Bitcoin Cash is the most famous Bitcoin fork there is. Officially launched in August of 2017, this cryptocurrency is forging its own road ahead.
In fact, Bitcoin Cash has one of the most enthusiastic communities in the cryptocurrency space. BCH adoption from users, merchants & exchanges is increasing at a rapid pace. The low fees and fast transactions make it ripe for a transactional medium.
So, given all this interest, users are looking for the safest wallets.
In this piece, I will take a look at the best Bitcoin Cash wallets currently on the market. I will also give you some top tips to safely store your BCH.
When it comes to choosing the “best” Bitcoin Cash wallet, it can be quite subjective as a great deal of the time it comes down to the personal preferences of the user.
I have tried to put together a selection based on key factors such as safety, usability, developer support and broader functionality. There may be other wallets that are not on this list but if you are going to use them make sure that they are still supported by the broader bitcoin cash community.
With that being said, here are the list of our best BCH wallets (in order of preference).
It’s well-known that hardware wallets provide the best security for holding cryptocurrencies, and many users consider the Ledger Nano S to be the best when it comes to hardware wallets.
Hardware wallets like the Ledger Nano S provide their security through several features. Top of these is that the hardware wallet is a cold storage wallet or one that holds your Bitcoin Cash or other cryptocurrencies offline.
This is crucial since an offline wallet leaves hackers no way to access the funds stored in such a wallet. And the Ledger Nano S builds on this security by storing your private keys in a secure element of the wallet that is locked by a PIN code of your own choosing.
An additional security layer is formed by the inclusion of support for two-factor authentication. The ledger hardware wallets have also created physical security by requiring transactions to be verified by physically pressing buttons on the device. That means it’s not possible for a hacker to complete a transaction unless they have physical possession of the hardware wallet.
The Ledger Nano S is also convenient because it supports a wide range of cryptocurrencies. In addition to being capable of storing BCH, the Ledger Nano can store hundreds of other altcoins, including Bitcoin, Litecoin, Ethereum, and scores of others.
One other feature many users appreciate is the easy to read OLED display on the Ledger that allows for quick confirmation of all transactions.
There’s really only one downside to the Ledger Nano S and that’s the cost. However, if you’re talking about storing hundreds or thousands of dollars worth of BCH and other altcoins, then the $59 price tag isn’t going to be off-putting when you consider all the advantages, safety being number one, of the Ledger Nano S.
Another really popular hardware wallet on the market is that of the Trezor Model One. This was developed by a company called Satoshi labs that is based in Prague. Like the Ledger Nano S, it is multicurrency hardware wallet.
With the Trezor hardware wallet, the signing of the transactions takes place entirely within the device. This means that your private keys will never be exposed to your PC and are hence kept in a cold storage state.
In order to manage your cryptocurrency in the wallet, it will connect to your PC through a USB cable. You will then use the Trezor chrome plugin to through your web browser. I have found that this is not as seamless as the Ledger Live application but it does the job.
The Trezor Model One costs €48 which prices it slightly below that of the Ledger Nano S. However, the latter supports a few coins that are not supported on the Trezor so the extra few bucks may be worth it.
Electron Cash is an SPV wallet for storing Bitcoin Cash. SPV stands for Simplified Payment Verification. It was first described by Satoshi Nakamoto in the original Bitcoin whitepaper. This method allows a wallet to provide strong security without the need for downloading the blockchain or running a full node.
SPV lets you validate your own transactions by ensuring they are confirmed on the blockchain. It uses the best header chain with the most cumulative proof of work and the correct hashing difficulty level.
Electron Cash relies on a distributed network of servers that handle the heaviest part of blockchain operations. Your private keys sign transactions locally. They are never sent to the servers.
Electron Cash was created through a fork of the Electrum wallet, which gives it the necessary components for storing BCH. Originally created as a desktop wallet, supporting Windows, OSX, and Linux, it has since been ported to both Android and iOS mobile devices as well.
This light wallet is easy to download and install, and easy to use as well. Electron Cash keeps your private keys where they belong, in your possession, and also allows quick backups secured by a mnemonic seed phrase. For an added layer of security, the wallet also has support for multisig functionality.
One downside for users who like to diversify is that Electron Cash is a single currency wallet. It can only hold BCH. If you need to store other cryptocurrencies you’ll need to install another type of wallet. It also has a somewhat outdated and clunky interface, but it definitely gets the job done.
This is another really popular Bitcoin Cash wallet that was created by one of biggest proponents of Bitcoin Cash – the Bitcoin.com company.
For those who do not know, Bitcoin.com was founded by Roger Ver who has often been called “Bitcoin Jesus”. He is one of the Bitcoin “OGs” and continually argues the case for Bitcoin cash adoption.
Enough of the backstory though, the Bitcoin.com wallet has a host of useful features and functionality that make it a favourite amoung BCH users. This is a mobile wallet that is available on both iOS and Android.
