[Tutorial] Allura's Guide To Bitcoin Wallets & Types of Wallets On The Market

[Allura]

This post is just a quick guide for everyone about the Bitcoin Wallets and the type of wallets on the market. As well as how to be the safest with your money.

Online/Web Wallets
Online/Web Wallets are wallets that can be accessed from anywhere, as long as you have internet.

Security: Low
Accessibility: High

Blockchain.info

• Support coin/s: Bitcoin, Ethereum & soon Bitcoin Cash
• Pros: Has lots of security functions, convert Bitcoin to Ethereum easily, doesn't require any personal ID verification.
• Cons: Conversion fees are terrible
• Private Key/Recovery Phrase: Yes
• End Notes: I highly recommend this wallet if you want to go with an online/web wallet

Coinbase

• Support coin/s: Bitcoin, Ethereum, Litecoin & soon Bitcoin Cash
• Pros: Buy and sell Bitcoin (after ID verification)
• Cons: Terrible customer support, known for locking wallets, don't give you full control of you wallet (recovery phrase)
• Private Key/Recovery Phrase: No
• End Notes: Wouldn't recommend this wallet. Only good for buying Bitcoin safely and then transferring it to your main wallet.

---

Desktop Wallets
Desktop wallets have your data stored on your computer. Therefore, if your computer got hacked, your funds may be hacked/stolen too. Essentially you are your own bank when it comes to Desktop wallets.

Security: Low - Medium
Accessibility: High

Exodus

• Support coin/s: Aragon, Augur, Bitcoin, Decred, Dash, EOS, Ethereum, Gnosis, Golem, Litecoin and OmiseGo
• Pros: Build in exchange (exchange one type of coin to another)
• Cons: Doesn't have 2 Factor Authentication
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better Desktop Wallets due to all coin support but no good security features, so I wouldn't recommend storing large amounts of money on here.

Electrum

• Support coin/s: Bitcoin
• Pros: Cold storage feature (can store a wallet offline on a USB), has 2 Factor Authentication (but for an extra fee)
• Cons: Only supports bitcoin
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better desktop wallets to store bitcoin due to its security

---

Hardware Wallets
Hardware wallets are by far one of the most safest types of wallet. You have a physical piece of hardware which stores all your data on. To access your funds you must have the physical item on hand. These are great for people holding large amounts of coin.

Security: High
Accessibility: High - Medium

Trezor

• Support coin/s: Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Ethereum, Ethereum Classic, ERC-20 Tokens
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €89
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Ledger Nano S

• Support coin/s: Bitcoin, Ethereum, Litecoin, Fido U2F, Dodgecoin, Zcash, Dash, Stratis, Ripple & Bitcoin Cash
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €58
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Paper Wallet

• Support coin/s: Any
• Pros: Completely offline (meaning its safe)
• Cons: Hard to access coins
• Private Key/Recovery Phrase: Yes
• Cost: Free
• End Notes: Great way to store any coin if you don't plan to use it in the near future

 

Private Key/Recovery Phrase: Is a key/phrase which enables you to have full control of your wallet. Meaning, if you wanted to change to a different wallet provider or just take your bitcoin off the internet into cold storage (cold storage means store offline), you can. You want to go with a wallet that does provide a private key/recovery phrase. Either a private key or recovery phrase is good. Never give your private key/recovery phrase to anyone!

These are from my experiences and research. These could be wrong, and opinionated

[Gurkensaftig]

Thanks for the guide. I personally use blockchain.

[mlabgic]

Super useful and insightful review of different wallets. Really useful thanks for making this. I use Electrum myself just because I'd rather use desktop wallets over online.

[Allura]

Bump 4 visibility

[ultrakicks40]

awesome guide, thanks

[Devil]

amazing Tut, thanks ^_^

[Pacco988]

great guide deserves more rep/ tHANKS

[ERYHse5rhrerhjetheth]

Thanks for the guide

[Slump God]

This post is just a quick guide for everyone about the Bitcoin Wallets and the type of wallets on the market. As well as how to be the safest with your money.

