Significant Tips to Keep In Mind While Opting For the Best Cryptocurrency Wallet!
February 23, 2019
Discovery of a premium crypto wallet, the best in the market is undoubtedly the dream of every cryptocurrency aficionado. The decision can be hard for some but with these handy reminders, you can score the perfect crypto wallet for yourself.
Getting your hands on the right crypto wallet is not as an easy affair as it seems, after all cryptocurrency matters are not to be taken lightly owing to their decentralized technology and highly volatile market price value. It takes time and lot of patience dealing with crypto!
However, that does not mean that the subject of Cryptocurrency Exchanges is always unnerving or intended to scare one off. Cryptocurrencies are like flowers planted amidst the pandemonium of relentless wind; with the correct nurturance, crypto cash will also bloom like flowers. Let's look at certain factors that one should keep in mind before zooming in on a crypto wallet.
Security Assurance Deliberations
The first thing that comes to one's mind when we think cryptocurrencies is the security concerns that it brings about with its exchange process. And why should it not? Safeguarded transactions should be the topmost concern when it comes to cryptocurrencies. As cryptocurrencies are less regulated and more decentralized, in the past few years crypto money has been in the limelight as most cyber-based criminals go for this currency to carry out supreme illegal activities on the go.
Tax evasion and money laundering are undoubtedly the two illicit activity fields where cryptocurrency exchange platforms are suffering high brunt of the crime force with the digital cash register ringing to no end.
Infact a year back it was noted that 40% of the Bitcoin transactions were being carried out for unlawful endeavours. Clocking off an appalling $72 billion, that's crazy even for crypto!
Looking at this, one thing is clear - No matter what, the crypto wallet that you set your eyes on should be largely focussed on the idea to impart the highest level of security. The more secure the wallet is, the less are the chances of outsiders trying to break into the cash walls. Considering this, enabling protocols like multi-signature protocol and the two-factor authentication (2FA) should be given much thought to. Especially, when it comes to narrowing your sights upon a crypto wallet that is secure and reliable. Establishing a name as two esteemed security layers, multi-signature protocol and two-factor authentication that keep a tab on the existing crypto tokens stockpiled in the crypto wallet are well-known for their knack of providing amplified security. What multi-signature protocol does is that it entitles an extra permission code set-up before any exchange is sanctioned on the crypto wallet. As for 2FA it utilizes a second security code other than the regularly used password or pin protection.
If the crypto wallet will not be easy-to-operate then the complete point of cryptocurrency matters not being complicated will just be given an up-boost. With a supremely optimized UI, the crypto user will easily be able to navigate the wallet without any concern of hassle exchange problems creeping up. Moreover, if the crypto wallet can store numerous coins then we assure you it will be a complete steal.
According to us, the cryptocurrency wallet should have simple-to-access compatibilities, with the sole purpose of buy and sell competencies. As cryptocurrencies are immutable, exchanging crypto cash should be more easy and less complicated.
The only variation that arises between crypto traders and long-term crypto holders is that while crypto traders do believe in the power of innovative online features with real-time conformities, crypto's long-term holders might not necessarily.
FOUR TOP CRYPTOCURRENCY WALLETS OF 2019
Now that we have seen some necessary pointers to be considered, let us have a look at the top 4 cryptocurrency wallets of 2019.
LEDGER NANO S
A great choice for major Altcoin transactions, the Ledger Nano S is the coolest hardware wallet to currently exist on the crypto market. The thing about hardware wallets is that unlike most online wallets, they are less risky and ultimately a crypto redeemer for every crypto enthusiast eyeing protected storage picks to hoard their cryptocurrencies post dealing on a Cryptocurrency Trading Platform.
Also supporting competencies such as easy backup/recover for crypto cash, multi-coin support and PIN protection, the Ledger Nano S can proficiently operate even without a computing device.
Pro: Safe and secure OLED-based hardware crypto wallet.
Con: It is comparatively a pricier crypto wallet.
One of the oldest crypto wallets to make its appearance on our list, Celery is here to stay having proved its undying mettle since its commencement in 2013. An innovation of Goldman Sachs employees, Celery is effortlessly compatible with eminent web browsers such as Google Chrome and Internet Explorer. Although it is a web-based platform, it can ably deal in extensively-used cryptocurrencies such as Bitcoin, Litecoin and Dogecoin.
With an uber-attractive user interface, the graphics are stellar to look at and make for fun cryptocurrency dealing. Moreover, as it is easy to access, every crypto beginner can go for this crypto wallet that is super simple to manage.
Pro: Integrated with case wallet technology, it is a secure platform.
Exodus boasts of some robust features such as multi-coin support and one-click exchange that stores all necessary information online on the user's computer in spite of being created online. An amazing software wallet lauded for its convenience, the crypto wallet is apt to have a look at crypto holdings, preserve private keys and is available for desktop computers as well as Android and iOS devices.
Pro: With a 12-word seed phrase, the crypto user can easily back up the wallet as well as instantly store the wallet on another device for quick recovery in the case if it is stolen or forfeited.
Con: Exodus is vulnerable and when installed on a device makes the device vulnerable. If the device gets loaded with malware or virus, the crypto wallet could be harmed as well.
Another hardware wallet that is our top favourite, Trezor mainly deals in Bitcoin exchanges and is also an USB device that employs the "Zero Trust Approach" mainly for the need of third party elimination.
The crypto wallet is PIN protected and integrated with the recovery seed technology in case the wallet is ever lost or pilfered. Mainly a Bitcoin wallet, it supports multi-currency storage abilities and allows cryptocurrency exchanges with up to 15 other cryptocurrencies. With a highly user-friendly interface, it poses little interaction with other devices; the crypto wallet is switched off once the USB is disconnected.
Pro: Impeccable PIN protection acts like a guard against hackers and thieves.
Cryptocurrency wallets with optimum security and easy-to-use UI are generally favorable but in the end you should always choose a crypto wallet that is a long-term crypto investment for the years to come!