Pick the Best Crypto Wallet
You decided to take the crypto plunge, but need to pick the best crypto wallet? Unfortunately, you don’t know what the best crypto wallet is? What is the best crypto wallet on line? Which is the best secure wallet?
Unfortunately, there are too many different types of crypto wallets. There are PC based wallets, app crypto wallets, hard wallets and offline services. Choosing the best crypto wallet can be confusion, but we are going to keep this simple, based on your individual needs.
It’s Really Scary to Select the Best Crypto Wallet
It’s really scary to select the best crypto wallet. However, the first steps are to ask the following:
- Do you want to hold crypto on the web or hold crypto in a hard wallet?
- What crypto currency are you going to transact in?
- How do you store your private and public keys?
- What type of level of security do you require?
- Then we have to ask about your budget?
A crypto wallet contains software, to store your crypto keys, both private and public. A crypto wallet is an interface that generates private and public keys. The actual handling of your keys, depends if you use a web or hard token wallet. Your main concern is where are the keys stored. Keeping these keys safe is crucial.
Picking the best crypto wallet is based on your technical experiance and ultimate safety of your crypto. If your crypto wallet fails, then you can loose all your crypto. Holding a secure wallet depends on your personal knowledge and pocket book.
Do You Want to Hold Crypto on the Web, Desktop, or Hold Crypto in a Hard Wallet?
Do you want to hold crypto on the web or hold crypto in a hard wallet? There are a lot of pluses and minuses on the selection of a crypto wallet. In finding the best crypto wallet for you, you need to know about crypto wallets for each type.
Crypto Web Wallets Live On the Cloud
Crypto web wallets live on the cloud. As a consequence, web wallets main weakness is the cloud, because of the access from multiple devices.
Yes, crypto web wallets are practical. One the other hand, web wallets are susceptible to theft. Unfortunately, web wallets have long history of rip-off.
Numerous web wallets consists of free sign up. Most accessed right from your browser and no need to download any software. Many web wallets claim layers of security; however, crypto web wallets consist of a long history of thefts and scams. For that reason, we are not going to recommend any web wallet.
Exodus One of the Best Desktop Wallet-
One of the best desktop wallets is Exodus. It comes in a PC and mobile version. Exodus is downloadable with the following features:
- Multi currency wallet, over 85 crypto currencies.
- No account setup required.
- All in one app that hold your private keys and transaction privacy.
- There are no hosted servers, you are in total control.
- You can see individual crypto account balances.
- Access to view your transaction directly on the block chain.
- You can send and receive crypto currency; while translating the transaction into your fiat currency units.
- Exodus consists of a built in crypto exchange.
- Downloading and use is free. Exodus makes money on the spread of the transactions.
- The wallet interface provides a graphic of your holdings and breaks it down into types of crypto.
If your computer crashes, Exodus backup system in conjunction with a secure link in your email can restore your wallet.
MyEtherWallet A Fantastic Desktop Wallet for
A fantastic desktop wallet is MyEtherWallet. MyEtherWallet is an interface that generates both private and public keys. All of your keys are entirely on your computer inside your browser. MyEtherWallet it never transmits or stores private keys.
MyEtherWallet is not a bank and does not store this information. Again both private and public keys are stored on your PC. MyEtherWallet interacts directly with the blockchain and does not charge a transaction fee; however, you can not recover your keys.
MyEtherWallet can interface with Ledger, Trezor, Digital Bitbox, or Secalot and other wallets.
There is a significant trust for the MyEtherWallet, but it’s not the best in terms of safety. Sure, the crypto wallet is more secure than alot of other online wallets. However, you have to be careful with your private keys, because the private keys ae on your PC.
Please note: MyEtherWallet supports ERC20 tokens.
Hard Wallets or Hardware Wallet for Holding Your Crypto
Most hard wallets appear like modified thumb drives. Hard wallets is a great way to physically hold your currencies; while the least expensive and safest option.
Hard or hardware wallets store private keys on a modified USB drive. It’s a great way to your crypto offline. At the same time you can still interface online and make transfers or transactions. By merely plugging in your hard wallet, you can send or Both hold the most popular cryptos allowing for storage, transfers, or transactions. However, before you buy a hard wallet, confirm which crypto currencies can be stored.
Both the Ledger or Trezor can interact with different web or desktop apps.
