Looking for a Bitcoin Cash wallet? The CoolWallet Guide to the Best Bitcoin Cash Wallets is your ultimate guide for finding the most reliable and secure Bitcoin Cash wallets to store your Bitcoin Cash and other cryptocurrencies.
Now, it’s time to work out how you’re going to store your precious Bitcoin Cash.
Table of Contents
- Best Bitcoin Cash Wallet
- Bitcoin Cash Wallet: Cold Storage & Offline Wallets
- Online Bitcoin Cash Wallet
- Final Thoughts: Bitcoin Cash Wallet
Cryptocurrencies are a product of a now advanced technological society, and with such, come advanced technological threats – threats which stand to wipe out your crypto holdings altogether.
Think about it, a small investment in securing your Bitcoin Cash now could prevent potential theft of your entire “bag” of investments somewhere down the line.
In this all-encompassing blog post, we will address the:
- Best Bitcoin Cash wallets present in the cryptosphere,
- Fundamental differences between cold & hot Bitcoin Cash wallets,
- Which Bitcoin Cash Wallets are able to pair with your iPhone & Android, &
- How to get a Bitcoin Cash wallet.
Do I really need to store my Bitcoin Cash and other cryptocurrencies in a special wallet?
Simply put, yes.
As mentioned above, with the rise of technological advances, comes a rise in financial crimes. Look no further than a 2018 PricewaterhouseCoopers survey on fraud and economic crime which reported roughly 50% of the 7,000+ organizations and companies surveyed had been a victim of fraud or economic crime within the past two years.
The report also notes that this statistic is likely grossly underestimated. The report reads,
“In this era of unparalleled public scrutiny, today’s organizations face a perfect storm of fraud related risks – internal, external, regulatory, and reputation…”
Furthermore, they draw specific attention to the inevitable “shadow industry” which arises, impacting every territory, sector, and function, resulting in an overall lack of fraud-awareness in 2018.
If regulated multi-billion dollar organizations and corporations – who are spending exorbitant amounts on cybersecurity and SPI protection – are still experiencing financial attacks and crime, it should be no surprise that the unregulated cryptocurrency ecosystem is at an even higher risk of attack.
The blockchain is still in its infancy, so it’s extremely important to take as many precautionary measures as you can in order to secure the value of your Bitcoin Cash and other cryptocurrencies.
Still need more convincing?
Check out our article on some of the largest cryptocurrency exchange hacks which have take place since the beginning of blockchain.
And, for scale, we suggest you read up further on one of the world’s former most popular cryptocurrency exchanges – MtGox – which was hacked to the tune of over 850,000 BTC, or $700,000,000 at the time. Such amount is now worth a whopping $6 billion ($6,000,000,000) USD!
CoolWallet Security Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”]If you do decide to keep your Bitcoin Cash and cryptocurrencies on an exchange, we highly recommend you enable 2FA. When enabling 2FA, opt for Google Authenticator over SMS, as SMS has experienced several attacks over the last few years and leaves relative room for danger.[/tip_coolwallet_style]
1. Best Bitcoin Cash Wallets
At CoolBitX, we believe the best Bitcoin Cash wallet is:
- Allows you to claim your Bitcoin – Before the fork that is.
- safe from hacks – this means storing your BCH offline.
- convenient – this means being able to be mobile with your BCH.
What ever you do, don’t leave a valuable investment on an exchange. Exchanges aren’t meant to to store cryptocurrencies long-term.
CoolWallet Security Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”] Think! It’s a matter of principle to not leave any investment on a risky place — even if your initial loss in a hack isn’t catastrophic, a hack will make outside investors stay away and that will be the industry’s loss, which makes your investment worth a lot less. [/tip_coolwallet_style]
2. Bitcoin Cash Cold Storage & Offline Wallets
Cold storage and hardware wallets are wallets which allow users to store their Bitcoin Cash, Bitcoin, and other cryptocurrency private keys offline. Simply put, cold storage and offline wallets keep a user’s private keys from ever being “kissed” by an Internet connection. If you’re unsure of what exactly a private key is, it’s a sophisticated cryptographic form or number – known only to the respective crypto holder/investor – which allows you to manage, access, and spend your Bitcoin Cash and other cryptocurrencies.
Think of it private keys as your own personalized and encrypted ticket to your favorite sports game, however instead of handing over your ticket at the time of transaction or entrance, you merely sign off on your identity and authenticity through the device. Although cold storage and offline Bitcoin Cash wallets are the most expensive of all storage options, they do offer the highest degree of:
- Functionality, &
When should I be using cold storage and offline wallets to secure my Bitcoin Cash and other crypto investments?