Online/Web Wallets
Online/Web Wallets are wallets that can be accessed from anywhere, as long as you have internet.

Security: Low
Accessibility: High

Blockchain.info

• Support coin/s: Bitcoin, Ethereum & soon Bitcoin Cash
• Pros: Has lots of security functions, convert Bitcoin to Ethereum easily, doesn't require any personal ID verification.
• Cons: Conversion fees are terrible
• Private Key/Recovery Phrase: Yes
• End Notes: I highly recommend this wallet if you want to go with an online/web wallet

Coinbase

• Support coin/s: Bitcoin, Ethereum, Litecoin & soon Bitcoin Cash
• Pros: Buy and sell Bitcoin (after ID verification)
• Cons: Terrible customer support, known for locking wallets, don't give you full control of you wallet (recovery phrase)
• Private Key/Recovery Phrase: No
• End Notes: Wouldn't recommend this wallet. Only good for buying Bitcoin safely and then transferring it to your main wallet.

---

Desktop Wallets
Desktop wallets have your data stored on your computer. Therefore, if your computer got hacked, your funds may be hacked/stolen too. Essentially you are your own bank when it comes to Desktop wallets.

Security: Low - Medium
Accessibility: High

Exodus

• Support coin/s: Aragon, Augur, Bitcoin, Decred, Dash, EOS, Ethereum, Gnosis, Golem, Litecoin and OmiseGo
• Pros: Build in exchange (exchange one type of coin to another)
• Cons: Doesn't have 2 Factor Authentication
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better Desktop Wallets due to all coin support but no good security features, so I wouldn't recommend storing large amounts of money on here.

Electrum

• Support coin/s: Bitcoin
• Pros: Cold storage feature (can store a wallet offline on a USB), has 2 Factor Authentication (but for an extra fee)
• Cons: Only supports bitcoin
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better desktop wallets to store bitcoin due to its security

---

Hardware Wallets
Hardware wallets are by far one of the most safest types of wallet. You have a physical piece of hardware which stores all your data on. To access your funds you must have the physical item on hand. These are great for people holding large amounts of coin.

Security: High
Accessibility: High - Medium

Trezor

• Support coin/s: Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Ethereum, Ethereum Classic, ERC-20 Tokens
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €89
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Ledger Nano S

• Support coin/s: Bitcoin, Ethereum, Litecoin, Fido U2F, Dodgecoin, Zcash, Dash, Stratis, Ripple & Bitcoin Cash
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €58
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Paper Wallet

• Support coin/s: Any
• Pros: Completely offline (meaning its safe)
• Cons: Hard to access coins
• Private Key/Recovery Phrase: Yes
• Cost: Free
• End Notes: Great way to store any coin if you don't plan to use it in the near future

 

Private Key/Recovery Phrase: Is a key/phrase which enables you to have full control of your wallet. Meaning, if you wanted to change to a different wallet provider or just take your bitcoin off the internet into cold storage (cold storage means store offline), you can. You want to go with a wallet that does provide a private key/recovery phrase. Either a private key or recovery phrase is good. Never give your private key/recovery phrase to anyone!

These are from my experiences and research. These could be wrong, and opinionated

/
can you make a info guide about the different types of cryptocurrencies and how they function and what are good to invest in and what not to invest in? I'm still new so I want to know more and your wallet guide was really helpful. Thanks!

- - - Updated - - -

This post is just a quick guide for everyone about the Bitcoin Wallets and the type of wallets on the market. As well as how to be the safest with your money.

Online/Web Wallets
Online/Web Wallets are wallets that can be accessed from anywhere, as long as you have internet.

