Hodl Wallet

Written By
Deniz Saat
Reviewed By
Ari Ramdial

The Hodl Wallet is a Bitcoin only mobile wallet that provides everything you need to store small amounts of bitcoin. Security and design are what sets this wallet apart from the competition. Learn how to store bitcoin with the Hodl Wallet.

Overview

Robust enough for seasoned Bitcoiners as well as newcomers.

Bitcoin only mobile wallet.

Secure and open-source.

Overall Rating
  • Features
  • Ease of Use
  • Security

Jump to Section

Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

Hodl Wallet is a fork (copy) of the more well known BRD wallet which is open-source and was originally a bitcoin-only wallet. After participating in an ICO and adding other cryptocurrencies to the wallet, Hodl Wallet was created as the bitcoin-only alternative for Bitcoiners. Hodl Wallet is an open-source project that allows anyone to contribute to the source code. Founded in 2018, it strives to be a decentralized product available for all. Bitcoin is meant to be self-custodied and controlled by individuals. The Hodl Wallet team encourages its users to store their own bitcoin with their mobile wallet or any available cold storage solution. With its intuitive design and limited features, it takes a very short amount of time for users to quickly learn what Hodl Wallet offers. Since the mobile wallet only supports Bitcoin, it allows for bugs or issues to be resolved very quickly. Wallets that support multiple coins require more development time to manage. Hodl Wallet also offers a tutorial for new users and veterans who wish to brush up on their Bitcoin knowledge and skills.

Features

  • Bitcoin price displayed on the main dashboard
  • Transaction history
  • Can customize network fees (miner fees that verify your transactions on the Bitcoin network)
  • Hodl Wallet is an SPV wallet that connects you directly to a personal Bitcoin full node. This feature will self-verify all transactions so that you will not have to rely on Hodl Wallet to verify transactions for you.
  • Segwit enabled & Bech 32 addresses are available
  • Sweep a Bitcoin private key or paper wallet
  • Use face or touch ID to login and set send limits
  • HODL Wallet does not require private information to create a wallet
  • In-app tutorial about Bitcoin and using the wallet
  • Generates new addresses for every transaction to increase privacy

Supported Currencies

The only currency supported by the Hodl Wallet is: 


  • Bitcoin (BTC)

How does it work?

What is needed for using the Hodl Wallet: 

  • iOS or Android phone.
  • Access to an exchange to purchase bitcoin.
  • Paper or other material to record the wallet seed phrase. The seed phrase should not be stored digitally. It is used as a backup to recover funds in case the user’s phone is lost or stolen.

After downloading the Hodl Wallet app onto your phone:

1. The user will be able to select “Create New Wallet” or “Recover Wallet”. Create a new wallet if you do not have a wallet to recover.


2. Hodl Wallet requires the user to create a pin for a new wallet. Be sure to write the pin down and store it in a safe place. Without the pin, you will be unable to access your funds through the Hodl Wallet. If you lose the pin to your Hodl Wallet, you may recover your funds by using another mobile wallet, like Blue Wallet.

Hodl Wallet will then have the user write down the seed phrase. Remember to always copy the seed phrase on a non-digital material.


3. Once your pin and seed phrase are copied, Hodl Wallet will display the main dashboard where all transactions, Bitcoin price, and all settings may be accessed.



4. You may increase your wallet’s security by selecting the Menu icon on the bottom-right, and then tap “Security Center”. From there, you will have the option to set up Face ID and to view or backup the recovery key if it is lost or not written down already. 


If a user decides to skip any of the security measures listed, they will always have the option to go back at any time to set them up. Be aware that you will be unable to access the Hodl Wallet without setting up a 6-digit pin. Be sure to write down your pin as well as the seed phrase. It is also recommended to take advantage of all the available security features in order to deter bad actors from accessing the bitcoin that is stored on your phone. Nobody will have remote access to your wallet unless they are holding the physical device.


Is 

Hodl Wallet

 safe? 

Hodl Wallet allows anyone with an iOS or Android device to download the app and set up a wallet without requiring any personal or sensitive information. The Hodl Wallet team does not have any information or access to their users. The project is open-source so that anyone around the world can contribute to the source code and troubleshoot for bugs or exploitations. Like most mobile wallets, safety measures are put in place so users are able to keep their wallet safe. Funds can only be accessed through the user’s physical device and cannot be stolen without physical access to the phone. By requiring all Hodl Wallet users to create a pin, they will have a layer of protection from bad actors who steal the device. It is recommended that all Hodl Wallet users set up face ID to set up fund limits. In case someone gains access to your wallet through face ID, they will only be able to send a certain amount of BTC until they enter the pin. Hodl Wallet also allows users to copy down their seed phrase at any time during the set up. Be sure to write down the seed phrase on a non-digital material as soon as possible in case the phone is lost or damaged. A user’s funds are not recoverable without the physical device or seed phrase. When transacting with Hodl Wallet, it will generate a new receiving address for every transaction in order to increase privacy for the user. Using a VPN is also recommended when performing transactions in order to increase privacy.

Pros of 

Hodl Wallet

  • Open-source
  • Great transaction fee estimator and can customize fees as well
  • Can be connected to a personal full node to self-verify transactions

Cons of 

Hodl Wallet

  • No Bitcoin Lightning Network support
  • Cannot purchase bitcoin from the app. Users will need to purchase their bitcoin on an exchange or from a peer-to-peer market.
  • Support time needs improvement

FAQ

1. Does Hodl Wallet charge fees for sending or receiving funds?‍

Hodl Wallet does not charge fees for transferring bitcoin. The only fees that will be incurred are the miner fees. These fees are necessary to pay the miners for recording user transactions on the blockchain. Fees vary depending on how long a user is willing to wait for confirmations on the network. 

2. Will Hodl Wallet support more assets in the future?‍

Hodl Wallet does not plan to support more assets in the future. 

3. Can I use the same Hodl Wallet on multiple devices?‍

Hodl Wallet is only available on mobile devices. Your backup may be recovered and used on multiple smartphones. ‍

4. What information does Hodl Wallet have access to?‍

Hodl Wallet employees and contributors do not have access to user wallets or private information. The user is in full control of their bitcoin as long as they copy and store their seed phrase.‍

5. Does Hodl Wallet support 2FA?‍

Two-factor authentication is currently unavailable for the Hodl Wallet.‍

6. Why does Hodl Wallet generate a new Bitcoin address every time I want to receive Bitcoin?‍

This is done as an extra layer of privacy for the user. In the event that one of the user’s addresses is tied to their identity, not all of their funds will be known by the public. Hodl Wallet generates this in the background for the user so they do not have to worry about manually creating a new address. As long as the user has their seed phrase, they will be able to recover all funds with each address.‍

7. What happens to my bitcoin if I lose my phone? ‍

Nothing happens to your bitcoin if your phone is lost. As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all funds. Unfortunately, if that seed phrase is lost and you no longer have access to your phone, the bitcoin is inaccessible. You should never keep more money on a phone than you are willing to lose. ‍

8. What happens to my funds if the wallet’s server is hacked?‍

All funds are stored locally on the mobile phone. Hodl Wallet does not have access to your funds or account for the app. Bad actors are unable to remotely access user funds. All funds are only available locally on the mobile device. A bad actor would need to obtain the device itself and then be able to bypass all security layers that the user has implemented. It is important to activate all necessary security features, keep backups of each wallet, and never store a significant amount of funds in a mobile wallet.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY
Ari Ramdial
CEO of Rhodium Labs

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