How Do I Choose A Multi-Currency Crypto Wallet?
Why do you need a multi-currency crypto wallet?
Alt-coins are gaining considerable popularity, and this is seen in the market cap growth rates of all alt-coins recently.
This is reflected in the steadily declining index dominance of Bitcoin. There are so many other alt-coins on the market now, and some of these have already exceeded $1 billion. Many alt-coins are interesting not just because of the technology they use, but the ideas that lie at their base. They represent an attractive target for portfolio investment too. The next question that arises is - where do we store these varieties of digital assets?
Why a separate wallet for each alt-coin?
Most users have a separate cryptocurrency wallet for each cryptocoin (e.g., Electrum-Dash or Ethereum Wallet ). This approach undoubtedly provides a safe way to store your digital assets, because each of these wallets ensures control of the private key.
If the latter is stored in a secure location (e.g., written on a piece of paper and / or stored in a flash device located offline), you can be 100% certain of the preservation of your digital assets. However, this method has some drawbacks.
Firstly, a lot of disparate wallets can be uncomfortable. Second, for each of them you need to preserve the unique key seed-phrase (which will be the private key).
There are so many digital currencies and so many unique phrases to store! If you lose one of them, all will be lost and all digital currency in that wallet will vaporise into thin air.
Why not keep large sums on the crypto-exchanges?
Many prefer to keep alt-coins on exchanges. It is very convenient, since modern trading platforms support dozens or even hundreds of different alt-coins. However, such an approach has a number of significant deficiencies, since users have to trust funds to a third party.
Most crypto-coins are centralized, they are completely uninsured against hacking and are regularly subjected to DDoS-attacks . All of this poses a threat to the safety of your funds. Therefore, users who trade in large volumes on crypto-exchanges should consider other options for the long-term storage of their digital assets which provides control over their private keys.
Hardware wallets
This type of crypto wallet can be the most reliable, because such devices provide a safe maximum, "cold storage" of your digital assets in a secure and isolated environment. This is perhaps the best way for the long-term storage of large amounts of your funds.
The hardware crypto wallet has firmly embedded private keys used to sign transactions. Among the most popular of these hardware wallets include the Nano S , Trezor and KeepKey . Each of these supports the most popular alt-coins including ETH, LTC, DASH, and so on.
Online wallets
As is the case with the crypto-exchanges, this option is hardly reliable since it also means private keys flowing to a third party. On the other hand, online wallets can often support a variety of popular cryptocurrencies and even allow you to conduct transactions with lower commission costs
Mobile wallets
With the growing number of smartphones and there was a variety of different services of mobile wallets for Android, and for iOS. Many online services also have a mobile version (for example https://www.cryptonator.com/).
Some mobile wallets are highly reliable (because they provide the ability to save the seed-sentence) and have an intuitive interface. Such applications for example, include the mobile wallet Coinomi -https://coinomi.com/ The latest version of this wallet offers to save the key phrase for you.
Desktop wallets
A good tool for storing crypto coins are multi wallets installed on your computer. Among them are the Exodus , which features an intuitive and attractive interface, control over your private keys and an built-in exchange in the ShapeShift platform.
@craig-grant and myself are big fans of this platform. At the moment, the wallet supports 7 cryptocurrencies including ETH, DASH, LTC, REP, GNT and DOGE.
Stay secure whatever method of wallet you choose!
New Freewallet (all in one) for Android is open source and supports 10 currencies with more coming. Started using it 2 weeks ago and no problems.
Very cool @ragnar14 - I will check it out. Comment upvoted :)
Awesome never heard of it. Thanks.
I am using FreeWallet iOS wallets for Dogecoin and Eth. If there is a all-in-one wallet from FreeWallet on iOS platform, it will be nice.
We forgot about another great wallet well known as https://jaxx.io
what do you recommend?
Exodus. Period.
Great..
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Hi @bibek - keep that crypto wallet safe my friend!
Thank fort suggestion my dear friend....Great....:))
What do you think about Prism?
They are a Shapeshift clone, so I'm not really that interested in them or know much about them @soundwavephotons
From what I understand, you'll be able to hold multiple coins in a "prism". We'll see what happens haha. Interesting times.
I'd love to see a Bitcoin wallet integrated into Steemit ... but then that would probably kill the Steem Dollar??
I know prism had insane fee's originally but lowered them when people complained haha
Oh no way. I read about the high fees, but I didn't know they changed it haha. Cool.
Not sure how significant the change is hahah. Nevertheless, they are by the same company as Shapeshift and their platform looks dope. Don't know much more than that though
Down another rabbit hole...
Thanks for the help @mindhunter, I am still trying to understand it all.
In cryptos there is a LOT to take in super-fast!!
With someone like me that is starting from so fall behind when I think I may be catching up it has moved to another dimension overnight, wrap speed. It's great though I just read and listen usually not understanding what is being said just hoping that eventually it will sink in subliminally. One morning I will wake up and it will be like "I've got it, by George I've got it. Again thanks for the work you do.
Even I'm still waiting on that day in the crypto-world @anothervoice!
Cheers!
Great post @mindhunter 🌞😁 working hard or had working?!? Kidding laddie. 🍀
Hard worker - it's the Scottish Protestant work ethic - were as bad as the Catholic Poles! Ha ha!
LOL
Been a good day for you @road2wisdom - you'll sleep sound tonight with lots of fresh new ideas in the morning time. Fear not, your still my favourite ;) Hee-hee! Nitey nite.<3
Awww, GOOD I BETTER BE! He kidding, really laughing out loud right now! HAHA Yes I need to recharge my brain very tiring day.
Thanks, Goodnight talk to you in a few hours!
Scots were recently voted in a Lonely Planet survey as the most faithful friends you'd find anywhere in Europe as a traveller ... and don't you forget that Missy! LOL! Sweet faithful dreams :)<3
I won't :)
You have my whole heart. You always did :)<3
I bought and use a trezor. Love it!! Thanks for this post. I have had to tell many buddies to PLEASE STOP storing crypto on exchanges (Coinbase, Polo, Kraken, etc.). Resteemed!
Thanks for the resteem Robert. I love Trezor too! I have my 7 BTC on it that I bought in 2010 for $24!!! :)
Yess!
Excellent.. I'll have to check out Exodus..
Exchange Inside
Huh? Wazat mean?
You'll see Exodus in many of Craig's videos. Get on it @rgeddes :)
Use decentralized exchanges like Lykke or Bitsquare, in these cases you hold a private key and your funds are much safer.
Lykke is easy to use with centraized settlement, Bitsquare is really for experts.
I've a fan of Bitsquare and have used them in the past @scalextrix - I'm now all in on Exodus and Trezor hardware wallets :)
There are so many options. I like the hardware option if I ever have a big enough crypto currency holding to warrant it.
Even for smaller amounts under 1 BTC I still like the Trezor wallet @lig007