Any time you are storing an amount of Bitcoin Cash or cryptocurrency that you are unprepared to lose. If it means something to you, then you likely should be taking the proper precautionary measures to secure it. For most people, one month’s salary is typically the amount you should be securing via cold storage and offline Bitcoin wallets.
Bitcoin and Bitcoin Cash wallets can be broken down into two fundamental types; hardware wallets and paper wallets. Below are CoolWallet’s picks for the best Bitcoin Cash hardware wallets and Bitcoin Cash paper wallets in the present day cryptosphere.
CoolWallet News: In June, 2017, Cointext, a company who offers Bitcoin Cash trading without a required Internet connection raised over USD $600,000 in seed funding for an Internet-free Bitcoin Cash wallet.
Bitcoin Cash Wallet: Hardware
Hardware wallets are similar to having your own safe or vault, stored securely away and out of the reach of malicious Internet actors. They refer to an actual physical device, which stores your private keys offline and requires an act of physically connecting it to your computer or phone in order to access your funds. When executing transactions with hardware Bitcoin Cash wallets, they require you to confirm every transaction by pressing one or several buttons – keeping your funds truly at the tips of your fingers.
What makes Bitcoin Cash hardware wallets stand out from other wallets?
For one, hacks against crypto hardware wallets are exceptionally rare, with the most common method of “hacking” a user’s hardware wallet and device being the actual physical acquirement of it through theft. Additionally, one of the more common methods for “hacking” a user’s hardware Bitcoin Cash wallet is through a compromised production or shipping process – so always make sure your product’s packaging has not been damaged or opened.
Below are several other reasons why hardware BTC and BCH wallets are extremely valuable:
- Immune from computer viruses – a common issue afflicting hot software wallets,
- Your private keys are never subjected to vulnerable software,
- They can actually interact with corrupted computers, 7
- The software is open-source, so the entire transaction may be validated by the holder.
Take solace in the fact that you now have your own personal bank vault, which is nearly impenetrable – but for highly physically invasive or abnormal circumstances.
CoolWallet Security Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”]Note that even the most seasoned cryptocurrency investors have fallen prey to large-scale crypto attacks. Look no further than ICO evangelist and promoter Ian Balina, who in April, 2018 was hacked to the tune of over USD $2 million.[/tip_coolwallet_style]
Let’s get started with the most functional and portable of all cold storage wallets – the CoolWallet S.
Not only does the CoolWallet S support Bitcoin Cash and Bitcoin, it also supports Ethereum, Ripple, Litecoin and all ERC20 tokens.
The CoolWallet S is the ultimate embodiment of a hardware wallet which allows you to have your Bitcoin Cash and crypto funds at your fingertips, as it’s specifically designed to pair with both Android and iPhone. The CoolWallet S boasts a convenient, fast, and easy setup, allowing you to remain completely anonymous while securing your investment in just minutes.
Not only does CoolWallet cut out the need for clunky USB cables, it also allows a user to take their private keys and funds on the go without worry, as it:
- Allows you to trade currencies on the wallet itself,
- Heat & cold resistant &
- Impact resistant.
That’s right, the CoolWallet S is specifically designed to weather the elements, all while providing end-to-end security and control over your Bitcoin Cash (BCH) and other funds.
Unlike other wallets which boast a single point of failure, making them more easily susceptible to malicious attacks, CoolWallet requires malicious actors to not only gain access of your CoolWallet, but your smartphone or tablet as well.
Add in a partnership with MetaCertProtocol – the world’s largest verified address database – in order to guard against online fraud, and there’s little debate over who the best Bitcoin Cash Wallet in the offline storage ecosystem is.
Trezor’s user interface
One of the most tried and tested Bitcoin Cash and cryptocurrency hardware wallets out there, Trezor touts itself as the “original Bitcoin hardware wallet.”
What makes Trezor unique and hard to use is their PIN entry system, which doubles the amount of time a user may enter their PIN after each incorrect entry. A Wired.com editor chronicled his efforts of recovering his funds on Trezor after losing both his PIN and recovery seed. He calculated that with the amount of time that would have accumulated with his incorrect guesses, he would be dead before his 31st guess.
To read up further, check out their website and FAQ.
Ledger Nano S
Ledger’s user interface
Often mentioned in the same conversation as Trezor, the Ledger Nano S is a Bitcoin Cash wallet, which integrates OLED display double-check for transaction confirmations and connects users to computers by way of USB.
The Ledger Nano allows users to operate with not only their own wallet interface, but others too.
To read up further on the Ledger Nano S, check out their website here.
CoolWallet Security Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”]Make sure to bookmark any cryptocurrency websites and log-ins you use frequently, doing so will help ensure against targeted phishing attacks. Additionally, before logging in, check the URL for the green ‘https’ and ‘Secure’, which lets you know that the site you are logging onto is trustworthy and obtained their necessary security and trust certificates.[/tip_coolwallet_style]
Bitcoin Cash Paper & Steel Wallets
Paper and Steel Bitcoin Cash Wallets provide a more in-depth alternative for users looking to move their funds to cold storage, however, they are susceptible to the elements, and should be stored with especially thorough preparation.
