Best Bitcoin Wallets For iPhone | 2020’s #1 Options
If you want to start investing in Bitcoin (BTC) you’ll need a wallet, and right now these are the best Bitcoin wallets for iPhone
A Bitcoin wallet is a place where you can view and manage all of your Bitcoins – and other cryptocurrencies. If you want to start buying Bitcoin, you will need a Bitcoin wallet – this is the place where they are all stored.
And now that Bitcoin (BTC) is fairy mainstream, you have a myriad of options when it comes to Bitcoin wallets for iPhone. As always though not all Bitcoin wallets are created equally, so make sure you ONLY ever use a legit one.
I’ve been into Bitcoin since around 2010 and during this time I have used TONS of Bitcoin wallets – both desktop ones and app-based ones.
In the last few years, Bitcoin wallet apps have gotten really good. So much so, in fact, that I now only ever use Bitcoin wallet apps on my iPhone to manage all my crypto.
Best Bitcoin Wallet Apps For iPhone
Paxful is a more simple Bitcoin wallet than CryptoHopper and Coinbase – and that is one of its main advantages. It connects with the Paxful crypto marketplace, a great platform for buying Bitcoin and other cryptocurrencies, and lets you simply manage and store, as well as trade your Bitcoin from your phone.
Paxful is a peer-to-peer (P2P) bitcoin exchange. It’s actually one of the oldest in operation today, so you’re in good hands if you decide to go with Paxful. You’ll do the majority of your stuff via Paxful’s exchange and then, once you’re done with the nitty-gritty stuff, you can manage all your crypto via the Paxful iPhone app.
Paxful lets you buy and sell bitcoin with over 300 payment methods, including Amazon gift cards, iTunes gift cards or Steam gift cards, debit or credit cards, cash deposits, PayPal, Stripe, and Skrill.
Paxful is a killer platform and the iPhone app for it is brilliant. It’s simple to use, easy to set-up, and the Paxful Exchange is one of the safest places to buy and sell bitcoin and other cryptocurrencies.
If you’re new to cryptocurrencies and you want to start with something simple, Coinbase would be our #1 pick for right now. Coinbase is the world’s largest cryptocurrency exchange and has over 25 million users on its platform.
Inside the Coinbase iPhone app, you can manage your Bitcoin, buy and sell Bitcoin, and even invest in other cryptocurrencies like Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Basic Attention Token (BAT), 0x, (ZRX) and USD Coin (USDC).
The Coinbase app for iPhone gives you all the tools you need to start your Bitcoin journey – from helpful guides and features to things like market-leading security and account protection. It’s also insanely simple to set up and start using. Even if you’re completely new to the concept of Bitcoin.
CryptoHopper is a fairly unique platform in that it allows you to copy expert Bitcoin traders automatically. With CryptoHopper installed on your phone, you can practice buying and trading Bitcoin (without actually doing it), which is a great feature for beginners.
You won’t lose any money doing these “practice trades” but you will see how your trades work out, and this is key in building your understanding of how trading Bitcoin works.
The key thing about CryptoHopper is that it will let you copy the trades made by expert Bitcoin traders. You can set this up to happen automatically, so your Bitcoin is sold when another big player sells theirs. It’s similar to some investing apps that let you copy and track professional investors’ trades.
CryptoHopper links up with all major crypto markets, so you buy all kinds of cryptocurrencies – from Bitcoin to Ethereum Classic (ETC), Litecoin (LTC), and Basic Attention Token (BAT).
How Do I Get A Bitcoin Wallet?
Getting a bitcoin wallet is simple, you just go to the App Store on your iPhone or iPad (or even your iPod) and search for the one you want. You then download it and install it on your iPhone. And that’s it – literally.
However, before downloading a bitcoin wallet onto your iPhone, you’ll want to register with the company’s exchange first. For instance, say you go with Coinbase, you’ll first want to set up an account with Coinbase.
Once you’ve done this, you then go to the App Store, download the Coinbase app, and log in using your credentials from the Coinbase site you just registered with. Simple, right?
It works the same way with ALL of the bitcoin wallet apps listed above.
How Do Bitcoin Wallets Work?
Bitcoin and blockchain, the technology that powers it, are actually incredibly complex digital entities designed with protections in place to ensure bitcoin flows correctly and without manipulation.
Blockchain technology by itself is a HUGE topic, but for the sake of brevity, we’ll keep things nice and brief: a bitcoin wallet essentially lets you communicate, in a simple, intuitive manner, with the blockchain.
With a bitcoin wallet, you can store and manage all your bitcoin in adherence to the bitcoin protocol. Your wallet will have a unique ID that is applied to your bitcoin that exists on the blockchain. This unique ID allocates bitcoin to your account and ensures you and only you control that bitcoin.
This makes buying and selling bitcoin a lot easier. All the heavy-lifting is handled by your wallet app and its built-in technology that allows you to seamlessly interact with the Bitcoin Blockchain, all from your phone.
Each wallet will have a public and private key, you can use your public key to send and receive funds from people and companies. But you should keep your private key 100% secret and never reveal it to anyone – the private key is what makes your account yours, it confirms your ownership.
All your bitcoin will be associated with your private key, so write it down, keep it safe, and never share it with anybody.
Hot Wallets vs. Cold Wallets – What’s The Difference?
Two of the most popular types of bitcoin wallets are hot wallets and cold wallets. The difference between a hot bitcoin wallet and a cold bitcoin wallet is fairly simple: a hot bitcoin wallet is connected to the web, whereas a cold bitcoin wallet is not.
If you have millions of dollars’ worth of bitcoin, you’ll want to keep the majority of your bitcoin in a cold wallet. Why? Because cold wallets are not connected to the internet and are therefore safer from attacks and hackers.
For most users, however, a hot wallet is what you’ll be best off using. With a hot wallet, you can buy, sell, and trade bitcoin from your phone. And this is all enabled through an internet connection.
And because your iPhone is encrypted at a software-level as standard, your bitcoin wallet has layers of protection that’ll ensure your account is safe. I mean, these bitcoin wallet apps have excellent security anyway. Add on Apple’s built-in iOS security measures and you’re 100% sorted from a safety perspective.
The Best Bitcoin Wallet App For iPhone: Our #1 Pick For Right Now
As noted in the introduction to this post, I’ve been buying and selling bitcoin since about 2010. In that time, I have used LOADS of different bitcoin wallets. But since about 2015, I have mostly been using Coinbase and Paxful.
These two platforms, in my opinion, are the best options for beginners looking to get into Bitcoin. Paxful is the most simple; it’s the oldest P2P bitcoin platform and it is really simple to use.
If you want simplicity and ease of use, go with Paxful – it’s perfect for basic bitcoin trades and management.
If you want something that is great for beginners but also packs in a lot of additional features, go with Coinbase. Coinbase is great because, as you get better at buying and trading bitcoin and other cryptocurrencies, you can start to access different types of exchanges and cryptos.
I do like both, but I do think Paxful is the best option for beginners. It’s simple to set up and you can start buying bitcoin right away, so if all you want to do is secure some bitcoin, Paxful is the best way to do it right now.
Richard Goodwin has been working as a tech journalist for over 10 years. He is the editor and owner of KnowYourMobile.