Best Bitcoin wallets in 2021

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Best Bitcoin wallets in 2021

The best Bitcoin wallets available are feature-rich and simple-to-use, but picking the right option for you can still be a little tricky, especially if you’re new to the world of cryptocurrencies.

Simply put, once you’ve purchased Bitcoin (BTC), Ether (ETH) or any other altcoin via an exchange, you’ll need a secure place to store your holdings. Using a wallet, instead of storing your crypto with an exchange, gives you greater control over your virtual wealth.

In this guide, we delve into the best Bitcoin wallets available today to help you choose the optimal platform for your needs. The definition of the best crypto wallet will depend on your main priorities (accessibility, transaction privacy, multi-platform support etc.).

All of the crypto wallets in our list are non-custodial, meaning the user is responsible for storing their own private key (we advise using a secure password manager).

Most of them are also classified as hot wallets, which means they are connected to the internet at all times. If you hold large amounts of Bitcoin, consider using a hardware wallet to store your assets in a more secure fashion.

With all that in mind, here’s our rundown of the best Bitcoin wallets out there right now:

Image of the Trezor Model T

(Image credit: SatoshiLabs)

2. Trezor Model T

An open-source hardware wallet that has a number of top features

Reasons to buy

+Open source+Color touchscreen+Easy to use+Supports over 1600 coins

Reasons to avoid

It’s priceyMobile support for Android only

The Trezor from SatoshiLabs is one of the oldest cryptocurrency hardware wallets on the market. First released in 2014, the Trezor Model T is the company’s premium offering, designed to suit both HODLers and active traders alike. 

The Trezor Model T offers all the features that come with the Trezor One, along with support for newer cryptocurrencies and exchanges such as XRP, Cardano, Monero and more. 

Everything about the Trezor Model T, from its hardware specifications to the software that powers it, is released under an open source license, which is a definite plus.

A built-in touchscreen, meanwhile, gives the Model T a premium feel and enables you to enter the PIN and passphrase on the device itself, which is very convenient.

For more, check out our full Trezor Model T review.

screenshot of Wasabi Wallet

(Image credit: Wasabi Wallet)

2. Wasabi

A top privacy-focused crypto wallets for Bitcoin

Reasons to buy

+Open source+Rotates addresses+Built-in CoinJoins+Custom fees

Reasons to avoid

Complex for beginnersFor Bitcoin only

Wasabi is an open source, non-custodial and privacy-focused Bitcoin wallet, available on Windows, macOS and Linux. 

Wasabi’s marquee feature is its implementation of the trustless CoinJoin process. CoinJoin helps Wasabi make individual Bitcoin transactions more secure by combining multiple coins from multiple people into a single transaction. By jumbling up the inputs and outputs, CoinJoins can obscure identifying information, which makes Wasabi a popular choice for the privacy-conscious.

To further obfuscate transactions, the wallet routes them through the anonymizing Tor network, which helps conceal the users’ IP address.

Although Wasabi is a hot wallet, we wouldn’t hesitate to recommend it to anyone who cares about the privacy of their Bitcoin transactions. The developers have also done a nice job of keeping most of its complexities from ruining the user experience.

However, Wasabi isn’t as intuitive as other crypto wallets and you’ll need to spend some time reading through its documentation before you’re fully up to speed.

For more, check out our full Wasabi review.

screenshot of the Mycelium cryptocurrency wallet

(Image credit: Mycelium)

4. Mycelium

A top cryptocurrency wallet for using on the move

Reasons to buy

+Open source+Multiple account types+Integrated marketplace

Reasons to avoid

For Bitcoin onlyNo desktop version

Mycelium is one of the oldest and most popular Bitcoin wallets available exclusively for mobile platforms, having first been released in 2013 as an Android app before later being ported to iOS as well. 

Mycelium describes itself as the “default Bitcoin wallet” and while its claims to the title of best-rated cryptocurrency wallet on the Play Store isn’t really accurate anymore, the app does have several noteworthy features. 

For starters, Mycelium is entirely open source, which is one of the most essential features for any good cryptocurrency wallet. The app also relies on the Simplified Payment Verification (SPV) technique, which allows it to confirm transactions without having to download the entire blockchain.

Since mobile devices are insecure in some regards and more prone to theft, the developers of Mycelium have implemented a handful of features to improve the security profile of the app, without overly complicating the interface. 

For more, check out our full Mycelium review.

  • Download Mycelium here

Hot wallets vs. cold wallets

This section was authored by Dmitry Tokarev, CEO at Copper.co

The key distinction between a hot and cold wallet is that hot wallets are connected to the internet, while cold wallets are not.

Hot wallets make accessing and transacting in digital assets easy. Cold wallets, on the other hand, are offline, which means signing keys are kept in physically isolated hardware devices with no connection to the internet.

Given that crypto is most vulnerable when it’s stored online, cold storage is considered more secure for the long-term custody of large balances – by everyone from long-term HODLers (crypto investors who buy and hold their positions regardless of price) to institutions who hold millions of dollars in funds.

That’s not to say that cold storage solutions have no disadvantages. Transaction times on cold wallets take longer than their online counterparts. Moreover, the physical medium is subject to risks as it may suffer physical faults, have internal software problems or be stolen.

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