It’s important to learn as much as possible about crypto and how to keep your coins safe on wallets. That’s why we’re explaining some terms you need to learn in the crypto world to stay updated on how to keep your coins safe.
The word “wallet” is used in the context that your digital coins are safe and provide evidence that you own them. This wallet can transform into physical software and hardware on your computer or cloud. Prominent platforms like PayPal, Venmo, and Robinhood allow you to buy bitcoins without any hurdles, even when you are not familiar with the financial exchanges and technicalities that go behind a purchase.
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The wallets and these platforms hold your cryptocurrency on a custodial basis and hence you are relying on the company to secure, store, and restrain your assets. Hence, the crypto and control — Both are in the hands of the platforms.
Hence, if you are not a daily investor in cryptocurrencies or someone who has a large and significant amount of crypto coins to deal in, exchange platforms are not the ideal pick for storing your essentials. It is more prudent to invest in offline storage or a hardware wallet that transfers the control in your hand. Another alternative is to invest in platforms that are non-custodial and render more control over your resources. Today, we will explore all of those options and help you select the best pick for your coins.
Moreover, if you get more liberty over your assets, you will also have to monitor everything on your own. That entails remembering the private key- which is the encryption that lets you access your wallet. You also have to make a choice between security and accessibility.
For instance: hot wallets secure your crypto coins online. On the contrary, a cold wallet will do the same but offline. The latter will give you an extra layer of protection from the malicious intentions of the hackers, but it will also add more steps that you have to execute when you make any transactions. That’s why it’s essential to keep your crypto coins safe in your wallets.
Coinbase wallet: The best option for new investors
This wallet has been a prominent wallet since its launch in 2014. And here you can easily trade coins like bitcoin or dogecoin. You can also have an integrated visa bidet card with the link in Apple Pay or Google pay.
This wallet is non-custodial. Hence, you have full access to your private key which is created in association with the 12-word phrase to recover your account. Remember, the Coinbase exchange platform is custodial while the digital wallet for Coinbase is non-custodial.
Trezor Model T: The best secure platform
Although it has transformed to Trezor Suite now, the 2011 version of Trezor was the first one which is the arm of Czech-based SatoshiLabs.
The T model of Trezor which costs $221, is a hardware wallet that displays the features that are synonymous with Ledger Nano X. The main dissimilarity is that Trezor is open-source software. Hence, the code behind the wallet has some access, which provides some additional security.
This wallet works on your desktop and hence there is more security than when you operate the platform on an application basis. You can also check out your wallet through the website dedicated to the platform. This platform allows you to make the transaction without any hassle in the Trezor Suite and allows you to store over 1,600 coins and tokens.
This platform is more like a modern version of a stopwatch with a touchscreen and USB cable that you can use to link it to your computer. You also have a facility of a micro SD card that gives extra storage space in your wallet. This is devoid of any Bluetooth support. However, that is what people often prefer because it is more susceptible to attacks by hackers.
Exodus: The most suitable desktop wallet
This wallet falls under the category of a hot wallet and stores your coins online. But you also have the right to access your private key, as this platform is also non-custodial. This platform is operable on Windows, Linux, and MAC. While there is an app accompanying the same that is operable on both Windows and iOS. The user interface of this platform is sleek and smooth which requires less hands-on training to understand everything. The exchange is also seamlessly linked with the wallet, which makes it easier to conduct any transactions.
The platform allows the transaction of over 130 coins including ether, bitcoin, dogecoin, and tether USD. However, the limitations of the platforms are something to pay attention to. For instance- If you want to buy crypto in U. dollars, you need to buy them via a centralized crypto exchange, and then transfer it to the Exodus. However, you can buy Bitcoin in U.S dollars through the dedicated app. If you execute transactions through the exchange platform you will also have to pay a fee.
When we compare hot wallets to cold wallets, the former is more secure than the other. Hence, people tend to upgrade to them down the line. This platform is also operable with the Model T or Trezor.
Mycelium: Best for mobile-only users
Mycelium has been around since the era of Crypto took the stage of the world. Hence it is the oldest and most compatible wallet with Bitcoin. This wallet only works on mobile and is operable on both iOS and Android.
The interface of this platform is also very appealing and easy to move through. However, it supports only a handful of coins currently. The bitcoins can be sent or received via USD, Binance USD, but not the coins that have emerged as the crypto coin craze struck the world. This app allows you to sell and buy Bitcoin without much hassle, and can also be brought via fiat currency.
This wallet is also non-custodial, hence, you will be in control of your private key and PIN. This is also a much-preferred wallet because it is totally open source. However, it is also not immune to an all-rounder existence. With this crypto wallet, you get limited support options. If you face problems, you need to raise a ticket and wait for someone from the team to answer your query. This is not a very speedy method to resolve any issues.
For more experienced readers, this platform also works with a QR code. You can customize your transactions and offers based on your hardware like KeepKey, Ledger and Trezor.
We hope this gets you started on all you need to learn about crypto and keeping your coins safe in wallets. Meanwhile, here are some cryptocurrencies you need to look out for in 2022. We also have you covered on all you need to know about Dogecoin.