5 of the Best Blockchain Cryptocurrency Wallets for 2020
Cryptocurrency wallets have come a long way since Bitcoin launched over a decade ago. When the alpha code for Bitcoin v0.01 shipped, there were no wallets in fact: if you wanted to use the fledgling crypto network, you had to do so with your public/private keypair and a command line interface. Pretty soon, though, the first Bitcoin wallet emerged (developed by Satoshi himself), and it wasn’t long before the Qt client, as it became known, was joined by a series of open source wallets such as Electrum, and later by hardware devices.
Choosing the Best Crypto Wallet
Fast forward to today and crypto users have an array of desktop and mobile wallets to choose from that support dozens of cryptocurrencies and are rich in features. Just as different cryptocurrencies serve different roles, the same is true of the wallets that safely contain their keypairs. The following mobile wallets all support noncustodial storage of digital assets. The application you choose depends largely on your needs.
Best All-Round Wallet: Exodus
For a general-purpose cryptocurrency wallet that’s suitable for beginner to intermediate users, Exodus is ideal. It combines a clean interface and user-friendly layout with a built-in exchange and portfolio tracker. BTC, XRP, ETH, and XMR are among the many coins it supports. There’s also a desktop build that looks every bit as slick as the mobile wallet.
Best Ethereum Wallet: Trust Wallet
The Binance-owned Trust Wallet is a mobile-only noncustodial wallet that supports crypto assets from major blockchains such as Ethereum, Binance Chain, and Stellar. Trust is particularly good for storing ERC20 tokens and for decentralized trading; you can connect it to Binance DEX or Kyber Network to perform trades without relinquishing control of your coins. There’s also a Web3 browser built in for interacting with dApps.
Best Wallet for Beginners: ZenGo
ZenGo is a unique crypto wallet that doesn’t require the creation of a seed phrase. Instead it uses two independently created “mathematical secret shares,” one stored on your mobile device and one on the ZenGo servers. The cool part is that ZenGo can’t access your funds, and should you lose your device, funds are still recoverable. The app, which also enables users to buy cryptocurrency, is ideal for beginners who don’t feel comfortable with being responsible for retaining a wallet recovery phrase.
Best Wallet for Intermediate Privacy: Bitcoin.com
With 5 million downloads, the Bitcoin.com Wallet has been thoroughly battle tested. The wallet supports BTC and BCH and also enables the storage of Simple Ledger Protocol (SLP) tokens that operate on the Bitcoin Cash network. The best thing about the Bitcoin.com Wallet, however, is the way its intuitive design is complemented by privacy features such as the ability to generate a new wallet address at the touch of a button. This provides a simple way of deterring address reuse, which is bad for privacy.
Best Wallet for High Privacy: Samourai
Samourai is a bitcoin-only Android and desktop wallet that’s designed for experienced users. If you’re au fait with UTXOs, sweeping private keys, and CoinJoin, you’ll feel at home navigating Samourai, which is so pro-bitcoin that it doesn’t even display balances in fiat currency – this baby is sats only. Samourai packs a ton of features designed to enhance coin fungibility and to thwart blockchain surveillance. These include Stonewall, which protects against address clustering deanonymization attacks, and PayNym for accepting BTC payments without revealing your address to anyone but the sender. Built-in coin mixing, using CoinJoin, is currently available on the desktop version of Samourai and is coming soon to the Android app.
Pick the Right Cryptocurrency Wallet for Your Needs
While some users want an everyday wallet they can use to pay for goods and services, others need a long-term storage solution, and still others a hybrid option for buying and holding cryptocurrency. Whatever you’re seeking, be it privacy, utility, or simplicity, read up on the wallets that make your shortlist before hitting that download button. Once you’ve studied the spec, read the reviews, and weighed the pros and cons, you’ll be ready to set up your mobile cryptocurrency wallet. When it’s installed, be sure to secure your wallet with PIN, biometric, or password protection and keep your seed phrase offline in a very safe place.
Contributed by White Rabbit