Tag: wallets

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Cryptocurrencies

Xapo Wallet Review: Is Xapo The Most Secure Custodial Wallet?

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo Crypto wallet app
Xapo crypto wallet app

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Some of the factors that set it apart from the competition include the fact that it is a Bitcoin-only wallet app. Further, it is a custodial wallet that stores your private keys in highly advanced and ultra-secure storage vaults that are never connected to the internet. In this Xapo wallet review, we vet the wallet’s security, ease of use, look at its pros and cons, and provide you with a step-by-step guide on how to use the Xapo app.

Xapo Crypto app key features:

Mobile wallet: Xapo is a mobile crypto app available to Android and iOS phone users.

Purchase Crypto with Fiat: Xapo has collaborated with numerous payment processing service providers that you can use to buy Bitcoins off the platform. These include direct wire transfers as well as credit and debit card purchases.

Inbuilt exchange: Xapo has also come up with a peer-to-peer exchange platform where users can exchange Bitcoins for fiat currencies. These in-app exchanges are free.

Portfolio tracker: On the Xapo user interface is the balance tab that lets you view your wallet balances in real-time, as well as the activity tab that keeps a record of all your transaction history. The two play a key role in helping you keep tabs on your expenses and help with budgeting by monitoring your crypto inflows and outflows.

Automated notifications: Xapo makes it possible to set automated notifications for different wallet functions. For instance, you can have the wallet send you a notification every time you receive crypto when cryptos are drawn from the wallet, and Bitcoin price alerts.

Multisignature wallet: The multisignature functionality of the Xapo crypto app makes it possible for you to share the app with family and segregate everyone’s funds.

Integrates debit card: Xapo recently launched the prepaid Xapo debit card that you can integrate with your Xapo crypto wallet and use it to pay for goods and services on the different crypto-friendly point of sale or withdraw funds from Bitcoin ATMs.

Libra member: Xapo is one of the founding members of the Libra blockchain network put together by Facebook. According to the Xapo website, the app’s development team provides technical expertise to help the association launch and run the Libra global currency sustainably.

Security features:

Password: Like most other crypto wallet apps, the Xapo crypto vault is secured with a password.

Two-factor authentication: All outbound transfers from the Xapo wallet app must be subjected to two-factor authentication. You have the option of receiving the verification code via email, SMS, or google authenticator.  

Cold storage: Unlike most other wallets that give you absolute control of your wallets by saving the private key in your phone, Xapo keeps the private keys safe on your behalf. According to the crypto security company, all your private keys are stored in ultra-secure vaults in the Swiss Alps and other parts of the world. They further add these vaults don’t connect to the internet, and they are largely made from demilitarized bunkers.

Highly encrypted: All your data, including the private keys, is shared with and stored in Xapo servers and is highly encrypted using proprietary encryption technology. And so are Xapo’s communication with third party systems like payment processors and third-party exchanges.

How to set and activate the Xapo wallet:

Step 1: Start by downloading the Xapo crypto mobile app from Google Play Store or Apple App Store.

Step 2: Install and launch the app, choose your country of residence, and enter your phone number.

Step 3: Verify the number by entering the 6-digit code received via SMS

Step 4: Enter your email address

Step 5: Complete the user profile by completing the registration form

Step 6: Choose your country of origin/citizenship from the drop-down menu

Step 7: Read and agree to Xapo wallet’s terms of use

Step 8: Create a 4-digit passcode for your Xapo wallet app

Step 9: Verify identity by uploading a photo of yourself and that of a government-issued identification document as well as a proof of address

Step 10: The app will now send a verification link to the email provided. Open the link to activate the account.

Step 11: Your Xapo wallet app account is now active and ready for use

How to add/ receive crypto into your Xapo wallet 

Step 1: Log in to your Xapo app, and on the dashboard, click on ‘My Money.’

Step 2: Tap on the ‘Add Money’ on the next window

Step 3: Follow the prompts to add Bitcoins using one of the provided account funding options.

