Key takeaways

• The best bitcoin wallets are self-custody wallets that support both lightning and on-chain transactions.

• The best bitcoin wallet apps for beginners are BitkeyGo to /bitkey page and Wallet of Satoshi.Go to /wallet-of-satoshi page

• The best bitcoin wallets have clear recovery processes in case you lose your phone or forget your password.

Table of contents

1. What is a bitcoin wallet?

2. How to choose a bitcoin wallet

3. Best bitcoin wallets for beginners

4. Most popular bitcoin wallet apps

5. Frequently asked questions

Why you can trust Azteco

Unlike other websites, we don’t accept payments from bitcoin companies to promote their products or services. The wallet apps discussed in this article are those most frequently used or recommended by our customers.

1. What is a bitcoin wallet?

Bitcoin wallets can sound very complicated but they’re actually quite easy to use. In fact, sending a bitcoin payment is as quick and easy as sending a text message once you know how.

What is a bitcoin wallet?

Bitcoin wallets are apps or devices that allow you to manage your bitcoin.

Bitcoin wallet apps don’t actually store your bitcoin. They store the secret keys that are used to authorize your bitcoin payments.

Bitcoin wallet security and privacy is essential. If someone gets access to your wallet, they could copy your secret keys and use them to steal your bitcoin.

How do I receive bitcoin in my wallet?

Bitcoin wallet apps generate a unique “bitcoin address” (sometimes called a “public key”) each time you need to receive bitcoin.

To receive bitcoin in your wallet, you’ll need to share your bitcoin address (or a QR code) with the person that’s sending you the bitcoin.

How do I send bitcoin from my wallet?

To send bitcoin from your wallet, you’ll need a bitcoin address (or a QR code) from the person that you’re sending bitcoin to.

If they share their bitcoin address with a QR code, that may include the amount of bitcoin that they want you to send. Check the amount carefully before confirming the transfer.

Also, remember that all bitcoin transfers are private, immediate, and irreversible. You can’t cancel or reverse the transaction.

2. How to choose a bitcoin wallet

Bitcoin wallets help you to manage your bitcoin, allowing you to send and receive bitcoin payments.

However, different wallets do this in different ways and so it’s important to understand the options available.

• Bitcoin wallets vs crypto wallets

• Bitcoin wallets vs crypto exchanges

• Bitcoin wallets: hot vs cold

• Bitcoin wallets: apps vs devices

• Bitcoin wallets: on-chain vs lightning

• Bitcoin wallets: self-custody vs custodial

• Bitcoin wallets: single-signature vs multi-signature

• Bitcoin wallets: security and privacy

• Bitcoin wallets: backups and recovery

Bitcoin wallets vs crypto wallets

Bitcoin wallets are designed specifically to manage your bitcoin, ensuring that it’s safe and accessible. Bitcoin wallets focus only on bitcoin, making them easy and simple to use.

Crypto wallets, on the other hand, can manage a variety of crypto assets, including Ethereum, Litecoin, and more. This makes crypto wallets more powerful if you need access to different types of cryptocurrencies.

If you’re only interested in using bitcoin, choose a bitcoin-only wallet as they’re easier to manage. If you’re interested in using both bitcoin and other cryptocurrencies, you might want to consider a multi-asset wallet.

Bitcoin wallets vs crypto exchanges

Bitcoin wallets store the private keys for your bitcoin, allowing you to manage, send, and receive bitcoin. They’re similar to the mobile apps you use to access traditional bank accounts.

Crypto exchanges are private platforms where you manage and trade cryptocurrencies. While wallets are for storing your assets, crypto exchanges are marketplaces for trading.

However, many people end up storing their bitcoin in the crypto exchange account that they used to buy it in the first place. This means that the exchange has complete control of their assets, which can be a problem if the exchange gets hacked.Link to: https://www.nytimes.com/2022/10/07/business/binance-hack.html

If you’re interested in keeping your bitcoin safe and under your control, use a private wallet instead of a crypto exchange to manage your bitcoin.

Bitcoin wallets: hot vs cold

Hot wallets are connected to the internet, making them convenient for quick and frequent transactions. They’re easy to manage and they’re similar to the mobile apps you use with traditional bank accounts.

Cold wallets are offline storage devices such as USB drives or hardware wallets. They’re more secure than hot wallets but less convenient for everyday use. You’ll need to connect the cold wallet to the internet every time you want to access your crypto assets.

Hot wallets are like using a mobile banking app. Cold wallets are like using a physical safe or safety deposit box for your crypto.

Some hot wallets can be recovered if you lose your phone or password. However, cold wallets cannot be recovered if you lose the hardware device or password.

