EVERYTHING YOU NEED TO KNOW ABOUT CRYPTOCURRENCY WALLETS

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Mainstream media is agog with news of the profitability of cryptocurrencies. However, little has been done to educate people about the technicalities of the industry. One of such is the security of tokens via wallets.

CRYPTOCURRENCY WALLET

As the name suggests, cryptocurrency wallet is a purse/bank wherein cryptocurrency tokens are stored and it can be used to send and receive digital currencies. This can be likened to a bank account in the fiat system of currencies. Technically, money is not stored in bank accounts but rather in banks. The same way money is not really stored in wallets, rather they are profiles that details your cryptocurrency portfolio. To trade cryptocurrencies, you must have a cryptocurrency wallet.

TYPES OF CRYPTOCURRENCY WALLETS

There are five types of cryptocurrency wallets and each with its pros and cons. They are outlined below.

  • HARDWARE WALLET/COLD STORAGE: Hardware storage isn’t a new thing. This wallet is a digital device that connects you to your cryptocurrency portfolio. This wallet is easy to use, stylish and more secured to keeping your tokens on exchanges which are third parties and are prone to hack. The only disadvantage to the use of a hardware wallet is that once the digital device is lost, the tokens are gone with it. Also, this wallet is expensive compared to all other wallet options in the market.

  • ONLINE WALLET: This wallet option is the most popular wallet option in the market because it is easy to use. This wallet option is cheap and can be used anywhere around the globe, all with internet access. This wallet can be operated through computers, laptops, and mobile devices. This wallet option makes it easy to send and receive digital currencies.

  • MOBILE WALLET: This wallet option also leverages on the internet to function. However, this wallet option is restricted to only mobile devices. Due to the portability of mobile devices, this wallet option is becoming popular. Most mobile wallets make use of the QR code scanning option to access wallets. As there are many illegal mobile applications that can be used to siphon funds, be sure to be sure of the mobile wallet before keeping your tokens in them.

  • DESKTOP WALLET: This is another wallet option that operates only on computers. This option is good because it has less prone to hacks since the private keys are not saved online but rather stored as documents on the PC. The only disadvantage is that peradventure the PC is infected by a virus or damaged, the file goes along with it.

  • PAPER WALLET: This wallet option is attached to paper in that you get your private keys revealed to you on paper such that when you want to initiate any transaction, you’ll need to type in the private key. This is one of the safest ways of storing cryptocurrencies though it is archaic. However, it requires time and understanding to operate.

TOP 5 CRYPTO WALLETS OF 2018

Although there are tens of wallet options, these five are to the best of my knowledge the top-notch ones.

  1. LEDGER NANO S: This is a USB sized wallet. As said earlier, this wallet is very expensive, however, its features are remarkable in terms of security and backup of private keys. Nano S doesn’t need a computer to operate it, it has an LCD screen on it with which one can operate the wallet easily. It can be used to make transactions easily. Nano S operates a multi-currency wallet and easily be used to back up and restore wallet in case of theft.

  2. LEDGER BLUE: Made by the same company that produced Nano S, Ledger Blue is, however, a bigger hardware wallet and has more advanced options compared to Nano S like Bluetooth, touchscreen USD connectivity etc. and definitely more expensive. The wallet is secured against malware and a pin code can be used to secure it.

  3. COINPAYMENTS: This is an online wallet that allows more than seven-hundred tokens to be stored in it. It is a recognizable wallet by stores and can be used to make payments. The wallet is BitGo integrated for security purposes and it has a mobile app for mobile users.

  4. EXODUS: This is another online wallet with colorful graphics. Just like many wallets, it is secured and easy to use. However, it does not require identity verification to operate and it is free to operate for basics though there are premium features.

JAXX: This is a mobile wallet. This wallet also operates on Windows and other OS in like manner as on mobile devices. This wallet is used to store digital tokens in general. It doesn’t store your private keys neither does it have access to your funds.

 

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