Tag: cryptocurrency wallets

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Cryptocurrencies

Bread Wallet Review: How Safe Is This Crypto Wallet App?

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet app

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

Bread Wallet started as a Bitcoin-only crypto wallet built on the iOS platform. Also known as BRD, Bread wallet was established and launched to the market by BREAD, a Switzerland-based technology company, in 2015. According to their website, the app is focused on privacy, the security of the private keys, and simplicity. In the past few years, the Bread wallet has been subjected to several upgrades that, among other things, ensured it increased the number of supported currencies and introduced the BRD android app.

This review will determine if the Bread wallet app is indeed the safest or the most intuitive crypto wallet app. And we hope to achieve this by highlighting its critical operational and security features, ease of use, and customer support level before comparing it with equally popular crypto wallets.

Key features:

Light mobile wallet: BRD is a lightweight mobile wallet that does not require you to download a full node blockchain into your phone.

SPV functionality: Bread Wallet also leverages the Simplified Payment Verification (SPV) technology to guarantee your Bitcoin transactions’ speedy yet safe execution. And it achieves this by establishing direct communication channels with the Blockchain.

Supports credit card purchases: While Bread Wallet doesn’t have an inbuilt exchange, it has made it possible for you to purchase the supported cryptocurrencies using a credit card. Recent updates to the wallet have also introduced several ways that you can use to buy crypto. These include purchases via bank transfers, in-person purchases at a Bitcoin ATM, and even crypto-dispensing convenience stores.

Multi-blockchain platform: At the time of launching the Bread wallet, it could only support the Bitcoin blockchain. However, several upgrades to the wallet have seen the wallet integrate more cryptocurrencies and their respective blockchain networks.

Security and privacy features:

Password and biometric support: Bread Wallet app embraces a multi-layered security structure. When installing the app, you are requested to set a 6-digit passcode to secure your wallet. You can also add such biometric security features as the Touch and Face ID that you can use to further secure your wallet.

Open source: The bread crypto wallet app is built on an open-sourced technology. This implies that anyone can view and audit its source code for the presence of malicious codes or security loopholes – making BRD one of the most transparent wallet apps available today.

Hierarchical deterministic: The wallet is also hierarchically deterministic, which goes a long way in guaranteeing the privacy of your transactions. For every transaction you initiate, the wallet will automatically generate a new public address, effectively masking your real wallet address and making it hard to track your crypto spending.

Non-custodial: BRD wallet app stores your private keys within your mobile device and not on the company servers – giving you absolute control over your digital assets.

Supports anonymous trading: One of the BRD Wallet’s key features is its commitment to privacy and support for anonymous trading. When installing the wallet and creating a user account, BRD does not ask for any name, email address, phone number, or personal information. It also doesn’t keep logs of your crypto transactions on their company servers.

Highly encrypted: The data stored within the BRD wallet, especially your passwords, private keys, and transaction history, is also highly encrypted.

How to set up and activate the Bread Wallet

Step 1: On your phone’s Google play store or Apple AppStore, search for and download Bread Wallet

Step 2: Install the app, and upon launching, click on ‘Create New Wallet.’

Step 3: Create a unique 6-digit passcode for the wallet

Step 4: The app will now provide you with 12 random words that form your recovery seed. Write them down and store them safely offline.

Step 5: Your wallet is active and ready to use

How to add/receive coins to Bread Wallet

Step 1: Log in to your wallet and on the user dashboard, click on the ‘Buy’ tab

Step 2: Choose the coin you wish to buy and your preferred payment method

Step 3: Fund your account, and the app will automatically convert the Fiat deposit into a digital asset.

Alternatively:

Step 1: Log in to your wallet and click the ‘Receive’ tab on the wallet dashboard

Step 2: The wallet will present you with a wallet address and QR Code. Copy either and forward it to the party sending you cryptos

Step 3: Wait for the funds to reflect on your wallet.

Note: In some countries, the Wallet app integrates a map that highlights the different Bitcoin ATMs available

How to send crypto from Bread Wallet

Step 1: Log in to your BRD wallet app and on the user dashboard, click on the ‘Send’ tab

Step 2: If you have multiple cryptos stored here, select the crypto you would like to send

Step 3: Enter the recipient’s wallet address or scan their QR code and then enter the number of coins you would like to send

Step 4: Confirm the accuracy of these transaction details, hit send, and enter your wallet password to authorize the transfer.

Bread Wallet ease of use

Bread Wallet has one of the easiest and straightforward onboarding processes. You only need to download the wallet and create a passcode to activate it. Unlike most other crypto wallet apps, BRD does not request for your personal information.

The processes of adding and sending cryptos in/out of the wallet are also easy. For instance, you have the option of funding your wallet app by depositing coins from other wallets/exchanges or making a purchase via your credit card.

These, plus the wallet’s highly intuitive user interface, make BRD a beginner-friendly crypto wallet app.

Bread Wallet supported currencies and countries

Bread started as a Bitcoin-only crypto wallet. However, in the past few years, it has expanded its range of supported cryptos to include Bitcoin Cash, Ethereum, Bread Coin, Stable coins like USDT and DAI, and all ERC-20 tokens.

Accepted Fiat currencies that you can use to but crypto in the app are USD, EUR, GBP, GBO, DKK, and CAD.

Bread Wallet cost and fees

You won’t be charged for downloading and installing or storing your digital assets in the BRD wallet app. You will, however, be charged a small blockchain network fee every time you wish to send cryptos to another wallet or exchange.

Bread Wallet Customer support

Bread Wallet has a readily available and one of the most responsive customer support teams. It starts with an elaborate FAQ section that addresses all the challenges faced by most BRD Wallet users.

Within the app is the live chat features that you can use to engage the BRD support and development team. You can also engage this team on the BRD social media channels on Telegram, Twitter, Reddit, and even Facebook.

Note that BRD Wallet’s rewards scheme also works closely with the support team where you get to unlock support perks depending on the number of BRD Tokens you hold. For instance, you can contact the support team via email or phone if you hold more than 2500 BRD tokens.

What are the pros and cons of using Bread Wallet

Pros:

  • The wallet supports anonymous crypto trading
  • It has embraced several security features aimed at limiting unauthorized access to your wallet
  • It is highly intuitive and beginner-friendly
  • Speeds up transaction processing by connecting directly to the respective blockchains

Cons:

  • It is an online wallet and, therefore, exposed to the inherent risks associated with hot wallets
  • One may consider the mobile crypto app to be too basic
  • It is an unregulated wallet

Comparing Bread Wallet to other multicurrency crypto wallets

Bread Wallet vs. eToro

Bread Wallet and eToro are both multicurrency crypto wallets. They also feature on the list of few wallets that support the purchase of cryptocurrencies using credit cards and bank transfers. More importantly, they have both embraced a multi-layered security approach towards securing the wallets.

But while eToro supports 10+ cryptocurrencies, BRD will only support Bitcoin and Ethereum blockchain-based cryptos. And while BRD may be considered more intuitive and easier to use, eToro carries the day when it comes to the number of integrated operational features – such as the eToro crypto exchange.

Verdict: Is Bread Wallet safe?

Well, the crypto wallet app has put in place several security measures that are aimed at keeping your private keys safe and your crypto transactions anonymous. Key among these is the inclusion of Biometric security features like Fingerprint and Face ID, user data encryption, and the wallet’s open-sourced nature. More importantly, the wallet does not, at any point, ask for information personally identifiable to you or keep logs of your crypto transactions.

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Cryptocurrencies

Blockstream Green Wallet Review: What Makes This Crypto Wallet App Unique?

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

Today, it is considered by far the most innovative and secure crypto wallet app, as well as the pioneer of multiple security features. The Blockstream Green wallet was, for instance, among the earliest to integrate multi-signature signing, allow two-factor authentication, introduce hierarchical deterministic wallets, and allow for dynamic Bitcoin processing fees.

In this review, we will be looking at all these features in detail and highlighting everything else you need to know about Blockstream green crypto wallet. We will be factoring in its operational and security features. We’ll also explore its pros and cons, cost and transaction fees and compare its efficiency with other crypto wallets.

We start by looking at its primary features:

Key features:

i) User-friendly: The Blockstream Green crypto wallet has one of the friendliest user interfaces. It features a simplistic design that makes in-app navigations seamless and eases interactions with the portfolio. It also features both basic and advanced settings that appeal to the beginner, intermediate, and experienced crypto enthusiasts.

i) Compatible with multiple OS: The Blockstream Green crypto wallet is also highly versatile and compatible with virtually all operating systems. The wallet desktop and mobile app version as well as a web version – available as a chrome extension.

iii) Hardware wallet integration: The crypto wallets versatility extends with its interactions with hardware crypto wallets. Blockstream Green wallet is, therefore, compatible with all the leading hardware crypto wallets, including Trezor and Ledger Nano models.

iv) Real-time account monitoring: The Blockstream Green crypto wallet allows you to monitor the value of your crypto balances in real-time via the apps and web version. It will also automatically email you a report of your transaction every time you send or receive your crypto.

v) Multiple accounts: While Blockstream Green is a specialist wallet that only supports Bitcoin cryptocurrency, it allows for the creation of multiple user accounts. You can, therefore, create an extra user account/wallet address for separating your digital assets. One wallet can, for instance, hold expense and savings accounts.

Security features:

Password:

Blockstream Green crypto wallet has a password as its primary security feature. You, therefore, will be required to set this 6-digit passcode when installing the crypto wallet app.

24-word recovery seed:

Additionally, the app or web wallet will also present you with 24 random phrases that represent its recovery seed. Write these down and store them in a safe place. They come in handy when recovering your private keys should you lose the wallet or forget the passcode.

Two-factor authentication:

This added layer of security eliminates the possibility of remote hacks. It demands that you attach a phone number to your wallet and receive login and crypto transfer verification codes via SMS or call. You can alternatively use ‘tether the app to your email’ and activate SFA via google authenticator.

Highly encrypted:

According to the Blockstream, Green wallets limit the amount perof sonal data collected of their clients while subjecting any data stored within the app – especially the private keys and passcodes – to strict encryption protocols.

