As the world’s first cryptocurrency, being launched way back in 2009, Bitcoin quickly took the world by storm, and is now held and/or used by an estimated 30 million people worldwide.
Much of its popularity stems from the fact that Bitcoin returns the control over personal finances to the people, rather than centralized entities such as banks and governments that might place restrictions on how one manages their own money. Beyond this, Bitcoin has also gained a great deal of adulation thanks to its extremely low transaction fees and confirmation times, which allow sums of all sizes to be transferred across borders in just minutes for just pennies in transaction costs.
Since the release of Bitcoin more than a decade ago, there have been dozens of companies looking to help make Bitcoin more accessible to the masses. Among the most important of these are those that develop the wallets that people use to store, access and manage their BTC. These are particularly important as wallets provide the first point of contact for many people investing in cryptocurrencies, meaning their role is to ensure users of all experience levels can safely and efficiently interact with the cryptocurrency.
Best Bitcoin Wallets with Hardware Wallet Compatibility
Today, there are dozens of different Bitcoin wallets available, across practically every popular operating system, including iOS, MacOS, Windows, Android, and Linux. While most Bitcoin wallets do a great job of providing a simple on-ramp for Bitcoin holders, they often lack the security features needed to keep this BTC undeniably safe, which can lead to the unfortunate loss of funds.
Thankfully, several forward-thinking wallet developers have created Bitcoin wallets that are compatible with cryptocurrency hardware wallets such as the Ledger Nano S, which are external devices used to ensure maximum security for cryptocurrencies.
In no particular order, we will briefly review the three best Bitcoin wallets with hardware wallet compatibility:
Arguably the most popular desktop wallet for Bitcoin (BTC), Electrum was also one of the first wallets ever released, being first made available in 2011.
Electrum wallet features a relatively no-frills user interface and offers an easy wallet creation process, that allows users to choose from and create a variety of wallet types in just minutes. Through Electrum, users can create multi-signature wallets, with SegWitSegWit or legacy type addresses, and also have the ability to sign transactions offline with Bitcoins in cold storage.
Despite being a relatively simple wallet, Electrum is also one of the few to feature support for the Trezor hardware wallet, allowing users to truly ensure the security of their funds by storing their BTC on a Ledger, and managing it through Electrum.
Exodus wallet was created by Daniel Castagnoli and JP Richardson, two early cryptocurrency pioneers who wanted to bring an easy-access multi-asset wallet solution to mainstream investors.
Unlike many other Bitcoin wallets, Exodus is what is known as a “multi-asset” wallet, since it offers compatibility with more than 100 different digital assets, including Ethereum (ETH), Monero (XMR) and Litecoin (LTC).
However, beyond simply storing cryptocurrencies, Exodus is rare among cryptocurrency wallets since it features in-built exchange functionality, allowing users to easily swap between supported digital assets without leaving the app. This is further supplemented by its nifty portfolio management tool, which allows you to track the growth of your portfolio over time.
Like Electrum, Exodus is currently only compatible with Trezor wallets, including the Trezor One and Trezor Model T, which are two of the most popular hardware wallets available.
Mycelium is a cryptocurrency wallet designed for mobile devices and is currently available on both Android and iOS. Unlike most other mobile cryptocurrency wallets, Mycelium was designed for Bitcoin and Bitcoin alone, giving users a sense of security that they will have all the features they need when holding BTC.
There are several reasons why Mycelium has risen to become arguably the most popular Bitcoin wallet for mobile devices. The first of these is its speed, since Mycelium is a lite wallet, it doesn’t need to download the entire Bitcoin blockchain to operate, instead using a server to perform all the hard work. Besides this, Mycelium is also an HD wallet, which means that a new address is generated for each transaction, making using Bitcoin much more private than other wallets.
Beyond this, Mycelium features support for all major hardware wallets, allowing you to directly spend your BTC from your Ledger Nano S, Trezor or KeepKey wallet to ensure maximum safety of your funds. If you mainly access your Bitcoin from your mobile device, then Mycelium is certainly worth considering.