Best Crypto Wallets for Financial Privacy

Something that’s truly fascinating is how seamlessly cryptocurrency has become ingrained into the public conscious. Even if you are not wholly familiar with the mechanics of it, you are at least aware of its presence. Since Bitcoin’s original inception, virtual currency is continuously becoming a concept that’s about as commonplace as traditional currency. Though the reception has been positive in some areas and mixed in others, there’s no denying its remarkable impact on the financial world.

Bitcoin is undoubtedly the quintessence of all cryptocurrencies. Not just for its popularity, but also for its long-standing reputation of being the best of the best. It’s difficult to talk about cryptocurrencies – and any topics in relation to it – without at least briefly mentioning Bitcoin.

While using Bitcoin is indeed something that proves to be advantageous, using it anonymously is a completely different story.

Transactions with bitcoin are not anonymous and are easily trackable, assuming you do not take the proper precautions. What’s more, being private on Bitcoin is not exactly possible due to the fact that it’s a permissionless protocol.

Be that as it may, while anonymous usage is tricky, it can potentially be easy. That is to say, it can be a simple task if you use an anonymous Bitcoin wallet. Employing these wallets will basically ensure anonymity while you transact Bitcoin.

Best Crypto Wallet – Ranked

1 – Samourai Wallet (Anonymous Bitcoin Wallet App For Android)

Labelling itself as “the most private and anonymous bitcoin wallet,” Samourai wallet is for the more obsessive users. It is a Bitcoin wallet with a modern design, hand-crafted to preserve the privacy of your transactions. Moreover, it conceals your identity and keeps your funds secure.

According to their website, the developers of this wallet are wholly confident in their creation:

We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC’s will never invest in. We build the software that Bitcoin deserves.”

The team is adamant on what they are doing and have a commitment to keeping transactions involving Bitcoin private. This dedication is one of many reasons why it is considered one of the best crypto wallets.

Samourai wallet is encoded on the device by way of using AES-256 encryption and it doesn’t engage with any servers. Beyond that, you also have interesting features, including PIN code and seed word backup for safe fund storage.

  • No address reuse: Samourai is an HD wallet that guarantees that you do not reuse any addresses. It will alert you if you have sent to an address before, thereby preventing unintentional reuse of the address.
  • Protection with the use of STONEWALL: By default, Samourai provides users with a transaction that expands on the difficulty of linking inputs to outputs of a transaction. This effectively makes clustering wallet addresses and correlated metadata trickier. Additionally, STONEWALL allows Samourai transactions to generate higher deterioration than conventional bitcoin transactions. Moreover, they often resemble CoinJoin transactions on the blockchain in order to make it more complex to analyze.
  • Tor & VPN Support: The wallet is Tor and VPN enabled, which permits users to route all transactions through an anonymous IP address.

2 – Ledger Nano X

This wallet is the official successor of the Ledger Nano S hardware device. The launch of the Nano X was earlier this year and between then and now, it has garnered positive reception. This popularity stems from its ability to safely secure users’ cryptocurrencies.

It is a paid device and provides substantial value for money. This is because it is a tremendously mobile device that includes a Bluetooth feature. Therefore, one can easily use it with any kind of iOS and Android device.

In regards to security, it is a non-custodial wallet that allows you to have control over your private keys. Furthermore, you can use it with a device that’s subject to contamination and still ensures security. Ledger Nano X is also a trustworthy anonymous BTC wallet assuming you obscure your ISP by employing a VPN. If you do this, then there should be next to no issues.

It should come as no surprise that, in the future, you can expect more anonymous features to be available. Because it still has room for additional developments, the Ledger Nano X is seen as one of the better crypto wallets for privacy.

3 – BitLox (Hardware Wallet)

This is a productive startup company in Hong Kong that distributes top-of-the-line hardware wallets for Bitcoin and other cryptocurrencies. This wallet produces a handful of different hardware wallets, especially for privacy-centric users. Currently, they create three types of wallets:

  1. BitLox Advanced
  2. BitLox Ultimate
  3. BitLox Extreme Privacy Set

The BitLox Extreme Privacy wallet is the one to focus on, considering the topic of this article. It is an incredibly private and anonymous wallet for the more cautious users. Admittedly, it borders on paranoia, but it is still remarkable as an anonymous wallet regardless.