Multi-signature wallet:

Blockstream green is a multi-signature wallet implying that two signatories must approve a transaction before it is executed. The first signatory is your password, and the other is the Blockstream servers.

Non-custodial:

All Blockstream green crypto and web wallets are non-custodial. Meaning that your private keys aren’t stored on the companies servers but on the individual device hosting the wallet. This gives near-absolute control of your digital assets while eliminating the possibility of a central point of attack for hackers.

Open-sourced technology:

The Blockstream Green wallet is also built on an open-sourced technology, which is, in itself, a guarantee of safety and transparency.

Hierarchically deterministic:

The wallet is hierarchically deterministic. That implies that it can automatically generate a wallet address for every new crypto transaction. This makes your crypto activity and transactions hard to track.

How to set up the Blockstream green crypto wallet app:

Step 1: Start by downloading and installing the Blockstream wallet app on your phone and desktop (download these apps from the official Blockstream website to get the most updated versions).

Step 2: Launch the app.

Step 3: Write down the 24-word recovery seed using the specific order in which they are presented by the app.

Step 4: Confirm your seed phrase and proceed to set the unique 6-digit passcode.

Step 5: You can now access your Blockstream green wallet dashboard and configure your desired transaction fees

Step 6: Create a Bitcoin wallet address

Step 7: Your wallet is now active, and you are now free to start adding Bitcoins.

How to add/receive crypto into your Blockstream Green wallet

Step 1: Start by launching your Blockstream green wallet app and clicking on the ‘Receive Money’ tab.

Step 2: This reveals your Bitcoin wallet address as well as the QR Code

Step 3: Copy the wallet address and send it to the exchange, wallet, or fiat-to-crypto conversion party from whom you wish to receive funds

Step 4: Wait for the Bitcoins to reflect on the wallet app.

How to send crypto into your Blockstream crypto wallet:

Step 1: Launch the crypto wallet app and click the ‘Send Money’ tab.

Step 2: In the pop-up window that appears, key in the recipient’s Bitcoin wallet address or simply scan their QR code if using a mobile crypto app.

Step 3: Enter the number of Bitcoins you wish to send

Step 4: Confirm that both the wallet address and the Bitcoin amounts are okay and click send.

Step 5: The transaction can take between a few minutes to several hours, depending on your preferred transaction fees.

Blockstream green ease of use:

One of the unique features of Blothe ckstream Green wallet is that it is highly customizable. It features both the basic and advanced app/web wallet settings for the intermediate and experienced bitcoin investor/trader. Some of the customizable features that experienced traders can take advantage of include transaction fees and auto-logout.

In addition to the four-tier transaction fee structure, experienced traders can decide to set a custom transaction fee to be paid in Bitcoin Satoshi. They can also add notes difto ferent Bitcoin transactions and set an automatic logout timer for their apps.

These and more add-ons like SPV synchronization and or PGP key have earned the crypto wallet app a nickname – ‘fancier wallet.’

Blockstream Green wallet supported currencies.

Despite all these operational and security features integrated into the Blockstream Green wallet, it will only support one cryptocurrency – Bitcoin. This sets it apart from its peers of equally advanced crypto wallet apps that support a wide range of cryptocurrencies and tokens. It also sets it apart from some Bitcoin-specific wallet apps that support both Bitcoin and its hard fork – Bitcoin Cash.

If you, however, wish to invest or interact with more crypto coins and tokens while enjoying the security and operational features of the Green wallet, consider integrating it with a hardware wallet.

Blockstream Green cost and fees:

Downloading and installing the Blockstream Green crypto wallet app is free, and so is using it to store your digital assets. You will, however, be charged a small transaction fee when you send Bitcoins from the app. But, you get to set the transaction fee when setting up the account.

Ideally, Blockstream Green crypto mobile and desktop app features five classes of Bitcoin transaction fees under the ‘Replace by fee protocol. The most pronounced are the low-fee transfer option that charges the lowest amounts but takes the longest to execute a transaction, the medium-fee transfer that charges moderate amounts for relatively faster transaction processing, and express-transaction fee that charges significantly higher fees for near-instant transaction processing.

You get to decide on your preferred transaction fee level when setting up your green wallet app. You, however, can always adjust this fee category at any time or shift to the other two pricing models – the customized Satoshi bitcoin payment plan or the economy-fee category. The later is only available on the desktop wallet app and only possible when sending Bitcoins to a wallet within 12 blocks from your physical location.

All of these fee categories are variable and dependent on the transaction volumes.

Blockstream green customer support:

Blockstream Green wallet’s customer supports starts with the FAQ page on the company website that guides you on how to interact with the app and provides solutions to common app challenges. The Blockstream website and both the desktop and mobile crypto wallet apps as well as its web wallet are multi-lingual and currently support over 12 of the most popular international languages.

We also found their customer support team quite friendly and highly responsive. And you can reach out to them by raising a support ticket on the company’s website or contacting them via email info@Blockstream Green.it. Alternatively, you can reach out to them through their different social media pages on Twitter, Facebook, and Instagram.

What are the pros and cons of the Blockstream green crypto wallet app?

Pros:

  • The crypto wallet app is highly secure and has integrated such advanced security features as 2-factor authentication, HD and, Multi-sig wallets.
  • The wallet installation process, as well as its use, are relatively easy and highly straightforward.
  • The Bitcoin-specialist wallet is highly transparent as it is developed on an open-sourced technology.
  • Blockstream green crypto wallet is quite a user friendly and features highly customizable features like different fee categories.
  • The fact that the Blockstream green wallet integrates seamlessly with crypto hardware wallets further boosts its security and number of supported currencies.

Cons:

  • Blockstream Green crypto wallet app will only support the Bitcoin cryptocurrency.
  • It has limited operational features. It doesn’t have such critical features as an inbuilt exchange.
  • Its online nature subjects it to several threats, include hacking and malicious malware.

Comparing Blockstream Green wallet with other crypto wallets

When compared to other hot wallets like Abra, Blockstream Green carries the day because of its security features and ease of use. Its key selling points include its highly innovative approach towards securing the wallet that has since been imitated by the entire industry, its highly customizable transaction fees, and intuitive user interface. But one can’t fail to notice that Abra supports way more cryptocurrencies, has more ways through which you can deposit crypto into the wallet, and active in-built exchange.

Save for the convenience that it offers frequent traders and the fact that it is free to acquire, Blockstream Green wallet’s features pale in the face of a hardware wallet like Trezor. The hardware wallet is considered more secure as it stores your private keys offline, supports a wide range of cryptocurrencies and tokens, and is more insulated from common threats dogging hot wallets like remote hacks.

Verdict? Is the Blockstream Green wallet safe?

Blockstream green wallet has a long history of keeping their client’s data and private keys safe. It was developed and is still maintained by some of the most experienced blockchain and crypto industry experts around. Since its inception, the wallet has led the industry by pioneering some of the most innovative security protocols that have since achieved global acceptance. Other factors that we believe endear this wallet app to most Bitcoin traders are the decongested and highly intuitive interface that makes it easy to use.

We, however, believe that the app would have an even larger following and user-base if it accepted more cryptocurrencies. Going forward, we would also like to see the bitcoin app integrating more features like an in-built exchange.

Categories
Cryptocurrencies

Corazon Hardware Wallet In-Depth Review

With a price tag of over $1,000 in its Gold model, Corazon is the world’s most expensive hardware wallet. It is because it is built in partnership with Singaporean luxury accessory and Trezor-creator SatoshiLabs. As you may have guessed, Corazon’s functionally is just as the Trezor Model T. It features premium features such as a titanium casing and plenty of top-notch security features. What’s more, while the design of the Trezor Model Ts can be relatively easy to copy, Corazon’s titanium case is almost impossible to imitate. 

Corazon Crypto hardware wallet

With a price tag of over $1,000 in its Gold model, Corazon is the world’s most expensive hardware wallet. It is because it is built in partnership with Singaporean luxury accessory and Trezor-creator SatoshiLabs. As you may have guessed, Corazon’s functionally is just as the Trezor Model T. It features premium features such as a titanium casing and plenty of top-notch security features. What’s more, while the design of the Trezor Model Ts can be relatively easy to copy, Corazon’s titanium case is almost impossible to imitate. 

With a price tag of over $1,000 in its Gold model, Corazon is the world’s most expensive hardware wallet. It is because it is built in partnership with Singaporean luxury accessory and Trezor-creator SatoshiLabs. As you may have guessed, Corazon’s functionally is just as the Trezor Model T. It features premium features such as a titanium casing and plenty of top-notch security features. What’s more, while the design of the Trezor Model Ts can be relatively easy to copy, Corazon’s titanium case is almost impossible to imitate. 

But besides its highly secure and fantastic design, how does it compare to other cryptocurrency hardware wallets in the market? What are some of the top features? Read on for an insight into everything you need to know about it in this review. However, before we go into details, let’s first take a peek into some of its top features.

Corazon Key Features

OS compatibility: Corazon is compatible with almost any kind of operating system, including Windows, Android, iOS, macOS, and Linux.

Hierarchical deterministic: It is another way of saying that the wallet can be backed up with seed phrases. They are a series of unique passwords that are mainly aimed at helping users retrieve their funds in case the device is lost or stolen. 

User-friendly: The device integrates an easy-to-use interface that is ideal for both beginners and experts. 

Open source: Corazon is open-source, which also means that it is available for anyone to use or suggest changes, which makes it the safest and easy to trust cryptocurrency hardware wallet. 

Multi-currency: The device supports over 700 cryptocurrencies. These include but aren’t limited to Ethereum, Bitcoin, Litecoin, Monero, ZCash, Cardano, Ripple’s XRP, Tether, Tezos, and all ERC-20 tokens. 

Titanium case: Corazon is housed in an aerospace-grade titanium case assembled by GRAY® and CNC machine. 

Password protected: In order to access the device, users are required to use a PIN to be granted access.

Duress passwords: Corazon hardware wallet is specially designed with a unique feature that allows users to set up hidden sub-wallets that can be accessed using one-time passwords.