How to send crypto from your Xapo wallet

Step 1: Log in to your Xapo wallet app and click on the ‘Payments’ tab.

Step 2: If you wish to send funds to an individual on your contact list, click on the “Transfer to a contact” tab, and select “Allow access.”

Step 3: Select the recipient and click on the “$” sign to initiate a transfer.

Step 4: Choose the account you wish to send the funds from, the amount you wish to send, the currency type, and click “Send.”

Step 5: Review the transactions and check the accuracy of the details before hitting “Confirm.”

Step 6: Enter the PIN code to authorize the pay

Xapo wallet ease of use

Xapo wallet has a highly intuitive and beginner-friendly user interface. It only has a few tabs that are carefully placed on the user dashboard to ease your in-app navigation and how you interact with the wallet.

The app’s onboarding process, though lengthy, is quite straightforward. And so are the processes of adding funds, receiving and sending Bitcoins and other Fiat currencies in and out of the wallet.

Xapo wallet supported currencies and countries.

Xapo is a Bitcoin-only crypto wallet app. Interestingly, and unlike most other Bitcoin-only wallets that extend their support to Bitcoin forks, Xapo does not support any other crypto, including such Bitcoin forks as Bitcoin Gold and Bitcoin Cash.

However, the integrated peer-to-peer exchange makes it possible for users to exchange Bitcoin with over 150 Fiat currencies.

Currently, the Xapo crypto wallet app is available in about 30 countries across the world.

Xapo wallet cost and fees 

Downloading and installing the Xapo crypto wallet app as well as storing your Bitcoins therein is free. You also won’t be charged for using their in-app peer to peer exchange or transferring funds from one Xapo wallet to another.

Outbound Bitcoin transfers to other wallets or exchange will, however, attract a network fee charged by Bitcoin miners and not Xapo. The fee is nevertheless dynamic, and you have the option of choosing either the standard fee for normal confirmation speeds or priority fee for trades you wish processed and confirmed urgently.

Xapo wallet customer support

Xapo’s customer support has a rather elaborate FAQ guide on the company website that addresses Xapo wallet users’ common challenges and provides troubleshooting guides. There also are tutorials that try to explain how you interact with the Xapo app.

You can also contact them via email, the live chat feature on both the website and the app, or direct message them on such social media platforms as Twitter, Facebook, and Instagram.

What are the pros and cons of using the Xapo wallet?

Pros:

  • Transfers from one Xapo wallet to another are free
  • It stores your private keys in cold storages and ultra-secure offline vaults
  • It allows you to buy Bitcoin with Fiat currency
  • It features an inbuilt peer-to-peer exchange
  • It integrates the Xapo Debit that you can use to pay for goods and services or withdraw at Bitcoin ATMs

Cons:

  • It will only support Bitcoins
  • It doesn’t support anonymous crypto transactions as all users must be subjected to KYC and AML procedures
  • It has an unnecessarily lengthy registration process

Comparing Xapo wallet with other Bitcoin-only wallets

Xapo wallet vs. BTC.com wallet

Xapo and BTC.com are both Bitcoin-only wallets. But unlike Xapo, which is a mobile crypto app, BTC.com is a web-based wallet. BTC.com is a lot easier to use and interact with as it not only features a friendly user interface but also has an easier onboarding process.

Xapo, however, carries the day when it comes to the security of client funds. Plus, while BTC.com’s online nature exposes its inherent threats associated with hot wallets, Xapo is a custodial wallet that stores client private keys in highly decentralized and ultra-secure cold storage.

Verdict: Is the Xapo wallet safe?

Xarpo is a custodial wallet that stores client funds in decentralized cold storages spread across the world. It has also put in additional client-side security features that deter unauthorized access to these keys, like securing the app with a passcode, two-factor authentication, and automated alerts on transfers and changes in digital asset balances. One might consider such security measures adequate, but we must observe that these don’t necessarily make you and your wallet immune from such social engineering threats as phishing.

Categories
Cryptocurrencies

BitBox02 Hardware wallet Review: How Safe Is The Bitbox Hardware Wallet?

