Ledger – Redditors Favorite
While there is not one single option that stood out on Reddit, Ledger did score the most points because it was common in most threads. The high-grade security, support to a wide range of coins, and the Live Ledger features are what most Reddit users highlight.
You would’ve heard the saying that goes around in the crypto-verse, “Not your keys, not your coins.” It essentially means that you don’t really own the crypto until you store it in your wallet. Even though most crypto exchanges have built-in wallets for these users, you should have a wallet of your own if security and privacy are your topmost priority.
And let’s be honest, choosing one wallet among hundreds of options is not easy. I will try to make it easier for you by scouting on Reddit for the best Bitcoin wallets. The goal is to analyze various Reddit threads and see what Redditors prefer to safely store their cryptocurrencies. Broadly, there are two types of crypto wallets, hot wallets (also known as software wallets) and cold wallets (also known as hardware wallets).
What type of wallet do Reddit recommend?
Most Redditors seem to recommend having a cold wallet as you’ll have access to that no matter what (offline). A software wallet can be easier to access on the go.
Pros of Cold Wallets
✅ Secure, your crypto can’t be more secure than storing it in a cold wallet
✅ Not connected to the internet, free from hacks and scams
✅ One-time cost for the device
✅ No limit on the amount of crypto that can be stored
Pros of Hot Wallets
✅ Immediate access to your funds
✅ Multiple backup options are available
Cons of Hot Wallets
❌ You run the risk of getting hacked
❌ Wallets are based on centralized servers
❌ Delays in transactions at times due to the centralized servers being congested
Cons of Cold Wallets
❌ Expensive, especially since more hot wallets are free
❌ Slightly inconvenient for beginners as it could be a complicated process
With these pros and cons in mind, we’d suggest you going with a cold wallet. But it is all up to you, as we’ll list the best crypto wallets according to Reddit, whether they are hot or cold ones.
Best Cold Wallets as per Reddit 2022
These wallets allow you to store the private keys for your cryptocurrencies in a secure tangible hardware device. They are usually touted to be the safest way to keep your crypto in a safe, secure manner, be it any amount. The reason is that since it’s not connected to the internet, it’s completely safe from hackers and virus attacks. They are usually based on small to medium-sized USB sticks.
According to Reddit, two hardware wallets stand out by consensus, Ledger and Trezor. These wallets have two versions available, one for beginners and the other for more experienced users willing to shell out an extra buck. In addition, they have desktop and smartphone applications like Ledger Live and Trezor Suite that allow you to use your crypto funds directly from the wallet.
Ledger has two crypto wallet offerings, Nano S and Nano X. The Nano S is a great starting point for beginners using cold wallets due to its pricing. The Nano X is priced higher, which adds more usability than the Nano X while also providing Bluetooth capabilities. Nano supports more than 700 crypto assets. Although it is important to note that user data has been leaked from Ledger through phishing attacks, the funds weren’t impacted. It has caused some Redditors to second guess their choice before choosing Ledger wallets.
Trezor also has two wallet offerings, Trezor One and Trezor Model T. Trezor One is the cheapest crypto cold wallet available of the highest reputation. Model T is the more sophisticated model with a full-color touchscreen for ease of direct device use; it also offers Micro SD storage. Trezor uses open-source software which hasn’t been hacked yet. Trezor One supports over 1,000 cryptocurrencies, while Trezor T provides support for even more cryptocurrencies, officially being the wallet that supports the most crypto assets.
The only other prominent cold wallet for cryptocurrencies is ColdCard, but it doesn’t offer support to ERC-20 standard tokens, but it is even more secure as it is air-gapped.
Best Hot Wallets as per Reddit 2022
These wallets are often online and connected to the internet in some way. Usually, they are based on mobile, web, and desktop platforms which allow you to store your cryptocurrencies on their respective devices.
One main advantage of using these wallets over hardware/cold wallets; they are often free, while hardware wallets have a one-time device cost. However, for beginners, hot wallets are more suitable due to their convenience and ease of use. As per Reddit, the two best wallets you can try out are listed below:
1. Atomic Wallet
This is a free, open-source wallet available on desktop and smartphone-based platforms. With this wallet, you can buy crypto assets directly through your wallet enabled by integrating the Atomic Swap exchange on the wallet. It additionally uses other exchange integrations and offers support for over 500 coins. It uses Advanced Encryption Standard (AES) and Transport Layer Security (TLS) encryptions to secure transactions. You are given a 12-word backup phrase that enables you to recover your wallet anytime in case of device loss, etc.
2. Exodus Wallet
Exodus is a wallet available on the desktop and smartphone. Compared to Atomic Wallet, it is a relatively new wallet but has quickly gained a large and loyal user base. It has a simple user interface well suited for beginners new to crypto. It offers support for over 100 cryptocurrencies. Although Exodus uses a third-party exchange compared to Atomic Wallet, you would need to buy your crypto before storing the funds on the wallet and not directly with fiat currencies like USD. The software it is based on is not open source like Atomic Wallet.
Other honourable mentions in the best hot wallets are Electrum, Mycelium, and Wasabi Wallet.
And there you go, these are the best Bitcoin wallets as per Redditors. The crypto verse is constantly evolving and new options might emerge, we will make it point to update this article when we come across better alternatives on Reddit!
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.