Corazon Security

Designed the manufacturers of Trezor, Corazon integrates one of the best security features in the crypto world. The wallet has an unbroken security record. Just like Trezor, Corazon has no confirmed cases of hacks or any practical attack. It integrates several unique security features such as a titanium casing that is more durable than Trezor’s. Among other security features include hierarchical deterministic settings that allow users to back up their seed phrases.

These phrases can be used to retrieve funds in the event users forget or lose their passwords. Additionally, Corazon provides its customers with a duress password that can be used to open hidden sub-wallets. All you have to do is activate the feature during set up. The device is also open-sourced, which means that it is made available to everyone, and users can suggest changes, which also contributes to making it one of the safest crypto wallets in the market.

Unboxing the Crypto Device

As the world’s most expensive cryptocurrency hardware, Corazon’s packaging is premium. First off, the box is sealed with two tamper-proof features that are “government-issued” and is quite clean. The device is also sleek and minimalistic. It has a unique titanium-case design, which carries over to the box’s contents. Under the foam piece are crypto-related documentation and a recovery seed card used to record the back up to their private keys.

Under that is a relatively long USBC-to-USB cord. Notably, the codes seemingly look a lot better than the majority of Amazon’s. Overall, the company has ensured it has lived up to its long reputation is building stellar aesthetics and high-end product designs. The device’s physicality is, without a doubt, phenomenal. Besides the material used in its design, it has a subtle finish, brushed texture, and a lovely space grey color. 

Set up and Configuration

Setting up the device is quite simple. All you are required to do is follow the prompts. Below is a detailed guide on how to go about it:

Step 1: Visit trezor.io

Type trezor.io in your browser and select the Trezor Model T product

Step 2: Install Trezor Bridge and follow the prompts 

Here, you will be required to follow the prompts on your browser to install Trezor Bridge. 

Step 3: Install the system firmware

Plugin the device into your computer and install the firmware. After doing so, unplug the Corazon device and re-plug it in after installation. Refresh the site, and you will see a welcome message.

Step 4: Create a new account

After the welcome message, you will either be prompted to create a new account or back up your account. In this case, let us choose to create a new account.

Step 5: Create your backup

Immediately after creating your new account, you will be prompted to create a backup. It is imperative to ensure you have the backup to be assured safety if you lose your wallet. 

Step 6: Write down the backup

Here, you are required to write down the backup phrase as they appear on the app. You can use the swipe button to bring up the next. Ensure you right down the right words to avoid inconveniences in the future.

Step 7: Name your device

The best thing about Corazon is that it provides you with the ability to name the device. You can comfortably brand the device with your name or nicknames. 

Step 8: Assign PIN

Here, you will be required to set a PIN that will suit you best. You can use it to access the device whenever you see fit.

How to Use The Device

Here is an insight into how to use the Corazon device:

  1. Start by selecting the cryptocurrency you want to send or receive.
  2. Press “receive” or “send” on the tab on your wallet.
  3. Choose “show full address” to reveal the receiving address when sending funds.
  4. To make a payment, go to send payment and select “send.”
  5. Paste the recipient’s address and input the amount you want to send
  6. You can go ahead and send your desired amount.

Customer Support

Besides the fact that it is one of the most beautifully designed crypto hardware wallets in the market, Corazon offers exceptional customer care support. It integrates a dedicated team of crypto enthusiasts that are mainly aimed at ensuring users get the best out of the platform. You can either contact them via email or live chat 24/7.

Further, their support team also helps their users to verify messages and use their private keys to connect to either their Mycrocrpto or Mytherwallet as their Ethereum network signatory. They also help users exchange currencies directly with the Trezor app. All you need is to contact them via live chat, and you will be guided on the process.

Notably, among some of the partnered crypto exchange companies include Change Now and Changelly. All you need to do is ensure your quoted Bitcoin cash network fee is less than $0.01, and you will be good to go.

How Does Corazon Compare to Other Wallets?

The best and most obvious comparison is Trezor. The device is capable of providing users with the most secure way of keeping your cryptocurrency safe from any online attack. However, that does not mean that Corazon does not integrate all the above features. It goes further and beyond to offer fantastic design and a titanium casing that ensures users are provided with the highest form of security. 

Pros and Cons of Corazon Hardware Wallet

Pros

  • Features a touch-screen LCD 
  • Has a premium built quality
  • Multi-currency
  • Titanium sealed 
  • It has a beautiful design
  • Hierarchy deterministic feature 
  • Military-grade security

Cons

  • Has a high price tag

Final Verdict: Is Titanium Trezor Corazon Worth Your Money?

Based on the above review, there is no doubt that Corazon has proven to be quite an expensive device for anyone looking to invest in a crypto wallet hardware for the first time.

If you are looking for a premium crypto hardware wallet that is capable of guaranteeing top-notch security, you should try out Corazon. Having been manufactured by the Trezor’s team, there is no doubt that you will get the highest protection for your funds. The majority have tried it out and experienced exceptional results, why don’t you try it out and experience it yourself.

Categories
Cryptocurrencies

Sugi Wallet Review: Here Is Everything You Need to Know About SUGI Crypto Wallet

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Sugi crypto wallet card

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Sugi Wallet is one of the best hardware wallets in the market that was developed by the European Fintech Company, Sufitto. It is uniquely designed to provide crypto users with a unique crypto storage solution. Like the majority of hardware wallets, the device stores its private keys on the device. It does not integrate any kind of internet connectivity to prevent any form of online attack. Even without an online connection, however, the crypto hardware allows users to send and deposit crypto just as easy as using a bank. 

Even so, what makes it unique? It consists of the Sugi mobile wallet application and card. It allows users to store and make seamless and secure transactions with multiple cryptocurrencies. But, how does it compare to other popular wallets in the market? Read on as we will provide you with detailed insight into everything you need to know about it in this review.

Key Features 

OS compatibility: The device is compatible with iOS and Android systems. What’s more, Sugi only works with mobile devices with the Sugi app installed. 

Multi-currency support: The Sugi card is capable of supporting a myriad of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

Secret PIN sharing scheme: Sugi is specially designed to assist its users with their fund’s recovery process in case they forget their PIN or lose their cards. It integrates a secret PIN sharing scheme that is quite helpful despite users not having access to their funds.

Easy-to-use: The device is specially designed with a unique design that makes it quite easy to use. Typically, if you can tap a card, you can use Sugi. You don’t need crypto experience to utilize the wallet. 

Backup phrase: Like the majority of hardware wallets, Sugi comes with a backup phrase that can be used to restore access to your funds when you lose your card or forget the PIN. 

Offline private keys storage: Sugi wallet is a unique hardware wallet that securely manages its user’s cryptocurrency private keys. They are safely stored offline, and they never leave the device. 

Uses near field communication (NFC) card: Sugi is uniquely designed as an actual PIN-protected near field communication (NFC) card hardware wallet.

Sugi Security   

The best thing about Sugi is its ability to integrate its NFC card on Android portable devices. The card holds a special key that is safely stored in the secure element (SE) and allows users to transact on multiple blockchain networks. What’s more, the keys are stored offline, which makes it an ideal option for crypto users looking for a secure cryptocurrency hardware wallet. Notably, the wallet also complies with the security standards in the European Union (ISO/IEC 14443).

Sugi is also designed with a backup phrase that can be used to restore your access to funds in case your card is lost or damaged. It recovers your funds through a secret sharing scheme that breaks down information to different parties. Notably, the data is divided in a manner that no single party can access the funds without the specific keys. It was created by some of the most experienced engineers in the industry since 2009.   

How Does the Sugi Wallet Work?

The Sugi card is quite easy to use. You only need the Sugi mobile app, and you are good to go. Unlike the majority of hardware wallets that requires a laptop or desktop to configure, Sugi wallet is relatively easy to use. Its design makes it easy for anyone, mainly because it does not require a lengthy and complicated setup. You just need to know how to tap the card and make payments. Read on for an insight into how to use the card to make payments.

How to Make Payments Using the Card

If you are looking to make payments with the Sugi card, here are the three steps you need to follow:

Step 1: Download the app

The first step is the download the app from Playstore or iTunes- depending on the device you are using. 

Step 2: Create an account

After the download is complete, open the app and create your account. You will be prompted to enter your email address and set a PIN. Confirm that you have read the terms and conditions and click on “create account” when you are done.

Notably, ensure you have confirmed your email address for your account to be active.

Step 3: Tap the card on your phone

It is as simple as it sounds. You are only required to tap the card on your phone.

Adding cryptocurrency to your Sugi wallet

The process of adding coins to your Sugi card is pretty much the same as the majority of hardware wallets in the market. You are required to load your cryptocurrency on your mobile wallet first. After doing so, you can conveniently access the funds from your mobile app. To receive funds, go the “balance” section from the app, copy the address, and sent it to the sender. 

Supported Currencies

Sugi supports quite a good number of popular cryptos, including Ethereum (ETH), Bitcoin Cash (BCH), XRP (XRP), Litecoin (LTC), and all ERC20-based tokens. The company has also hinted that it is looking to add more cryptocurrencies in the future. What’s more, it is also planning to incorporate fiat functionality by partnering with several banks in Europe. 

Pros and Cons 

Pros

  • Users only need to authenticate transactions by tapping the card on the phone
  • It features both cryptocurrency and fiat payments
  • It is the only hardware wallet with NFC card
  • The card can be customized 
  • ATM withdrawals and in-store payments are among some of the device’s future implementations
  • Cheaper compare to the majority of hardware wallets

Cons

  • Can only be used with mobile apps
  • Does not support fiat currencies 

How Does Sugi Compare to Other Crypto Wallets

Ledger Nano S vs. Sugi Wallet

There is no doubt that when it comes to convenience and ease of use, the Sugi Wallet is perhaps one of the best options. However, Ledger Nano S has much to offer. For instance, it supports more than 1,000 cryptocurrencies and features advanced security features. It also comes with an added Bluetooth functionality, a higher quality screen, and more memory. Even so, the Sugi wallet has pretty much everything you need on the go. 

