Back in 2009 Bitcoin emerged and has since become one of the most talked about topics globally. If you were as clever, or maybe as lucky, as Kristoffer Koch back then, you would have been sitting on a goldmine today. The Norwegian student bought 5000 Bitcoins for $26.60 as part of a thesis he was working on and by the time didn’t think much of it. Today the value of his accidental buy is a whopping $176,692,500.00.
And this is exactly what makes cryptocurrencies so darn exciting. It fluctuates and is seriously volatile but if you understand the concept, you can make some serious money from it. One of the most important factors when considering buying Bitcoin is how to store it.
Luckily for you, this is what we are good at. We have done the homework and assembled a list of the best Bitcoin Wallets and storage devices. Some have better features and include both hot and cold wallets. Some have added security while others allow you to store more than one cryptocurrency. It all depends on your personal preferences so we have narrowed it down to the following:
- Best Bitcoin Wallet for Beginners: Exodus
- Best Bitcoin for the Advanced Using Only Bitcoin: Electrum
- Best Bitcoin Wallet for Mobile Users: Mycelium
- Best Hardware Wallet: Ledger Nano X
- Best for Large Number of Crypto: Trezor Model T
- Best Value: Ledger Nano S
What is a Bitcoin Wallet?
Just like your wallet or purse holds your notes and coins together, a Bitcoin Wallet helps to keep your cryptocurrencies and transac
tions in one place. Think of it as a conventional bank that tracks your FIAT funds, validates your transactions and stores all your information.
The great thing about a Bitcoin Wallet is that your information is kept secret by using your own private key or seed to ‘’sign’’ and validate your transactions. This seed or key is almost like a pin code that keeps others from interfering with your transactions.
It can be quite complex but you don’t need to know everything in depth to get started. I would recommend using a basic wallet to start with and to progress to wallets with more features when you have a sound understanding of what they are.
It is however important to note that you get hot wallets and cold wallets and there is a huge difference between the two. A hot wallet is a crypto wallet that is connected to the internet. It is less complicated in the sense that it is easier to set up and that the user interface is generally easy to understand but it is also more susceptible to interference such as hackers.
Cold storage is a wallet that is not connected to the internet. It is a hardware device and although it is much more secure than hot wallets, it generally doesn’t accept as many cryptocurrencies and cost from $80 upwards whereas hot wallets are free.
How does a Bitcoin Wallet work?
As you probably know, Blockchain is a shared public ledger where crypto transactions happen from one wallet to another. So, when a Bitcoin or other cryptocurrency transaction occurs, there is a transfer of value between Bitcoin Wallets, just like your normal FIAT bank account.
What makes a transaction possible is a combination of the recipient’s public key and your private key and when this transaction takes place, each Bitcoin wallet will use this info to validate transactions by proving that the seller is the owner of the wallet.
Best Bitcoin Wallet for Beginners: Exodus
Exodus is the perfect choice for beginners thanks to its simple interface. The mobile and desktop wallet allows you to swap between over 100 cryptocurrencies and also features great customer support which is essential if you are getting into the crypto space.
Although it is great for beginners, it might lack some pretty important features if you are an advanced user. It is a closed source wallet which ironically goes against the ideology of the blockchain and Bitcoin because its code is not open to everyone. This for me personally creates some security concerns because you need to rely on the Exodus team to guarantee that there are no glitches in the security of this wallet.
What I do like about this wallet is that you are able to set custom fees to keep expenses as low as possible but you also have the option of setting a fee automatically to ensure faster transaction times.

Exodus Bitcoin wallet
Features
- Price: Free
- Compatible hardware: Trezor
- Wallet type: Hot
- Incorporated exchange: Yes
Pros
- Brilliant customer support
- Built-in exchange
- Massive variety of cryptocurrencies
Cons
- Closed source wallet
Best Bitcoin for the Advanced Using Only Bitcoin: Electrum
Electrum has been around since 2011, exactly two years after the emergence of Bitcoin and has not changed a lot since then. Although it is committed only to Bitcoin and has a very basic interface, Electrum outrivals its opponents because it excels in these primary functions.
It is a bit complex and is suitable for more advanced users, but this shouldn’t stop you from considering Electrum as an option. Users are able to set custom transaction fees and also have the choice between Segwit and legacy Bitcoin. It is an open source wallet and allows users to choose their preferred level of security.
This means you can choose a standard wallet with two-factor authentication or a multi signature wallet, for example. You are also able to lengthen your seed phrase with custom words and although this might sound complicated if you are new at Bitcoin Wallets, it is a perfect choice for advanced users thanks to its security features and the fact that it is customizable.