One of the primary reasons that the wallet is so popular is its ease of use. You can get a wallet set up in a few seconds. This simplicity does not come with any reductions in security either.
The Bitcoin.com wallet is fork of the CoPay wallet and it is fully open source. This means that you can view the source code and confirm the veracity of it. It also means that it has been thoroughly vetted by the Bitcoin cash developer community.
The feedback in the iTunes Store and the Google Play store appears to generally be quite positive. Most of the compliments centre around the functionality and ease of use. There were a few complaints but they were mostly related to the contentious nature of Bitcoin Cash.
However, for every comment that was less than favourable, the Bitcoin.com support team were more than willing to respond to them and adress their concerns – always good to see.
In terms of broader functionality, it gives you the option to easily buy Bitcoin Cash and Bitcoin with the app. Payment can be made with credit cards linked to the application.
Something else that I think is worth mentioning is the fact the Bitcoin.com wallet is a favourite amoung merchants who accept BCH. There is also a handy map in the app that points you in the direction of local merchants who accept Bitcoin Cash.
One of the main downsides of this wallet is the limited coin support. Currently, it only supports Bitcoin Cash and Bitcoin. Hence, if you have other cryptocurrency that you would like to store you may have to look at some of the other wallets that we have presented below.
The original Jaxx wallet was developed to make cryptocurrency storage and usage easier for the general public, and the new Jaxx Liberty Wallet takes that mission to the next level.
It’s always been an ambitious project, but the Jaxx Liberty version has added a mobile wallet, increased security, and a host of other great features not available in any old vanilla wallet.
The very best feature of the Jaxx Liberty wallet is its user interface, which was developed to be easy to understand, even for those with no cryptocurrency experience. You get everything you need to send and receive BCH right at your fingers in an easy-to-understand manner.
Jaxx also has ShapeShift compatibility, allowing users to quickly buy and sell BCH and any other supported cryptocurrency right from within the wallet. And let’s no forget that Jaxx supports the storage of more than 80 different cryptocurrencies, which makes it an excellent wallet choice for those who might diversify their digital holdings beyond Bitcoin Cash.
The desktop version of Jaxx is available for Windows, OSX, Linux 32 and Linux 64. Mobile versions are available for both Android and iOS, and there’s even a Chrome browser extension.
Some users have questioned the security of the Jaxx wallet, but that comes from an incident that occurred in June 2017 where $400,000 worth of cryptocurrency was stolen from a Jaxx wallet. It’s still not clear if it was a Jaxx vulnerability that allowed the theft, or if it was due to user misconduct.
In any case, the Jaxx Liberty has been updated to include BIP39 to generate the 12-word mnemonic, and you can further secure your wallet by creating a password that encrypts the core wallet data using bank-grade encryption.
Perhaps one of the biggest downsides of the Jaxx Liberty Bitcoin Cash wallet is that it is not open source. Unlike with the wallets mentioned above, external developers cannot verify the robustness of the code. It also means that hackers are unable to see the source files – although this is a less convincing argument.
The Exodus wallet was created as a desktop-only wallet that has support for holding Bitcoin Cash and over 100 other cryptocurrencies. It has also been considered one of the most beautiful wallets available ever since its release in 2016.
Not only that, but back in 2016 it was the first multi-currency desktop wallet, and the creators, JP Richardson and Daniel Castagnoli have continued their development efforts to maintain the innovation displayed by Exodus right from its beginnings.
One such development was the recent addition of mobile support, with both iOS and Android versions being released. The Exodus also syncs between the desktop and mobile versions, giving you complete freedom of movement and control over your Bitcoin Cash and other cryptos.
Exodus not only allows you to maintain control of your private keys, but you can also use it to interface with the Trezor hardware wallet, giving you hardware wallet security, with the beautiful Exodus functionality.
In another first Exodus was also the first wallet to offer ShapeShift integration, allowing users to quickly and easily buy and sell supported cryptocurrencies from right within the wallet.
And one of the best things about the Exodus is that you can always get help. It is the only wallet I know of that offers support from a live human 24 hours a day and 7 days a week.
One very nice feature is that when you take a backup of the wallet it will ask for your email and send you a one-click recovery link that can be used together with your password to restore your Exodus wallet if needed.
Atomic Wallet bills itself as the Universal Cryptocurrency Wallet because it has the ability to store over 300 cryptocurrencies in addition to Bitcoin Cash. There are new assets being added all the time, and the features of the wallet are continually under development.
Most importantly, the private keys generated by Atomic Wallet are securely encrypted and held locally, ensuring a user always controls their own private keys.
The Atomic Wallet interface is clean and easy to understand, with all the features clearly labeled and available from the main wallet interface.
The desktop version of the wallet is available for Windows and OSX as you would expect. It is also available for Ubuntu, Debian, and Fedora. In addition to the desktop versions, there are also mobile versions that were released for iOS and Android devices.
