5 Best Bitcoin Wallets You Should Know

Using an exchange to purchase bitcoin is only the first step in your bitcoin journey. If you want to protect your bitcoin with enhanced security beyond that of an exchange, it may be worth transferring your bitcoin to a wallet. There is an old saying in the Bitcoin community—”not your keys, not your bitcoin”.

We have made finding the best bitcoin wallet in Australia much easier with this helpful guide. Read on to discover some of the best wallets to meet your needs.

Table of Contents

• Best Bitcoin Wallet in 2022 - Overview
• Best Bitcoin Wallet for Mobile - Muun
• Best Bitcoin Wallet for Desktop - Blockstream Green
• Best Bitcoin Open-Source Wallet - Electrum
• Best Bitcoin Hardware Wallets - Trezor & Coldcard

Best Bitcoin Wallet in 2022 - Overview

Not all bitcoin wallets are created equal. On the contrary, you may want to use different wallets for different purposes. For example, you may have different options depending on whether your device uses the iOS or Android operating system, or if you want to go completely offline with a cold storage hardware wallet.

Bitaroo’s list of the best bitcoin wallets in Australia includes:

• Best Bitcoin Wallet for Mobile - Muun: A user friendly wallet for mobile users to store their bitcoin.
• Best Bitcoin Wallet for Desktop - Blockstream Green: A popular choice for desktop users looking to hold their bitcoin.
• Best Bitcoin Open-Source Wallet - Electrum: One of the most popular bitcoin wallets due to the encryption techniques it uses to secure private keys.
• Best Bitcoin Hardware Wallets - Trezor & Coldcard: Both these wallets offer advanced security features.

Best Bitcoin Wallet for Mobile - Muun

Muun sells itself as an “all-in-one app”, as you can scan and pay on-chain or off-chain with bitcoin. If you want a software wallet with customisable security, it could be a handy solution for you.

For mobile users who want a dedicated iOS or Android wallet, Muun is a convenient option.

Pros and Cons

Pros

• User interface is very functional and easy to navigate.
• Protects your bitcoin with two keys: the Emergency Kit and your phone.
• Affordable lightning wallet with near-instant payments.

Cons

• Not the best wallet to hold large quantities of bitcoin.

Who is it Best For? 

For Bitcoiners who value convenience above all else, Muun is a good option—as it’s purely designed with mobile users in mind. It allows users to transact with low fees and fast transfer times, all from one single wallet.

Main Features

• Purchase cost: Free
• Cold storage: No

You can find out more about the platform and download Muun here.

Best Bitcoin Wallet for Desktop - Blockstream Green

Blockstream Green is a simple and secure wallet for desktop, but also mobile. As a leading wallet of choice for bitcoin, Blockstream Green offers unparalleled security and ease-of-use.

Pros and Cons

Pros

• Easy set-up process and user-friendly interface for expert users.
• Offers integration with Ledger and Trezor wallets.

Cons

• Complex features may be difficult for beginners to navigate.

Who is it Best For? 

This wallet is convenient and secure–best suited to intermediary and experienced Bitcoiners. Blockstream Green is also great for people who value their privacy. The featured Proxy Server and Tor Connection, as well as multiple Bitcoin addresses, provide substantial added network privacy.

Main Features

• Purchase cost: Free
• Cold storage: Yes (when combined with a hardware wallet)

If you are looking for simplicity and control over your bitcoin, download Blockstream Green here.

Best Bitcoin Open-Source Wallet - Electrum

Experienced Bitcoiners will appreciate Electrum’s security features and advanced functionalities, including the ability to set up payment channels in the Lightning Network. If you are looking for a free, secure and advanced bitcoin wallet, then Electrum is one of the best available.

Pros and Cons

Pros

• One of the longest serving bitcoin wallets with a healthy track record of over more than a decade.
• Open-source bitcoin wallet.
• Integrates with hardware wallets for added security.

Cons

• Not designed for beginners.
• Customer support is limited.

Who is it Best For?

Electrum is one of the most powerful bitcoin wallets around, with extensive security features and additional functionality. However, this comes at a price, with a sparse user interface that many newcomers will not be able to navigate easily, as well as a lack of customer support services. It is therefore most appropriate for experienced Bitcoiners.