Electrum Bitcoin wallet
Features
- Price: Free
- Compatible hardware: Ledger, Trezor and many more
- Wallet type: Hot (plus option of cold storage)
- Incorporated exchange: No
Pros
- Seed phrase can be customized
- Fantastic security – better than most hot wallets
- Transaction fees are customizable
Cons
- User interface is a bit complex
- Supports only Bitcoin
- Offer no customer support
Best Bitcoin Wallet for Mobile Users: Mycelium
Mycelium is very similar to Electrum in the sense that it is one of the first wallets released in the crypto space. It is an open source wallet and currently supports only Bitcoin (BTC), Ethereum (ETH), Ethereum tokens (ECR-20) and FIO token.
What makes it different from Electrum is that it is a mobile-only wallet, it has a built-in exchange and also a far better interface. I really like the feature that allows you to hold your Bitcoin in an offline storage while you still have the option to see your holding on its interface. It also allows you to set custom transaction fees which means that you have flexibility with the transaction speeds.

Mycelium Bitcoin wallet
Features
- Price: Free
- Compatible hardware: KeepKey, Ledger, Trezor
- Wallet type: Hot (plus option of cold storage)
- Incorporated exchange: Yes
Pros
- Software is open-source
- Can use hardware wallets
- Transaction fees are customizable
Cons
- User interface can be confusing
- Mobile-only wallet
Best Hardware Wallet: Ledger Nano X
Ledger, a French company, have managed to make a name for themselves after they released their first generation hardware wallet (the Ledger Nano S) back in 2014. This wallet dominated the market for a significant number of years until they released their second generation cryptocurrency wallet, the Ledger Nano X.
What makes it quite remarkable is that it resembles a USB drive that can be connected via Bluetooth or USB to your Android or iOS device which means that you don’t need a PC for crypto transactions. The Ledger Nano X supports over 1500 cryptocurrencies and continues to expand this list year after year.
The Ledger Nano X might be a cold storage wallet but the innovative team at Ledger has created Ledger Live software that gives you the ability to add new crypto wallets to your devices and manage your own portfolio. It is undoubtedly the most popular hardware wallet in the crypto world and has been for many years.
Unfortunately Ledger experienced serious hacks back in 2020 which exposed the personal information of their customers such as names, addresses, email addresses and telephone numbers. Thankfully it did not affect their customer’s private keys but it did taint the credibility of their internal security in some way.

Ledger Nano X wallet
Features
- Price: $119.00
- Wallet type: Cold Wallet with Ledger Live software
- Incorporated exchange: Yes
Pros
- Software is open-source
- Customer and community support
- Ledger Live software has a simple and easy user interface
- Can store 90+ apps
- Bluetooth connectivity
Cons
- Bluetooth integration a potential security risk
- Wallet storage is limited
Best for Large Number of Cryptos: Trezor Model T
Trezor, like Ledger, is also one of the forerunners in the crypto cold wallet storage spaces. The Trezor Model T is their second hardware wallet release and is a lot like the Ledger Nano X but as an added extra, users have the ability to access third party exchanges such as CoinSwitch or Chengelly directly in Trezor’s interface.
I do agree that this is very convenient but I am not 100% convinced that it justifies its considerably larger price tag. I like the fact that it has a MicroSD card slot that makes it possible for you to encrypt the pin for extra protection and also that it utilizes a touch screen that makes it easier for beginners.
It also comes with a USB Type C cable, similar to the Ledger Nano x, that gives you the flexibility to connect to either your PC or your smartphone and supports slightly more currencies (1600) than the Ledger Nano x.
Some users prefer the Trezor Model T to the Ledger Nano X simply because of the latter’s Bluetooth connectivity security risk but to be fair, Ledger’s Bluetooth is optional.

