What You Need to Know About the Best Bitcoin Wallets for Merchants
As a purely digital currency, Bitcoin doesn’t have a physical form. As such, storing crypto currency is entirely different from conventional, government-issued currencies. Thus, Bitcoin wallets are ultimately essential for Bitcoin users to start buying, selling, spending, and holding their crypto assets. This is also true for merchants planning to accept cryptocurrency as a mode of payment. Finding the best bitcoin wallet can be challenging at best, but EU Paymentz will help try to make the process simpler.
Bitcoin Wallet 101: The Basics
Cryptocurrency transactions are essentially transfers between Bitcoin wallets included in the block chain. As such, you need to acquire a Bitcoin wallet before you start using cryptocurrency. Once installed on your smartphone or computer, it will give you a unique Bitcoin address, to be used on your first transaction. Keep in mind that Bitcoin addresses can only be used once, so the system will generate a new one everytime you pay someone or vice versa.
Bitcoin wallets also keep a unique sequence of numbers and letters, known as a private key or seed. It serves as a digital signature, used for spending Bitcoin, signing transactions, and providing mathematical proof that the value being transferred is indeed coming from the wallet's owner himself. Once the signature is issued, neither party can make modifications, making the transaction final and irreversible.
Hot, Cold, Soft, Hard: Types of Bitcoin Wallets
If you’re a business owner looking for crypto payment solutions, the search for the ideal Bitcoin wallet for your business needs isn’t complete without first understanding the different types of crypto wallets.
There are two ways to differentiate Bitcoin wallets: Whether or not they are connected to the internet, and whether or not they come in software or hardware form.
To be more specific, Bitcoin wallet types include:
- Hot wallets
Also known as web wallets and online Bitcoin wallets, they can be accessed with a user-set password, from any device connected to the internet.
- Cold wallets
Cold wallet is the umbrella term used for any Bitcoin wallet that completely operates offline.
- Software wallets
These are applications or programs you can download to your device. Software wallets have two subtypes: desktop wallets and mobile wallets.
- Hardware wallets
These wallets are small computers or smart cards designed to generate Bitcoin private keys offline.
- Paper wallets
Paper wallets are Bitcoin private seeds printed from an offline computer.
Naturally, each type has its own perks and downsides. For instance, cold wallets are deemed a safer Bitcoin storage option than its online counterpart, as they can’t be tampered with or hacked by someone online. On the other hand, hot wallets offer more flexibility when it comes to spending, receiving, buying, and selling digital currency—all vital tasks and processes for online merchants who want to include cryptocurrency in their payment solutions.
The Top Bitcoin Wallets on the Market for Merchants
While there are Bitcoin wallets that allow you to keep one type of crypto currency, most wallets let you store multiple digital currencies simultaneously, such as Bitcoin Cash (BCH), Ether (ETH), Ripple (XRP), and more. The best solutions offer storage for both conventional and crypto currency.
Some wallets also offer extended financial activities, including savings management and planning. To get a clearer picture of what the leading Bitcoin wallets have to offer, here are five crypto wallets for merchants and their recommended features:
UK-registered CoinsPaid is an organization offering comprehensive fiat and crypto currency payment services. Designed for business use, the highly secure CoinsPaid ecosystem, developed in 2014, is a processing tool already used by over 150 businesses, especially online casinos, for accepting crypto payments. For product reviews, you can check out the testimonials given by their very own satisfied customers, with companies such as bitStarz, mBit casino, and IC3X Crypto Exchange detailing positive experiences with CoinsPaid.
- Support for 50+ crypto currencies
- Fiat operations available
- Instant transactions inside the CoinsPaid ecosystem
- Crypto portfolio management with access to the best exchange rates
- Zero internal transaction fee between CoinsPaid user accounts
- Automated mass payments from your wallet to multiple addresses
- Recurring payments/Subscriptions
- Bitcoin assets secured with Kaspersky-audited crypto exchange technology
How to get started:
Coming soon in Q4 of 2019, CoinsPaid Wallet will be available on desktop and on iOS and Android devices.
Fintech payment company Tronipay offers payment solutions in both fiat and crypto currencies, functioning as an all-in-one digital bank. They specialize in providing online payments, merchant account services, online monetization solutions, and e-wallets for e-commerce, recurring payments, and face-to-face selling.
