Best Bitcoin Wallets to Send and Receive Bitcoin in 2023

"Bitcoin will do to banks what email did to the postal industry" - Rick Falkvinge

If you want to jump on the bandwagon then you should probably start investing in Bitcoin. People are going crazy and converting their dollars into digital currencies; as the value of Bitcoin compared to the dollar and other government-backed currencies shoot up over the years. It has shown a rapid climb in the investment radar and currently, it seems like the most definite investment opportunity.

Before going any further it is needed for you to learn what exactly the Bitcoin wallet is? And how does it work? A Bitcoin wallet is similar to a bank account, it allows you to receive, store and send your Bitcoins to others. Just as your online bank account is an interface to the regular banking system; similarly your wallet works to the Bitcoin network.

Your wallet contains secret codes and keys that allow you to spend these coins. In actual, the private keys need to be secured and not the coins. These private keys which give access to the coins.

You need to know the threats and risks before converting your dollars into Bitcoin. You are suggested to invest only that much which you can afford to let go easily and wouldn't get much harm to you in case the value drops. It is just to suggest safeguard for your money otherwise greater chances are that Bitcoin would reach double its value in the coming years. This discussion is for advanced level users so if you are new to Bitcoin and cryptocurrency then we recommend you to get to the risk factors first. Otherwise, you can move forward choose the best Bitcoin wallet which seems convenient and meet your requirements.

Coinbase - Wallet Link

It is considered as the most simple and secure platform for trading, keeping and transferring digital currency; recommended for beginners due to it's friendly user interface and interesting features. With Coinbase you can join any bank in the United States to send or receive dollars between wallets. It helps people to convert their digital currency into their local one. Apart from Bitcoin, it is currently supporting Litecoin, Bitcoin Cash, and Ethereum. Coinbase offers a wallet, digital currency exchange, and trading tools along with guaranteed security backup. People take Coinbase as a wallet but it works more like a bank.

At one time Mt.Gox was considered as the leading platform for Bitcoin and other digital currencies; until the time it lost almost half a billion dollars cause of hacking. Coinbase took the Mt.Gox tragedy seriously and learned from its loss, and now it offers a secure and reliable platform for superb user experience.

Watch this Youtube video to better understand Coinbase

Trezor - Wallet Link

Trezor is a hardware wallet debuted in 2014 and it is still popular as the most popular cold storage solution till date. Known for its simple design and sleek interface. It is not similar to Coinbase it just serves as a storage for your Bitcoin collection. It is an equipment that connects to your computer, mobile or tablet in order to access to your coins. Trezor works with different currencies as a password manager and offers various valuable features.

It offers protection against lost security codes, passwords, and devices. The main purpose of this digital wallet is to protect your Bitcoin from theft and burglary, which means that the reimbursement process would be a tough one. It is considered a highly expensive device that makes it out of reach for some.

It supports the following cryptocurrencies; Bitcoin, Bitcoin Cash, Litecoin, Stellar, Ethereum, Ethereum Classic, Ripple (only Model T), Tether, and Dash. Compatible with Windows, Linux and Mac OS platforms.

Jordan Tuwiner says that one must need to think hardware wallet as the steel vault underground and if you own bitcoin or crypto then it must be considered to be bought.

Watch this video to understand the Pros and Cons of Trezor:

Electrum - Wallet Link

Electrum was designed in 2011 as a free desktop wallet; stores your Bitcoins in a password protected file saved in your laptop or computer. Just because it is a lightweight wallet application it helps to establish a connection with external servers rather than load the complete Blockchain. Its default encryption keeps your wallet secure against hacking and theft and helps you to quickly establish a high level of security.

It ensures speedy transactions while maintaining low waiting time. The private keys are encrypted and are not send to the servers, giving access and authority to its users over the private keys.

It is available for Windows, Android, Mac OS, Linux, and Python. In case your file is lost then you can simply recover it from its seed. Your wallet file never leaves your system.