Guarda wallet vs. Sugi wallet

Guarda is a multi-platform wallet with a user-friendly interface that is specially designed to manage, store, receive, and transfer digital assets. The criterion of functionality integrated into the Sugi wallet is pretty much the same as Guarda’s wallet. The only difference is that Sugi is much easier to operate and incorporates a unique near field communication (NFC) card. 

Customer Support

One of the best things about Sugi is its timely customer support. Users can contact the support team either through their email or live chat. They offer their services daily, which also means that you can contact them 24/7. Apart from that, they also feature a detailed frequently asked questions (FAQs) section to help users find quick answers to any of their queries. Plus, the team will guide you through the fund’s recovery process should you forget your password or lose your PIN. 

Sugi Wallet Price

Sugi card is available for purchase in three plans. You can choose the newbie plan and buy the card for $59.90 or the Pro plan that offers the card for $69.90. Note that the pro plan offers two cards and the option of personalizing them by embossing your name or nickname on the card. Alternatively, you can choose to go with the expert version that offers two customized Sugi cards for $119.90. Typically, all the cards in these plans just look like a regular payment card with a wallet’s logo imprinted on them. 

Verdict: Is Sugi Hardware Wallet Worth Your Money?

If you are looking for a crypto hardware wallet that is extremely easy to use, you should try out Sugi. It is one of the best options for newbies or crypto users on the go. The fact that it is the first of its kind to integrate an NFC to communicate makes it unique. What’s more, it also comes as the best option for traders on the more but is worried about their security. The device guarantees your private keys never leave your wallet.

Categories
Cryptocurrencies

Exodus Wallet Review 2020: Is it safe & What are its Fees?

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

Despite launching its services as recently as  2016, the Exodus Crypto wallet has gained a lot of popularity mainly because it supported multiple currencies and in-app exchange. The crypto wallet is a late entrant into the crypto space, which has mastered the common faults of the established crypto wallets and sought to improve on them. For instance, most crypto wallets that rival Exodus have paid too much attention to the security of their sites at the expense of ease of use. This software wallet seeks to address this by providing one of the easiest sites to use. 

In this review, we look at these Exodus crypto wallet features and benefits in detail. We’ll also vet some crucial aspects of the crypto wallet like safety, cryptocurrencies supported, and fees.

Exodus Wallet Key features

Versatile design: One of Exodus crypto wallet’s biggest selling points is its highly versatile design.  It is one of a handful of crypto wallets that allow for the full customization of the user interface, including changing theme colors. The information is also displayed in a well-thought-out, organized, and easy-to-use manner.

Mobile app available: Exodus started out as a desktop wallet but has since launched the Exodus crypto wallet app. It has all the features of the Exodus desktop wallet safe for portability.

Pairs app and Desktop apps: The software wallet ensures that you don’t have to create separate user accounts for your desktop and mobile apps. You can easily pair them and gain absolute control over your digital asset portfolio both at home or office behind your desktop and on the smartphone while on the move.

Features a built-in exchange: Most crypto wallets are stand-alone, forcing you to register with two separate entities – the exchange and wallet provider. Exodus, on the other hand, provides you with both a secure wallet and a built-in exchange featuring all the popular coins.

Compatible with popular OS: The Exodus desktop app is available for all types of operating systems. From macOS to Windows and even Linux. 

Compatible with Hardware wallets: Exodus is also compatible with some of the most popular and highly secure hardware wallets like Trezor. Integrating your Exodus app with a hardware wallet not only adds an extra security layer over the wallet but also exposes you to 1000+ coins.

Features a portfolio tracker: Most wallets have fallen short of the investment and trade aspect of crypto trading. Exodus hopes to change this by providing wallet users with a portfolio-tracking tool that helps them keep track of their digital assets in real-time.

Lite wallet: Exodus is a lite crypto wallet, meaning it doesn’t download the entire blockchain to your phone or desktop. As such, it won’t drag the performance of either device.

Security features

Password protection: The Exodus crypto app is password protected. You will create the password during account creation, and you will need to provide it every time you want to log into your account or authorize a transaction.

Recovery phrase: In case you forget the password or lose your phone, you can still recover your Exodus crypto wallet account and private keys therein, if you have the recovery phrase. This is a 12-word seed provided to you during account creation.

Semi-Open sourced protocol: Exodus has also open-sourced the most crucial parts of its wallet protocol. Most of the open-sourced aspects of the wallet relate to security, but it holds onto proprietary rights for most of functionality and user interface designs.

Anonymous trading: You don’t need to complete a user profile to open an Exodus crypto wallet. Neither do you need to confirm and verify your identity before making a transaction. The fact that Exodus will only support crypto-to-crypto exchanges leaves much room for anonymous trading.

Biometric Touch and Face ID authentication: Exodus crypto wallet is one of the few web-based crypto wallets that have a biometric security system. You can use the Face ID as well as Touch ID to access your wallet.

Currencies supported

Exodus crypto wallet currently supports up to 102 cryptocurrencies. Among them, the most popular coins and tokens like Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, Ethereum Classic, Ripple, Tether USD, True USD, and more. Integrating it with popular hardware wallets like Trezor or Ledger Nano also boosts the number of currencies you can access.

The wallet company is continually updating its list of supported tokens. Their full and updated list of supported currencies is accessible from their FAQ section, under ‘Assets’ and ‘Supported Assets and Links.

Exodus Wallet cost and other fees

You will not be charged a fee to download, install, and interact with the Exodus crypto wallet. You will nonetheless be charged a small transaction fee when you send coins from the Exodus wallet to another or transact within the Exodus built-in exchange. The transaction fee for both cases varies depending on the transaction amounts.

Setting up the Exodus Wallet:

How to install Exodus Wallet:

Step 1: Download the Exodus desktop app on the Exodus website. The smartphone app is available at the Android and iOS app stores.

Step 2: Install the app, during which you will be required to set up the crypto wallet password.

Step 3: After verifying the password, Exodus will provide you with a 12-word recovery seed phrase. Copy the seed phrase or write it down and store it in a safe place offline

Step 4:  Though not advisable, you can also choose to use your email as the backup for your exodus wallet.

Step 5: Proceed to the app customization part where you get to change such factors as the app themes or the base currency for your portfolio.

Step 6: You are now set to start receiving and sending coins and tokens.

Sending and receiving coins:

To receive funds into your Exodus Wallet:

Step 1: Log in to your wallet

Step 2: Click on the receive icon, and the app will display all the available wallets

Step 3: Click on the wallet of the cryptocoins you wish to get the wallet address and QR code that you can send the sender.

To send payments from your Exodus Wallet:

Step 1: Log in to your Exodus crypto wallet

Step 2: Click the wallet icon on the left side of the desktop app screen.

Step 3: Scroll down to find the coin/token you would like to send and hit the ‘Send’ icon

Step 4: Enter the recipient’s address and the amount you wish to send and hit send.

Step 5: On the confirmation window that appears, check if the wallet address and amount are correct and send

Exodus Wallet hardware wallet pros and cons:

Pros:

  • It has multiple security features, including an email and offline backup for your wallet.
  • It’s a highly versatile wallet that’s compatible with multiple desktop and smartphone operating systems.
  • The desktop/mobile app integration makes it easy to access your portfolio while on the move.
  • The app is highly customizable and easy to use and thus beginner-friendly
  • Its compatibility with hardware wallets gives it a security boost.

 Cons:

  • One may consider their transaction fees to be relatively high.
  • The wallet doesn’t support the more secure two-factor authentication feature.
  • Doesn’t support crypto-to-fiat transactions

Exodus Wallet compared to competitors

In comparing Exodus to both hardware wallets like Trezor or Ledger Nano and online crypto wallets eToro and Coinbase, there are clear differences. The hardware wallets beat Exodus wallet hands-down when it comes to keeping your private keys secure. For instance, unlike Exodus, which only has limited security features and no two-factor authentication, hardware wallets have multiple security layers like keeping your keys offline under passcode. Their devices also have buttons that must be long-pressed to authorize transactions.

The web-based crypto wallet is not any different from most online and exchange-backed crypto wallets like eToro. They serve the same purpose and have pretty similar features. But in addition to making it possible to store private keys offline or copying them on a piece of paper, Exodus has gone a step further and introduced the face and Touch ID features.

Customer support:

Exodus crypto wallet maintains a responsive customer support service that’s available over via the live chat option on the company website. Similarly, wallet users can access help on the site’s FAQ page or by contacting the support team via different social media platforms.

Verdict: Does Exodus Wallet live to its reputation?

Exodus cryptocurrency wallet is a newcomer, and much of this project is still a work in progress. The wallet has already hit impressive milestones in consistent security upgrades and the incorporation of newly supported currencies. Moving forward, one can only expect the wallet to increase the number of its security features and measures taken to keep the wallet contents safe. It is our opinion that Exodus cryptocurrency wallet is appropriate for use by beginners and active traders looking for an online wallet that’s supportive of fast transaction processing.

Categories
Crypto Guides

Lightning Network – A Potential Solution To Blockchain Scalability Issue?

Introduction

Introduction

Introduction

Cryptocurrencies that were in the boom a few years back are still in the business, and it is believed that their decentralized blockchain technology will keep them alive for a very long time.

The transactions on credit cards and debit cards are different from that of transactions on cryptocurrencies. VISA (a payment provider) processes about 4,000 transactions per second. In fact, it has a capacity of 65,000 transactions to process per second. But, a typical Bitcoin Blockchain, on the other hand, can process only up to seven transactions per second with a block size of 2MB. Hence, there is a clear issue of scalability. Also, the Bitcoin transaction costs are pretty high when compared to other traditional transaction methods. Thus, to solve this issue, the ‘Lightning Network’ technology came into existence.

What is the Lightning Network technology, and why do we need it?

The Lightning Network technology is a system that is used to process a transaction instantly. This technology was developed to send and receive payments instantly without any hassle and also to reduce transaction fees. In the next section, let’s see the backend of this technology.

Working of the Lighting Network Technology

⚡ A multi-signature wallet with some amount of Bitcoins is set up either by the sender or the receiver.

⚡ The public blockchain network keeps a record of the user’s wallet address and the balance sheet* (smart contract). This process is referred to as the payment channel.

*Balance sheet – An agreement that proves how much Bitcoin belongs to whom.

