Finding a place where you can keep your assets safe can be difficult. That’s why you need to find the best Bitcoin wallets to give you secure, safe and reliable services to protect your assets from fraudulent online activities. But of course, finding the perfect one is easier said than done.
There are over a hundred choices available online, and you need to be careful to avoid getting tricked into trusting the wrong wallet and losing your assets.
To help you find the best cryptocurrency wallets, we have provided a list of tried and tested platforms with the most remarkable services, security systems and offers. These wallets will allow you to store your Bitcoin and arrange its trades and use.
What are you waiting for? Follow the guide below and find the best Bitcoin wallets in South Africa here at Crypto in Afrika.
What is a Bitcoin wallet?
Before you start finding the perfect wallet, Crypto in Afrika will first show you what a Bitcoin wallet is. A Bitcoin wallet is a digital platform that ‘holds’ your BTC assets and other relevant cryptocurrencies.
We say hold, but technically, wallets only provide access to your digital asset. What we mean by this is that your crypto’s storage is still its blockchain network, which is a substantial decentralised public ledger. What your Bitcoin wallet does is it gives you a ‘private key‘ that helps you unlock the location of your Bitcoin asset in the blockchain, allowing you to transact and send.
The private key is essential in guaranteeing your ownership of your account. The terms for this key are either custodial or non-custodial. A custodial wallet keeps your private seed, while a non-custodial wallet gives you full control and responsibility for your private key.
Meanwhile, the ‘public key‘ is a unique seed that you can share with your transaction partners so they can send money to your account.
Types of Bitcoin wallets
You can explore different wallets when looking for the right one to use. First, there is the native wallet, which was created to support one specific type of crypto. This type of Bitcoin web wallet is often created by the same network that developed the asset, like the Bitcoin network.
The second wallet is third-party applications. These types of Bitcoin wallets are created by an organisation that is not affiliated with any specific type of crypto, and thus, they can store different assets at once.
Aside from these two, there are other types of wallets; some can provide you with online and offline access to your account. Check the list of Bitcoin wallets below and find which platforms work best for you:
Bitcoin hardware wallet
This physical device allows you to store your assets and authorise transactions. Bitcoin hardware wallets are one of the most secure ways to keep your crypto since it stores your private key offline, preventing it from getting hacked.
Features:
- Secure
- Multi-service
- Convenient
- Wallet-to-wallet trading.
Usage:
- Medium accessibility (needs to be connected to a device for every transaction).
Security
- Highly secure.
Bitcoin paper wallet
This type of wallet is almost the same as a hardware wallet. However, instead of a flash drive-like device, a Bitcoin paper wallet prints out your private keys so you can store them in whatever you deem appropriate.
Features:
- Secure
- Multi-service.
Usage:
- Low accessibility (you need the paper with you all the time to process transactions).
Security
- Highly secure.
Bitcoin cold wallet
This is any wallet that is offline. Bitcoin cold wallet is virtually impossible to hack since it is not connected to the internet. However, it does require more technical know-how, which makes it perfect for experienced users but not so much for beginners.
Features:
- Secure
- Multi-service
- Convenient
- Wallet-to-wallet trading.
Usage:
- Medium accessibility (needs to be connected to a device for every transaction).
Security
- Highly secure.
Bitcoin software wallet
Bitcoin software wallet mostly appears as an app you can download to your device. This type of wallet works like an online bank for your crypto. As long as this wallet is connected to the internet, you can send, receive or manage your assets.
Features:
- Multi-service
- Convenient
- Easy access
- Wallet-to-wallet trading.
Usage:
- High accessibility to services.
Security
- Medium to high security (depending on the wallet you use).
Bitcoin web wallet
This wallet is provided by a third-party service provider like a crypto exchange platform. It offers you easy access to services using a web browser.
Features:
- Multi-service
- Convenient
- Easy access
- Wallet-to-wallet trading.
Usage:
- High accessibility to services.
Security
- Medium to high security (depending on the wallet you use).
Bitcoin cash wallets
This type of wallet is created specifically to hold Bitcoin Cash assets. This can be any wallet that we have mentioned above.
How does a Bitcoin wallet work?
As we have mentioned, your assets aren’t exactly stored in the electronic wallet /e-wallet itself and exist in the Bitcoin blockchain network. You need a wallet with private keys and public-key cryptography to access these tokens. These keys may have distinct functions but are tied together in creation.
The private key allows you to sign transactions, send Bitcoin, and check your account balance granted that you are connected to the internet. Meanwhile, the public key or address allows you to receive crypto from other users through a peer-to-peer transaction.
How to use Bitcoin wallets
Aside from storing your coins, South African Bitcoin wallets can be used for multiple purposes, including the following:
- Buy
- Sell
- Trade
- Manage
- Control
- Store
- Transactions
- Tracking system.
After downloading and creating your account, you can access all of these functions in your crypto wallet. Look through the selection of services your wallet offers and find the function necessary for your desired transaction!
How to choose a Bitcoin wallet
When finding the best wallets for Bitcoin, consider the following aspects to ensure your security in trading:
Safety – This pertains to the security measures of your wallet. Are they using two-factor authentication? Seed phrases? Search what measures they apply to keep your assets safe.
Protection – Many brands offer insurance to your assets in case of incidents with the wallet’s security.