If you’re interested in using bitcoin for regular payments, a hot bitcoin wallet app is easier to manage.

If you’re interested in storing large amounts of bitcoin offline, you might want to consider using a cold crypto wallet to manage your private keys.

Bitcoin wallets: apps vs devices

Bitcoin wallet apps can be installed on your mobile or computer, making it easy to access and manage your bitcoin assets on the go. They’re convenient and user-friendly, allowing you to quickly check your balance or make transactions.

Device wallets, or hardware wallets, are physical devices specifically designed to manage your bitcoin private keys. They’re sometimes considered safer than wallet apps because they manage your crypto assets offline.

Companies like BitkeyGo to /bitkey page now offer a solution that combines the best of both worlds: a mobile app for small, daily payments and a hardware device for approving large transactions.

If you’re interested in using bitcoin for regular payments, a bitcoin wallet app is easier and cheaper to use than a crypto hardware wallet.

If you’re interested in using a hardware device for additional security, you might want to consider the BitkeyGo to /bitkey page wallet.

Bitcoin wallets: on-chain vs lightning

On-chain transactionsGo to /learn/articles/what-is-bitcoin-how-does-it-work-and-how-do-i-use-it page are the original way of sending or receiving bitcoin. On-chain payments are processed by a global network of “miners” and are recorded on the public blockchain. On-chain transactions take several minutes to process and fees are usually a few dollars.

Lightning transactionsGo to /learn/articles/what-is-bitcoin-how-does-it-work-and-how-do-i-use-it page are the newer way of sending or receiving bitcoin. Lightning payments are processed by a global network of peer-to-peer payment channels. Lightning transactions take a few seconds to process and fees are usually a few cents.

On-chain payments are like sending a letter in the mail: you can track its progress but it’s a slow and expensive way to send a message. Lightning payments are more like sending an instant message on your phone: quick and inexpensive.

If you’re interested in using bitcoin for small, quick payments, choose a wallet app that supports both lightning and on-chain transactions.

If you’re interested in using bitcoin only for large value transactions, you might be happy with a wallet app that only supports on-chain payments.

Bitcoin wallets: self-custody vs custodial

Self-custody wallets give you full control over your crypto, including the private keys that secure your assets. This gives you total ownership and responsibility for your bitcoin. However, if you lose access to your smartphone, there's no way to recover your bitcoin assets unless you’ve made a backup of your private keys.

Custodial wallets and exchanges, however, are managed by third-party services that hold your bitcoin for you, similar to a bank. They manage the security and backups of your private keys, making it easier but less secure since you have to trust them with your assets. If the custodial wallet gets hacked, you might lose your crypto.

If you’re interested in the best security for your bitcoin, use a self-custody wallet app with a backup of your private keys. Or use a wallet like BitkeyGo to /bitkey page that provides multi-signature security.

Bitcoin wallets: single-signature vs multi-signature

Single-signature wallet apps require just one digital signature to authorize transactions, making them straightforward and easy to use. It’s like needing just one key to open a lock.

Multi-signature wallet apps, however, need multiple signatures to approve a transaction, adding an extra layer of access security. It’s like needing two of three keys to open a safe.

If you’re interested in the best security for your bitcoin, use a multi-signature wallet app like BitkeyGo to /bitkey page.

Bitcoin wallets: security and privacy

Security and privacy are crucial for bitcoin wallets. Good security measures include strong password management and two-factor authentication to protect your wallet and private keys from hackers.

Privacy features ensure that your transactions and assets remain anonymous, preventing others from easily tracking your crypto activity. It's like having a secure lock on your house (security) and curtains on your windows (privacy).

The best bitcoin wallet apps balance both, providing protection for your assets while keeping your financial activities private from prying eyes.

Bitcoin wallets: backups and recovery

Backing up your wallet is essential to ensure you don't lose access to your bitcoin assets if something happens to your device. This often involves managing a private recovery key phrase or saving backup files securely.

If your mobile or wallet gets lost, stolen, or damaged, you can use these backups to access your bitcoin assets. It's like making a spare key for your house and keeping it in a safe place.

Without backups, losing access to your wallet could mean losing your bitcoin keys forever, so it's important to regularly update and securely store your backup information.

3. Best bitcoin wallet apps for beginners

Unlike other websites, we don’t accept payments from bitcoin companies to promote their products or services. The bitcoin wallets listed here (in alphabetical order) are based on what we hear and see from our customers.

Bitkey

BitkeyGo to /bitkey page is a self-custody bitcoin wallet that combines the convenience of an exchange with the security of a hardware wallet. It consists of a mobile app, a hardware device, and a suite of recovery tools.

