Best Bitcoin Wallets 2018 for Android

If you decide to get into Bitcoin investing, choosing a good Bitcoin wallet should be one of the first and most important steps. In this guide, we have listed the best wallet apps available for Android phones and devices.

We've narrowed the list down to five apps that are both reliable and extremely easy to use. Each of them has its own disadvantages and advantages.

 If you are a crypto millionaire, you are better off choosing a wallet with enhanced security, such as GreenBits. If you have very few bitcoins in your account, and you first want to see how wallets and exchangers work, your choice may fall on applications like Bitcoin Wallet.

At the moment, Bitcoin is not the only cryptocurrency on the digital asset market. If you store another digital currency, or want to exchange your tokens, the multi-currency wallet Coinomi is suitable for you.

When choosing a wallet, we strongly recommend using only applications available for download either in the Google Play store or in the F-Droid repository, as they are least likely to contain malware.

Electrum Bitcoin Wallet

Motto: Easy to use portable Bitcoin wallet.

+ Excellent reputation

+ Reliable security system

- Periodic problems when working with the QR scanner

After downloading the application to your device, the wallet generates a Seed key of 12 random words that you need to write down and remember. If anything happens to your Android device, you can use this seed key to restore your wallet and your balance. Your private key is not tied to Electrum, so you can transfer BTC to other wallets if you wish. 

Electrum Bitcoin Wallet takes security seriously - your seed key and private keys are always on your device. When setting up the application, you will also be asked to create a 6-digit PIN code, which will be used to confirm payments in the future. 

The latest version of Electrum Bitcoin Wallet comes complete with a QR scanner, which makes it easier to remember the recipient's wallet address and send payments. In order to receive BTC to your account, simply click on the “receive” button. The program will issue a QR code that the sender must scan. This function is only compatible with ZXing QR scanner. Compatibility issues may arise when using other scanner models..

Coinomi Wallet

Motto: Manage and exchange your digital tokens in one application

+ Supports many cryptocurrencies

+ Easily restore access to digital tokens using a secret phrase

- Some users complain about problems with token exchange

Wallet Coinomi was originally created in 2015, and since then it has gained a solid reputation as an excellent wallet for storing not only Bitcoin, but many other currencies as well. When setting up the app, you can choose which coins will be displayed in the “overview” section, which will list the market capitalization and value of each digital currency.

This wallet also uses a seed key to generate your wallet address. You can use this key to restore your wallet balance if anything happens to your Android device. During installation, Coinomi offers the user the option to set a password or PIN, unlike Electrum, which does not provide such a choice. If you choose not to set a password, make sure you have at least a screen lock on your phone. 

Coinomi has introduced support for the exchange of different cryptocurrencies, which is carried out for a small fee using the Shapeshift and Changelly services. Some users have reported issues resulting in transactions not being confirmed for long periods of time, although no such issues were found during testing of the platform.

As of January 2018, Coinomi is no longer an open source platform. This has greatly complicated the process of identifying errors or flaws in the software.

MyCelium Bitcoin Wallet

Motto: Take advantage of the huge functionality of security tools

+ Wallet that has received universal recognition

+ Compatible with hardware wallets

- Does not support Segwit

Mycelium is one of the most generally accepted Bitcoin wallets. The company’s website states that in 2014 Mycelium won the “Best Mobile Application” category, and that no other wallet has such excellent reviews on Google Play..

Mycelium is an open source platform, which means that it is much easier to find bugs in the software, and also that developers are virtually unable to include hidden loopholes in the system for cryptocurrency theft or fraudulent activities. 

The application interface is quite simple - on the main screen you will find buttons for sending, receiving bitcoins and scanning QR codes. The wallet also has a built-in address book, which makes payments easier. The settings section contains a huge number of protection and security functions. The first and most basic of them is the PIN code, which will be requested when making payments. 

The app also supports importing private keys from paper wallets, and also supports monitoring cold storage wallets, meaning you can find out your balance but not send a payment, which eliminates the security risk.

At the time of writing, Mycelium does not support Segwit. Be that as it may, this should not affect daily transactions.

GreenBits Bitcoin Wallet

Motto: Spend Bitcoin a lot, quickly and safely

+ Possibility of instant transfers

+ Reliable and secure

- Installing the application on your device may take some time

GreenBits - open bitcoin wallet source code. The wallet is currently available for Android, and with the help of a special extension for the Chrome browser, you can manage your assets from any device running the Google browser.

An individual or company using the GreenBits wallet services can send BTC without having to wait for confirmation through the blockchain (often a wait of several hours or days), which allows users to make almost instant payments. Each such payment has its own unique “hash”, which eliminates the possibility of fraudsters reusing the same token.

During installation, the application generates a mnemonic key consisting of 24 words. If your device is lost or damaged, this key will allow you to restore your bitcoins on another device.. The app developers also recommend that their users enable a two-factor authentication system in their settings, which is used to confirm payments.

GreenBits also has PIN code protection, which is set by the user when setting up the app. If you enter your PIN incorrectly three times in a row, the decryption key from your wallet will be destroyed. In this case, the only way to recover lost assets is to enter a 24-word mnemonic key.

Although the process of setting up the program may seem quite confusing and intimidating to cryptocurrency newbies who do not have a huge Bitcoin fortune and trading experience, the GreenBits wallet is very reliable in terms of security. Difficulties for beginners should end immediately after installing and setting up the wallet. The user interface of the program is quite simple. BTC can be sent to another wallet by entering an address or scanning a QR code.

Bitcoin Wallet

Motto: Wallet for beginners

+ Quick and easy setup

+ Convenient and simple interface

- Inability to manage commissions, inability to export private keys

Currently At the moment, the cost of commissions for cryptocurrency transactions is rising sharply. Many users are concerned about the lack of a built-in system to manage them. Instead, Bitcoin Wallet simply tells its users how much the fee will be.

The free and open-source developer of Bitcoin Wallet claims that its app is the most convenient and easiest option for those who want to learn how to work with Bitcoin.  

Unlike other wallets, Bitcoin Wallet is available to users immediately after installation. The application interface is extremely clear - two buttons “send” and “receive” - do not require special instructions for use. This wallet also has a built-in address book. By default, your balance is shown in mBTC (millibitcoin) as well as your local fiat currency. These parameters can also be changed in the settings.

On the other hand, this extreme simplicity comes at the cost of security. Anyone with access to your device can open the app and steal your savings... Users' private keys are securely stored on Android devices, but if the device is lost, it will be extremely difficult to recover BTC.

The application supports the function of “sweeping” a paper wallet. In other words, the private key of the paper Bitcoin wallet is scanned to empty it and transfer the BTC to the application wallet.

According to techradar