Your Bitcoin wallet is the equivalent of a bank account. You can receive, store and transfer Bitcoins to and from your wallet.
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Wallet TypeIs it a hardware wallet or a software wallet?
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Soft | Soft | Soft | Soft | Soft | Soft | Soft | Hard | Hard |
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Web InterfaceCan you access this wallet through a browser or an internet connection?
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Yes | Yes | No | No | Yes | No | No | Yes | Yes |
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Mobile AppDoes this platform have a mobile interface?
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Yes | Yes | No | No | Yes | No | Yes | Yes | No |
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Desktop ClientAre you required to download software to access the wallet?
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No | No | Yes | Yes | Yes | Yes | No | Yes | Yes |
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Independent Wallet PrivacyWill your funds be controlled by the wallet manufacturer?
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No | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
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PrivacyCan transactions be traced back to your identity?
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Moderate | Weak | Good | Good | Good | Moderate | Good | Good | Good |
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SecurityHow difficult is it to hack into your wallet?
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Good | Good | Good | Good | Good | Good | Good | Good | Good |
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Easy for New Users?How simple is it for new, non-technical users to pick up?
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Yes | Yes | Yes | No | Yes | Yes | No | Yes | Yes |
| Pro’s |
Beginner friendly You can add funds from within the wallet Established and respectable company |
Established company Friendly interface Available on mobile and web |
Easy to use You can trade Cryptos from within the interface Great support |
Many security and privacy features Stable system |
Good security measures Great user design Supports multiple devices |
Speedy Easy to set up |
Respected brand Safe, secure system |
Easy to use, Multiple Password for Multiple Accounts, Extra Security and Verification, Affordable Hardware Wallet with Screen | Multi-Currency Support, Second Screen Capability, Affordable |
| Cons | Company has some control over your funds Depending if you’re using Vault. Not worldwide yet. |
3 rd party trust required Anonymous payments are difficult to make. |
Limited to desktop at the moment Relatively new company |
No mobile app No web interface Requires own PC on hand Requires a lot of free space to store the Blockchain |
No support Can be tough for beginners |
Weak privacy features Average security features |
Can be tough for new users Only available online Requires an Android or Blackberry phone |
Some Coins Can’t Be Stored | Can’t Be Used on Mobile Devices, Slightly Lower Security Levels |
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As with all forms of money, your wallet should be secured. Bitcoin enables you to transfer value anywhere in a simple manner, allowing you to be control of your money. This requires great security measures and this level of protection is available but do remember it is your responsibility to adopt good practices to safeguard your money.
Disclaimer: Bitcoin is new to you and therefore you should take serious precautions before starting any serious transactions. Remember it is your responsibility to choose your wallet carefully and protect your money.