⚡ When the payment channel is wholly set, the parties can make any number of transactions without the involvement of the blockchain network.

⚡ On each transaction, the parties update their multi-signature wallet to keep track of how many Bitcoins were sent to whom.

⚡ So, basically, the balance sheet is the one that is always updated and not the blockchain network. A copy of this balance sheet is maintained by both parties.

⚡ Finally, when all the transactions are completed, the payment channel is closed. The most recent balance sheet is presented to the blockchain network for verification. And when the transaction is confirmed, the users receive their share of Bitcoins into their wallets.

The Interconnected Lightning Network

A great feature of the Lightning Network is the interconnection in the network. Let us understand this with an example. For instance, let’s say there is a payment channel between P1 and P2. And there is P3 who has a payment channel with P2. Now, if P3 wants to transact with P1, a separate channel need not be created between P3 and P1. P3 can send the coins to P2, and P2 can, in turn, send it to P1 and complete the transaction. Hence, making the Lightning Network interconnected.

The Present and Future

Presently, the proof-of-concept is being implemented on the Bitcoin Testnet. And an experimental implementation is being carried on the Bitcoin Mainnet. In fact, this technology has come into the real world in a few countries, and it ought to grow in the coming years. That’s about Lightning Network and its working. Let us know if you have any questions in the comments below. Cheers!

Categories
Crypto Daily Topic

Will dot Crypto Domains Phase Out The Cryptocurrency Wallets?

Sending and receiving cryptocurrencies has always been complicated. You always have to deal with the rather complex crypto addresses. But all this is about to change with the introduction of .crypto domains by Unstoppable Domains to the crypto world. According to the software company, the .crypto domains will gradually phase out the need for complicated wallet addresses.

Sending and receiving cryptocurrencies has always been complicated. You always have to deal with the rather complex crypto addresses. But all this is about to change with the introduction of .crypto domains by Unstoppable Domains to the crypto world. According to the software company, the .crypto domains will gradually phase out the need for complicated wallet addresses.

Sending and receiving cryptocurrencies has always been complicated. You always have to deal with the rather complex crypto addresses. But all this is about to change with the introduction of .crypto domains by Unstoppable Domains to the crypto world. According to the software company, the .crypto domains will gradually phase out the need for complicated wallet addresses.

Instead of sending Ethereum to such wallet address as 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy, you will now be able to send it to the easy to remember ‘ABC.crypto.’ But there is more to the domain registry than just simplifying the art of sending and receiving cryptocurrencies. And we highlight them all here while looking at the revolutionary impact these .crypto domains have on the way we transfer crypto.

What is a .crypto domain?

.crypto is ideally a blockchain-powered domain registry. It was created on the Ethereum Blockchain and was initially supposed to help simplify the art of sending and receiving cryptocurrencies. It was developed and introduced to the crypto community by Unstoppable Domains software company to complement and eventually replace the complicated wallet addresses.

With a .crypto domain, you no longer need to deal with complex wallet addresses when sending or receiving crypto coins, all you need to know is the receiver’s domain name. You then proceed to pay the domain, just as you would pay the crypto wallet address.

While explaining the simplicity of.crypto domains, Mathew Gould – co-founder and CEO of Unstoppable Domains had this to say,

“We believe that tribalism in the crypto community is slowing down adoption of the technology. .Crypto is a domain name system meant to be used for any cryptocurrency payment and with any cryptocurrency wallet. Sending money to a .crypto domain is a way simpler user experience for the millions of cryptocurrency users that currently have to copy/paste and type in long addresses in order to transact.”

What challenges does the .crypto domain seek to solve?

Crypto tribalism:

Crypto tribalism refers to the existing identity differences between different cryptocurrencies. This is, to a large extent, based on the perceived technological superiority of particular cryptocurrencies and their underlying blockchains. It is evidenced in the fact that different wallets will only host-specific cryptocurrencies making it virtually impossible for a single crypto wallet to support all cryptos in existence today. .crypto domain, however, seeks to eliminate this tribalism by creating a one-fits-all wallet that is supportive of virtually every coin.

Complex wallet addresses:

Crypto wallet addresses are complicated and hard –if not impossible – to memorize. This means that you are always copy-pasting or referencing from different sources every time you wish to send or receive cryptos. With a .crypto domain name, you only need your easy-to-remember domain name.

Need for escrow:

One of the primary advantages of the .crypto domain in cryptocurrency exchange is its speedy cash transfer and the integrity of the system. This implies that crypto transfer can be initiated by virtually anyone from any part of the world and have them in your name within a minute. The fact that these domains are created on a blockchain platform means that they are highly secure and thus no need for an escrow agent to guarantee the secure exchange of funds over the domain.

Other things you need to know about .crypto domain

As mentioned earlier, there is more to .crypto domain than just the facilitation of secure cryptocurrency payments:

No renewal fee:

The .crypto domain differs from the traditional domain in several ways. Unlike traditional domain registries, .crypto is built on the highly secure and immutable blockchain infrastructure. More importantly, it isn’t a subscription but a purchase where you get to pay once and own the domain for life.

No website censorship:

Traditional websites are subject to censorships from governmental agencies and other higher authorities. On the .crypto domain where you get to own the domain, neither the governmental agencies or any other institutions have control over the content you write or is affiliated with your domain.

Independent registry:

For the longest time, domain registries and the entire domain registration process has been regulated and controlled by ICANN. The blockchain-powered domain registry, however, presents crypto enthusiasts with an independent registry outside ICANN’s grip. The domain regulatory body does not get to approve names on this registry or regulate the issuance of domain names.

No third-party custodians:

Simply put, there are no custodians of the .crypto domains. By buying the domain name, you assume full control over the blockchain domain. You get to store your domain, and no one can get access to either move or seize them without your authorization. And this comes off as one of the many problems that the .crypto domain seeks to address.

Who owns .crypto domains?

The .crypto domain registry was started by San Francisco based software company – Unstoppable Domains. It was launched by the brand in partnership with Draper Associates and Boost VC, who have been backing the company. The registry is built on the Ethereum blockchain. It started as part of the Ziliqa foundation that established the Ziliqa domains (.zil domains) whose evolution would see the birth of .crypto domains.

The Ziliqa Foundation is constituted by the website hosting blockchain that exploited several decentralized storage networks as well as the Interplanetary File System in storing the web content. It also included a payment system. In .crypto domains, Mathew Gould and his company are merging both the website web content and crypto payment processing capabilities into one.

Where to buy them:

The sale of .zil domains that kicked off in early 2019 would go on until late October in the year. By this time, Unstoppable Domains reported huge interest in these blockchain-powered domains, adding that they managed to sell over 100,000 .zil extensions during this period.

.crypto domain registration went live in November 2019, and you can now register this 8-character web extension on the Unstoppable Domains website. The good thing is every one that purchased the .zil domain extension can upgrade to a .crypto extension of the same name for free.

Possible challenges facing .crypto domains

Squatting and trolls:

Interestingly squatting and trolling challenges aren’t an exception of the conventional domain industry. Right after the launch of the .crypto domain, a hacker was able to exploit a bug within this blockchain technology that they used to gain permanent ownership of key domain names. Some of the trolled names include apple.eth, defi.eth, wallet.eth, and pay.eth. The company, however, claims that it was able to detect and fix the bug in time and negotiate for the surrender of these domain names.

User-education:

Blockchain and cryptocurrency are already complicated subjects. And while crypto exchanges may be accused of perpetuating the highest cases of crypto tribalism, they have done a commendable job in providing the crypto community with free and relatively secure online wallets.

It will take a lot of time and resources to convince this crypto community on the need to migrate from these free wallets to the paid domains. The case of domain trolls makes this even harder given the sensitive nature of the crypto traders and investors on matters security.

Bottom line

Unstoppable Domains, the San Francisco based software development company, has come up with a solution to the complexity posed by different crypto wallets. The .crypto blockchain-powered domain will not only serve as an independent website free of censorship but will also serve as a universal crypto wallet. It will not only support all the cryptocurrencies currently available, but the fact that it is built on the blockchain technology gives it an extra layer of security and integrity not common with the conventional crypto wallets.

Categories
Cryptocurrencies

9 Best Cryptocurrency Wallets in 2019

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store your crypto funds somewhere safe and secure.

Cryptocurrency wallets are the answer to the “how do I interact with my crypto coins safely?” question. A cryptocurrency wallet lets you trade, store, buy, sell, and swap cryptocurrencies in a safe way.

It can be difficult identifying the crypto wallet that suits your personality and needs. Whether you’re the laid back guy or girl that likes to check into cryptoverse once a week, the savvy trader who’s always on top of the market, or the HODLer, we have compiled a list of the top cryptocurrency wallets that are reputable, secure, and convenient to help you navigate the crypto world as safely and rewardingly as possible.

We based our criteria on supported cryptos, security, recovery options, and more. Read on for the top 9 cryptocurrency wallets in the market today.

Top Cryptocurrency Wallets

Ledger Nano X

Ledger Nano X is the latest hardware wallet offered by crypto solutions company, Ledger. The wallet won the “Consumers Innovation Honoree Award” during its launch – stirring the attention of crypto enthusiasts. 

The wallet’s screen is designed to display all the details of your transactions at once. It has two buttons, which will control the entire operation of the hardware wallet. The Nano X is also Bluetooth enabled, enabling you to pair it with your iPhone or Android and check your balance, send and receive crypto, and add accounts – all with a few taps on your phone. 

Ledger Nano X has an in-built rechargeable battery, so you don’t have to worry about tagging along the USB cable everywhere with you. It will also allow you to store up to 22 coins and ERC-20 tokens with its live version and is compatible with other crypto wallets ranging from MyCrypto, MyEtherWallet, Magnum Wallet, Yoroi Wallet, AdaLite, Trinity, Galleon, OWallet, LisKish and more. 

As of November 2019, Nano X supports a cool 1338 crypto assets, from the most popular ones like Bitcoin, Tether, Ethereum, Litecoin, Ripple, Ethereum Classic, Cardano, to other less known ones like Pundi, Quant, Aeternity, RHOC, CA, and so on.

