How To Find The Best First Bitcoin Wallet

How To Find The Best First Bitcoin Wallet

What is a Bitcoin Wallet?

When you purchase your first Bitcoin, you need to also get your very first Bitcoin wallet. Think of it as a secure wallet that makes sure no hacker can get access to your bitcoin. But, why do you even need a wallet in the first place?

Well, that’s because a Bitcoin has a private key. That private key is only known by the owner of the bitcoin at a specific time. Now, if someone gets access to your private key, the person can pretty much say that it’s theirs and you can lose your investment.

That’s why you absolutely need your first bitcoin wallet to protect your investment from hackers.

There’s two basic types of Bitcoin wallet; hardware wallets and online wallets. We’re gonna discuss and find out which one is the best first Bitcoin wallet for beginners.

Hardware wallet

The whole idea behind Bitcoin hardware wallet is pretty simple. Essentially, your Bitcoin information is stored in a system with no internet connection. If there’s an internet connection, people might be able to hack into the system, but a Bitcoin hardware wallet can’t be broken into unless someone steals it from you.

That’s why a Bitcoin hardware wallet is one of the most secure wallets available on the market today. In all, there are about three companies which offer hardware wallets, notably Trezor and Ledger.

Trezor is Ledger’s main competitor, it’s a Bitcoin hardware wallet that helps people to securely store their bitcoins, but also helps people maintain security in some aspects of life on the internet. It’s also an extremely helpful device that has great privacy services that everybody can benefit from.

For us at WikiCrypto, the Trezor is one of the best first Bitcoin wallets to purchase since it’s secure and doesn’t need a large investment.

TOP 1
TOP 1
ledger-blue-wallet-wikicrypto-s How To Find The Best First Bitcoin Wallet

Ledger Blue
cexio-logo-wikicrypto How To Find The Best First Bitcoin Wallet
"Ledger Blue is the safest and most reliable hardware wallet available on the market"
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Safest Wallet Available
    Free routes & directions
  • Tactile Screen, USB, Bluetooth
    Basic web route creator
  • BTC and all Altcoins accepted
    Android and ios app
  • Very easy to set up and use
    Android and ios app
  • Compatible with MyEtherWallet
    Android and ios app
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Price: $310 (USD)
    Android and ios app
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
WikiCrypto Score 9.6/10 WikiCrypto Score 90
TOP 2
TOP 2
ledger-nano-s-wikicrypto-s How To Find The Best First Bitcoin Wallet

Ledger Nano s
coinmama-logo-wikicrypto How To Find The Best First Bitcoin Wallet
"Ledger Nano S is a great choice for newcomers to cryptocurrency trading"
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Simple yet very safe wallet
    Run unlimited routes
  • Affordable
    Maps & Print directions
  • Great for newcomers
    Export GPX
  • BTC, ETH, Tokens accepted
    Export GPX
  • 2-month wait for delivery
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Price: $75 (USD)
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
WikiCrypto Score 9.3/10 WikiCrypto Score 82
TOP 3
TOP 3
Trezor-wallet-wikicrypto-s How To Find The Best First Bitcoin Wallet

Trezor
coinbase-logo-wikicrypto-1 How To Find The Best First Bitcoin Wallet
"Trezor is the best hardware wallet if you mainly invest in Bitcoins"
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Most popular wallet for BTC
    Custom route creation
  • Very easy to set up online
    Custom group creation
  • Good Customer Support
    Support
  • 2-year Warranty
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • BTC, ETH accepted
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
  • Price: $99 (USD)
    Support
  • arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
    arp_1498575769_3_25_4 How To Find The Best First Bitcoin Wallet
WikiCrypto Score 8.9/10 WikiCrypto Score 77

Online wallet

Now, don’t believe that hardware wallets are the only ones that protect your bitcoins. Usually, you can get away with using an online wallet albeit it not being as safe as a Bitcoin hardware wallet.

An online Bitcoin wallet is a software that is stored on your computer or on a USB-drive. The software stores your private key and provides security whilst carrying out transactions on the internet.

Since online wallets are usually free, they’re definitely the best for beginner users who are buying their first Bitcoin. If that’s you, online wallets are the best first Bitcoin wallet.

You can either choose a third-party online coin wallet, which is a great option if you’d like to use your bitcoins to pay different merchants. Otherwise, there are a few platforms that offer free wallet to every user that purchases bitcoin for the first time.

Coinbase offers free Online Coin Wallets for all users. The platform is the world’s most popular digital currency exchange. Over $6 Billion worth of digital currencies has been exchanged on the platform since the company started. Moreover, the exchange provides many advantages such as low fees, secure storage, and faster transactions. You could use this wallet to buy or sell bitcoins and carry out transactions online.

What’s the best First Bitcoin wallet?

Arguably, the best first Bitcoin wallet would be an online wallet. Online wallets are free and usually quite secure (depending on the website). If you’re an absolute beginner, we suggest heading over to Coinbase and making a free online wallet.

However, we suggest a hardware wallet if you’re interested in investing large capital into crypto currencies. For us, the most versatile, cheap and effective hardware wallet is the Trezor by Satoshi Labs. We hope that this guide has been useful in your search for your first bitcoin wallet.

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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