Watch below to learn more about Electrum.

Blockchain - Wallet Link

Blockchain is the most famous and widely accepted digital wallet known for its friendly user interface, security, and flexibility. It helps to keep the records of Bitcoin and other digital currencies. Just like the Coinbase, the Blockchain wallet offers an online platform for direct trading in more than 35 countries.

It also allows the exchange of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and many more, against a small amount of money. To prevent wallet safe from any threats, Blockchain proposes you to complete a three key security feature that is two-factor authentication, email verification, and a back-up security expression. It has a default security feature that assists you to keep your account secure, backup your funds and unauthorized access.

Learn how Blockchain works by below video:

"Blockchain is coming to replace the old, rotten system of governance around the world. Embrace it!" ― Olawale Daniel

Robinhood - Wallet Link

Robinhood is a free trading platform and it has further extended its support to Bitcoin and other cryptocurrencies. It serves both as a wallet and an exchange; Offers stock trading options, exchange of cryptocurrency and traded funds without charging any fees or commission. Robinhood supports both platforms and it is available for mobile users and has a desktop version as well for its customers. One thing that makes Robinhood a distinct choice among other platforms is its cost that is completely "free". Many people consider it less secure but if it can guard your stocks then probably it is safe enough for your coins.

Robinhood introduction:

Exodus - Wallet Link

Just like Electrum, it is a software application, with a more attractive and innate structure. It is extremely easy to use that any beginner can perform a transaction. It is a desktop application supports Windows, Linux, and Mac OS. It is a Trezor-integrated wallet that converts digital currencies. Exodus converts the digital currencies including the Bitcoin into a portfolio; containing different charts and graphs. It lets you store and exchange through the app.

There is no need to set up an account, as you can keep your currency and wallet as your personal attributes. Although Exodus consists of private key encryption but makes sure your device is secure. Its graphical interface and portfolio representation is great for people with investing background . Litecoin, Ethereum, Ethereum Classic, Gnosis, FunFair, Golem, Qtum, and OmiseGo are some of the major currency names supported by Exodus.

Watch this Youtube video to see more:

Mycelium - Wallet Link

Created by hardware engineers in 2008. Mycelium is a mobile dedicated Bitcoin wallet available for its Android and iPhone users. It is considered as a bit more complicated as compared to other Bitcoin wallets; though advanced level users are steering fine with it. Though Mycelium is not a desktop application but boasts to have bank-level security for it mobile users. Bit ID (open protocol), HD (Hierarchical Deterministic), Single Address Accounts, "Watch Only" Accounts, and Hardware (for offline devices) Accounts; are five different kinds of secure account types offered by Mycelium. It offers anonymity to its users and lets them bag their Bitcoin wherever they go.

Verdict

When you are selecting a Bitcoin wallet; you cannot just randomly select one either it's a hardware or software wallet. It will end up as a crucial mistake. Following are some points that should always be checked before making a decision.

· You need to make sure that your private keys are secure and totally in control.

· Look for the pin codes and seed back up keys.

· An active developers' community for support and maintenance.

· Well-designed User Interface for friendly user experience.

· Compatible with almost every platform.

Your objective plays an essential role in selecting the correct wallet type for which you are going to need a wallet. Some of the common reasons for acquiring particular wallet are:

· Short-Term HODL

· Long-Term Savings

· Regular Transactions

· Daily Crypto Trading

Different kinds of wallets are available in the market but many of them are just scam. We recommend you whenever you see a new name then not to rush towards that wallet. Rather research the market and survey websites like Bitcoin Forum or the Bitcoin Reddit.

We hope that this article would serve the purpose and helped you in selecting the perfect wallet as per your requirement.

According to Kim Dotcom, Bitcoin is an amusing development which may lead to a world currency: in upcoming years, it is predicted to grow and become one of the most important ways to pay for things and transfer assets.