The device is equipped with a state-of-the-art security chip – the CC EAL5+ – making it nearly impossible for your cryptos to be stolen. 

Ledger Nano X allows users to connect it via two ways: USB and Bluetooth. Currently, it’s compatible with 64-bit computers (Windows+, macOS, and Linux), as well as iOS 9+ and Android 7+. 

Also, Nano X allows you to recover your crypto account even if you lose your device. Its 24-word recovery phrase, a.k.a seed phrase, is a list of words that stores all the info you need to recover your wallet.

Ledger Nano S

Listing two wallets from the same company might seem an overkill, but Ledger’s products deserve space on this list simply because they both go toe to toe with the best in the market.

Ledger Nano S is the older sibling to Nano X but has qualities that help it maintain its revered place in the wallet market.

Nano S’ screen lets you see everything at a go, with two buttons that let you control it. Your wallet is protected with a secure chip always locked by a pin code. That and its offline status secures your private key from prying eyes and internet vulnerabilities.

Customers can choose from either matte black, saffron yellow, lagoon blue, transparent, and jade green colors. Nano S can support 1100+ cryptocurrencies and tokens, including Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, Litecoin, Waves, Ark, Stealth, Horizen, and more.

Just like Nano X, Nano S is compatible with other crypto wallets such as Yoroi, MyCrypto, MyEtherWallet, Fairy Wallet, Beryllium, VeForge Vault, OWallwt, Neo Wallet, Kin Laboratory, and more.

You can connect Ledger Nano S to the computer via a USB 2.0 port, and the system is compatible with 64-bits computers (Windows 8+, Mac 10.8+) and Linux. It’s also compatible with Android 7+ smartphones.

The wallet doesn’t need to be charged – it uses your PC’s power when you plug it in.

KeepKey

Launched in 2015, KeepKey is one of the most recognizable crypto wallets. The wallet uses advanced security technology to protect your funds from theft and hacks. Even if someone gets hold of your wallet and installed it in a modified software that’s not designed by KeepKey, the device wouldn’t let them proceed.

Part of the reason KeepKey is popular is that it’s embedded with a cryptocurrency exchange – ShapeShift – making it possible to trade crypto coins and tokens right on the device. 

KeepKey supports 12, 18, and 24 recovery phrases to enable you to recover your cryptos in case the device is spoiled, stolen, or lost.

KeepKey wallet supports eight cryptocurrencies – namely Bitcoin, Bitcoin Cash, Bitcoin gold, DASH, Dogecoin, Ethereum, Litecoin, and Digibyte. It can also host 46 ERC-20 tokens, including Decentraland, Edgeless, FisrtBlood, Gnosis, District0X, Dai, CyberMiles, and more. Also, users can interact with 1000 more cryptos via KeepKey and MyEtherWallet integration.

KeepKey is compatible with Windows, Mac, and Linux, and you will find the KeepKey Client app on either of the platforms via Google Chrome. iPhone and Android users can access KeepKey by installing the MyCelium app available on Google Play and Apple’s App Store. If you want to use a phone to operate KeepKey, you have to connect to your phone using an OTG adapter cable.

Exodus

Exodus wallet is a desktop and mobile wallet that gives users the whole crypto experience – from sending to loved ones to paying for things to HODLing to trading right within the software. It has a simple design that even beginner traders will find it extremely easy to navigate. Its versatile design with real-time display of digital assets; and a customizable portfolio that allows you to change themes, background color, and other features has endeared it to the crypto community.

As of November 2010, the wallet supports 102+ crypto coins and tokens, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, plus other little known ones like Genesis Vision, Salt, Otum, Leopring, Aragon, Storj, Decred, TrueUSD and more.

Exodus is a perfect option for users who trade regularly or want to trade on the go. It’s also very convenient to log in to your account and pay for things. And if you lose access to your assets, it provides the option of a seed phrase that will generate your wallet address and private keys.

The wallet doesn’t store any of your information online – including your passcodes and private keys. This is a good thing because it keeps your crypto safe from hackers, but it also means it’s your sole responsibility to protect your account.

Being a software wallet, you don’t need extra hardware like OTG or USB cables to access your wallet. All you need to do is install it on Windows, Linux, or Mac and get to interact with crypto in no time.

CoolWalletS

CoolWalletS is a hardware mobile cold storage introduced in 2016 by the Taiwanese company CoolBitX. With the mobile wallet, you can store, swap, send, and receive crypto at the single touch of a button. The wallet is integrated with Binance DEX and Changelly crypto exchanges, so you never miss any trading opportunity. 

If you’re looking for a discreet (which is a no-brainer when it comes to your private keys), portable, lightweight, and sleekly designed wallet, the CoolWalletS is your go-to option. The wallet is ‘cool’ enough to look exactly like a credit card – so no one will be the wiser to the fact that you’re transacting with a crypto wallet. 

CoolWallet utilizes a high-end security solution – Secure Element (SE) to store your private keys – making it virtually impossible for your coins to be stolen. The secure element is also capable of verifying if your device has been tampered with- by verifying its integrity. CoolWallwet also uses passcodes, a touch ID, and a 2+1 factor authentication (with facial recognition) – which in our opinion sums up to pretty foolproof security. 

On top of that, CoolWalletS is waterproof, shockproof, and temperature resistant – meaning you can get away with quite a lot with your wallet still intact.

The wallet provides support for Bitcoin, Ripple, Ethereum, Bitcoin Cash, Horizen, ICX, stable coins, and ERC20 tokens, with BitDegree, Formosa Financial, Metal, Cortex, USD Dollar, JoyToken and others. 

CoolWallet utilizes Bluetooth Low Energy (BLE) to facilitate connection to your smartphone or tablet. Currently, it supports iOS 9.1+, and Android 5.0+, with at least the BLE version of 4.0. 

Indacoin

Indacoin is a mobile-based crypto wallet offered provided by UK-based Indacoin Limited, the company that runs the Indacoin crypto exchange. Launched in 2013, the wallet allows users to instantly buy crypto with the use of their credit or debit card. As well, you can exchange and manage cryptocurrency from right within the wallet with the use of a single app. However, the wallet does not support selling crypto as of now.

Russia and Turkey users can use Indacoin to withdraw crypto to a debit or credit card. Users from other countries only have the option of crypto-based withdrawals.

The wallet features an intuitive and easy to use interface that makes it stress-free to buy, receive, swap, or trade crypto on the go. The wallet provides support for 100+ cryptocurrencies, including big hitters like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, Binance as well as other less dominant ones like IOTA, Bumbacoin, Chesscoin, CondenSate and so on. 

To ensure users’ safety, Indacoin only accepts 3D-secured cards like MasterCard and SecureCode and Visa Verified. Indacoin also does not store your card details – a move that protects your personal data. Purchases are also verified via a verification code sent via SMS to your phone. 

Indacoin is available for Android 4.1+ and iOS 9.0 and later versions. 

Trezor 

Trezor is almost an instantly recognizable name in nearly every crypto setting. That’s because it was the first-ever wallet to store crypto offline, and it has so far maintained the reputation of being one the most secure hardware wallet out there. Trezor is available in two models: Trezor One and Trezor Model T. The difference between the two models is Model T lets you control it via a touchscreen while One uses two physical buttons.

Both models let you view the status of your transactions on the display. You don’t need a battery to power them since they will be powered by your PC when you plug them in.

Trezor supports 1000+ coins, with big-timers like Bitcoin, Litecoin, Stellar, EOS, DASH, ZCash, Monero and also others you probably haven’t heard of, like Seele, Revain, FunFair, GNY, Unobtanium, Fusin, Tael, Ruff, Numerai, Insolar, Polis, DADI and so on.

The wallet is also compatible with other crypto wallets, including Exodus, Magnum, Bloks.io, AdaLite, and Yoroi.

Trezor provides the option of creating a seed phrase that protects your private key in the event of theft, loss, and destruction. It supports BIP39 phrases – which it doesn’t store nor remember. This way, even if someone gets their hands on your wallet, your account remains safe. As a further protective measure, Trezor’s hardware case is ultrasonically welded in such a way that it cannot be restored after breakage. 

The device is compatible with both computers and smartphones. If you have Windows 7 and later versions, macOS 10.11+, Linux, and Android, you can get Trezor and try it out.

Guarda

Guarda is a non-custodial web, desktop, mobile, and Chrome Extension wallet that allows you to buy, sell, receive, send, and store crypto. Introduced in 2017, the wallet is one of the few that allows so many functionalities for crypto in ‘one roof.’

The web and desktop wallets can be used on any device running on Windows, Linux, or macOS, while the mobile-based wallet allows Android and iOS users anywhere, anytime. Its inbuilt crypto purchase function lets you buy crypto using both crypto and fiat currencies. Besides, it features an exchange that lets you effortlessly swap coins from one currency to the other.

All Guarda’s wallets are non-custodial – meaning you are entirely in charge of your addresses and private keys. Also, your personal information is not out there in the hands of a third party, and you won’t be subjected to intrusive Know Your Customer procedures.

Guarda requires you to save a backup file each time you create or import a wallet. You get logged out of the account if there’s no activity for a particular period. All backups are secured through the cutting edge Advanced Encryption Standard (AES), so your sensitive data is always safe and secure. What’s more, you can configure the mobile version wallet to require Touch ID/Face ID unlock.

You can even import private keys From Guarda’s own wallets or other exchange, desktop, or web-based wallets. There’s also a dedicated menu that lets you connect to Ledger Nano S and view your transactions on the Nano S wallet on Guarda. 

You can create your own ERC20 tokens via the wallet’s Guarda Token Generator – another exciting functionality of this wallet.

Guarda supports over 40 major blockchains and 10,000+ tokens. Household names like Bitcoin, Ethereum, DASH, Litecoin make the list. So do other little known ones like Groestlcoin, ReddCoin, Maker, Gulden, Expanse, Gemini dollar, and so on.

Coinbase

Coinbase wallet is an app wallet provided by the crypto exchange Coinbase that offers your state of the art security for your crypto. With Coinbase, you can store tokens bought from other exchanges or Initial Coin Offering events. Users can also interact with Ethereum-based decentralized applications (DApps) on its DApp browser.