Bitkey is free to download but you’ll need to buy the hardware device from $99. Bitkey currently only supports on-chain bitcoin transactions.

Wallet of Satoshi

Wallet of SatoshiGo to /wallet-of-satoshi page is a custodial bitcoin wallet app that supports both lightning and on-chain transactions. It’s easy to use and it’s available for iOS and Android devices.

Wallet of Satoshi is free to download. Unfortunately, Wallet of Satoshi is currently unavailable in the USA, so you might want to consider Breez walletGo to /breez page instead.

4. Most popular bitcoin wallet apps in 2024

Unlike other websites, we don’t accept payments from crypto companies to promote their products or services. The wallet apps listed here (in alphabetical order) are those most frequently used or recommended by our customers.

• Aqua

• Bitkey

• BlueWallet

• Breez

• Envoy

• Muun

• Phoenix

• Pine

• Satoshi

• Wallet of Satoshi

• Zeus

All screenshots are from the App Store.

Aqua

AquaLink to: https://aquawallet.io/ was launched in 2024 and is available for iOS and Android devices. It’s a self-custody crypto wallet app for managing bitcoin and other cryptocurrencies.

Pros

• Self-custody wallet

• Designed for beginners

• Available for iOS and Android

Cons

• Aqua does not currently support bitcoin lightning transactions that use QR codes

Bitkey

BitkeyLink to: https://bitkey.world/ was launched in 2024 by Jack Dorsey’s Block company. It’s a self-custody, multi-signature bitcoin wallet that combines a mobile app, a hardware device, and a suite of recovery tools.

Pros

• Self-custody wallet

• Designed for beginners

• Available for iOS and Android

• Includes hardware device with fingerprint sensor for additional security and control

• Includes suite of recovery tools in case you lose your mobile and/or hardware device

Cons

• Bitkey does not currently support bitcoin lightning transactions

BlueWallet

BlueWalletLink to: https://bluewallet.io/ was launched in 2018 and is available for iOS and Android devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Available for iOS and Android

• Supports lightning and on-chain

• Self-custody wallet for on-chain transactions

• Advanced technical features

Cons

• Custodial wallet for lightning transactions

Breez

BreezLink to: https://breez.technology/mobile/ was launched in 2019 and is available for iOS and Android devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Self-custody wallet

• Designed for beginners

• Available for iOS and Android

• Supports lightning and on-chain

• Includes point-of-sale feature for stores that want to accept bitcoin payments

Envoy

EnvoyLink to: https://foundation.xyz/envoy/ was launched in 2023 and is available for iOS and Android devices. It’s a self-custody bitcoin wallet that integrates with the PassportLink to: https://foundation.xyz/passport/ hardware wallet.

Pros

• Self-custody wallet

• Available for iOS and Android

• Optional hardware device for additional security

Cons

• Envoy does not currently support bitcoin lightning transactions

Muun

MuunLink to: https://muun.com/ was launched in 2018 and is available for iOS and Android devices. It’s a self-custody, multi-signature wallet app for managing both on-chain and lightning transactions.

Pros

• Self-custody wallet

• Designed for beginners

• Available for iOS and Android

• Supports lightning and on-chain

• Advanced features including cold recovery codes and multi-factor authentication

Cons

• Lightning transactions are currently converted to/from on-chain transactions, which can create unexpected costs and delays when on-chain fees are high

Phoenix

PhoenixLink to: https://phoenix.acinq.co/ was launched in 2019 and is available for iOS and Android devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Self-custody wallet

• Available for iOS and Android

• Supports lightning and on-chain

Pine

PineLink to: https://pine.pm/ was launched in 2021 and is available for iOS devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Self-custody wallet

• Supports lightning and on-chain

Cons

• Not available for Android devices

• Lightning payments are a beta feature

Satoshi

SatoshiLink to: https://satoshi.money is due to be launched in 2024 and will be available for iOS and Android devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Self-custody wallet

• Designed for beginners

• Available for iOS and Android

• Supports lightning and on-chain

Cons

• Not currently available for download

Wallet of Satoshi

Wallet of SatoshiLink to: https://www.walletofsatoshi.com/ was launched in 2018 and is available for iOS and Android devices. It’s a custodial wallet app for managing both on-chain and lightning transactions.

Pros

• Designed for beginners

• Available for iOS and Android

• Supports lightning and on-chain

Cons

• Currently unavailable in the USA

Zeus

ZeusLink to: https://zeusln.com/ was launched in 2019 and is available for iOS and Android devices. It’s a self-custody wallet app for managing both on-chain and lightning transactions.

Pros

• Available for iOS and Android

• Supports lightning and on-chain

Cons

• Requires a bitcoin lightning node