Compatibility – This pertains to whether your wallet works well with the device you have (PC, mobile, Android or iOS).
Features – Not all wallets are created equal. The top Bitcoin wallets can offer you all the features you need for trading, selling, buying and investing crypto. These one-stop apps are the best if you’re a user who wants to consolidate all your assets in a single place.
Usability – Your wallet should be easy enough to use without hassle.
User interface / UI – This pertains to how seamless it is to navigate the site.
Trusted – Your wallet should have a good reputation to uphold since this shows that it won’t do things that will result in losing users.
Application security – This pertains to how secured the application of your wallet is and its previous records of how it handled security breaches.
Best Bitcoin wallets South Africa
Now we’re getting to the exciting part! Find the best Bitcoin wallets in South Africa and pick the perfect platform based on your needs and trading style on the Bitcoin wallet list below:
Trezor
Trezor is one of the best hardware wallets based on user ratings. It is compatible with all crypto tokens, including Bitcoin, Ethereum, XRP and hundreds of other cryptocurrencies. This is an excellent option if you want to access your crypto assets using one wallet.
Another thing you should know about this wallet is that it features a small screen that allows you to verify all of your incoming transactions. This way, the possibility of fraud can be reduced if not eliminated.
Trezor is also known for its absolute transparency. They publish the security flaws found on every update, including the impact of such flaws, the models affected and how they are trying to fix them.
Coinbase
Coinbase is another excellent choice for your Bitcoin wallet, not just because of its popularity alone. It has a highly intuitive network and cutting-edge security backed by one of the most popular exchange platforms in the world.
This wallet is perfect for beginners with minimal to no crypto experience. What’s amazing about this is it can connect with major bank accounts, so you can purchase your preferred tokens using your fiat without a hitch.
The best part is the user interface, with clearly identifiable functions that make it easier for you to work your way through trading. As if it couldn’t get any better, Coinbase also offers low fees.
Bitcoin wallet app South Africa
If you are a smartphone user, you should download crypto wallet applications for a smooth and seamless transaction. Check out the list below for the best Bitcoin wallet app for iOS and Android devices:
Exodus
Exodus is a cross-platform Bitcoin wallet often regarded as the most user-friendly app for beginners. What you’ll appreciate about this wallet is that it is compatible with all devices and operating systems. You can download your app on your desktop and smartphone to easily manage your crypto account.
As a bonus, Exodus also supports over a hundred cryptocurrencies, including top-rated tokens like Bitcoin and Ethereum. This makes handling all your assets and checking your transactions easier since it is all in one app.
Blue Wallet
Like Exodus, Blue Wallet software features a user-friendly interface ideal for beginner investors in South Africa. What’s cool about this wallet is it supports a system that allows you to create multiple Bitcoin wallets with different private keys for all kinds of transactions. It’s the perfect way to divide your assets to minimise losing everything in case of future incidents with security. It’s just as they say, ‘don’t keep your eggs in one basket’.
Another thing we love about Blue Wallet is its amazing features, such as the bump, cancel a transaction, view-only wallets and PSBT through its multisig support. The app also allows you to open a lightning wallet, a fast and cheap way to transact using your Bitcoin.
Bitcoin wallet tips
Whether using a cold or hot wallet, your asset’s security will always be a threat. Although the platform developers do their best to mitigate the risks, scams can still be avoided if you are a vigilant user.
Our best tip to avoid fraud and identity theft in Bitcoin wallets is to keep all your data secure. To protect your assets, you should remember to keep anyone from seeing your private seed. These codes will grant anyone access to your account, and there is virtually nothing the platform can do when this happens.
If you don’t trust yourself to hold on to your private key, you can opt for a custodial wallet instead, wherein the platform is responsible for securing the private key.
Which wallet should you buy?
There are plenty of choices depending on your trading style and if you’re considering investing in crypto for the long term. If you prefer your wallet as an app, your best option is Exodus and Blue Wallet. Exodus can offer cross-platform support, while Blue Wallet has an excellent system for multiple accounts.
Coinbase is also a good choice since thousands of crypto users have tried and tested it. It has a huge backing from a popular platform, which adds to the security it can give you as a trader. Trezor is the perfect match for users interested in branching out to an offline wallet for a more secure trading and investment experience.
Frequently asked questions
Which Bitcoin wallet is best in South Africa?
The answer depends on what you are looking for. In the above section of the article, there’s a list of wallets, including Exodus, Blue Wallet, Coinbase and Trezor. Whichever you choose, we guarantee that they are all excellent options.
What is the cheapest Bitcoin wallet in South Africa?
Exodus is the cheapest Bitcoin wallet in South Africa since it doesn’t charge any fees for sending and receiving crypto.
What is the easiest Bitcoin wallet to use?
Coinbase has a simple three-tab layout that makes it easy to identify the function you want to select.
What is the nature of a Bitcoin digital wallet?
A Bitcoin digital wallet is any device or program that provides you with a private and public key to access your Bitcoin assets.
Is it safe to send someone your Bitcoin wallet address?
Yes, you can share your public address so other users can send crypto to your account. However, this address cannot be used to access your account.
How to determine fake Bitcoin wallets?
One good practice is to ask people if they have used a certain wallet before. You can also look online to see if the wallet at least has its website and reviews from other sites.
How many wallets hold Bitcoin?
There are over 200 million Bitcoin wallets.
