Earlier I had written a list of the Top 5 easiest ways to buy bitcoin. Even the bitcoin beginner is warned against storing coins online in exchange wallets. After all, we are living in the new age of cyber warfare. I’ve put together another list this time around: the top 5 easiest and safest wallets for beginners to store bitcoins. If you want a more comprehensive comparison, checkout this bitcoin wallet comparison chart and reviews.
A great mobile wallet for Android and iOS users. If you are just starting with Bitcoin, Mycelium is has a simple UI that is easy to navigate. The Bitcoin keys are stored on your phone meaning you have full control over your Bitcoins. Furthermore, you are provided with a seed when you first register the wallet which should be written down and stored in a safe place. In case you loose your phone, you could recover the wallet using the secret 12 word seed.
Multibit is a software wallet. Like other software wallets, it encrypts your private key with a handy save to USB option. The thing that makes Multibit stand out is that is doesn’t need to download the whole blockchain to access, send, or receive bitcoins. Instead, it is connected directly to the bitcoin network and only has to download a small section of the blockchain, which enhances its speed tremendously. This also enables it take up less hard drive space on your computer. It is available to multiple platforms.
While it’s not the most unsecure wallet out there, it’s coming in at number three, due to the fact that it’s the most known. This has made Blockchain Wallet the biggest target for hackers looking to steal your bitcoins. Blockchain is aware of this, and has implemented client-side AES encryption, which protects your walled from a hack of the server. This wallet supports offline transactions as well, and a double encryption process along with two factor authentication. Blockchain Wallet also lets you back your wallet up onto Google Drive or Dropbox, and lets you download your wallet manually. To help combat server hacks, they have set up regular off-site server side backups every hour. They even have a mobile wallet, as do the rest of the wallets on the list.
Breadwallet is a great wallet for iOS users. Just like the Mycelium wallet it stores your Bitcoin keys on your phone giving you full control over your funds. Furthermore, breadwallet uses fingerprint or a passcode in order to lock the wallet.
This is the best wallet for desktop users, hands down. The feature that drove me toward Electrum in the first place was the fact that you can open multiple wallets using the same seed. You can also create and sign transactions without being connected to the internet. In addition you have the option of downloading a “root public key” that you can use with mobile applications to monitor your Electrum wallets.
The UI is super easy to use and is not only tailored to beginners but also has advanced functions. It is a definite must try if you are looking for a multifunctional wallet to hold your funds.
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