Best 3 Mobile and Web Bitcoin Wallets in 2020

There is often a lot of focus on how to buy Bitcoin and where the price is going to move. It is easy to overlook one of the most important aspects when buying Bitcoin. If users and investors do not store their Bitcoin in high-quality wallets, there is the risk that they could lose their funds forever.

There is also the bitcoin losing issue that if you don’t control your Bitcoin in your own wallet, it is not really your Bitcoin. You may believe that the Bitcoin you leave on an exchange is yours but if the exchange gets hacked, the Bitcoin will likely not be retrieved. In this article, we analyze the top wallets to store and secure Bitcoin. We delve into the security provided, features, along with benefits and drawbacks of each.

Best 3 Mobile & Web Bitcoin Wallets in 2020

Blockchain Mobile & Web Wallet

Although web-based Bitcoin wallets typically have a poor level of security, Blockchain has built a considerable reputation as a wallet provider. It has provided over 31 Million wallets and its wallets are available in both the web browser and on Android and iOS. One of the key benefits of the wallet is the ease of use.

The wallet is extremely straightforward for a user to set-up and use. The Blockchain wallet is available in 25 languages catering for a global user base. One of the main drawbacks is that the private key of the wallet is stored by Blockchain. Encryption is applied so that the private key can only be accessed with a password.

The mobile Friendly support makes it easy for users to integrate Bitcoin into their day-to-day life. Users can easily store, send, and receive Bitcoin with the Blockchain wallet. A QR code pattern can be generated to easily receive Bitcoin. The Blockchain wallet also provides exchange services enabling users to exchange between cryptocurrencies. Other supported Coins include Ethereum, Bitcoin Cash, and Stellar Lumens.

The wallet also has many attractive features, it is hierarchical deterministic and has multi-sig functionality. The wallet is also open-source enabling developers to assess its level of security. Overall, the wallet is a strong option to consider mainly for its ease of use and is very suitable for beginners."Best 3 Mobile & Web Bitcoin Wallets in 2020"

Kraken Exchange Platform-Based Wallet

Leaving funds on an exchange is commonly not advised. One of the main issues with leaving funds on an exchange is that you can never be certain if the exchange has them. The exchange could easily be just keeping a fraction of deposits and using the rest to make risky investments where they might make a return.

Kraken platform was the first exchange to conduct a proof of reserves audit. Users can independently verify that the exchange holds each user's funds by providing a way for users to cryptographically check that the exchange holds their balance. Kraken also holds the vast majority of users' funds in cold storage.

Coinbase Exchange Platform-Based Wallet

The Coinbase wallet and exchange platform offers an excellent wallet service especially for beginners. Wallets can be confusing at the start. If overwhelmed with the different options and features, it is sometimes better to use an exchange. If a wallet is being used and the user does not understand how to operate it, there is the possibility that the user could make a mistake and risk losing the funds.

The most well-known exchange for simplifying the process of buying and storing Bitcoin is Coinbase. It enables users to purchase Bitcoin with their fiat currency by either depositing to their account through a wire or SEPA transfer or purchasing immediately via prepaid card.

Coinbase has simplified the wallet so that is understandable for the everyday beginner. When depositing, users will have a wallet for their fiat currencies and they will have a separate wallet for their cryptocurrency once it is purchased.

Users can also easily send and receive from the Bitcoin wallet. A QR code or address can be used to receive cryptocurrency. The security of the wallet is not optimal as it places Coinbase in control of the funds but it is easily understandable to those with little experience.

With Coinbase having a strong focus on compliance, consumer protection regulations may add an extra layer of protection to user's funds depending on where the user is based. Coinbase operates in over 30 countries including the United States.