Bitcoin is still the biggest cryptocurrency in the world right now. Its popularity has surpassed every other cryptocurrency, and by a large margin. Most wallet applications in the blockchain space are also Bitcoin wallets, which means they always support Bitcoin while they might not always support other cryptocurrencies.
There are even people who still don’t know what a cryptocurrency or blockchain is, but they have heard of the word “Bitcoin.” Undoubtedly, Bitcoin has become one of the hottest assets in the world, with many investors are already investing their money into it, and non-crypto investors are already interested in testing some water with Bitcoin investment.
And if you believe in the future of Bitcoin, obviously you need to learn where to properly find the best Bitcoin wallets. You don’t want just to put your Bitcoins inside a crypto exchange account, as it can be a potential risk in case hackers get access to your account. There have been numerous stories where crypto exchanges got hacked in the past few years.
Just like what the crypto audience always say “not your keys, not your coins”, which means that you always need to have control over your own cryptocurrencies. And the only way to do that is to store your Bitcoins with your own Bitcoin wallets.
So, what are the best Bitcoin wallets in 2020? This article will teach us exactly that.
1. Ledger Nano
It might feel a little bit inconvenient to buy a hardware wallet, but it’s literally the best option to safeguard yourself from online hackers and prying eyes. With standard desktop or mobile Bitcoin wallet applications, hackers can send your BTCs to their own wallet once they compromise your account. However, with a Ledger Nano, you cannot send your Bitcoin or any other cryptocurrency without pressing the hardware button on your Ledger Nano.
The idea is that hackers won’t be able to do anything with your Bitcoin, because (obviously) he won’t be physically at your home pressing the required hardware button. This feature alone can give you huge peace of mind. On top of that, Ledger Nano actually doesn’t let you save your wallet address’ private key. Instead, it lets you save a 24-word backup phrase, to let you restore your Bitcoin wallet accounts in another ledger device.
All of these top security features make Ledger Nano our first choice on this list. To use the Ledger Nano device, you only need to connect it to your computer by using the provided USB cable. Then, you will need to download the Ledger Live application on your computer. The application will be able to detect your device automatically, and you can just use it to send or receive BTC or other cryptocurrencies.
The best alternative to Ledger Nano is a Trezor. Just like Ledger Nano, Trezor is also a hardware device where you need to confirm the transaction on the device before the Bitcoin transaction can be confirmed. In terms of security, getting a hardware device (Ledger Nano or Trezor) is the maximum peace of mind you can get due to its restriction on transactions until you confirm them on your device.
For example, if the wallet address recipient on your computer is different than the one displayed on your Trezor, you should not continue, as your computer might be infected. You will only be able to send the transaction if you agree on your Trezor to send them. On top of this, Trezor also has two different ways to backup your wallet accounts. The standard single backup with recovery seed and the newly introduced Shamir backup.
If you want to connect your Trezor to your computer, you only need to connect the device with USB to your computer. Then, you will need to go to wallet.trezor.io, and the website will automatically detect your device. You can also install their Trezor Bridge tool.
If you are not interested in buying any hardware wallet, you can choose to download desktop and mobile wallet applications. My most recommended multi-platform wallet application for Bitcoin (and other cryptocurrencies) is Exodus. It’s available for Windows, Mac, Linux, Apple App Store, and Google Play. It’s a multi-crypto wallet, which means every crypto that’s supported by Exodus works inside the same User Interface.
Exodus is also very user-friendly and beautifully designed, so it’s very recommended for newcomers in the crypto industry. The UI is straightforward with balance lookup as the main page and two buttons to send and receive. They don’t want to make it complicated with different customization for transaction fees. All newcomers can easily send and receive Bitcoin within just two simple clicks.
Now, if you are looking for a web-based Bitcoin wallet, the best option is to go to Blockchain.com/wallet. The account creation here is straightforward, and they try to make it similar to standard account creation on the internet. For example, the first page that you will see when you choose to “Sign Up” is about email and password.
The user interface is also beautifully designed, and it’s easy to know where to send and receive Bitcoins with this web wallet. If you are looking to use Blockchain.com wallet with your phone, you can download it from the Play Store or Apple App Store. You can login using the same credentials, and you can also set up a fingerprint for faster login procedure. Besides Bitcoin, you can also find Ether, XLM, and Bitcoin Cash within the Blockchain.com wallet dashboard.
5. Trust Wallet
Another Bitcoin wallet application that we recommend is Trust Wallet. Available to download for smartphones on Apple App Store and Play Store, Trust Wallet is another multi-crypto wallet application that stands out among the competition. Trust Wallet also offers a recovery phrase for its multi-wallet account system, so you can easily restore the backup into another device, and you will get the same access to all cryptocurrencies that are linked to your multi-wallet account.
The user interface is also pretty simple and straightforward. The dashboard will show you the total amount of cryptocurrencies that you have alongside the list of the crypto. Then, when you click one of the crypto (i.e. when you click on Bitcoin), you will see three buttons. Send, Receive, and Copy. Send is to send your crypto to another address. Receive is to show your wallet address as well as QR code of your wallet address. Copy is to copy-paste your wallet address to the clipboard.
There are other great wallet applications out there, but the five names I wrote above are the best Bitcoin wallets in 2020. If you care more about security, go get a Ledger Nano or Trezor device. If you care more about beautiful design and simple UI, go with Exodus. If you want a web-based application, go to Blockchain.com. If you love the mobile wallet app, you can try Trust Wallet (note: both Blockchain.com and Exodus apps are also available for smartphones).