How to choose an electronic wallet for cryptocurrency
Julius Conley
09 / March / 22
Visitors: 392
Reliable and inexpensive e-wallet - the key to successful work with cryptocurrency: bitcoin, etherium, Monero and others. How to make the right choice among many wallets (online, desktop and smartphone, hardware, paper)
Types of wallets for cryptocurrencies
If you decide to deal with any cryptocurrency, whether it is buying or selling, mining or working with a tap - you will need a wallet to receive or send e-currency. There are a large number of offers on the market for all types of digital wallets, of which there are five today:
- Electronic
- Software for installation on a computer
- Smartphone applications
- Hardware
- Electronic wallet on paper
- Electronic cryptocurrencies
- Such wallets are created online on financial sites: cryptocurrency exchanges, exchanges and other portals. Activating your wallet is similar to registering an e-mail, usually takes no more than 5-10 minutes and does not involve installing the program on a computer.
Online wallets are considered unprotected because they are registered remotely, the data is stored on a server that can be accessed around the clock via the Internet, which means that they are prone to hacker attacks. One such attack even led to the division of cryptocurrency into 2 branches: etherium and ethereum classic. However, the users of the wallet themselves often get lost, for example, they can forget the password, or, conversely, make it available to third parties. All this forced the developers of wallets to implement additional security measures: SMS-confirmation, two-factor authentication, multi-signatures, HD wallet, tokens, which made this type of cryptocurrency savings more reliable.
When choosing an online wallet, take into account the reputation, experience of the company (site) in the market and its functionality (for example, the availability of support for multiple cryptocurrencies simultaneously). To do this, study the company's website and specialized forums.
Among the more popular and reliable electronic cryptocurrencies are: Cryptopay, Xapo, Blockchain, Coinkite, Bitcoin Core, Matbea, Coinbase, BitGo, GreenAddress, Hive, StrongCoin and others.
Crypto wallets for installation on a computer
This application can be downloaded from a public site and installed on your personal computer (hereinafter - PC). These programs are considered more reliable and easy to use than their online counterpart.
There are two types of desktop wallets on the market: "thick" and "thin". The first is a full version of the program with the maximum list of features, including the possibility of mining. But such options affect the need for a large enough disk space (can take up more than 200 GB), as well as longer operation times. Shortened versions involve fast transaction processing, but have a limited list of options.
In terms of reliability, the most secure are wallets from cryptocurrency developers, such as Bitcoin Core or Ethereum Wallet (Mist). At the same time, they are less functional compared to universal programs (which, for example, have multi-currency), as they support only one cryptocurrency. Exodus, Coinomi, Jaxx and others are among the safest and most popular universal cryptocurrency wallets for computers.
Versions for smartphones
All the most popular cryptocurrencies have versions not only for PCs but also for communicators. After all, many people on our planet spend more time with the phone than with the computer, which is taken into account by the creators of electronic wallets. Such proposals have the same strengths and weaknesses as their desktop counterparts. You can download applications in the AppStore or GooglePlay.
Hardware cryptocurrencies
This type of wallet is considered the most reliable for storing digital currency, as access keys are generated locally and are not transmitted over the Internet, but stored on a special token (flash drive). In addition, protected chips, PINs are used to protect against hackers and viruses to confirm transactions, and mnemonics are used to restore access. The most reliable are wallets from manufacturers Trezor, Digital Box, Cool Wallet, Ledger and KeepKey. The cost of this option ranges from 50 to 100 US dollars
However, this type of wallet has disadvantages - for transactions you constantly have to drive money from hardware to electronic crypto wallet and back, so we recommend using a flash drive for long-term storage of cryptocurrencies and for large transactions, not for everyday use. Also keep the seed phrase (combination of characters to restore the wallet) separately from the device in a safe place, because if you lose the code along with the flash drive - the accumulated cryptocurrency will be lost forever.
Wallets on paper
Another option for more secure storage of digital money is to use a crypto wallet on paper - paper the size of a banknote, with a printed public and private key. The cost of such media will be much lower than the hardware wallet.
Bitcoin wallet Because bitcoin is a pioneer in the market and the most popular digital currency in the world, transactions with them are supported by the maximum number of different types of wallets.