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Some of this wallet’s key features include an OLED display and invisible touch sensors for ease of navigation and a secure element, multi-signature support, and enterprise-grade encryption. In this review, we will be vetting BitBox02’s safety and ease of use by detailing its key security features, its step-by-step activation guide, number of supported currencies, and its pros and cons:

Key features:

Solid architecture: BitBox02 is ultralight, weighing only 12g. It is also made from a highly durable polycarbonate that can resist such elements as heat and water.

OLED display: BitBox02 features a white and 128*64 pixels OLED display. It plays a key role in easing in-wallet navigation and is large enough to fit a wallet address.

Invisible touch sensors: In addition to the OLED display is a range of invisible touch sensors that line up the sides of the wallet device. These also play a key role in navigating the wallet and approving outbound crypto transactions.

Desktop and mobile app compatible: BitBox02 is a cross-platform hardware wallet. It has a compatible desktop app for all the popular desktop operating systems like Windows, macOS, and Linux. Their website also hints at an upcoming mobile crypto wallet.

Multi-wallet: The wallet’s software is available in two downloadable data sheets; the BitBox02 multi and BitBox02 BTC. BitBox02 BTC ensures that the wallet will only support Bitcoin Cryptocurrency, while BitBox02 Multi supports popular cryptos.

Security features:

Password: Both the BitBox02 hardware wallet and compatible BitBox02 apps have a password as their primary deterrence against unauthorized access. You get to set both when activating the wallet and creating a user account.

Open-sourced: BitBox02 hardware wallet is highly transparent in that it is built on a fully open-sourced technology. This implies that both the app and the wallet firmware are open for viewing and auditing by wallet users and crypto security experts.

Secure element: BitBox02 wallet’s secure element is made up of dual chips that are used to store your encrypted private keys. The dual-chip architecture is designed using proprietary technology. They are also reinforced with a monotonic counter technology that limits the number of login attempts and a password stretcher that extends the amount of time required between login attempts while erasing the wallet contents after 15 unsuccessful attempts.

Instant backup: The BitBox02 hardware wallet comes with an SD card that you can use to back up your private keys. Unlike most other hardware wallets that provide you with an easy-to-forget recovery seed, the BitBox02 hardware wallet presents you with an SD card that you can use to back up your recovery seed instantaneously.

Enterprise-grade encryption: Your private keys, passwords, personal data held in your BitBox02 wallet is highly encrypted using the AES-256-CBC technology. Your wallet’s communications with other third party websites and systems are also subjected to end-to-end encryption.

Two-factor authentication: Outbound crypto transfers must also be subjected to two-factor verification processes.

Cold storage: Your private keys and any other personal data held in the wallet is held in offline cold storage. This gives you absolute control over your private keys and their backup.

FIDO-certified: BitBox02 wallet is FIDO certified as a Universal two-factor authenticator.

How to set and activate the BitBox Hardware wallet

Step 1: Start by ordering your BitBox hardware wallet on the Shift Crypto website.

Step 2: Download the BitBox02 desktop wallet app that’s compatible with your computer operating system.

Step 3: Plugin the hardware device (ensure the SD card is inserted)

Step 4: Chose a name for the wallet and create a unique wallet password.

Step 5: You will now have access to the BitBox02 wallet dashboard. Start by agreeing to the security information displayed to proceed.

Step 6:  On the ‘create a new wallet’ tab, enter your preferred wallet name, and create a password

Step 7: Remove the SD Card and keep it safe.

Step 8: The wallet is now active and ready to use

How to add/ receive crypto into your BitBox Hardware wallet

Step 1: Start by logging in to the BitBox02 wallet.

Step 2: If you are operating the multi-crypto wallet, select the coin you would like to receive

Step 3: Copy the wallet address or QR code and forward it to the party sending you crypto.

Step 4: Wait for the funds to reflect in your account.

