Bitcoin, and any other cryptocurrency, is only safe as long as it is in a secure wallet. In this article, we discuss 5 simple Bitcoin Hot Wallets you can use to store your digital gold.
In light of huge exchange hacks, crypto security is a hot topic right now. Keeping your bitcoins safe is essential to staying on the crypto bandwagon and keeping in the race for the next moonshot. It is well-known that hardware wallets are the safest way to store crypto, but in this article, we look at the best software wallets that offer more flexibility for storing smaller amounts of Bitcoin and Bitcoin Cash and keeping them safe.
The 5 best Bitcoin Hot Wallets:
Bitcoin wallet and block explorer, BTC.com was created by mining giant Bitmain in 2016 and is one of the best Bitcoin hot wallets. It offers Bitcoin and Bitcoin Cash in a user-friendly environment, on both Android and Apple mobile devices as well as its web version. It offers a step up from most crypto wallets as private keys are kept in the user’s hands. Rather than risking funds by trusting a third party with your private keys, transactions are signed on your own device by the private key that is in your hands. It even supports Multisig as a bonus.
The strength of the wallet lies in its simplicity. By focusing on Bitcoin and allowing users to keep control over the security of their funds, this software wallet sticks to the heart of Satoshi Nakamoto’s vision. While software wallets are not as secure as hardware wallets, the flexibility of BTC.com’s wallet makes it ideal for storing moderate amounts of cryptocurrency. It could be used effectively in addition to a hardware wallet for longer-term storage and for on-chain transactions.
One of the easiest wallets to use is Coinbase. It’s very user-friendly and has limited applications so it is good for beginners making it one of the best Bitcoin Hot Wallets. It only offers a few select coins although it may be set to expand its range shortly. As Coinbase is an exchange, you can trade the coins for one another but the fees are quite high. They can be avoided by using Coinbase Pro, formerly GDAX, which is free and has much lower fees. However, this is a hassle sending from one to the other every time a trade is to be made.
The app is very popular, it has more than 5 million Android installs. It’s also quite popular in the U.S. as some features are only available there. The one thing that makes it stand out is that funds are insured which is important in light of recent hacks to crypto exchanges, such as Bithumb. Overall, it’s a friendly, easy-use wallet that has limited functionality and high fees that can be avoided through its sister platform.
Blockchain.info is a strongly backed company with a good reputation and has one of the best Bitcoin Hot Wallets. The website is a commonly used block explorer and their software wallet also enjoys the same reputation. Launched in 2011, it has support for 37 languages and 3 coins: Bitcoin, Bitcoin Cash, and Ethereum. The user interface is straightforward and their stripped-back design makes it very easy to use. Again, hardware wallets are better for holding large funds but this is a very good choice for storing crypto that you may need to be accessible.
Blockchain.info also has a crypto exchange supported by Shapeshift. This means users can swap one coin for another when needed. This added functionality allows users greater flexibility without needing to use a separate exchange which is likely to have high withdrawal fees. It is worth noting that users’ funds have been accessed when they have entered their details onto fake versions of the site. Recommendations include checking the address carefully and bookmarking the right one in your browser.
Coinomi supports a huge array of cryptocurrencies, including 119 coins and 382 tokens, making a combined total of 501 crypto assets. This means the app supports those who look wider than the traditional offerings and want to support coins that have smaller market caps. No matter how small the coin is by market cap, it’s still essential to keep your coins and tokens safe. The app also supports 28 languages so is available to everyone.
On its mobile application, it has integrated with Shapeshift and Changelly for in-app transactions. It also allows users to buy with a credit card. This means that it is not just a good place to store altcoins, but it also is a good onboarding ramp too. With this wallet, no other wallet or exchange is needed. Users also keep their security as they are in control of their private keys.
The Jaxx wallet, created in 2014 by Ethereum co-founder Anthony Di Iorio, is supported on a wide range of platforms including Android, iOS, Apple, Windows and has a Chrome extension. It enables users to trade 69 coins and tokens including some outside the top 100 by market cap. Some users have criticized the app for failing to perform exchange transactions but it has also been praised for being well-designed and offering a good number of relevant features.
With a crypto exchange supported by Shapeshift users can make sure they can turn their previous profits into new tokens that have great potential. However, it doesn’t support crypto to fiat transactions which mean users have to go via an on-boarding wallet or exchange. For a user looking to buy just Bitcoin, this wallet won’t work for them, but if you trade a wide variety of altcoins, then it’s for you.
This article shows there are several very high-quality wallets that will keep your funds safe. The main choice appears to be between wallets that focus on the top few cryptos or ones that offer a wide variety of altcoins. If you’re looking for a secure place to store Bitcoin and Bitcoin Cash, BTC.com is a great place to start, if you want to hold a more diverse selection of coins then Coinomi is a solid option. Either way, make sure to look after your funds so you can sit back and watch the market develop over the next few years.