Digital wallets for bitcoin
Airbitz:
- Online: -
- PC version: yes
- Android smartphone version: yes
- Version for iOS smartphones: -
ArcBit:
- Online: -
- PC version: yes
- Android smartphone version: yes
- IOS smartphone version: yes
Armory:
- Online: -
- PC version: yes
- Android smartphone version: -
- Version for iOS smartphones: -
Bitcoin Core:
- Online: -
- PC version: yes
- Android smartphone version: yes
- Version for iOS smartphones: -
Bitcoin Knots:
- Online: -
- PC version: yes
- Android smartphone version: -
- Version for iOS smartphones: -
BitGo:
- Online: Yes
- PC version: yes
- Android smartphone version: -
- Version for iOS smartphones: -
Bither:
- Online: -
- PC version: yes
- Android smartphone version: yes
- IOS smartphone version: yes
Coin Space:
- Online: Yes
- PC version: -
- Android smartphone version: yes
- IOS smartphone version: yes
Coinbase:
- Online: Yes
- PC version: -
- Android smartphone version: -
- Version for iOS smartphones: -
Copay:
- Online: -
- PC version: yes
- Android smartphone version: yes
- IOS smartphone version: yes
Electrum:
- Online: -
- PC version: yes
- Android smartphone version: yes
- Version for iOS smartphones: -
GreenBits:
- Online: -
- PC version: -
- Android smartphone version: yes
- Version for iOS smartphones: -
mSIGNA:
- Online: -
- PC version: yes
- Android smartphone version: -
- Version for iOS smartphones: -
Mycelium:
- Online: -
- PC version: -
- Android smartphone version: yes
- Version for iOS smartphones: -
Xapo:
- Online: Yes
- PC version: -
- Android smartphone version: -
- Version for iOS smartphones: -
Consider the installation of one of them on the example of the popular Electrum (it is installed on PCs and smartphones on Android). To do this, go to Bitcoin.org. and choose to download the version that is suitable for your software: Windows, Mac OSX, Linux or Android.
Click the "Visit Site" button, then in the new window - "Download Electrum".
Now you need to select the version of the program to download again. Run the exe-file, and install the application - it usually takes only a few minutes.
Launch Electrum, in the window that appears, select the option "Auto connect" and click Next.
Then the program will ask you to choose the type of cryptocurrency wallet. Beginners are advised to stay on the "standard wallet" option.
Then the program will ask you to create a seed password or use the current one. If you are using the "create a new seed" application for the first time, it is your choice.
Electrum will generate a seed record to access the private key in the application, and ask you to confirm it. Keep it in a safe place (key storage programs, notebook in the safe), and even better to store the code in multiple sources.
After that, you need to generate an access password and you can start trading with bitcoins.
To receive a payment in bitcoin, look in the Receive tab of your e-mail address for crediting digital currency and QR code.
To send a bitcoin transfer, go to the "Send" menu and enter your wallet number in Pay to.
Never reveal your password or seed record to anyone or store them in sources that are vulnerable to hackers, such as e-mail.
Ethereum Wallet
Ethereum is the second largest cryptocurrency in the world after bitcoin, so it is also widely represented in digital wallets. The most convenient and reliable of them are Mist, MyEtherWallet, Exodus, Coinbase, MetaMask, JAXX and ETHAdress.
Consider the installation and operation of the "native" wallet of the ethereum - Mist. Yes, to install cryptocurrency software you need to go to GitHub and download the version for your operating system, such as Windows. After downloading the program, open the exe-file of the program and select the folder for storing wallet files (requires about 20 MB of space) and the ethereum blockchain (more than 200 GB of space).
When you open the program, you will be asked to choose a network option for work - test or main. To get acquainted with the system you will need a "shortened" version, but if you want to have a full set of features, including mining, full version required.
After downloading the system units, you will be prompted to download the files of the previously created wallet. If you are using the system for the first time - click Skip.
After synchronizing with all the ethereum nodes, you will be prompted to come up with a password to access the system. Enter it 2 times and click Next.
To work with the wallet, the system requires 0.25 of etherium. You can do this now by clicking "Deposit using bitcoin" and transfer money via ShapeShift, or top up your account later - then click "Next".
This completes the registration in the system, but you can work with the wallet only in a few days. The system takes time to download and synchronize with the application installed on your PC the entire chain of the ethereum blockchain.
The wallet itself looks quite simple and manually. In the Wallets section, we have access to a previously created wallet in which you need to create an ethereum account - the "Add account" button. You can create several. The list of program functions is standard, as in other similar applications. Keys for authorization and transactions are stored locally on your computer.
Wallet ripple
Ripple is supported by such popular wallets as Toast Wallet, Exarpy, CoinPayments, BitGo and others. Consider Toast Wallet, an example of its mobile application that supports both Android and iOS phones.
