5 Best Bitcoin Online Wallets
If you are a crypto owner, you certainly want to use the best Bitcoin online wallet. However, “best” is subjective. There is no “one-size-fits-all” solution, and you have to compromise.
However, you don’t have to test every single wallet on the market – Bonpay has already done it for you. Here are five wallets that are the best in the industry.
Why you should choose online wallets
Here’s a thing — if you are an experienced cryptocurrency owner or trader, you should probably get a hardware wallet. It will be much more secure. However, if you are only starting out, getting a $100 headache might not be the best solution.
Hardware wallets are unwieldy, they require you to keep track of them and maintain them. Moreover, not all of them are truly secure — just look at the BitFi disaster.
If you are just considering getting your first Bitcoin, sticking with the online wallets is a better option. They provide you with abilities to actually use your crypto the way you want to — without the need for a dedicated device.
Once you decide that you actually like crypto and want to keep using it — then you should get a hardware wallet.
Blockchain.info is a hybrid wallet: it stores an encrypted version of your wallet online but decryption happens in your browser. It has a decent reputation and has been around since 2011 — far longer than most of the competition.
Interface and usability: Blockchain.info is intuitive and swift. It is the best example of the “It just works” design philosophy. The wallet also have smartphone app with the same functionality.
Security: The wallet has no known security risks and overall has pretty good reputation. As long as you take the online security seriously and enable 2FA, your account should be secure.
We highly recommend this wallet for Bitcoin beginners since it greatly streamlines the rather complicated experience.
Coinbase is another veteran in the online wallet game. Although, recently their focus somewhat shifted towards the Coinbase Pro trading platform. Still, their wallet solution is among the best on the market and is basically a default recommendation for the American cryptocurrency users.
Interface and usability: The interface is pretty streamlined, but there are some weird choices.For example, to withdraw or deposit you need to click a small arrow next to your balance in the wallet, which is hard to guess.
Withdrawing or transferring currency may take awhile if the network is operating on maximum capacity. And since Coinbase shares a lot of structure with Coinbase Pro, it is constantly under serious stress.
The support team is clearly trying, but tends to get overwhelmed. Waiting 10-20 minutes before a response is a norm.
Security: Pretty good security practices, 2FA and wallet insurance. One of the most secure and customer-oriented solutions.
Withdrawal: USA only.
Coinbase is really good, however a lot of users complain about their fees — which are above the average in the industry. If you are looking for a budget solution — look elsewhere.
GreenAddress is a user-friendly multisig wallet with individual approach and a lot of add-ons for security.
Interface and usability: It’s a convenient wallet that is easy to use. Although, sometimes it takes awhile to confirm a transaction — and it doesn’t have the Coinbase excuse. Payments also have to be approved by GreenAddress directly, which slows the transactions down even more.
Security: GreenAddress wallet focuses on the enhanced security. It offers 4 different types of 2-step verifications. All access is controlled by a single mnemonic phrase. The wallet offers to create sub-accounts for 2 of 2 and 2 of 3 signature transactions.
If you need a wallet several people can use, that’s a great pick. Otherwise, you are better off with something else.
MyEtherWallet (MEW) is a wallet for Ethereum, Ethereum Classic and any ERC-20 token issued on Ethereum platform.
Interface and usability: It’s not good. MEW is made for professionals that need features — not usability. You will probably have to look up a tutorial.
Security: MEW users keep their private key themselves, so the responsibility lays fully on the clients. Once you lost your key—that’s all, you lost your coins forever.
The security issues have been resolved, but left a bad aftertaste in the community. MEW is safe now and is probably the best wallet for Ether — but only as long as you are willing to learn how to use it.
Maybe, you’ve noticed that you are reading Bonpay blog. So it should not really come as a surprise.
Interface and usability: It’s alright. We are aiming to streamline the experience, so our interface is pretty intuitive and constantly gets better.
If you have some problems with Bonpay Wallet, or just want to talk, our support team is always ready to help—not bots, but real people are sitting in front of the computer, waiting for you.
Security: Wallets are stored using 256-bit AES encryption. The Tianhe-2 supercomputer would waste 5.41*1052 years to crack a single key. All traffic on Bonpay website is encrypted via SSL. Hackers can not intercept or modify it. And, of course, you can (and must) turn on 2FA.
Withdrawal: Via Bonpay Cards.
So what wallet to choose?
We offer you 5 reputable cryptocurrency wallets, and each of them provide high level of security and functionality. But they have slight differences in approach to the client and offer add-ons that may or may not be necessary to you.
Your choice of the wallet depends on how you intend to use your coins. We recommend reviewing all of them before choosing one. Choosing the right wallet shouldn’t be taken lightly, as It’s your exit to the cryptocurrency world, which must be convenient and reliable. If you have a large number of Bitcoin, it’s reasonable to diversify by keeping it in few different wallets. And if you still are not sure what wallet to choose, maybe, you will find useful this video of Bitcoin entrepreneur Andreas Antonopoulos talking about his personal wallet choices.