What is the best bitcoin wallet (not Coinbase)?

Bitcoin Questions and AnswersCategory: QuestionsWhat is the best bitcoin wallet (not Coinbase)?

Lee asked 11 months ago

I would like to store my bitcoins in a private wallet from a legitimate and reliable company and not a hardware wallet. I signed up for Coinbase but had problems months ago and I’m reading about their outrageous fees and other problems with them (servers down 2 weeks ago when bitcoin hit 18k mark, banksters and their dogs attacking cryptocurrency in USA). Could you recommend a reliable wallet? For example, is Bitstamp.net a legit wallet? Localbitcoins.com?

1 Answers
Steven Hay answered 11 months ago

Hi Lee,
 
The companies you mention are all exchanges and not wallets per se. While they do feature wallets, these should only be used to store your coins in for trading purposes. The reason being, if the exchange shuts down or gets hacked, you don’t have control of the private keys which manage those wallets. As a result, it’s easy to lose your coins.
 
For purposes of storing coins, we recommend that you use a personal wallet on your own device. This will allow you to take responsibility for the security of your own private key, and of course the first thing you should do is make an accurate and secure backup of that privkey.
 
If you really like the convenience of online wallets, then I would suggest GreenAddress.it – this wallet at least lets you control your own privkey. For a full list of wallet recommendations, check out this article:
 

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