Security: Low
Accessibility: High

Blockchain.info

• Support coin/s: Bitcoin, Ethereum & soon Bitcoin Cash
• Pros: Has lots of security functions, convert Bitcoin to Ethereum easily, doesn't require any personal ID verification.
• Cons: Conversion fees are terrible
• Private Key/Recovery Phrase: Yes
• End Notes: I highly recommend this wallet if you want to go with an online/web wallet

Coinbase

• Support coin/s: Bitcoin, Ethereum, Litecoin & soon Bitcoin Cash
• Pros: Buy and sell Bitcoin (after ID verification)
• Cons: Terrible customer support, known for locking wallets, don't give you full control of you wallet (recovery phrase)
• Private Key/Recovery Phrase: No
• End Notes: Wouldn't recommend this wallet. Only good for buying Bitcoin safely and then transferring it to your main wallet.

---

Desktop Wallets
Desktop wallets have your data stored on your computer. Therefore, if your computer got hacked, your funds may be hacked/stolen too. Essentially you are your own bank when it comes to Desktop wallets.

Security: Low - Medium
Accessibility: High

Exodus

• Support coin/s: Aragon, Augur, Bitcoin, Decred, Dash, EOS, Ethereum, Gnosis, Golem, Litecoin and OmiseGo
• Pros: Build in exchange (exchange one type of coin to another)
• Cons: Doesn't have 2 Factor Authentication
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better Desktop Wallets due to all coin support but no good security features, so I wouldn't recommend storing large amounts of money on here.

Electrum

• Support coin/s: Bitcoin
• Pros: Cold storage feature (can store a wallet offline on a USB), has 2 Factor Authentication (but for an extra fee)
• Cons: Only supports bitcoin
• Private Key/Recovery Phrase: Yes
• End Notes: One of the better desktop wallets to store bitcoin due to its security

---

Hardware Wallets
Hardware wallets are by far one of the most safest types of wallet. You have a physical piece of hardware which stores all your data on. To access your funds you must have the physical item on hand. These are great for people holding large amounts of coin.

Security: High
Accessibility: High - Medium

Trezor

• Support coin/s: Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Ethereum, Ethereum Classic, ERC-20 Tokens
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €89
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Ledger Nano S

• Support coin/s: Bitcoin, Ethereum, Litecoin, Fido U2F, Dodgecoin, Zcash, Dash, Stratis, Ripple & Bitcoin Cash
• Pros: Multiple coin support, extremely fast support, 2 Factor authentication, extremely secure
• Cons: None (in my opinion), some may say it is hard to access coins, but its takes almost the same amount of time to access as a web wallet.
• Private Key/Recovery Phrase: Yes
• Cost: €58
• End Notes: Fantastic wallet, depends on your budget and coins you want support for

Paper Wallet

• Support coin/s: Any
• Pros: Completely offline (meaning its safe)
• Cons: Hard to access coins
• Private Key/Recovery Phrase: Yes
• Cost: Free
• End Notes: Great way to store any coin if you don't plan to use it in the near future

 

Private Key/Recovery Phrase: Is a key/phrase which enables you to have full control of your wallet. Meaning, if you wanted to change to a different wallet provider or just take your bitcoin off the internet into cold storage (cold storage means store offline), you can. You want to go with a wallet that does provide a private key/recovery phrase. Either a private key or recovery phrase is good. Never give your private key/recovery phrase to anyone!

These are from my experiences and research. These could be wrong, and opinionated

/
can you make a info guide about the different types of cryptocurrencies and how they function and what are good to invest in and what not to invest in? I'm still new so I want to know more and your wallet guide was really helpful. Thanks!

[Allura]

Bump for visibility

[EXPSweat123]

GJ, I think I'll do the same but with ethereum wallets.

[Blizzard.]

Nice tutorial, thanks for your effort to clarify us all about such a matter.

[macandcheese]

Thanks for the clarification

[Señor Vu]

Thanks for the guide, it's very nicely organized

[Communicate]

Very useful, thanks for this