If you’ve been dealing with bitcoins and cryptocurrencies for a while, you’re probably aware of online bitcoin wallets.
However, there’s a lot of confusion out there about what exactly an online bitcoin wallet is. Some people seem to get it confused with cryptocurrency exchange platforms. The two are completely different things.
In this article, I’ll tell you what exactly an online bitcoin wallet is, and what are its advantages and disadvantages. Following that, I’ll give you a brief intro into the 5 best online bitcoin wallets in the market so you can buy the online wallet that’s right for you.
What is an Online Wallet?
Online Bitcoin Wallets are basically wallets for your cryptocurrencies that exist online. You can access them from anywhere, either using your phone, tablet, or your computer. They’re extremely flexible and you can use them for bitcoin transactions as well, which is why a lot of people use online wallets.
However, there are certain big risks associated with using online wallets.
Dangers of using an Online Wallet
Online wallets are also referred to as “hot wallets”. This is because they are always connected to the internet and as such they’re vulnerable to hackers and malware. They come with several layers of security, however, despite that, a breach is possible.
As such, it’s recommended that you should only use online wallets for temporary storage to hold only as many bitcoins as is required for active trading.
If you want a storage solution for long term or for a large quantity of bitcoins, then you should get yourself a hardware wallet. These are cold offline wallets that can store all your cryptocurrencies. They are considered to be the safest means of storing cryptocurrencies as they can’t be either hacked or invaded by malware. Some of the best hardware wallets out there are Ledger Nano S and TREZOR.
Now that you know about the basics of online wallets, read on for an intro into the best online wallets in the market.
5 best online Bitcoin wallets comparisons
Before I give you a detailed introduction to the best bitcoin online wallets in the market, you can go through the following comparative table to narrow down your options.
|Online Bitcoin Wallet||Compatibility||Security||Anonymity||Ease of Use||Website|
|GreenAddress||Android, iOS, OS X, Google Chrome, Online||Okay||Medium||Easy||Check|
|SpectroCoin||Android, iOS, OS X, Online||Okay||Low||Average||Check|
PART 1: GreenAddress
GreenAddress is one of the most secure online wallets in the market. It comes with a series of features that offers a multilayered approach to security. Some of the security features it employs are hierarchical determinism, multisignature feature, and a hardware wallet support.
The Multisignature feature is a great option for businesses as you can add several signatories who all need to approve of a transaction. Furthermore, it can be used in conjunction with a hardware wallet so you can transfer your coins to cold storage whenever you need, offering the best of both worlds.
You can Create your Wallet on GreenAddress for Free and keep your coins safe!
PART 2: SpectroCoin
SpectroCoin is an extremely efficient online wallet for those who want extreme flexibility and a range of features. It also works as an exchange so you can also trade coins directly from it. It’s available in over 150 countries and supports over 30 cryptocurrencies.
Furthermore, you can also apply for a SpectroCoin prepaid card with which you can withdraw money directly from ATMs around the world.
PART 3: breadwallet (Android)
Breadwallet is one of the simplest and most efficient bitcoin wallets in the market. If you’re a beginner, you’ll love this because of the cool and intuitive design. You don’t even need much of a setup, simply enter a PIN and get started!
Furthermore, the private key is kept in the device so that no one else can access it. And they use hardware encryption so that none of your information can be accessed by anyone else.
You can download breadwallet for Android from the Google Play Store.
PART 4: Airbitz
Airbitz is a mobile Bitcoin wallet that’s completely decentralized and highly secure. It provides complete privacy by encrypting all chats and data so that no one other than you can access your information. Furthermore, the Airbitz user interface is also quite easy to get around, even for beginners.
You can store cryptocurrencies in Airbitz for Free right now.
PART 5: breadwallet (iOS)
Breadwallet for iPhone is every bit as efficient and simple to use as Breadwallet for Android. Signing up is simple as you just have to set up a PIN and that’s it. You can also use Breadwallet for trading purposes.
You’ll also be given a recovery phrase which you need to keep safely in a locker somewhere. In case your phone with the wallet is stolen, you can use the recovery phrase to restore access to your wallet and all its information.
You can download Breadwallet for iPhone from the Apple Store.
These are some of the best online wallets out there right now. All of them come with their unique features and you should use the one that’s most suited for you. If you’re a beginner, you should start with Breadwallet as the user interface is extremely friendly.
However, if you want a wallet with the best security, then you should get hardware wallets such as Ledger Nano S and TREZOR.
Whichever wallet you use, feel free to comment about it down below!