Cooinbase is a separate product from the exchange – meaning you don’t have to have an account on the exchange to access and use the wallet. Anyone from anywhere with any IOS or Android device can download and install it.

It’s important to distinguish between the Coinbase wallet and the exchange wallet on Coinbase.com. The exchange wallet will store your private keys on Coinbase’s servers, while the wallet app lets you store your private keys on your device. Also, with the app, you can easily move cryptocurrency from its existing wallet apps like Metamask, MyEtherWallet, and others.

With Coinbase Wallet, your private keys are secured with Secure Enclave – a high-end security feature that enables your wallet to remain intact even if it were hacked. On top of that, the wallet employs biometric technology to prevent unauthorized success.

Another remarkable feature by the wallet is always keeping you up to speed with the current price of cryptos in your local currency. Over 100 fiat currencies are supported – including EUR, GBP, USD, AUD, and CAD.

Currently, the Coinbase wallet lets you manage Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and all ERC-20 tokens. You can also store cats, monsters, art, and even ERC721 digital collectibles all in one beautiful gallery.

The wallet lets you back up your private keys on Google Drive and iCloud. Some people are skeptical about how safe those options are, but with a strong, unique password and multiple-factor authentication, we think they can be considered safe.

You can operate the wallet on iPhone, iPad, and iPod Touch as long as the device supports version 11.0 or later versions. For Android devices, you need to have at least the 6.0 version or later versions. The Coinbase wallet app is available for download on Google Play and iOS App Store. 

Conclusion

If you’re serious about crypto, you need to get a safe, secure, and robust crypto wallet. Each of these options provides one of the best experiences possible of interacting with crypto. Of course, you should get the wallet that best suits your needs, your personality, and how regularly you interact with crypto. Also, ensure to buy your wallet directly from the company’s website, just to stay safe. 

Categories
Cryptocurrencies

Personal vs. Hosted Wallets: Don’t Buy any Crypto before Reading this

If you’re crypto user, you may have heard of the expression “Not your keys, not your coins.”  This phrase summarizes the debate among crypto users about which is a superior

If you’re crypto user, you may have heard of the expression “Not your keys, not your coins.”  This phrase summarizes the debate among crypto users about which is a superior

If you’re crypto user, you may have heard of the expression “Not your keys, not your coins.”  This phrase summarizes the debate among crypto users about which is a superior crypto wallet – personal or hosted. It originates from the idea that if your crypto is stored in a wallet whose crypto key you don’t possess, then you can’t truly claim ownership over those coins. 

Difference between Personal and Hosted Wallets

A cryptocurrency wallet is necessary if you want to store, trade, or spend crypto. There are many crypto wallet providers in the market that can help you interact with crypto safely and securely. Some crypto newbies get confused about whether these providers offer personal or hosted wallets.

A personal wallet, also known as a non-custodial wallet is one that allows only one person to know and possess the private key – the owner. Also, the wallet provider does not control your crypto holdings.

By contrast, a hosted wallet, a.k.a a custodial wallet allows a third party to know your private keys without revealing them to you. The provider controls your crypto – i.e. sending, receiving, and storing it on your behalf. Thinks of a hosted wallet as akin to a bank – it stores your cash and will not give you the keys to access the vault, but it has promised to avail the money to you upon request.

The Caveat

Both wallets may look like and function the same way, but the ramifications of using either are polar opposites. For example, the question of who is responsible if crypto funds are lost or stolen falls on whoever held the keys.

However, crypto holdings that have more than one private key present the conundrum of who is liable in case of loss. (Some wallets require more than one party to hold the private keys. One key could belong to you, the other to the hosting service, and the other to a trusted third party. Such wallets are known as multi-signature wallets.) It’s important that before you commit to anyoneany one wallet provider, you clarify if it’s you, or your wallet provider, who controls the keys.

Now, both types of wallets come with their perks, but each one also comes with its cons. Let’s take a look at each’s benefits and disadvantages below.

Pros and cons of personal wallets

Pros of Personal Wallets

You have full control over your crypto funds. You won’t have to submit a request every time you wish to send or spend them

You get to choose your fees – either the default fee or a higher fee depending on how fast you want a transaction to be

Your funds are safe from hacking, phishing attacks, and other vulnerabilities associated with the internet (which is where most hosted wallets are stored)

You are not subject to any Know Your Customer (KYC) procedures. (KYC is the process of verifying the identity of a customer and assessing their suitability for services)

You can store your coins offline, which is a far safer storage option especially for large coin holdings

Cons of Personal Wallets

Losing your private key when you had not backed it up means your crypto funds are lost forever.

Your funds are at risk of being stolen if your device, e.g., mobile or computer, is compromised by a virus or other type of malware

Pros and cons of hosted wallets

Pros of Hosted Wallets

Your wallet provider can help you recover your funds if you make a mistake, e.g., sending funds to a wallet that’s no longer supported, forgetting your login details, and so on

Some wallet providers allow you to transfer funds free of charge to users of the same wallet

You can access your funds more conveniently whenever you want to send or transact in crypto

Some hosted wallets provide a backup fund, like insurance, to compensate customers if your cryptos are lost as a result of a mistake on their end.

Cons of Hosted Wallets

Some wallet providers are known to freeze/ confiscate customer funds as a result of perceived illegality on the customer’s end

You can be subjected to KYC procedures which may reveal too much of your personal information

Some wallet providers will charge you extra fees as a way for them to gain profit

Your wallet is susceptible to hacking, resulting in your KYC information and funds being compromised

Conclusion

Now that we’ve dissected the meaning behind hosted and personal wallets and the perks and shortcomings of both, it’s up to you to determine if “Not your keys, not your coins,” rings true after all. The fundamental difference between personal and hosted wallets is that in one type, you’re in full custody of your crypto, while in the other, the coins are indeed yours, but you don’t have complete control. Before you decide on a wallet, do your research and determine which type of wallet meets your needs.

Categories
Cryptocurrencies

A Simple Guide to Cold and Hot Wallets

Cryptocurrency wallets are software or devices that allow users to send, receive, and store cryptocurrency.  Most cryptocurrencies have designed their own wallets, e.g., Bitcoin has the Bitcoin wallet, Ethereum has

Cryptocurrency wallets are software or devices that allow users to send, receive, and store cryptocurrency.  Most cryptocurrencies have designed their own wallets, e.g., Bitcoin has the Bitcoin wallet, Ethereum has

Cryptocurrency wallets are software or devices that allow users to send, receive, and store cryptocurrency.  Most cryptocurrencies have designed their own wallets, e.g., Bitcoin has the Bitcoin wallet, Ethereum has the Ethereum Wallet, and Litecoin has Litecoin-QT. However, there are some companies that design third-party wallets that allow you to store more than one type of cryptocurrency. If you want to interact with any cryptocurrency, i.e., sending, storing, and spending, a cryptocurrency wallet is necessary.

There are two broad categories of wallets: hot and cold wallets. In this explainer, we delve into what makes a wallet hot or cold, the pros and cons of each, and how to stay safe when handling crypto – whether you’re using a hot or cold wallet.

What Are Hot and Cold Storage Wallets?

The terms hot and cold wallets are used to describe the medium that is storing a cryptocurrency. Hot wallets are purely online-based, while cold wallets are offline-based. In other words, hot wallets are connected to the internet, while cold wallets are not.

A hot wallet is hosted online through platforms that offer these storage services. A user entrusts their public and private keys to the platform, which then secures and manages it for them.  Many hot wallets are free – all you need to do is sign up and start using the service. It’s advisable not to store huge amounts of cryptocurrencies in a hot wallet – they are vulnerable to hacking. Also, you should research intensively before committing to one type of hot wallet. This is due to the following reasons:

☑️ Some hot wallet providers are not providers at all – they are scam projects looking to rip off oblivious users

☑️ Different hot wallet providers provide different user interface experience

☑️ Some hot wallets are designed to work in tandem with other apps or to support only certain cryptocurrencies

☑️ Different hot wallet providers have varying levels of expertise, commitment to safety and security, and different end goals

☑️ Some hot wallet providers are willing to continuously upgrade their model to keep up with changing hacking tricks, while others are not

Cold wallets are considered the safest crypt wallets because they are immune to cyber-attacks and other on line hazards.

Just like with hot wallets, you should consider the following factors before committing to any cold wallet:

☑️ The wallet shouldn’t be too hard to use – choose a wallet that doesn’t need a lot of practice before you can get it right

☑️ The wallet should be convenient – while all cold wallets are more suitable for long term storage and HODLing, some provide more convenience in terms of size, being discreet, etc.

Types of Hot Wallets

Hot wallets fall mainly into two categories: cloud-based wallets and multi-signature wallets. What sets these categories apart is the number of keys that control the crypto account.

Cloud wallets store cryptocurrencies using any device that has an internet connection, including a smartphone or computer.

Multi-signature wallets, also known as multi-sig wallets, are wallets that require more than one key in order for the transaction to proceed. This makes it difficult for hackers to access the information or execute a brute force attack on the wallet (which is guessing multiple private keys until you find the right one.)

A multi-sig wallet may, for example, issue three private keys: one held by the host, the other by the user, and the other one by a third trusted party.

Types of Cold Wallets

There are two types of cold wallets, and these are hardware and paper wallets.

Hardware wallets are physical devices that keep your private keys on a hardware device with the look and functionality of a USB device. Some developers provide hardware devices that are compatible with several web interfaces, but not interacting with the internet at all. In the same way, hardware devices let you conduct online transactions without having your private key interact with the internet whatsoever.

Paper wallets, on the other hand, are generated by printing out your private key and storing it offline. A software program creates them offline and is then deleted afterward to erase any trace of the key.

Cold or Hot Wallets?

New crypto users often ask themselves this question: Which is better, cold, or hot wallets? Well, that depends on your needs.

If you’re going to be interacting with your crypto often, e.g., by active trading or paying for things regularly, then it’s best to operate an easy-to-access hot wallet. However, it’s highly recommended that you don’t keep large sums of crypto in a hot wallet since if it gets hacked, you will lose all your cryptos. In other words, store small sum, for-daily-use cryptos online, and keep the rest in cold storage.

