🔥 Bitcoin wallet test & comparison 2021 - the best crypto wallets
Anyone who deals with the cryptocurrency Bitcoin will almost certainly come across the term "wallet". This is a kind of digital wallet. However, since there are different wallets, it is important to deal with the different options before deciding on a variant. Because ultimately, digital wallets are primarily about security - and that should never be ignored with Bitcoin.
What is a bitcoin wallet?
If you want to invest your savings in Bitcoin or another crypto currency, there are actually two forms of investment available: On the one hand, there is the option of buying crypto currency coins via a Bitcoin exchange or crypto exchange, so the principle of Follows stocks like funds - on the other hand one can also speculate with the price development. That means, one “bets” on a price increase or a correction. This so-called CFD trading is particularly recommended for traders with an affinity for risk, as extremely high profits are possible with the lever function (but also losses if the price development is incorrectly assessed).
If you decide to buy coins of the crypto currency Bitcoin, the next step is to store them. If shares are kept in a depot, for example, a digital purse, the wallet, is required for the Bitcoin. With the wallet you can store coins, receive them but also send them directly from the wallet.
It should be noted that Bitcoin cannot be traded or treated like a classic currency, since it is a cryptographic currency. That is also the reason why there is no physical object - there are no coins or banknotes, but ultimately only "digital coins" that are located in a decentralized computer network.
The heart of Bitcoin is the so-called blockchain. This is the structure running in the background. Today the database in which all transactions are recorded is several gigabytes in size. In order to get access to this system and then buy Bitcoin, it is necessary that the user not only has an account with a crypto exchange, but also has a wallet.
At this point it should be mentioned that although there is always talk of keeping coins in the digital wallet, this is not entirely true. Because ultimately only digital keys are stored in the wallet, with the help of which it is possible to access the Bitcoin address. Because in the cryptographic world, everything actually revolves around extremely long strings.
Ultimately, the digital wallet can be described as follows: A wallet is software or hardware in which all Bitcoin addresses as well as the private (public keys) and public keys are managed.
At this point it still needs to be clarified what the public or private key is all about:
The public key, the so-called public key, is nothing more than a public address, which one could also call a receiving address. Coins of the cryptocurrency Bitcoin can be sent to this address. The receiving address is used to get Bitcoin. The public address can be passed on to third parties or stored on the crypto exchange in order to then initiate a transfer of the purchased coins into the digital wallet. The receiving address usually begins with a 1, a 3 or the combination bc1q.
In addition to each public key, there is also a private key. This provides access to the wallet and subsequently enables access to the coins. This private key must never fall into the hands of third parties. It should also be noted that loss of the private key means that the coins are also lost. A reconstruction of the private key is not possible.
3 characteristics of a good BTC wallet
If you are looking for a good Bitcoin wallet, it is advisable to deal with the following three points:
When it comes to storing coins from the cryptocurrency Bitcoin, you need a Bitcoin wallet. This means that you have to find out beforehand whether the digital wallet would be compatible with Bitcoin at all. Due to the fact that Bitcoin is the best-known cryptocurrency, there is (actually) no wallet in which the cryptocurrency Bitcoin cannot be stored.
Ease of use
In addition to compatibility, it is of course also about usability. It is important that even beginners can easily find their way around here. In order to get an insight into whether it is a user-friendly wallet, you can fall back on experience reports that can be found on the Internet.
Security & backup
Of course, security also plays an important role. Because anyone who deals with cryptocurrencies, especially Bitcoin, should always make sure that it is a safe storage option so that you do not lose any coins.
Which BTC wallet is the best?
The question of which wallet can ultimately be recommended is dealt with in the following section. It should be noted, however, that there are different variants, so that you should clarify in advance what is personally important to you.
Mobile, hardware or paper wallet?
Compared to software or desktop wallets, hardware wallets have an advantage that should not be ignored: The private key never comes into contact with the computer or the Internet. This means that the hardware is extremely effectively protected from hacking and phishing attacks. Furthermore, every single transaction that is to be carried out must first be physically confirmed on the hardware wallet - theft can thus (almost) be ruled out. To increase security, you can protect the hardware wallet with PIN encryption or another password. In addition, with newer hardware wallets, there is also the option of installing a further hurdle for hackers or third parties with 2-factor authentication. A new code is then always sent via the app, which has to be installed on the smartphone as part of the 2-factor authentication, but it changes every 30 seconds.