How to send Crypto from your BitBox Hardware wallet

Step 1: Log in to your BitBox02 wallet

Step 2: If you are operating a multi-cryptocurrency wallet, select the coin you wish to send

Step 3: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 4: Insert the BitBox0 hardware wallet

Step 5: Confirm the transaction details on the hardware device and authorize the transfer by pressing the invisible touch sensors on the device.

BitBox Hardware wallet ease of use

The BitBox02 hardware wallet package doesn’t give you a manual/user guide, just a link to their website printed on the packaging box’s underside. It, however, is quite easy to use. Setting up the wallet, linking it with the desktop app, and creating a user account is quite straightforward.

Interacting with the app by sending or receiving crypto into the wallet or backing up your digital assets is also quite easy. And all these play a key role in making BitBox02 the most user-friendly hardware wallet.

BitBox Hardware wallet supported currencies and countries.

The number of cryptocurrencies supported by the BitBox02 hardware wallet depends on the firmware installed. You can choose BitBox02 BTC that will only support Bitcoin and Litecoin or BitBox02 multi that supports a wider range of cryptocurrencies.

You can also integrate the app with MyEtherWallet that makes it possible for you to support BTC, LTC, ETH, and 1000+ tokens.

BitBox02 wallet can be shipped to virtually every crypto-friendly country in the world.

BitBox Hardware wallet cost and fees

BitBox02 hardware wallet retails at €99.

You will only have to pay the variable crypto transaction fee when sending cryptocurrencies and tokens to another wallet or exchange.

BitBox Hardware wallet customer support

BitBox02 hardware wallet distributors have a highly responsive customer support team accessible via email or such Shift Crypto official social media pages on Facebook, Twitter, Instagram, Telegram, and follow their blogs on Medium.

What are the pros and cons of using the BitBox Hardware Wallet?

Pros:

  • BitBox02 hardware wallet has a strong emphasis on security.
  • It is easy to backup and recover your wallet using the SD card.
  • It is compatible with both desktop and mobile apps for easy navigation.
  • You can integrate MyEtherWallet that expands the number of supported currencies.
  • It is easy to use.

Cons:

  • Will only support a limited number of coins and tokens.
  • The screen is really small.
  • One may consider their €99 price tag restrictive.

Comparing BitBox Hardware wallet with other hardware wallets

BitBox Hardware wallet vs. Ledger Nano S wallet

Bitbox02 and Ledger Nano are both crypto hardware wallets that take pride in the number and effectiveness of integrated security features. Some of their similarities include integrating two-factor authentication, sleek design, and the fact that they both store your private keys in offline cold storage.

But unlike Ledger Nano S that supports 1000+ cryptocurrencies and tokens, the BitBox02 hardware wallet will only support a handful of crypto assets. Plus, while Ledger Nano S presents you with a set or recovery seed that you can use to backup your private keys. Unlike Ledger Nano S, however, BitBox02 has a simpler setup guide and supports multi-signature functionality.

Verdict: Is the BitBox02 Hardware Wallet safe?

Yes, BitBox02 hardware wallet embraces some of the most effective security measures. These include the fact that the wallet is open-sourced, is FIDO certified to serve as a Universal two-factor authenticator, two-step verification for outbound transfers, and backing up your wallet in an SD card. But these aren’t the only factors endearing BitBox02 to its users. Others include its rather straightforward setup process and its intuitive user interface.

Categories
Cryptocurrencies

MyStar wallet Review: How Safe Is This Multi-Blockchain Crypto Wallet?

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

Though MyStarWallet is still relatively new to the crypto world, it stacks a host of operational and security features that set it apart from the competition. For instance, it is built on the Ethereum Network, which means that it provides users with access to the decentralized network and such amenities as the Dapp browser and the app builder tools.

In this MyStarWallet review, we will be vetting these features by looking at its commitment to safety, outlining the setup by step guide on using the wallet app, and telling you its pros and cons.

MyStar Wallet Key features:

Mobile app: MyStarWallet is a mobile-based app vault. It can be downloaded from either the Google Play Store or Apple App Store.