In terms of security, cold wallets win hands down. They are safe from viruses, hacking, and other types of malware. Some developers even design them in such a manner that even if you plug them in a computer that has malware, it remains unscathed. However, cold wallets are susceptible to getting lost, a fire, water, or theft. The lesson here is to keep your cold wallet in a secure, private place safe from prying eyes, fire, water, and wear and tear.

As we’ve so far mentioned in this article, hot wallets are susceptible to internet hazards like hacking, phishing, scamming, and so on. Online wallet providers may put in place the most stringent security measures, but even that has been known to fail. The most foolproof measure to secure your online-based cryptos may be insurance. Some sites like Coinbase and Binance have insured their clients’ crypto assets in case of loss or theft, which is reassuring.

Based on this information, the decision to use hot or cold storage is entirely yours. However, you should first know the advantages and disadvantages of each type of wallet before deciding upon either. Here are the perks of hot and cold wallets together with their cons.

Pros and cons of hot and cold wallets

Pros of Hot Wallets

Most of them are free

They offer quick access to your cryptocurrency

They are easy to use

Cons of Hot Wallets

They are susceptible to cyber fraud and cannot guarantee full safety

Your funds can be permanently lost in the hands of your wallet provider.

Pros of Cold Wallets

They are secure and robust methods of storing crypto assets long-term

They are immune from cyber fraud

You don’t entrust them to a third party – you are in full control of your funds

Cons of Cold Wallets

They can be expensive, depending on the model

They are not ideal for day-to-day use or for making micropayments

They are susceptible to loss, theft or external damage

They are not convenient for trading purposes

Best Practices for Keeping Your Wallet Secure 

Whether you settle on a hot or cold wallet, you can save yourself a lot of heartache by taking some safety precautions:

  • Keep as little cryptocurrency as possible in the wallet that you use frequently
  • Use applications such as Google Authenticator to enhance security for your online wallet
  • Disable any automatic updates for your hot wallet
  • Don’t access your hot wallet via public Wi-Fi
  • Enable multiple-factor authentication for your wallet
  • Backup your wallet and keep the backups in several safe locations
  • Update your software regularly

Conclusion

If you’re looking to invest, trade, or make transactions using cryptocurrency, a crypto wallet is essential. A good wallet can be the difference between safely keeping your coins and losing them. The most important thing to remember is that hot or cold; your wallet’s safety largely depends on you. Also, remember to take your time and go over the available options before deciding to settle on any particular wallet.

Categories
Cryptocurrencies

Everything You Need To Know About Crypto Currency Wallets

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not

So you’ve bought your cryptocurrency, what’s next? Unlike fiat currency, cryptocurrency doesn’t have real-world institutions that keep and protect your money. And storing it on the crypto exchange may not be a good idea, especially with incidences of exchanges being hacked or turning out to be a scam. Thankfully, innovative people have come up with brilliant ideas to enable crypto users store their coins safely.

In this article, we’ll discuss what crypto wallets are, types of crypto wallets, and what you should consider before investing in one, and more.

What Is A Cryptocurrency Wallet?

A cryptocurrency wallet is a device, a physical medium, or a software program that stores private and public keys and allows users to transfer, receive, or spend their cryptocurrency. You don’t walk around holding your fiat money, do you? You store it in a bank or some type of wallet to protect it. That’s the same principle with crypto wallets. 

How Do Cryptocurrency wallets Work?

Many people don’t understand how cryptocurrency wallets work mainly because they try to associate them with traditional wallets. Unlike “real world” wallets, crypto wallets don’t store crypto ‘money.’ In fact, cryptocurrencies are not stored in any physical shape or form, so they can’t technically be stored in any single location. What exists is records of transactions stored in a public ledger or – the blockchain.

What crypto wallets store is the public and private keys- which are used to access your public cryptocurrency address and transaction signatures.

Both of these keys are just a combination of random numbers and letters. To better understand public and private keys, we can compare them to our bank account. The public key is like your bank account number – people who know it can send you money. But the private key is like your pin code or password – you’re the only one who knows it. The same logic applies to crypto wallets – people can send you cryptocurrencies, but you will need to use your passcode to access it.  

When someone sends you, let’s say, Bitcoin, they are essentially transferring ownership of the coins to your wallet’s address.

For you to access those coins and spend, store or transfer them to somebody else, your wallet’s private key should be compatible with the public address the coins are assigned to. If the two keys match, the balance in your wallet increases, while the sender’s decreases. There is no real exchange of the currency. The transaction exists in the form of “a transaction on the public ledger” and a change in the balance of both parties.

What are the Types of Cryptocurrency Wallets?

There are several types of crypto wallets that enable you to store and access your crypto coins. ‘Type’ here refers to the medium that the wallet is built on. This could be software, hardware, or paper. Software wallets can be on desktop, web, or mobile

☑️Desktop Wallets: These wallets are usually downloaded and installed on your computer. From then on, they are only accessible from that particular computer. By broad definition, desktop wallets provide more security than their online and mobile counterparts because they don’t rely on third parties for data. However, they are vulnerable to hackers or malware. But these wallets are a good solution for traders of small crypto amounts.

☑️Web Wallets: These wallets are cloud-based and store your private keys on a server. They can be accessed from any internet-enabled device from any location. They are controlled by a third party, too, which renders them susceptible to hacking and theft.  

Different web wallet providers provide different features, some of which can link to mobile and desktop features and sync your addresses across your devices.

☑️Mobile Wallets: These wallets run as an app on your phone. They are great solutions for active users who interact with their crypto coins often. They can be used to pay for goods at e-stores or physical stores by allowing you to scan a QR code.

Since any crypto user requires access to the blockchain network – which is large enough, mobile wallets use a simpler verification technology. This means they utilize small subsections of the blockchain by relying on certain trusted nodes to ensure they get the correct information.

While mobile wallets provide much more convenience, they are also more prone to hacking. And if someone gains entry to your phone, you could lose control of your funds.

☑️Hardware Wallet: these wallets store your private keys on a hardware device like a USB. Hardware wallets are by far the most secure of any wallet because they are immune from malware attacks, hacking, and funds cannot be transferred out of the device in plaintext. Some providers even offer hardware wallets with a screen that can verify and display important details, like a recovery phrase and details of the transaction you wish to make.

Depending on the provider, hardware wallets can be compatible with several web interfaces and support several currencies. You can easily make a transaction by simply plugging the device to an internet-enabled device, enter your passcode, and carrying out your transaction.

☑️Paper Wallet: These wallets are essentially printouts containing a public and private key. They are usually printed as QR codes, meaning you can quickly scan them and transfer them to a software wallet to carry out a transaction. This process is known as ‘sweeping’ and can also involve manually entering the keys on the device. A paper wallet can also be a piece of software that can generate the keys, which are then printed. 

Just like hardware wallets, paper wallets are immune to hacking and malware attacks. Still, you need to take certain precautions, like ensuring no one is watching you when you’re generating a paper wallet and using a printer that is not connected to the internet. Also, you need to keep your paper wallet in a dry and safe place to avoid exposure to water and wear and tear. You could even keep it in a sealed plastic bag or laminate it and store it in a safety deposit box.

How Secure Are Crypto Wallets?

The level of security of a wallet depends on its type and the service provider. Web-based wallets are more vulnerable since hackers could gain access and steal your coins. On the other hand, offline wallets are safer because they are not connected to the internet and don’t rely on a third party. 

The most important thing to remember is regardless of the wallet you’re using, whether online or offline based, your private key is what matters. You lose the private key, you lose your funds. Bear in mind that cryptocurrency transactions are irreversible, so utmost care is necessary. 

That said, here are some measures you can take to secure your online wallet: 

☑️Back up your wallet. This simply means don’t store everything online. Store only small, daily-use amounts online. Store the rest away in a highly secure environment, like a paper or hardware wallet. Offline storage will ensure your currency is safe in case of computer failure or virus attacks. 

☑️Update software. Hackers are usually smart people, and they keep devising new ways to infiltrate security software. So what do you do? You keep up with them. Ensure your software has the latest security enforcements. This applies to both your wallet software and computer, or mobile software. 

☑️Add layers of security. When it comes to online wallets, the more the security layers, the safer they are. This can mean setting long and complicated passwords. Use wallets that enable multi-factor authentication or other extra pin code requirements. You could also choose wallets that offer multi-signature transactions – meaning another user or users must approve before any transaction takes place. 

Can You Store All Your Cryptocurrencies In A Single Wallet? 

Some wallet providers design wallets dedicated to the storage of only type of cryptocurrency. For instance, Armory and Copay are designed to store only Bitcoin. But other providers allow you to keep a variety of cryptocurrencies. Instead of purchasing a wallet that only supports one currency, you may find it more convenient to purchase or signup one that allows you to store, access, and spend your coins from the same location.

Are Crypto Wallets Anonymous? 

Just like how your identity on a cryptocurrency blockchain is pseudonymous, i.e., recognizable by your public address, so are crypto-wallets. Your actual identity will not be there, but your wallet address could be traced back to you.

In addition, to prevent illegal use of cryptos, most exchanges will require your full identity – which means they know your identity is linked to your wallet transactions. 

Which Is The Best Cryptocurrency Wallet?

New crypto wallets are always being introduced. Your decision to pick a specific crypto wallet depends on how you intend to use it. Ask yourself these questions:

Do you need your cryptos for everyday use or for holding as an investment?

Do you need to access your wallet from anywhere or just at home?

Do you plan to use and/or trade several currencies or just one?

What is the security track record of your considered wallet?

What is the reputation of the manufacturer?  

With that, here are some of the tried and tested crypto wallets in the market: Atomic Wallet, Ledger Nano, Trezor, Armory, Mycelium, Bread Wallet, Copay, Electrum, Exodus, and Jaxx. 

Conclusion 

By now, you should have a pretty good idea of what a wallet is, how it works, and probably identified your preferred wallet choice. Remember, the type of wallet you choose should respond to your needs – be it ease of transfer or security from hacking attacks.