Statistics show that nowadays more people access the internet from handheld devices instead of desktops. And so, if an app developer wants to target a large customer base, he must come up with an app for Android OS, which is used on most mobiles.
In cryptocurrency, bitcoin wallets act as the “banks” for bitcoins; not in the sense of regulation, but merely as storage space.
There are many types of wallets, and the convenience of a wallet depends on your needs. For instance, if you’re a bulk trader, you’re better off with a multi-sig wallet, and if you trade small quantities of bitcoins, a lightweight online wallet may suit you.
But the wider focus today is on Android wallets; before you download a bitcoin wallet app for your Android device, here are some of the things you should watch for:
- Can the wallet encrypt your private keys so that an external device wouldn’t steal your data?
- Does it have a third party integration that would support hardware wallets? You want to be able to cold-store your bitcoins when you want to.
- Is it possible to recover your bitcoins when you lose your login data? Sometimes, by no fault of your own, you can lose your login keys, and if that happens, is there a hacker-proof way to let you back in?
- A secure wallet must be hosted on its own servers and should not run on shared servers, so you can be sure of no downtimes.
- A wallet that has the multi-sig feature.
On Play Store, this app goes by the name, “Bitcoin Wallet”.
It is among the pioneers of bitcoin wallet apps.
The app is easy to set up, has an intuitive user interface, reliable, and fast. The developers made it so simple that even non-techies should use it.
The wallet offers multiple signatures as one of its security features, guaranteeing wallet security.
The app also has a wonderful support team that attends to the needs of their users.
A user maintains partial control of their bitcoins because authorizing transactions is still their responsibility.
Mycelium is another “old” Android App.
On Google store, Mycelium has excellent ratings.
Bitcoiners love Mycelium for the inbuilt classifications, numerous integrations, escrow system, support, and ongoing development.
The wallet intends to introduce a fiat currency reserve through which users can redeem money for bitcoins. The platform will also allow the linking of user cards which will bring convenience to online shoppers.
Copay is an open source wallet app created by the developers of Bitpay.
Since it is open source, Copay accepts reviews and modifications from the developer community.
Its key selling point is that Copay offers multiple wallets within the app. This means that a user can manage both “private” and “public” wallets if he wants to. Copay has integrated the share element to the wallet, so one or more people may be joint holders of a single wallet.
Another one of its advantages is that Copay verifies your payments in order to make sure that you haven’t got the address wrong.
Electrum offers strong security features, fast transactions, third party integrations, and there’s no downtime.
Electrum has enjoyed wide acceptance because of its feature-laden software that helps bitcoiners manage their digital assets.
Another open source Android App with strong security features.
The Blockchain App is connected to the parent server. If you lost your device you should access your account via the web portal. The App also necessitates two-factor authentications before accessing the wallet.
Blockchain facilitates cold storage as well.
The above wallet apps are the best in the market, but maybe more wallet apps will come up to unseat them.