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Choosing The Best Multi-Currency Wallet For Crypto in 2020
Crypto differs from fiat in terms of storage. It is saved not in some kind of virtual bank, but directly in the blockchain. The coins, information on the distribution of digital assets between users, transaction history – all this data is stored by the chain. Such data cannot be changed or erased in any way. And without a crypto wallet, you cannot manage your assets.
Let’s have a look at different types of crypto wallets.
A cryptocurrency wallet stores your “private” and “public” keys used to send and receive various crypto tokens. The interface and design of the programs help users to get all the necessary information about their digital savings. There are two types of wallets:
Hosted – the keys are stored on the network by a trusted third party (i.e. exchanges);
Non-Hosted – software for a computer or mobile phone. With non-hosted wallets, the users store their keys themselves.
How do cryptocurrency wallets work?
Cryptocurrency wallets are not designed to actually store digital assets; instead, they provide the tools necessary to interact with the blockchain network. The wallet includes a public address, which is an identifier in the form of a set of letters and numbers. This address is a kind of location on the blockchain where you can send coins. You can share your publicaddress with another user to receive funds, but you should never show your privatekey to anyone. A private key provides access to your cryptocurrencies, regardless of which wallet you use. Thus, even if your computer or smartphone was compromised, you can still access your funds from any other device, provided that you have the appropriate private key (or seed phrase).
Types of wallets
This type of wallet is suitable for beginners, since it does not require the purchase of devices, software installation, or downloading the blockchain. It is enough for the user to register on the site. Web wallets are simple and convenient to use, they do not take up space on the HDD and are constantly synchronized with the blockchain network, even when your computer is offline. Cryptopay enables customers to transfer money directly between their Cryptopay wallet and SEPA (Single Euro Payments Area) bank account, store their funds safely in a multi-coin portfolio, protected by two-factor authentication to increase security. Coinbase is a trading service that many retailers use to receive digital currencies from sales. Private keys are stored on the server, and client funds are stored on a cold wallet. You can enable two-factor authentication and install the smartphone app.
The local wallet is installed on the hard drive and loaded with the operating system. Such wallets are divided into “thick” (full-node clients) and “thin” (light-node clients). Thick ones can take up to hundreds of gigabytes of hard drive space. Thin local wallet is actually a program that makes requests to the blockchain through a trusted site. Bitcoin Core is a Bitcoin wallet created by the Bitcoin Foundation. If you want to get a truly secure place for your digital assets, choose this thick desktop wallet. Exodus is a universal thin crypto wallet. It supports 100+ altcoins and has a built-in exchange service. Also, Exodus can interact with the Trezor Crypto Hardware Wallet.
Mobile phone and browser wallets
Mobile wallets are available through special applications. You can use them for shopping in real stores where crypto is accepted – just like ApplePay. Benefits of Mobile Wallets:
Convenient to use on the go;
Extra features like a QR code scanner.
Disadvantages of mobile wallets:
In case of loss of the phone, you will also lose all your savings;
High risk of virus attack.
Coinomi is a multi-currency application with two integrated exchange services (Shapeshift and Changelly). The wallet supports 100+ virtual coins, the keys are stored exclusively in the application. Browser wallet is an extension for Chrome and Opera browsers. It is very easy to use: you just enter seed phrases and get access to the savings. The Jaxx extension for Chrome from the team of developers of the browser wallet KryptoKit, supports not only Bitcoin, but Ethereum as well.
This is the most reliable option for saving virtual assets. They look like ordinary USB flash drives. The user inserts a USB, logs on a wallet program by entering a password and thus gets access to the funds. All operations are performed not in the system, but directly on the flash drive itself, which eliminates extraneous access to data. Trezor wallet supports most of the top coins, it can be synchronized with the MyEtherWallet online wallet, as well as Chrome and Firefox browsers to get access to crypto funds. Ledger Nano S is miniature, safe, and easy to use and has several levels of protection. Asset management is performed through the Ledger Manager utility.
A paper wallet is a piece of paper that usually has QR codes that can be quickly scanned to get the address to a crypto account. The main advantage of services like BitAddress and Bitcoin Paper Wallet is that the keys are actually stored offline, which makes them immune to hacker attacks. The main drawback, however, is that the paper wallet can be stolen or lost.
Which wallet is the safest?
An offline crypto wallet is the most reliable one. You can install a local wallet on a PC that is not connected to the Internet and store your digital assets on it, but this is not very convenient if you need to quickly complete a transaction.
The choice depends on how you plan to use your tokens. Small amounts of crypto can be stored on thin local or Internet wallets, and for long-term storage of large amounts, it is better to get thick or hardware wallets. In any case, remember to strictly observe all security measures.
We made an ether version of RushWallet: EthereumWallet.com (VERY beta, use at your own risk)
Check out the beta and tell us what you think: ethereumwallet.com/beta/index.html Background: I'm the CTO of KryptoKit, the software company that makes RushWallet and the KryptoKit chrome extension. We're big fans of Ethereum and we've thrown together an instant ether wallet (similar to RushWallet) that allows you to easily send and receive ether from your browser or smartphone. This is very early software, so it is definitely "use at your own risk." We recommend using the wallet with small amounts only--this is still Frontier after all! Here are the details of how the wallet works:
When you first use the wallet, you generate a random private key by moving your mouse around the page. At this time we do not support importing or exporting json wallets--you must create a wallet on the website in order to send or receive funds via the website.
Optionally, you may add a password during wallet creation
The page will create a unique and secret URL that you must bookmark in order to be able to access your wallet later. If you lose your URL or forget your password, there is no way to recover your funds.
The secret part of the bookmark (after the '#') is never sent to our server and exists only locally on your machine. The password is not stored anywhere--when you type it in it is combined with the secret part of the URL to create a private key. We do not send this private key to the server at any time.
Development work is ongoing, and we hope to add QR code scanning for Android devices soon. Once again, be aware that this is VERY beta software. We try to be careful, but we cannot be responsible for any losses due to software bugs, cryptographic weaknesses, or other errors. Bookmark formats may also change going forward. Use this software at your own risk.
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