With this set, you will receive the finest privacy solution. That being an unbeatable combination of BitLox ultimate hardware Bitcoin wallet and BitLox military-grade USB vault. The latter has TAILS OS pre-installed, which will protect your IPs. With this, you are able to send and receive funds in a private manner. This is possible thanks to the utilization of TAILS plus, the BitLox, and their TOR-compatible web tool.

Here are some other BitLox features:

  • A NIST-certified True Random Number Generator that secures your signatures.
  • HD wallet provides users with over 100 wallets. Each one of these wallets is able to produce millions of unique addresses.
  • Hidden Wallets: The data of a hidden wallet is tantamount from an array of random bytes. Basically, only you are able to know that they are there.
  • An emergency PIN that will wipe all user data that resides on the device.
  • A complete alphanumeric keypad that you can directly access on the device.
  • 12, 18, or 24-word mnemonic backups that facilitate the recovery of all funds. This can come in handy should you lose your BitLox or someone steals it.

4 – Rahakott Wallet (Web Wallet)

This wallet is specifically for people who wish to protect their privacy and remain anonymous while transacting in other currencies. It is a web multi-currency wallet that permits its users to carry out anonymous transactions. Though it hasn’t been around for very long, it has still managed to process up to $20 million in bitcoin.

In addition, making a wallet on Rahakott does not require your phone number or email ID. Because of this, there is no doubt surrounding the security of your personal data.

On their website, they boast the following:

At times when almost every exchange is hacked and more than a billion dollars has been stolen by hackers when public “wallet companies” demand personal data and documents from the holders under the pressure of tax and special services.

Rahakott remains independent, reliable and the most convenient wallet in the world.”

At this point in time, it’s available in 4 languages: English, Chinese, Japanese, and Russian. Moreover, it supports up to 6 cryptocurrencies, which are BTC, BCH, LTC, ETH, DASH, and ZEC. It also provides Segwit support. Beyond this, you can choose to select security features for your wallet like OTP, password, or 2-FA authentication.

Some other privacy-centric USPs of a Rahakott wallet are the following:

  • Mixer: A built-in mixer for cryptocurrencies makes tracking transactions an impossible task.
  • HD Wallet: An HD wallet guarantees that there is no occurrence of reusing an address.
  • Tor: The wallet is accessible on the Tor network, which enhances your IP privacy.

5 – Paper Wallet

This is a highly anonymous Bitcoin wallet. In essence, it is a piece of paper that contains the prints of your private and public key (or addresses). By using this wallet, it is possible for anyone can take your bitcoins if they were to be lost.

However, because it is a physical object, it is a lot easier to hide it. Moreover, even if it’s made public, it’s difficult to figure that out from the addresses of the wallet’s owner. This is primarily why paper wallets are another anonymous, yet basic method of preserving and transacting your Bitcoins.

According to the official website:

By printing out your own tamper-resistant bitcoin wallets and generating your own addresses, you can minimize your exposure to hackers as well as untrustworthy people in your home or office. Just transfer your bitcoins into your new wallets, and use common sense to keep your wallets safe the way you would jewels and ordinary cash. Or give them away!

6 – Electrum On Tails Operating System (Desktop Wallet)

This platform is probably one of the oldest lightweight Bitcoin wallets that is currently operating. Since its 2011 inception, it has become one of the most reliable Bitcoin wallets available in the market. It is an open-source wallet that exists under an MIT license. In addition, it supports unification with third-party hardware wallets. Such wallets include Ledger, Trezor, and Keepkey. 

With all of this in mind, Electrum is not technically an anonymous wallet by default. However, if you utilize an Electrum wallet on the Tails operating system – something that’s privacy-centric – and Tor is also enabled, then it can be anonymous.

For more details about Tails, their website sheds some light on it:

Tails is a live system that aims to preserve your privacy and anonymity. It helps you to use the Internet anonymously and circumvent censorship almost anywhere you go and on any computer but leaving no trace unless you ask it to explicitly.”

Putting this aside, there is no other discernible requirement for the protection of your privacy. This is because it is an HD wallet that provides you with the ‘equipment’ you need. What’s more, it does not need any type of personal information.

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