2020 was an awesome year for cryptocurrencies as a hold with Bitcoin in particular hitting new highs.
Despite the instability of 2021, the market outlook for cryptocurrencies appears to remain bullish. In the midst of it all, comments from billionaire inventor Elon Musk have added to an already volatile situation.
With crypto prices continually hitting new records, it’s perfectly understandable to want to get in on the action. But the crypto market is extremely volatile and is no place for beginners.
The unregulated nature of the market means that scams and hacks are extremely common. That’s why you need to make use of a trustworthy Bitcoin wallet app… One that offers you a good mix of flexibility and security.
What Makes a Good Bitcoin Wallet
For the purposes of this article, we’ll be talking exclusively about hot wallets. Hot wallets are online-based tools that allow users to send and receive cryptocurrency tokens.
A good hot wallet should have solid security encryptions and allow for the quick transfer of funds.
Without a Bitcoin wallet, it will be impossible for you to store your cryptocurrencies. So, fire up your mining rig as we take a look at the best Bitcoin wallet apps available in 2021.
The Best Bitcoin Wallet Apps
1. Exodus
Easy-to-use with a simple interface, Exodus offers support for users on both desktop and mobile devices.
One of Exodus’s most interesting features is the ability to swap between more than 100 growing cryptocurrencies. Also, you’ll be able to purchase new cryptocurrencies thanks to its built-in crypto exchange feature.
An area of concern for some may be the closed source security protocols used by the Exodus team. The lack of transparency and reliance on the Exodus team for security is something that you should take into consideration.
Pros:
- User-friendly interface – ideal for beginners
- Able to swap between various cryptocurrencies
- Built-in crypto exchange features
- Good customer support
Cons:
- Closed source security protocols can be an issue
- Limited in terms of features for more advanced crypto users
2. Electrum
Built for crypto investors focused on just Bitcoin, Electrum was one of the first Bitcoin wallets to appear on the scene.
Despite its basic appearance and lack of features, Electrum is heavily favoured by experienced Bitcoin enthusiasts and investors. For example, the wallet has more sophisticated security features that can be customized to suit the needs of users.
Also, the wallet allows for users to lengthen their seed phrase with custom words.
Pros:
- High-level of security
- Additional customization
- Can customize seed phrase
Cons:
- Basic interface and lack of functionality
- Does not support other cryptocurrencies – just Bitcoin
- No customer support
3. Mycelium
Similar to Electrum, Mycelium was one of the earlier cryptocurrency wallets that were developed.
Unlike Electrum, Mycelium supports a variety of different cryptocurrencies such as Ethereum and FIO. The wallet comes with a built-in crypto exchange that lets you buy and sell tokens.
However, Mycelium is built to be usable on mobile devices only. But it somewhat makes up for this by being compatible with a variety of hardware wallets such as Trezor, Ledger, and KeepKey.
This allows you to keep your cryptos in cold storage while still keeping track of them with Mycelium.
Pros:
- Compatible with hardware wallets
- Supports multiple cryptos
- Open-source software
Cons:
- Can be complicated for less experienced users
- Mobile only
So there you have it – a summary of the best Bitcoin and cryptocurrency wallets available now. To find out some other top Bitcoin wallet apps for 2021 check this article from Tezro.
Just remember to practice good data hygiene at all times to keep yourself protected. Additionally, you should never rely on hot wallets alone to store your cryptos. Instead split your holdings between both cold and hot wallets.