Exodus Wallet

Wallet type: Desktop wallet and mobile wallet
Platforms: Windows, Apple Mac, Linux, Android, Apple OS
Price: Free
Expert: Beginner
Blockchain: SPV light client. Does not require full blockchain download
Access: 12 Seed words, Password. No two factor authentication.
Segwit: No. only Legacy addresses are used.
Website: https://www.exodus.io/
Warnings: A link to restore your wallet is emailed to you, dangerous if your email is compromised.

Assets: BTC, ETH, XRP, BCH, LTC, BNB, USDT, EOS, BSV, XLM, XMR, TRX, LEO, DASH, LINK, XTZ, NEO, ETC, XEM, MKR, USDC, ZEC, BTG, DCR, QTUM, BAT, TUSD, PAX, OMG, RVN, LSK, BTT, WAVES, REP, DGB, ZRX, DAI, SNT, WTC, MCO, WAX, GNT, DGD, R, MANA, DENT, QASH, SAN, PPT, BNT, KNC, ARK, LOOM, POWR, BRD, ANT, ICN, RLC, STORJ, POLY, GNO, BFT, FUN, CVC, MTL, PAY, MITH, DRGN, DCN, 1ST, CND, KIN, STORM, VERI, RDN, REQ, ETHOS, TNB, PLR, SALT, RCN, POE, NMR, TAAS, QSP, GUSD, GVT, MLN, MDS, EDG, SNGLS, AST, DNT, ARN, APPC, AMB, WINGS, VIB, ADT, LUN, TRST, GUP, RVT

Pros:

  • Easy platform for beginners to use with attractive interface.
  • Supports multiple coins and tokens.
  • Guides users through security techniques and reminders.
  • Allows asset exchanges within the platform.
  • SPV light wallet does not download the full blockchain if space is an issue.

Cons:

  • Hot wallet based on your internet connected computer.
  • Supports only two Bitcoin addresses and single addresses for other assets.
  • SPV light wallets do not download the blockchain, leaving you to trust Exodus.
  • Single addresses lead to a large stack within one address, diminishing privacy.
  • Multiple assets that maybe a distraction for Bitcoin maximalists.

Conclusion:

Exodus is a great wallet for beginners, it is easy to use and gives positive visual and tactile feedback to let you know what is happening in simple steps. It is a great first step to encourage new users to secure their coins from exchanges, especially with multiple assets, that would otherwise be trapped in an exchange based wallet setup. The wallet is a light wallet, which means you can interact with your assets quickly and with ease. Your transactions are all listed and an excellent pie chart shows the quantity of your portfolio.

The downsides to the wallet are a lack of functionality that most experienced users look for in the core wallet and privacy based wallets. Wallets that cycle addresses, write messages and sign. Advanced wallets have multi signature and coin mixing features that help confuse chain analytics.

 

Electrum BTC

Wallet type: Desktop wallet and mobile wallet
Platforms: Windows, Apple Mac, Linux, Android
Price: Free
Expert: Beginner to advanced user
Blockchain: SPV light client. Does not require full blockchain download
Access: 12 Seed words, Password. Multi-sig and Two-factor authentication is accepted
Segwit: Yes. Bech 32 Addresses. Bc1****
Website: https://electrum.org/#home
Warnings: Fake wallets named 4.0.0 have tricked people to surrender their seed phrase
Assets: BTC only


Pros:

  • Versatile wallet with many options
  • Offers watch wallet
  • Offers connection with hardware wallets
  • Creates new addresses with every transaction
  • Does recommend safety protocols
  • Balance can be viewed in Sats or Bits
  • Seed words will autofill
  • Can fine tune fee size and push transactions with replace by fee.
  • can view isolated addresses.
  • SPV light wallet does not download the full blockchain if space is an issue.

Cons:

  • Hot wallet based on your internet connected computer.
  • Old school appearance, but can switch to dark mode.
  • shortcut file does not exist, must use .exe every time.
  • Anti-virus programs have labelled it a threat due to phishing attacks.
  • Seed word entry is not numbered.

Conclusion:

Electrum is a fantastic all round wallet for beginners and advanced users. The format is very easy to navigate and offers and enormous array of modifiable settings, preferences and features to tailor your Bitcoin usage. This includes segwit and legacy addresses, multi signature, hardware wallet connection, fee adjustment, and replace by fee, messages and signing. The wallet also allows you to select which trusted node you wish to watch as well as linking to your own node.

The main drawback to the wallet is the older appearance and well as the seed words not being numbered at all, this is something that can be overlooked due to the excellent features included.

The one big warning as stated above is to look out for fake wallets or emails. Do not upgrade immediately if you feel there is an emergency upgrade. Consider any request to enter your seed at being suspicious. Always download from the official website.

Bitaddress

Wallet type: Paper wallet
Platforms: Paper
Price: Free
Expert: Advanced user
Blockchain: Unrelated
Access: Private Key. Passphrase if chosen
Segwit: No. Legacy address only
Website: https://www.bitaddress.org
Warnings: Many warnings about use, see below
Assets: BTC only

Pros:

  • Printable wallet you can pass to friends
  • Attractive artwork
  • Passphrase for added security
  • Vanity wallets and split wallets

Cons:

  • Paper wallets no longer considered very secure.
  • Brain wallets considered very bad for brute forcing. (attempts to open)
  • Temporary data can be left on hard drives or printer memory.
  • Should not be generated while online.
  • High chance of loss due to water or fire damage.

Conclusion:

Paper wallet were considered the most secure method before hardware wallets. The wallet can still be fantastic, but addresses will need to be generated offline and preferably by a computer that has never been connected the internet or will ever beconnected in the future. Security can be added with a passphrase.


How do they work?
The total available wallet addresses span into the multi trillions, the address is created with a high degree or entropy or randomness.
The chances you generate an existing address is quite low.

This generates a private key which in turn gets hashed into a public key and hashed again into an address.
Both the private key and address are displayed on the paper wallet.

It is a good idea to check the address to see if it is empty, it is a good idea to use the address sparingly and when you sweep the keys, spend all the funds.