Cryptocurrency is becoming the everyday financial instrument every other trader is checking out. Well, in order to participate in the Bitcoin market, you will need to have the best Bitcoin Wallets software. In this guide, we are going to look for the best Bitcoin wallet applications which are compatible with your Android device. Before we delve into the list of these apps, it is critical that you know that different wallets have varying security features and handling capacities. This will then mean that a wallet suitable for a starter trader might not be ideal for an aggressive or experienced investor. Let us look into the list;
Coinomi Wallet was created in 2015. Ever since its launch, the wallet has evolved to have a strong reputation for being a safe place to store Bitcoin and other cryptocurrencies. Among the altcoins which are safely kept in this wallet include Ether tokens, Litecoin, Ethereum, and Bitcoin Cash.
With Coinomi, your wallet addresses are generated using a Master Seed which is made up of 12 random words and which never leaves your device. Coinomi is designed in such a way that Master Seed can be used to restore your wallet balance for the coins you own should anything happen to your device. During the setup stage, Coinomi enables you to set a password instead of a PIN as is the case with Electrum.
Some users of this Bitcoin Wallet claim that they have issues with exchanging coins. As from Jan 2018, Coinomi no longer appears to be an open source which means that it is difficult to know if Coinomi is disclosing security bugs or backdoors.
Electrum Bitcoin Wallet
Electrum is popular for being an app with strong and safe features. Like Coinomi, you will get 12 random words which you should write once you have downloaded the app. These are the words which you will use to restore your account should anything happen to your Android phone. During the setup stage, you will be asked to create a 6-digit PIN which will be used to confirm payments.
Mycelium Bitcoin Wallet
This is a much-acclaimed Bitcoin wallet which is compatible with hardware wallets. This wallet is fully open source which makes it easier to check for any software bugs. It also makes the wallet near-impossible for developers to include hidden backdoors if they want to steal your BTC. The wallet also comes with a built-in address book for making payments.
Mycelium has numerous security features which makes it one of the safest Bitcoin wallets in the market. You will be required to enter your PIN every time you are making a payment. The app also allows cold storage which makes it a lot better than many wallets which don’t allow cold storage. The only downside which is not a major one is that Mycelium does not support Segwit.
Finally, when it comes time to the picking of a Bitcoin wallet, only pick one available on Google Play as an app outside of here is probably infested with malware.