It is the entire security features that make a hardware wallet extremely secure - especially if you are planning to invest larger amounts in Bitcoin, it may be advisable to opt for this variant.
With a mobile Bitcoin wallet it is possible to access your coins right away on your smartphone. This means that you can receive and send coins worldwide, immediately and at any time. However, it should be noted that the smartphone - like the laptop and PC - is a point of attack. So you have to make sure that the smartphone is effectively protected from hackers.
Bitcoin paper wallets are particularly popular. In this case, the password, the recovery seed and the address are kept offline on a piece of paper. However, it is important to take into account that the digital wallet can be viewed via a web wallet. Thus, there is also a lower security risk here if you access it directly. It becomes problematic if you have lost the sheet of paper - so it is advisable to make a copy that is kept safely.
The following table should provide an overview and help you to make a decision for yourself:
Why a good wallet is so important!
Due to the fact that large sums are often kept in the wallet, it is important not to take any risks here.
eToro may be a crypto exchange or a social trading platform, but it also offers a wallet in which coins can then be stored. The digital wallet can easily be downloaded from the App Store. Due to the fact that you also receive instructions that explain how to send and receive coins, no questions remain unanswered. The digital wallet from eToro is ideal for storing, sending and receiving coins.
What speaks in favor of eToro is that there are different crypto currencies that can be traded, the application is very user-friendly and the eToro login data are completely sufficient for use. Please note the connection to the provider and the fact that it is not a hardware wallet, but an online wallet.
A very interesting product for the desktop is made available by Exodus. A wide variety of cryptocurrencies can be stored here. The wallet can be downloaded without any problems - even beginners are not faced with any hurdles. The user interface is 100 percent convincing. And if you are still unsure, you can watch the various tutorials and videos, which are excellent instructions to then be able to work with the Exodus Wallet.
Exodus convinces as a desktop wallet, mobile wallet and hardware wallet and is ideal for all those who are dealing with crypto currencies for the first time. Mainly because there are tutorials such as videos that are ideal help. However, it should be noted that there is no 2-factor authentication. In other words, there is a small flaw here - at least from a safety point of view.
Ledger Nano S and X
If you follow the experience and test reports found on the Internet, Ledger Nano S is one of the best hardware wallets currently available on the market. Here you can store numerous cryptocurrencies - from Bitcoin to Ether to Bitcoin Cash. Since it is a hardware wallet, the storage takes place offline. It should be noted that the hardware stick costs around 60 euros - but there are small price differences depending on the provider.
The Ledger Nano X is the successor to the Ledger Nano S. The X version scores with a few new features - thanks to the Bluetooth function, the new X-Wallet can also be used as a mobile wallet. In this case, the corresponding Ledger Live app must be installed on the smartphone. A maximum of 100 different cryptocurrencies can be stored on the Ledger Nano X.
Due to the fact that it is a hardware wallet, the security aspect speaks in favor of this variant. The look is also impressive - the wallet is reminiscent of a classic USB stick. However, the high acquisition costs must be taken into account.
Which wallet is the safest for Bitcoin?
All those who want to quickly and above all simply store or send their coins of the crypto currency Bitcoin as they receive should look into the eToro offer. Because in addition to a very user-friendly interface, there is also state coverage. EToro is on the one hand a broker or a crypto exchange, on the other hand a wallet provider that has over 10 million customers and accepts numerous payment methods - including PayPal.
Conclusion: The best Bitcoin wallet remains eToro
Ultimately, eToro is the winner of the comparison. Because if you take into account the three features mentioned at the beginning, eToro is convincing on a whole level. So if you need a Bitcoin wallet, you should definitely deal with the eToro wallet.
What is a bitcoin wallet?
A Bitcoin wallet is a digital wallet. This is where the coins of the crypto currency Bitcoin are stored, so to speak.
Which is the best Bitcoin wallet?
If you follow the test report and the experience reports on the Internet, there is a clear winner: eToro.
Where can you buy BTC?
Bitcoin can either be bought on crypto exchanges or through crypto brokers. It should be noted that one clarifies in advance whether the platform a) offers crypto currencies for sale and whether b) can be found in the selection of Bitcoin.
What types of wallets are there?
There are mobile wallets, desktop wallets as well as paper wallets and hardware wallets. Each wallet scores with special features - the respective advantages and disadvantages must be taken into account in order to find the best product for you.