Both steel and Paper Bitcoin Cash and cryptocurrency wallets are two common methods of storing your funds. As their name implies, paper wallets store your private keys or QR codes on a piece of paper or steel. Think of steel wallets as simply a more durable and permanent version of a paper wallet, and instead of having a user’s private keys or QR codes printed on a piece of paper, they are instead engraved or etched in.
Dissimilar to hardware wallets, which require an intermediary device and a fatter wallet, steel and paper Bitcoin Cash wallets are essentially free – but for the cost of your printer’s ink or the cost of engraving it into a piece of steel.
However, it’s important to understand that both steel and paper Bitcoin wallets do not offer the most permanent or secure form of cold storage, as they are not only subject to wear and tear, but melting or corroding. Additionally, there may be transcription errors with one’s private seed, making them impossible to recover.
The biggest vulnerability plaguing paper wallets is their irrecoverability. Should your paper or steel Bitcoin Cash wallet be stolen, you essentially have no chance of recovering your funds.
CoolWallet Storage Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”]When deciding whether to store your Bitcoin Cash and crypto on an exchange, we generally advise you adhere to the ‘one-month’ rule. The one-month rule dictates that if you are keeping more than one-month of your current salary on an exchange, then it’s likely worth protecting via cold storage or hot wallets. After all, that’s a substantial amount. Furthermore, if you aren’t comfortable losing any amount on an exchange, then you should be utilizing cold storage or other wallets.[/tip_coolwallet_style]
3. Online Bitcoin Cash Wallets & Hot Storage
If you’d like to read up further on Bitcoin Cash and how it differs from Bitcoin, check out our comprehensive guide here.
Completely opposite to cold storage and hardware wallets are hot wallets, which either keep a user’s private keys or cryptocurrencies online or have been “kissed” with an Internet connection at some point in time. Online Bitcoin Cash wallets do have their time and place in the crypto security and storage ecosystem, however, they should not be seen as a viable solution for users looking to store large sums of BCH, BTC, or other cryptos. They should typically be utilized in cases where an investor or HODL’er is storing small amounts of crypto online, or needs to liquidate, trade, or otherwise transact with a specific amount.
Note that the majority of the largest Bitcoin and Bitcoin Cash attacks and losses in the history of cryptocurrency can be attributed to the storing of funds on hot wallets.
Due to online wallets being connected to the Internet, they suffer from a higher number of vulnerabilities than hardware wallets. Such vulnerabilities include:
- Targeted phishing attacks,
- Malware, &
- Countless other attacks & hacks.
In this section, we will address the most popular types of online Bitcoin and Bitcoin Cash wallets for hot storage. Such wallets include: online wallets, desktop wallets, and mobile Bitcoin Cash wallets.
Online Bitcoin Cash Wallets
If you are new to investing in cryptocurrency and only looking to purchase a small amount, we recommend you start with using an online wallet. Online wallets aren’t only easy to set up, but they are extremely easy to navigate, fast, and may be accessed from any computer or device in the world. Typically, online wallets refer to Bitcoin and cryptocurrency wallets which are accessed by way of your browser.
For purposes of this section, online wallets will refer to cryptocurrency wallets which may only be accessed with an Internet browser and it does not refer to software or mobile wallets (which will be addressed below).
For users storing small amounts of BCH and cryptocurrency, online wallets are sufficient. When using an online wallet, we highly recommend you enable two-factor authentication to mitigate your chances of having funds stolen. However, when you keep your money on an online wallet, you keep it stored with a centralized entity – one that is susceptible to:
- DDOS attacks,
- Outdated security,
- Insider knowledge & hacking,
- Viruses, &
- Much more.
If you’re looking for a free Bitcoin Cash wallet and want to get started right away, we suggest you check out either Coinbase or Blockchain.com. Both offer an extremely easy-to-use interface and allow for the easy purchase and transfer of Bitcoin Cash and other cryptos.
Desktop wallets are considered the most secure of all hot wallets, and are great for investors and HODL’ers who are looking to store more than one month’s salary in crypto. Desktop wallets refer to software programs which may be downloaded and installed on a user’s computer. Unlike online wallets which may be accessed by virtually any device or in any location, desktop wallets may only be accessed from the computer on which it was installed.
Desktop wallets may be used for both online storage and cold storage. If you take the proper precautionary measures and download a desktop wallet on an offline computer, and make sure it is never exposed to an Internet connection, then your desktop wallet will be considered cold storage. However, the second it’s exposed to an online connection, it becomes a hot wallet.
