What is the best Bitcoin Wallet in Australia?
Having a good Bitcoin wallet is one the most important things in the crypto world. The wallet is basically the equivalent of a bank account. It lets you receive Bitcoins, send them to others, and store them. So it’s kind of a big deal you use the right one.
“Bitcoin, unlike most traditional currencies, is a digital currency. Thus, the approach to this kind of currency is completely different, particularly when it comes to acquiring and storing it. As Bitcoins don’t exist in any physical shape or form, they can’t technically be stored anywhere. Instead, it’s the private keys used to access your public Bitcoin address and sign for transactions that need to be securely stored. A combination of the recipient’s public key and your private key is what makes a Bitcoin transaction possible.”Source: Coin Telegraph (https://cointelegraph.com/bitcoin-for-beginners/what-is-bitcoin-wallets)
Especially if you are just looking for the first time to purchase Bitcoins, then it’s important to consider which wallet you will use. There are a variety of Bitcoin wallets that are available in Australia and it can be a bit of a minefield when it comes to finding the right wallet. To help make your decision easier, here is a quick guide on what we think are the top Bitcoin wallets in Australia.
This is not a definitive list of all the available wallets, and they have been chosen based on their performance, security, and features.
CoinJar Bitcoin Wallet is one of Australia's most popular cryptocurrency wallet to securely store Bitcoin, Ripple, Ethereum, Litecoin and more. Available for Android and iPhone, you can quickly manage multiple currencies, search your transaction history, customise, and rename your accounts. With Enhanced Security features, you can utilises Multi-Factor Authentication to ensure that whenever you’re attempting to sign in to your CoinJar, additional authentication from another one of your personal devices will be required to help keep your funds safe. Getting started is simple and only takes a few minutes to setup, see our guide on how setup your Bitcoin wallet with CoinJar.
Trezor is a hardware wallet and it was also the first ever available Bitcoin hardwarewallet. People claim that it is one of the best hardware wallets for cold storage (storing a reserve of Bitcoins offline) of cryptocurrencies. The Trezor has very strong security track record and Trezor is less vulnerable due to it being less high-tech. In addition to this, Trezor has its own unique security feature which is the semi twin factor. You will require a code to be used before each use, by a randomised pin code generator. Therefore, it very resistant to malware and is protected from keyloggers too.
Ledger Nano S is a hardware wallet which is a physical electronic device made for the purpose of securing Bitcoins. The main innovation is that the hardware wallet has to be connected to your computer, tablet or phone before Bitcoins can be spent. In addition to this, Bitcoin hardware wallets are a good selection if you want strong security and reliable Bitcoin storage. Also, Bitcoin hardware wallets will keep private keys separate from susceptible internet-connected devices.
Electrum is a desktop wallet. A desktop wallet is a software program that sits on your computer desktop and they are wallets that store your private key for your Bitcoins on your hard drive. Generally, the desktop wallet is more secure as they’re harder to steal than mobile wallets.
Moreover, Electrum was created in November 2011 and it is a lightweight Bitcoin wallet for Windows, Mac, and Linux. Electrum is seen to have high security when it comes to storing Bitcoins on an offline computer and it supports hardware wallets like Trezor and Ledger Nano S. Many people claim that Electrum is a recommended option for both beginners and advanced users.
The Ledger Nano S is able to support various cryptocurrencies and it has a sturdy array of security features. One of the unique features of the Ledger Nano S is that you can freely create your own special passphrases. In addition to this, the Ledger Nano S allows the user to have the freedom to make their own and if you’re into aesthetics, the Ledger Nano S has a very small and sleek design.
Blockchain.info is an online wallet similar to CoinJar, however, you cannot buy or sell directly through Blockchain. Therefore, it means your Bitcoin storage will be separate from the Bitcoin marketplace. In addition to this, since it isn’t a full exchange, many people consider it to be more secure than other online wallet sites like Coinbase.
Coinbase is one of the most popular wallets and Bitcoin exchanges in the crypto world. People claim that it is one of the easiest ways to sell, buy, and store Bitcoin or other digital currencies. Coinbase will allow you to connect to your bank account where you can transfer money into and out of your wallet. You can use the money or transfer in new money for buying and selling of cryptocurrencies. In addition to this, Coinbase is seen to have firm security which is one the most important thing with Bitcoin wallets.
Read More on Crypto News Australia
The world of cryptocurrency is constantly changing. You can stay up to date with the latest Australian Crypto news here. Or, if you would like to learn more about digital currencies, then please visit our Guides section for more tips, advice, and information.