Trezor Model T wallet
Features
- Price: +- $180.00
- Wallet type: Cold Wallet
- Incorporated exchange: Yes
Pros
- Software is open-source
- Customer and community support
- Built-in exchange
- 1600+ supported currencies
Cons
- More expensive than similar products
- Interface can be confusing for beginners
Best Value: Ledger Nano S
The Ledger Nano S was Ledger’s first hardware wallet and was launched shortly after Trezor’s first generation hardware wallet. Like the Ledger Nano X, it is compatible with more than 1500 cryptocurrencies but it does not come with a USB type C cable which means that it can’t be connected to modern smartphones.
Both Ledger’s wallets are practically the same with the Nano S having less features. Both have access to the Live Ledger software and support the same number of currencies but the Nano S can only store 6 apps and not 100 like it’s successor.
While the Nano S only has storage space for a limited number of cryptocurrencies simultaneously, they do state that if you delete an app in order to add a different cryptocurrency, your assets will not be affected. This means that you will still be able to view the crypto within the deleted wallet on the Ledger Live software but you will not be able to view it on the hardware device itself.
Unfortunately due to limited storage space, you might need to delete another wallet if you would like to send and receive crypto to a wallet that you have deleted in the past. But to be fair, if you are a beginner, looking to store your crypto in a fair and safe place, the Nano S might be the perfect choice for you because you won’t need all the fancy features to start with.

Ledger Nano S
Features
- Price: $59.00
- Wallet type: Cold Wallet
- Incorporated exchange: Yes
Pros
- Software is open-source
- Customer and community support
- Access to Ledger Live
- 1500+ supported currencies
- Secure storage at a very low price
Cons
- Maximum of 6 storage apps
- No Bluetooth connectivity
FAQ
How do I choose a Bitcoin wallet?When choosing a Bitcoin wallet, it's important to consider factors such as security, ease of use, and compatibility with your device or operating system. You may also want to look for wallets that offer features such as two-factor authentication, multi-signature support, and backup and recovery options.
Where is the best place to hold Bitcoin?The best place to hold Bitcoin depends on your personal preferences and needs. Some popular options include hardware wallets, software wallets, and paper wallets. Each of these options has its own advantages and disadvantages in terms of security, convenience, and accessibility.
Is there a free Bitcoin wallet?Yes, there are many free Bitcoin wallets available. Some popular options include Mycelium, Electrum, and Bitcoin Core. However, it's important to remember that free wallets may not offer the same level of security and features as paid wallets, so be sure to do your research before choosing a wallet.
Do I need a wallet before I buy Bitcoin?Yes, you will need a Bitcoin wallet before you can buy Bitcoin. This is because Bitcoin is a digital currency that is stored in a digital wallet. You can download a wallet app or software and generate an address to use for receiving Bitcoin before you purchase it.
Where is Bitcoin safest to store?Bitcoin is safest to store in a hardware wallet, which is a physical device that stores your private keys offline and away from the internet. This provides an additional layer of security and makes it more difficult for hackers to steal your funds. Alternatively, you can store Bitcoin in a software wallet that has strong security features and backup options.
What is the difference between a software and hardware Bitcoin wallet?A software Bitcoin wallet is a digital wallet that is installed on your computer or mobile device. It stores your private keys and allows you to send and receive Bitcoin. A hardware Bitcoin wallet is a physical device that stores your private keys offline, providing an extra layer of security. Hardware wallets are generally considered to be more secure than software wallets, but they may be less convenient to use.
Final thoughts
There are many Bitcoin Wallet options and all have their own set of pros and cons. It might sound intricate and daunting to understand everything at first but it doesn’t have to be. Start with something simple like the Ledger Nano S or even the Exodus and explore other options once you feel that you need more features.
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Further reading:
- New Bitcoin Casinos
- Bitcoin Bonus (Guide to Bitcoin casino bonuses, no deposit bonuses and free spins)
- Bitcoin Slot Guide
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