Let’s Dive Into The Best Bitcoin Hot Wallets In 2024!

Bitcoin has revolutionised the decentralized financial cryptocurrency landscape known as DeFi. It is also a benchmark for the market and as of today, Bitcoin has the highest market capitalisation at present.

Bitcoin also influences ‘altcoins’ – which are the other cryptocurrencies available.

It can be overwhelming when taking a deep dive into the types of crypto wallets available. Our handy guide below makes the decision easier and considers benefits, functions and more, to help you decide.

Best Bitcoin Hot Wallets

Electrum

Why It Is Great :

• Free to use
• One of the oldest Bitcoin wallets
• Open source and free to use
• Created in 2011 by researcher Thomas Voegtlin
• Efficient and secure – supports 2FA, Private key encryption, Tor support for added IP privacy
• Offers cold wallet storage for extra security- meaning that private keys can be kept offline
• Multi signature – requires multiple approvals to enable completion
• Offers hardware wallet integration with Trezor, Ledger and Coldcard
• Supports Bitcoin Lightning Network
• SegWit support which helps reduce transaction fees
• Some cross-platform support for PC, Mac, Linux, Android

Disadvantages of Electrum :

• Does not support other cryptocurrencies apart from Bitcoin
• Difficult for crypto beginners
• No iOS support currently

Best Bitcoin Web Wallet

Coinbase Wallet

Coinbase wallet is a non-custodial wallet (where the user is responsible for storing and managing their private keys)

Why It Is Great :

• Supports a large number of networks
• Allows for buying, trading and swap of Ethereum, Solana, Polygon
• No personal information is required – a user can just set up a username and profile
• Easy to manage and compatible with dApps aswell
• Versatility- Browser extension and mobile app available supporting iOS and Android
• Enhanced security due to the user being able to use their username rather than network addresses, when sending cryptocurrencies and NFTs, making address poisoning attacks more difficult
• Security features such as customer support 24/7, regular and liquid Ethereum staking

Disadvantages of Coinbase wallet :

• The desktop version is more user friendly than the mobile app, with extra functionality

The Best Bitcoin Mobile Wallet

Trust Wallet

Trust Wallet is highly regarded as the best mobile wallets for all crypto in general, not just for Bitcoin. It is a non-custodial wallet where you control your private keys to all of your crypto assets.

Trust Wallet supports millions of coins and tokens across 70+ blockchain networks.

Why It Is Great :

• Buy, sell or swap a wide range of cryptocurrencies and manage NFTs
• Explore dApps on Ethereum
• User friendly dashboard
• Utilises staking of 23+ cryptocurrencies
• Users can acquire crypto via third-party platforms like MoonPay and Simplex
• Inter-wallet transfers – transfer crypto from other wallets, to Trust Wallet
• Enhanced security features such as Biometric access, 2FA, 12 word seed phrases, auto-lock function and encrypted private keys
• Includes a dApp browser to explore a range of DeFi apps
• Integrates with hardware wallets such as Ledger
• Audited and certified by CertiK, Halborn, and Kudelski Security

Disadvantages of Trust Wallet :

• Limited customer support
• Android code needs to be updated

Best Bitcoin Desktop Wallet

Coinomi

Coinomi is a multi language cryptocurrency wallet that enables users to buy, swap, sell and trade thousands of cryptocurrencies across 100+ blockchain networks.

Why It Is Great :

• Over 20 different languages for enhanced diversity
• User friendly interface with plenty of options
• Live chat support
• Integrated exchange and DEX (decentralized exchange) support
• Multiple layers of security- biometrics, passwords, BIP39 passphrase

Disadvantages of Coinomi :

• Does not offer cold storage integration with hardware wallets
• No Two Factor Authentication option

Best Bitcoin Lightning Wallet

BlueWallet

BlueWallet is a non-custodial wallet and supports on-chain and Lightning Network transactions.

Why It Is Great :

• Allows cold storage integration options
• Suitable for beginners and advanced users
• Can manage multi wallets
• Efficient and low cost transactions supporting the Lightning Network
• Enhanced security features such as password encryption, biometric authentication, MultiSig – requires more than one person to confirm a transaction
• Open source and community driven
• Allows for cold storage / paper wallet monitoring without a user exposing their private keys
• Multi language support
• UX/UI focused mobile design

Disadvantages of BlueWallet :

• No 2FA support like other wallets
• Limited as only supports Bitcoin

These are a selection of the best hot wallet options available and we will take a deep dive into the world of cold crypto storage, in our post on the best cold wallets.