Adequate Bitcoin storage should be a top priority for any holders of the cryptocurrency. However, with so many different options available to users, how do you decide which is best for you?
Different Bitcoin storage methods can enhance privacy or a users’ monetary sovereignty. However, less desirable options can also present an array of security risks too.Veriphi Shares Detailed Bitcoin Wallet Comparison Guide
Most Bitcoiners agree that the best way to store Bitcoin is in a non-custodial wallet. This means that you, and only you, should know your private key. Custodial solutions, such as those offered by online services, like crypto exchanges, might seem convenient and safer (you can request to change a lost password, etc.) but you make both security and usability trade offs by doing so.
Those wallets receiving the highest grade of “recommended” from Veriphi were Bitcoin Core, Electrum, Green, Bitcoin Wallet, Samurai, and Wasabi. Meanwhile, those to be avoided were Xapo, BTC.com, Blockchain, Bitpay, and Coinbase.
The consultancy company gave special mention to Wasabi for privacy, Green for mobile access, and Electrum for its security via the following Twitter post.
Veriphi publishes the most complete analysis of 25 software wallets and explained each one of the 48 different features that we took into account. Our top picks! Green by for MOBILE for PRIVACY for SECURITY 👇 — Veriphi (@veriphibtc)
Interestingly, none of either either the “recommended” or “okay” wallets support any cryptocurrency other than Bitcoin. At the other end of the scale, all the companies listed not only support so-called “shitcoins” (Veriphi’s phrasing) but were involved in the controversial “SegWit 2x” agreement of 2017.
Other defining characteristics of the least recommended wallet services include being custodial, not being open source, and not supporting SegWit transactions.
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