Main Features

• Purchase cost: Free
• Cold storage: Yes (when combined with a hardware wallet)

You can get the Electrum bitcoin wallet for use on a variety of operating systems.

Best Bitcoin Hardware Wallets - Trezor & Coldcard

There are many hardware wallets on the market – Trezor and Coldcard are two favourites amongst Bitcoiners. While not for everyone, having a cold wallet to store bitcoin can give you greater peace of mind that your sats are completely secure, as the wallet doesn’t have to be connected to the internet for you to access it.

If you opt for a Trezor or Coldcard wallet, you will have to pay for the physical product–as opposed to a free open-source wallet like Electrum. 

Below, we delve into the advantages and disadvantages of each.

Trezor

Pros and Cons

Pros

• Trezor wallets are highly portable, with easy-to-read displays.
• You can increase anonymity by routing through Tor.
• Integrates with Electrum and other software wallets.

Cons

• No smartphone App for iOS.
• The touch screen is only available on the Model T, which is more costly.

Who is it Best For?

Trezor is a great option for beginners, with its easy-to-use interface. With that said, the Trezor range is equally popular amongst those who have more experience buying bitcoin–its many features and portability make it a crowd favourite.

Main Features

• Purchase cost: Trezor One – AUD$107; Trezor Model T  – AUD$340
• Cold storage: Yes

You can find out more about Trezor and order your preferred device at their official online store.

Coldcard

Coldcard’s history is long and revered, with it being regarded as one of the best devices to use to store bitcoin over the years.

Pros and Cons

Pros

• Well-established history as a highly secure bitcoin wallet.
• Offers unparalleled security features compared to many other wallets.
• Option to avoid ever being connected to a computer in its lifecycle (air gap).

Cons

• Customer support is via email or Twitter only.

Who is it Best For?

Coldcard is another bitcoin wallet that is well regarded among enthusiasts. While experienced buyers will love the wallet’s functionality and focus on reproducibility, it may be too difficult for beginners to navigate. Especially as customer support is limited to email, it may be wise for beginners to seek a more user-friendly option like Trezor or Muun.

Main Features

• Purchase cost: AUD$250.71
• Cold storage: Yes

If you are looking for an established wallet with a long history of good security, then you can buy the Coldcard wallet here.

FAQs

What is a bitcoin wallet?

A bitcoin wallet is a device or program – and can be either digital or physical – that stores your private keys and allows you to easily access it. Bitcoin wallets contain both the public key (i.e. wallet address) as well as private keys needed to sign off on your purchases and sales.

Are bitcoin wallets secure?

While many bitcoin exchanges allow you to hold the bitcoin you buy directly on the platform, it may not be the most secure way to hold your bitcoin. Instead, transferring that bitcoin to a dedicated wallet can provide you with much stronger security, especially if it offers cold storage (i.e. not connected to a network or the internet).

What is the safest way to store bitcoin?

That depends on your needs. A physical hardware wallet is generally the safest solution as it stores your bitcoin offline.

What is a seed phrase?

When you first set up your bitcoin wallet, you will be given a randomly generated selection of words (usually between 12 and 24 words total) that become your ‘seed phrase’ (also known as private keys). This phrase is incredibly important to keep a record of, as it will allow you to access your wallet and make transactions.

What is the difference between a cold wallet and a hot wallet?

A hot wallet is one that is connected to the internet; a cold wallet keeps your bitcoin stored offline until you choose to reconnect it. While cold wallets are often regarded as being more secure, hot wallets are better for frequently used keys.

Where can I buy bitcoin?

While this guide shows you how to find the best bitcoin wallet for Australians, that is often the second step in your journey. Buying bitcoin is step one, and you will want to use a highly secure but low-cost exchange like Bitaroo. It is easy to navigate and you can even express buy bitcoin.

If you would like to learn how to open a bitcoin wallet in Australia and more, Bitaroo has a number of helpful guides on how to first open an account and buy bitcoin, and then later, what you need to know about holding your own keys.

Join Bitaroo today and get started on your bitcoin journey!