- API: Payment Processing for security
- Boleto payments supported
- Deposit, bank transfers, and withdrawal supported
- Tronipay card for your convenience
- Debit and credit card solutions
- Payments and receipts for transaction monitoring
- Cross-Border transactions
- Backoffice for total control
How to get started:
Tronipay is available for mobile and browser. Signing up is easy; key in your name, document, and email address, set a password, and confirm your registration via email.
- One Road Payments
If your business is operating in Asia, One Road Payments is one of the best choices for crypto solutions. With their broad experience in Asian markets, One Road Payments knows exactly the rules, regulations, and restrictions pertaining to e-commerce, payment solutions, and the crypto industry in the region, especially in China. Payment solutions from One Road Payments also include both fiat and crypto currencies, with core competencies in gaming, gambling, lottery, and casino industries.
- Multiple online payment solutions supporting Visa, Mastercard, Unionpay, WeChat Pay, and Alipay
- Cross Border transactions in US Dollars and other currencies
- Real time domestic settlement
- Merchant Management Portal
- English speaking IT experts for easy international communication, with integration services and 24/7 customer and technical support
How to Get Started:
E-mail, call, or chat to inquire or apply. Typically, applications for One Road Payments are processed within 10 working days.
While Trezor is only used for storing your Bitcoin, and it isn’t a buying and selling crypto platform, it’s touted as the best when it comes to security. This hardware wallet is a physical device you can plug into your phone, tablet, or computer to access your coins. If you’re a business owner looking for a way to hold your crypto assets securely after receiving payments, Trezor is your best option.
- Multiple crypto currencies supported
- Password manager and two-factor authentication
- Offline backup for protection against lost passwords and lost devices
- Recovery seed compatible with other wallet apps
- Two models to choose from: Trezor One and Trezor Model T
How to Get Started:
You can buy your Trezor on their website. Once owned, you can set up and start using your Trezor within minutes.
Blockchain.info granted Mycelium the “Best Mobile App” award in 2014. This mobile-only Bitcoin wallet boasts bank-grade security for your Bitcoin. If you’re a business owner with a mobile-only workplace, Mycelium comes in handy.
- Support for Hierarchical Deterministic accounts, BIT ID accounts, Watch Only accounts, Single Address accounts, and hardware device accounts
- Mycelium Local Trader with peer-to-peer Bitcoin selling and buying
- Integrations include Cashila, Coinapult, Glidera, Trezor, and Ledger
- Easy-to-navigate tabs, where you can switch between Accounts, Balance, Transactions, Businesses, and Address Book by swiping
- Master seed backup for funds restoration in the case of lost or damaged device
- Cold storage spending you can sign with Trezor and/or KeepKey
- Encrypted chat conversations using Bitcoin keys
- Real-time trader ratings based on successful or aborted trades, for checking a buyer’s or seller’s reputation
How to Get Started:
Mycelium is available for download on Google Playstore, Direct Download, and iOS App Store.
Choosing the Best Bitcoin Wallet for Your Business
Without a Bitcoin wallet, you can’t use crypto currency. However, it’s not enough to simply download the first Bitcoin wallet you see online. Apart from comparing the features and benefits of each wallet before you decide, there are also other factors to consider. Some questions worth asking:
- Are you always on the go?
If you need to make Bitcoin transactions while you’re not at home or in the office, you can benefit from a Bitcoin wallet app rather than a desktop one.
- How frequently are you making or receiving payments?
When it comes to e-commerce and online businesses, multiple transactions per day is the norm. It’s best to have a Bitcoin wallet that’s not only user-friendly, but also easily accessible. A crypto wallet that is available for both desktop and mobile is your best option, so you can always manage them accordingly.
- Are you dealing with large amounts of crypto currency?
In this case, security is the number one priority. Having an offline wallet alongside your web wallet is a smart move for keeping large amounts of Bitcoin.
All leading Bitcoin wallets are great in their own right, but overall, the top choice for merchants goes to CoinsPaid for its availability, accessibility, security, control, and coverage. With CoinsPaid, your business can accept both fiat and crypto currency as payments, on desktop and on mobile—giving you and your customers the freedom and convenience you both need.
At EU Paymentz, we specialize in Business to Business and Business to Customer payment processing, be it in fiat or crypto currency. Our services include gaming, Forex, wire transfers, and crypto solutions for high risk businesses. To know more about how we can help you set up Bitcoin payments for your business, contact us.