If you want to hold Bitcoin, you need a wallet. But not all wallets are created equal. There are trade-offs between convenience, security, and control. This guide will help you choose what fits your needs.
Hot Wallet vs. Cold Wallet
| Type | Description | Best For |
|---|---|---|
| Hot Wallet | Connected to the internet. Quick and easy to use. | Daily use, small amounts |
| Cold Wallet | Offline storage. More secure from hacks. | Long-term storage, larger amounts |
Custodial vs. Non-Custodial
Custodial wallets are managed by a third party (like an exchange). Non-custodial wallets give you full control – and full responsibility. If you lose your keys, no one can help you recover them.
Recommended Wallets
- BlueWallet – Non-custodial hot wallet for mobile.
- Electrum – Lightweight desktop wallet with advanced features.
- Trezor – Cold wallet hardware device.
- Ledger – Another popular cold wallet hardware option.
- Blockstream Green – Secure and beginner-friendly, supports multisig.
Pro Tip
If you’re serious about Bitcoin, start with a hot wallet for convenience – but consider a cold wallet for long-term security. And always back up your recovery phrase.