So, to install the program, go to the AppStore or GooglePlay and download the program "Toast Wallet" to your device.
Open the program and come up with a 6-digit wallet access password.
The wallet interface is very simple.
To get a ripple on your wallet - copy its address or use the QR-code. Conversely, to send XRP, go to the "Send" tab and enter the counterparty's wallet number in the "To Address" field.
As we see in the example of the three most popular cryptocurrencies, installing and working with cryptocurrencies is a simple matter, as developers try to keep the brand "friendly for users" to make the application as popular as possible. And the authorization process for different applications is very similar. Therefore, for other popular cryptocurrencies, we will indicate only the names of wallets that support the work of this cryptocurrency.
Bitcoin Cash Wallet
This popular cryptocurrency with a capitalization of more than $ 5 billion was obtained as a result of the division of the bitcoin blockchain, which was due to the insufficient size of the block of the first cryptocurrency. The creators of Bitcoin Cash claim that the new system allows the system to perform operations faster and is more secure.
Among the most convenient and reliable wallets that support Bitcoin Cash, it is worth noting: Bitcoin Cash Wallet, Electron Cash, Exodus, WebMoney, Jaxx, Stash Wallet, Mobi, Edge, Coinomi, Unit Wallet, CoinBase, BTC.com, Coin space, StrongCoin , Copay Guarda Wallet.
Litecoin wallet
Litecoin, or as it is called, "cryptocurrency silver" - is one of the first cryptocurrencies in the world, since it was released back in 2011. The coin has borrowed all the basic principles of bitcoin, but its developers focus on the speed of transactions. The system also provides the ability to make cross-chaining transactions with other cryptocurrencies, and activated Segwit. Litecoin is widely represented in e-wallets, among which are: Rahakott, Cryptonator, LiteVault, Block.io, Electrum-LTC, Exedus, and Jaxx.
Wallet for Binance Coin
The cryptocurrency Binance Coin is quite young - it was founded in the summer of 2017 on the basis of ethereum protocols, but this did not prevent the digital currency in 2019 to take 6th place with a capitalization of cryptocurrency in the world with more than $ 300 billion. Binance Coin mining is not provided, and the price of cryptocurrency depends on the demand for it and the development of its system. Wallets for Binance Coin: MyEtherWallet, MetaMask, ImToken, Mist and others.
Dash purse
It is a popular digital currency founded in 2014, its main difference being the complete anonymity of participants' transactions. In addition, Dash has been successfully integrated into the payment industry. Yes, network users can associate a Dash wallet with a VISA card, and the cryptocurrency itself can now be used to pay for goods and services in more than 40 million points of sale in 210 countries. Among the good cryptocurrency wallets that support this cryptocurrency are Rahakott, Dash Core, Dash Electrum, Dash Wallet, Jaxx and Coinomi.
EOS wallet
EOS is another chain of development of the aetherium. Wallets that support the digital currency "EOS" in terms of their types:
- Electronic: MetaMask, MyEtherWallet, Scatter
- Desktops: Altcoin.io, Exodus, SimplEOS
- For smartphones: Infinito Wallet
- Hardware: Ledger Nano S
- Bitcoin SV wallet
Bitcoin SV is a branch of Bitcoin Cash, the currency appeared on November 15, 2018 and seeks to preserve the essence of the original bitcoin. Wallets for Bitcoin SV: Atomic Wallet, Bitaddress, CashPay Wallet, CashPay, Guarda, NextCash, Pixel Wallet and others.
Monero wallet
Moneri is completely anonymous and one of the most promising cryptocurrency in terms of price dynamics with the TOP-10 in terms of capitalization in the world. Monero is supported by wallets: MyMonero, Monerujo, Monero Wallet GUI, etc.
How to recover an electronic crypto wallet?
If you have problems accessing the cryptocurrency, it will be extremely difficult to restore it. After all, all wallets provide maximum protection against hackers and do not store copies of access data. So try not to lose passwords and files required for authorization.
But still, if you forgot the digital password - you can try to pick it up, using special programs such as Python and libraries Pyethereum and Pyethrecovery. However, not everyone will be able to do this procedure, because it requires programming skills.
If you removed the digital key or you have a "flying" hard drive / flash drive, you can try to contact the service wallet or cryptocurrency support. Better yet, have a backup file on another medium.
We have compiled a list of brokers, that we recommend avoiding.