One feature that’s important to Atomic Wallet users is the wallet’s support for atomic swaps. This allows users to exchange one supported cryptocurrency for another without paying transaction fees. Cryptocurrencies that don’t support atomic swaps can also be exchanged using the built-in ShapeShift, ChangeNOW, and Changelly services.
The Atomic Wallet also allows you to buy Bitcoin Cash and a handful of other cryptocurrencies securely through the wallet using your bank card. Both USD and EUR transactions are supported.
If you thought the Atomic Wallet allowed you to store a lot of cryptocurrencies you’ll be thrilled with Coinomi, which has support for holding Bitcoin Cash and over 1,500 other cryptocurrencies.
Coinomi has been around since 2014 and is one of the oldest operating multi-currency wallets. Plus it has never suffered a hack or breach, which is a testament to its security. Most recently the Coinomi team added a long-awaited desktop version of their popular wallet.
Coinomi has an easy to use interface, and has built-in support for the Changelly and ShapeShift. This means that you can exchange your crypto right there on the wallet without having to move your coins on or off particular exchanges.
Like many of the other Bitcoin Cash wallets here, the Coinomi wallet stores your private keys on the device. This means that you are in full control of your crypto and only you can access it.
Perhaps one of the disadvantages with the Coinomi wallet is that like Exodus or Jaxx Liberty, it is not open source. Moreover, the Coinomi mobile wallet is not as user friendly as the Bitcoin.com one.
The BTC.com wallet is one of the most popular web and mobile wallets available for Bitcoin and Bitcoin Cash. It was developed and is maintained by Bitmain Technologies, a Beijing based firm that is a leader in mining and mining hardware.
The BTC.com wallet was designed for ease of use. It makes it easy to send and receive both Bitcoin Cash and Bitcoin but doesn’t have support for any other cryptocurrencies, which might be considered a downside by some.
It is secure for a mobile wallet, making use of hierarchical deterministic technology to create a master seed and encrypt your private keys. It also has support for two-factor authentication and multisig transactions. The mobile wallet is available on both iOS and Android.
There is also a web wallet that is available for the BTC.com wallet. This is quite a convenient alternative for some as all they really require is a web browser to create a wallet. However, you will have to hand over an email to create a wallet here.
Once you have signed up for the wallet then you will be given a backup of your encrypted seed in a pdf document. Do not keep a copy of this on your PC. You should print it out and keep it in a safe place in case you lose your password with access to your wallet.
The Breadwallet has been around since 2014 and has recently rebranded to simply BRD. It was the first standalone Bitcoin wallet for iPhone, and since then it has expanded its support to Bitcoin Cash and other major cryptocurrencies, while also adding an Android version.
BRD requires no personal information from you. Just download and install and it’s ready to use, giving you complete privacy. The wallet supports Bitcoin, Bitcoin Cash Etheruem and all ERC20 tokens.
Like the Electron Cash Wallet listed above, the BRD Wallet is an SPV wallet that connects directly to the Bitcoin Cash network without needing to download the entire blockchain.
BRD is simple to use, with an easy interface. It also has support for purchasing Bitcoin through ATMs and credit cards and converting Bitcoin to Bitcoin Cash right within the wallet.
However, there is something unique about the BRD wallet that the other wallets do not have and that is its own native cryptocurrency, the BRD tokens. These are ERC20 utility tokens that power the rewards based BRD ecosystem.
Some other things that I really like about the BRD app is that it is open source. The BRD company is also backed by VC funds and has a pretty capable team behind it. Of course, they could have done with support for a few more cryptocurrencies as their current offering is a bit paltry.
There you have it, my list of the top 10 best Bitcoin Cash wallets on the market.
If you are looking for the most secure option then not much can beat the offline security of a hardware wallet. The Ledger and Trezor devices are perhaps the best that are currently on the market. Of course, you could also opt for the Electron and Bitcoin.com wallets as these are well known in the community (although slightly less secure).
If you want a wallet that can store a larger range of your cryptocurrency then you are perhaps best suited to look at the Exodus wallet or the Jaxx Liberty Wallet. You could also opt for one of the mobile wallets above given their inconvenience (although they tend to be less safe).
In the end it will be a balance. Those that are the most secure tend to be a bit less convenient and vice versa. Of course, security starts with the user and there are a number of things that you can do to project your Bitcoin Cash.
These include simple crypto security 101 like backing up your seed words, installing anti virus, avoiding suspicious downloads and always double checking transactions etc.
And, last but not least, you should Hodl your BCH in private. Cryptocurrency was designed to give you relative anonymity so don’t give that away by letting people know what you have…
Featured Image via Fotolia
The post Bitcoin Cash Wallets: Top 10 Safest Places to Store BCH appeared first on Coin Bureau.