Remember, when downloading desktop wallets, make sure to backup your wallet in case your computer dies, otherwise you likely won’t be able to recover your BCH and other funds.
Below are two Bitcoin Cash wallets we highly recommend…
Created in 2014, Jaxx is one of the most popular Bitcoin Cash wallets for hot storage. Jaxx is available for download on 8+ platforms, and is highly regarded for simplifying the storage process via a “beautiful, frictionless, and intuitive” interface.
Specifically, Jaxx’s core features include:
- Cross-platform pairing,
- Multi-coin support, &
- Integration of the ShapeShift exchange.
And, if you’re looking for a free Bitcoin Cash wallet, look no further. Jaxx is completely free, however they do apply transaction fees when sending and receiving. Such fees are not actually pocketed by Jaxx and go directly to the network – where Jaxx makes money is off of facilitating ShapeShift trades and transactions.
Electron Cash is a lightweight wallet for Windows, Mac, and Linux which allows users to store Bitcoin Cash without having to download the entire blockchain or run a full node.
Most notably, Electron Cash may be used as both a hot wallet or cold wallet, depending on whether the device you install it on has ever been kissed with an Internet connection. Furthermore, Electron Cash is decentralized and redundant, meaning there’s no downtime. and allows users to split the permission of spending of their coins between several wallets.
The downside? It’s not ideal for beginners, and should likely only be used by investors and HODL’ers who have previous knowledge of crypto wallets.
Similar to desktop wallets in the way that they require a downloading of an app or software to your device, mobile wallets are cryptocurrency wallets which are downloaded to your mobile device as either iOS or Android App. Below are the best Bitcoin Cash wallets for iPhone and Android.
BTC.com’s wallet is perfect for users looking to easily download an Android or iOS app on their mobile device in order to protect their Bitcoin Cash or Bitcoin. BTC.com also boasts a web wallet for users looking to store their BTC and BCH online.
BTC.com empowers investors to send and receive payments without having to trust an intermediary third-party, as they never actually have access to your BTC and BCH. BTC.com’s wallet is highly recommended for novice investors, as it cuts out long Bitcoin and Bitcoin Cash addresses, and allows users to pay friends without QR codes as well. BTC.com allows users to sync their contacts, meaning you never even need to import (or know) your friends’ Bitcoin and Bitcoin Cash addresses.
For users who want a simple Bitcoin Cash wallet, with a clean user interface that’s easy to navigate, check out the BTC.com Bitcoin Cash wallet. Keep in mind that users are not able to store altcoins with this wallet.
The Unit Wallet
Touting itself as the “quickest way to start using Bitcoin Cash on Android or iOS without needing to sign up or provide any personal information,” The Unit Wallet is a Bitcoin Cash wallet enabling users to seamlessly spend, receive, or send “cash” anywhere in the world – and all at a fraction of a cent.
Specific features of the wallet include:
- Paying with BCH QR technology,
- Sending & receiving BCH, &
- Discovering places & merchants which accept BCH.
As The Unit Wallet is “non-custodial,” users can rest assured that they are in full control of their BCH, and are able to spend or send freely without worrying about being tracked. Additionally, The Unit Wallet utilizes SPV technology, allowing users to interact with the blockchain directly, meaning that even if The Unit Wallet’s servers are down, you’ll still be able to access your wallet’s core functions.
CoolWallet Security Tip:
[tip_coolwallet_style image=”https://coolwallet.io/wp-content/uploads/2018/08/Snappy.png”]Securing and storing your Bitcoin Cash and crypto is of the utmost importance, as you are not only susceptible to exchange hacks, but targeted phishing attacks, ransomware, social engineering, and even robbery.[/tip_coolwallet_style]
Final Thoughts: Bitcoin Cash Wallet
Just remember, the CoolWallet Guide to the Best Bitcoin Cash Wallets is not creed, but a good starting point for those unfamiliar with how to store your Bitcoin Cash and Bitcoin. Stay cool and happy HODL’ing.
When approaching cold and hot wallets, think of them similar to your bank account. Cold storage is on par with your savings account, where you store and secure large sums of fiat, while hot wallets are similar to your checking account, which is typically used when you need cash for simple and everyday transactions.
In an ecosystem ripe with volatility and malicious actors, it’s important that you – the investor – remain vigilant, keeping a watchful eye for anything that appears out of the ordinary. However, sometimes it’s not always that easy to spot something that’s thoroughly cloaked and disguised as a legitimate entity.
Furthermore, the billions of dollars that have been stolen from exchanges over the last few years are likely merely a fraction of the overall total that will be stolen from investors over the next 10 years, so it’s imperative you act today and start securing your Bitcoin Cash and cryptocurrencies now.