Wallets, what is the best and most secure blockchain wallet
Blockchain wallet beginners guide in the realm of unknown. After reading this article you can chose a blockchain wallet. Which blockchain wallet it is best for you in terms of security and utility. When I refer to cryptocurrency wallet I’m also referring to tokens. For the sake of this article I will use interchangeable language so just keep that in mind.
What is a cryptocurrency or blockchain wallet?
A cryptocurrency or blockchain wallet is a software program that stores your private and public keys. It interacts with various different blockchains enabling users to receive and send cryptocurrencies anywhere in the world. It’s like having your physical wallet but in a digitized way online same but all bit different. there are different types of cryptocurrency or blockchain wallets.
First type is a desktop blockchain wallet
Desktop blockchain wallet can be downloaded on your PC or Mac and you can only access it from one computer. It offers a pretty good security however; the downfall is you can only use it on a desktop. A second downfall for that is if you do get a virus that have the potentiality to hack your online wallet. Which hackers can access your private keys therefore they can access your funds via your desktop blockchain wallet. So there are some pros and cons. Pros its easy to use and download. Cons its quite accessible by hackers to put Trojan or some type of phishing attempt to get your private keys. Keep in mind that a lot of people actually don’t backup their blockchain wallets. So if your hard drive fries and never back up the seed for your cryptocurrency blockchain wallet then all is lost.
Second type is an online blockchain wallet
Online or cloud blockchain wallet is very accessible and easy to use. Obviously you can use it anywhere on different devices. However, with this easy use there are security issues. The security issues are quite simple, well people can hack your password easier, clone your phone giving hackers more surface to access your private keys therefore your cloud blockchain wallet.
Third type is a mobile blockchain wallet
Download on your mobile from app store, Google Play Store with many different mobile blockchain wallets. You can use it anywhere around the world some quite secure with multi signature access and many backup features. If you lose your phone you can actually take those different phrases or seeds and restore your blockchain wallet. Restoring a variation of your blockchain wallet so you don’t lose your crypto funds. When you actually backup your blockchain wallet, the cryptocurrency is never kept on the phone. It’s a misconception, what you have is actually key or private keys stored on the phone. Just like a key for door lock will unlock your funds to be visible on blockchain.
Forth is a hardware blockchain wallet
Hardware blockchain wallets are quite different than online wallets or mobile wallets. Because its on a physical device such as a USB key and the upside to these hard wallets or cold storage wallets are security. The reason why you want a cold storage wallet or hard blockchain wallet is because you want to store your cryptocurrency safely. If you have anything my recommendation for anybody if you want to risk losing any cryptocurrency you keep it on a cold storage device. Your number can be different from mine, so anything above $5000 I’m going to put it on a cold storage device. You got to figure out what is your number you’re not willing to lose. As soon as you have the number put it on a cold storage device. Take this recommendation, which I personally think are the easiest used to when it comes to cold blockchain wallet.
Finally, obscured blockchain wallet
Which I don’t recommend for many people, just because it’s easy to lose. Is a paper wallet so you can literally print your private keys on a piece of paper. Storing your crypto and tokens on there. Not too many downsides except if you lose and didn’t back it up all is lost. I don’t recommend it for most, I actually recommend a hard blockchain wallet, but you have the option. Is actually pretty cool just imaginable paper wallet and you can fold it up and carrying with you.
Couple of things to keep in mind for cryptocurrency blockchain wallet
For safety and keeping it secure, always backup your wallet no matter what wallet you’re using whether. Use a seed phrase back it up I can’t tell you how many times I’ve heard people lose their phone or lose the password. Keep the software updated like any good software if its your mobile or any other blockchain wallet. Add extra security such as two Factor verification if you’re doing online stuff. Make sure it’s Google authentication as opposed to text message because people can easily clone your phone. These are the questions to take into consideration when choosing a blockchain wallet. I highly recommend you diversify all tokens and cryptos to different storage devices and platforms.
Do you need a wallet for everyday purchases, plan to use several currencies or a single currency, do you require access to your digital wallet from anywhere or just for your house?
Take time and asses these questions because it will determine which types of blockchain wallets and hard wallet you choose.
Here are some of the most used blockchain wallets
This is a simple wallet literally made for a child because the user interface. Specifically, just for bitcoin, beginner friendly, open-source software however no web or desktop interface. It lacks features and its a hot wallet, so it has a less security and people can access your private keys easier. But if you’re looking for day-to-day transaction maybe Bread its your blockchain wallet.
Advance variation, only for bitcoin but they do have plans for multi-currency. For both Android and iPhone, great privacy with advanced security like multi signature security were you need multiple touch points to go online. Open source it’s free no web or desktop interface and not really the best for beginners. But really depend on what stage you are in your crypto journey
Another mobile blockchain wallet that supports the most currencies such as ERC-20 compliant. Good privacy, security, multi-currency blockchain wallet, linking across multiple platforms so you can have on your desktop and tablet synchronizing. The only downside is that is very, very slow.
The most popular hardware blockchain wallet that is ideal for storing large amounts of bitcoins. Cannot be affected by malware and never exposed your private keys which makes it really, really safe. Really good security privacy, very easy to use web interface built-in screens, open source software and it’s a beginner friendly.
Is a multi-currency support, hardware blockchain wallet, third party apps that you can move from the device and UTF support. Not as advanced as the other hard wallet no ability to create an account no password manager. However, if you’re looking for an easy-to-use hard wallet the looks good that has the easiest on boarding process possible. Amazing backup security so even if you lose the heart key you have that phrase that will backup your hardware blockchain wallet.
I will leave you with this thought, and never ever keep any bitcoins cryptocurrencies or tokens on exchanges. Exchange is there to exchange so if you want to trade your coins definitely use an exchange.
Like always I wish you Happy Trading and Every Success!