during transactions.
Bitcoin offers two types of wallets; cold and hot wallets. Cold wallets are offline-based and usually come in USB drives, making them the most secure for long-term Bitcoin holding. Hot wallets are based online and offered through mobile apps and programs, which are highly convenient for daily Bitcoin transactions.
However, hot Bitcoin wallets can also be vulnerable to cyber threats like hacking. Nevertheless, various Bitcoin wallets exist in the market today. The official trading site has dedicated wallets, but you can still get them from other providers online. Here are the top Bitcoin wallets for 2022 that you should consider.
Coinbase is among the most popular Bitcoin wallets offered by the renowned crypto exchange, Coinbase. It boasts a simple and intuitive user interface that makes it an excellent pick for beginners without a lot of experience in crypto. The wallet supports NFTs, digital collectibles, and more than 500 cryptocurrencies, ensuring greater flexibility for users. It also supports 2FA, MFA, and biometric authentication. The wallet also allows its users access to decentralized exchanges in-app. However, it only works on mobile and tablet devices.
Electrum is mainly suitable for experienced crypto users. It boasts enhanced security features with high-level customizability. Electrum is among the few crypto wallets that exclusively support Bitcoin. It has robust security features not included in most Bitcoin wallets. For example, users can integrate it with hardware wallets for cold storage. Besides, users can also customize the fees for faster payment processing. However, it only supports Bitcoin and also lacks customer support.
Mycelium is among the best Bitcoin wallets for mobile devices, with advanced security features and transaction information. It’s compatible with most Android and iOS mobile devices. Unlike most wallets, Mycelium is reproducible, meaning users can duplicate and compare its code to the original to detect potential security threats. The wallet also boasts multi-level pin protection. Users can also customize the transaction fees. However, Mycelium only supports Bitcoin, Ethereum, and ERC-20 tokens.
- Ledger Nano X
The Ledger Nano X is ideal for those needing a secure offline Bitcoin wallet. It supports a wide range of cryptocurrencies, with special hardware to protect its users’ private keys. The wallet supports Bluetooth connectivity, allowing users to trade on the Ledger Live mobile app. It also features an in-built battery that can run for up to 8 hours. However, the Ledger Nano X is relatively expensive and does not have a touch screen like other cold wallets.
The Exodus is a desktop Bitcoin wallet that supports more than 145 cryptocurrencies. Unlike most Bitcoin wallets, it boasts 24/7 customer support. Besides, the wallet is compatible with several hardware wallets. Exodus is also intuitive and user-friendly, with guaranteed updates every two weeks. Users can customize the transaction fees, but the feature only applies to Bitcoin. The wallet lacks 2FA and MFA.
Several other Bitcoin wallets still exist from which you can choose. However, those discussed here are the most reliable and secure crypto wallets to consider in 2022.