Currently, the Ledger provides one model the Ledger Nano S with incredible features and includes is own proprierty operating system the “BOLOS.”
While Trezor provides a line of products from the Trezor one to the Trezor Model T with back up features.
Crypto Paper Wallet By Far the Safest Way to Store Your Crypto
Without question paper wallets are by far the safest option to store your crypto. A paper wallet consists of a physical copy of your generated private and public keys. Your keys printed on a sheet of paper.
Paper wallets’ best feature is they are offline (also known as “cold storage”). paper wallets are out of the reach of hackers. Out of the hands of any third party.
You send funds by transferring the money to the crypto wallet’s public address. At the same time, send crypto by entering your private keys. An other option, is scanning the QR code on the paper wallet.
Avoiding Crypto Wallet Thefts and Scams
Security level depends on the wallet. While all coin and token wallets design with security in mind, the application varies.
The level of security depends on the wallet. One of the most common overlooked crypto wallet features are usernames and passwords. Then followed by enabling two-factor authentication (more common now). In addition, there are some common and less common strategies to protect your crypto wallet:
- Keep Your Private Keys Protected. We all herd of stories of a PC crashing and lap top stolen, and the private keys lost within those devices. If you accidently send your private keys to someone, they can be stolen. If you lose your crypto wallet private key, you stand to lose your entire investment for good.
- Update your Software on Your Devices. Software Updating is a fancy word for patching software problems. Most security holes are not apparent at the startup. Unfortunately, most software requires updating for functionality or security holes.
“Consider Keeping a Copy Of Your Private Keys”
- Consider Keeping a Copy Of Your Private Keys: It may sound counter productive, but a keeping a paper copy or hard wallet, is a great way to keep your private keys private.
- Avoid Keeping Your Assets of Crypto Exchanges. One of the first exchange was The Bitcoin Market; however, unknown when it actually ceased to exist. Terminated around In 2014, Mt. Gox began Liquidation proceedings. Many more crypto currency exchanges have ceased operations, and in many cases loss of funds to account holders. Not to mention, the hacking of exchanges. If you are trading Crypto, it’s really hard not to keep them on an Exchange. I’m guilty of keeping Crypto on exchanges!
- Designate a Different Browser to Access Your Crypto Wallet. Malware on a broswer is a common way to hack your wallet. Cleaning out the browser before accessing your wallet will reduce the chances of hacking.
- Don’t Announce Your Holdings On Youtube. Avoid making videos on Youtube, about your Crypto holdings! Why attract attention from hackers.
Which Crypto Wallet is The Best?
There is no single best Crypo wallet option. Definately one-size does not fit all. It really depends on you and your needs:
- · Which cryptos are you trading or Hodling
- · Are you going to be a short-term or a long-term crypto trader?
- · What level of security are comfortable, and do you understand how to use those security tools?
- · What are the wallets associated costs?
- -Do you want mobile access and can you reconstruct you account?
- · Ho intuitive or user-friendly is the interface of the crypto wallet?
- · How mobile and accessible is your wallet? Is it difficult to keep and easy to lose?
- · Are there and carrying costs to the crypto wallet?
- · Does it allow you to make quick purchases or sell-offs whenever needed? What is its latency?
A Single Crypto Currency Wallets Worth It?
In general a single currency wallet is a safe bet, but you are limited to that one crypto currency. However, most users prefer wallets that hold multi currencies. In most cases a single crypto currency wallet is considered old school.
- Bitcoin: Bitcoin Core Wallet, Mycelium or Electrum.
- Dash: Dash Core.
- Ethereum: Ethereum Wallet or MyEtherWallet (Paper Wallet).
- Litecoin: Litecoin-QT.
Frequently Asked Questions
What is the best Android Wallet in 2018?
The best Android Wallet is based on your personal needs. However, in a nut shell the best Android Wallets consists of: The Electrum Bitcoin Wallet, Coinmi Wallet, GreenBits Bitcoin Wallet, and MyCelium Bitcoin Wallet.
What is the Safest Crypto Wallet in 2018?
The safest crypto wallet is based on a combination of needs. However, here is a quick reference list of the safest crypto wallets for 2018:
- Nano Ledger S and the Trezor Hard Wallets.
- Exodus Desktop wallet for mulicoin.
- MyEtherWallet for a desktop ether wallet.