Open-source crypto wallets may sound like a cheap deal to many of you, but it is not!
It is not just the people who are low on bitcoin who prefer an open source wallet. Today, those who have a butt load of bitcoin also tend to go for an open-source wallet. Why?
Well, there are some solid reasons for making this decision. We will discuss those reasons below, along with some open-source bitcoin wallets. So, keep reading!
Why Go For an Open-source Bitcoin Wallet?
To be honest, open source wallets are better in many ways as compared to closed source. Those who create reliable open source bitcoin wallets know the benefits!
- They are constantly improved
An open-source wallet has its code open to the public for modifications and redistribution. Hence, more developers work on it, and the product is better. Over a period of time, the bitcoin experts tend to check other people’s modifications and improve on them. This leads to a better version of the code and a more powerful wallet.
- You can check the code for yourself
As the code is open to be checked, reviewed, and altered by anyone, those who want to use the wallet for storing more amounts of bitcoin can check it by themselves. You can check it for security and privacy flaws, if any.
How to look for a reliable Open-source Bitcoin Wallet?
Well, first of all, when you are looking for a reliable open source bitcoin wallet, make sure you know what type of wallet is available.
For example, there are hot wallets that are connected to the internet at all times and are super convenient. On the other hand, there are cold wallets that are not connected to the web and are not as convenient as hot wallets. Cold wallets excel in terms of safety as they can never be hacked.
Other than this, here are some features to look for in an open-source bitcoin wallet.
- Licensed: To ensure authenticity, check if the wallet has a recognized license. Some of the common licenses for a bitcoin wallet are MIT License, GPLv3 License, GNU AGPLv3, etc.
- Multi-signature capability: It is a great feature if you can get it in a bitcoin wallet. Every transaction requires more than one key to sign and authorize.
- Encrypted data backups: A wallet connected to the internet will always have a chance of being hacked. Hence, for your safety, look for a wall that offers encrypted data backups. It will be helpful in case of a mishap.
- Multi-device synchronization: For a reliable wallet, it is crucial to have multi-device synchronization. It allows you to handle transactions from any device.
Best Open Source Bitcoin Wallets
Here are some of the best open source bitcoin wallets that you can use.
- Electrum: It has an MIT License, supports cold storage, and offers multi-signature capabilities.
- Etherwall: Etherwall has the GPLv3 License and is super fast and intuitive.
- MyEtherWallet: MEW is a completely online wallet that is accessible via a web browser. It also has an MIT license.
A reliable open source bitcoin wallet is the need for a person who has bitcoin to store. As there are many choices and risks out there, it is necessary to analyze each of them carefully. Make sure that you take a closer look at this piece to ensure safety while choosing a wallet.