Which Bitcoin Wallet is the Best for You?

Once you’ve bought, or mined, your bitcoin, you’ll need somewhere to keep them if you don’t plan on using them on an exchange right away. There are a few different applications, or wallets, that you can store them in. Today, we’re rounding up a few of our favorite “hot” Bitcoin wallets. “Hot,” in this instance, refers to the fact that these are always connected to the Internet, unlike “Cold” wallets that can be offline.  

Exodus 

A pleasing-looking multi-currency wallet, Exodus is a great user experience. If you plan on storing large amounts of crytpocurrency, though, it’s not the best, as it’s partly closed-source code. This means that if there are any bugs in the code that could lead to data breaches, the community can’t vet them and fix them. However, if you plan on storing smaller amounts of Bitcoin, or other currencies, this is a fine choice. You can even use the Shapeshift service to exchange your Bitcoin or other crypto right from the wallet.  

Exodus has you generate a 12-word “seed” that it then encrypts your keys with. This means that if you somehow lose access to the version of Exodus you currently have, you can recover it with your seed. Simply write the seed down someplace safe and your Bitcoin is protected from hard drive wipes.  

Jaxx 

Jaxx, much like Exodus, is another multi-currency wallet that has Shapeshift. And, much like Exodus, it’s closed-source, so potential security gaps can’t be spotted by the community. In fact, last year, once such bug reared its head, allowing users with access to your version of Jaxx to steal your currency. That said, it’s a fine app for those who simply want to store small amounts of Bitcoin or other currencies. The ability to convert from different currencies through the app is quite convenient. 

Closed-source code aside, Exodus and Jaxx are both visually appealing, convenient and user-friendly. If you’re just dabbling in a bit of crypto, Jaxx is a great Bitcoin wallet. 

Bitcoin Core 

A very early Bitcoin wallet, and easily the most robust, Bitcoin Core is a “full node.” That means it downloads the entire blockchain that tracks every Bitcoin transaction, which is around 160GB. The reason for this is security. Since Bitcoin Core knows the entire blockchain, it is nearly impossible to fool it, thus ensuring you won’t be defrauded. Someone attempting to spend the same coins twice, or spoof funds would be easily detected and shut down by this wallet.  

Bitcoin Core is great if you intend on storing a ton of Bitcoin. It’s also great if you like your anonymity, as it encrypts transactions through the Tor network. This is all pretty costly on bandwidth, though, so it’s really for power-users first and foremost. 

Our Favorite Bitcoin Wallet: Electrum 

Electrum is a “thin” wallet, which is in contrast to a full-node like Bitcoin Core. Rather than downloading the full blockchain, it uses secure server connections to verify transactions. This means it uses much less internal memory and bandwidth, allowing it to be much leaner. Electrum, like Jaxx and Exodus, also allows for seed-based recovery in case you lose access to it. For general use, Electrum is our favorite overall wallet. It’s relatively secure and is quite useful for its file size and bandwidth use. While not the most robust wallet, it is the best option for most users.