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Are Bitcoin (BTC) wallets really reliable?

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The introduction of blockchain and Bitcoin (BTC) also gave rise to the concept of wallets, which involves various platforms and tools that have evolved over time. But they are Bitcoin wallets safe?

The wallets are of different types and allow to store cryptocurrencies, including, of course, Bitcoin. They should be considered as a bank account in which to keep the funds in a more or less secure way, depending on the type of wallet used.

Right now there are many wallets and solutions that allow you to manage cryptocurrencies, but it is not always easy to understand what is the best solution and this is where The team of Scrutiny Wallet, analyzing several wallets, more than 60, and classifying them according to some parameters such as code verifiability.

Of all the wallets analyzed, only 4 have passed their tests and these are:

  • Bitcoin Wallet;
  • Green: Bitcoin Wallet;
  • AirGap Vault;
  • ABCore.

Instead, among the unverifiable wallets, where the code could not be verified even if they say they are open source platforms, there are:

  • Blockchain Wallet;
  • Electrum;
  • Samourai Wallet;
  • Zap.

In addition, there are also the wallets that did not make the source code public and whose security could not be analyzed.

The numbers of the most used (but not necessarily secure) bitcoin wallets

The list continues even with dead wallets, that is, those that no longer allow BTC to be administered and those that have few users. The classification indicates the total number of downloads that the different wallets have by category:

  • 5 million for verified,
  • 8 million for those who are open source,
  • 4.5 million for closed source,
  • More than 20 million for custodians, a demonstration of how most users are unaware of the risks and problems they may incur in leaving their funds in this type of wallet.



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