Multi-asset: My Start Wallet is also a multi-asset app vault. It hosts a significant number of cryptocurrencies and tokens, and that there is no limit to the number of private keys that you can store within the wallet.

Inbuilt exchange: MyStarwallet features an inbuilt crypto exchange where users can buy, sell, or exchange cryptocurrencies and tokens. The exchange is relatively secure, and transaction processing reliably fast.

Blockchain explorer: MyStarwallet also features the blockchain explorer that lets you keep tabs on the Ethereum network. It helps you monitor network events, news, important announcements like upcoming ICOs, and political and economic events or changes that may impact the crypto world.

Portfolio Tracker: Within the MyStarwallet app’s dashboard is the balance and transaction history tabs that help monitor your crypto activity. For instance, the history tab outlines your crypto inflows and outflows, and these go a long way in helping you create a crypto budget.

Address book: MyStarwallet also features an address book that integrates your phone’s contact list that simplifies how you send and receive Crypto. This effectively means that you can simply send Crypto to a contact address on your phone regardless of whether they have Mystarwallet installed or not.

Send Crypto via messenger: MyStar wallet also features a proprietary messaging platform, the Startalk Messenger platform that you can use to “Instantly send money while you talk.” This features messaging and video chatting and the remittance functionality that allows you to transfer cryptocurrencies and tokens via StarTalk.

Dapp browser: MyStarWallet integrates a Dapp browser, a decentralized browser that allows you to surf the web anonymously.

Create Tokens: In addition to the Dapp browser, MyStarWallet users now have access to the app builder tools that make it possible for them to create and successfully launch both decentralized token and ERC-20 tokens.

Mystarwallet security features

Password: Like most other mobile phone-based crypto wallet apps, MyStarWallet is password secured. The password deters unauthorized access to your private keys and serves as the crypto app encryption tool.

Recovery seed: When creating a user account on your MyStarWallet app, you will be presented with a 12-word backup seed. You will need this seed to recover lost private keys or restore the MyStarWallet on another device.

Two-factor authentication: Outbound transfers from the MyStarWallet app must be subjected to two-factor authentication. You have the option of adding your phone number when creating a user account for MyStarWallet that you can use to authorize outbound transfers or use the Authenticator apps.

How to set and activate the MyStar wallet

Step 1: Start by downloading the MystartWallet crypto app for your Android or iOS smartphone.

Step 2: Install and upon launching the app, click on the ‘Create a new wallet” icon

Step 3: Create a password for the wallet

Step 4: You will now receive the 12-word backup/recovery seed for the crypto wallet. Write it down on a piece of paper and keep it safe offline.

Step 5: Your wallet is now active and ready for use

How to add/receive Crypto into your MyStar wallet 

Step 1: Log in to your MyStarWallet app, and on the user dashboard, click on the ‘Receive’ tab.

Step 2: On the deposit window that pops up, copy your wallet address or the QR Code and forward it to the party sending you cryptos

Step 3: Wait for the deposit to reflect in your wallet.

How to send Crypto from your MyStar wallet

Step 1: Start by logging into the MyStarWallet app and clicking the “Send” icon on the user dashboard.

Step 2: If you have more than one types of cryptos stored in here, select the crypto coin you wish to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins/tokens you want to transfer

Step 4: Confirm the accuracy of the transaction details and authorize the transfer.

MyStar wallet ease of use

MyStarWallet is highly intuitive and very beginner-friendly. The processes of creating a user account are simple and quite straightforward. The user interface is very clean, with just a few carefully placed tabs that ensure you don’t need any expert help to teach you how to interact with the app. The processes of sending and receiving cryptos/tokens in and out of the wallet are also quite easy and straightforward.

MyStar wallet supported currencies and countries

MyStarWalet is eth-based and will only support Ethereum and such eth-network based tokens as the ERC-20 tokens.

MyStar wallet cost and fees

Downloading MyStar wallet, installing it on your phone, and storing cryptos and tokens therein is free. However, you will have to part with variable transaction processing fees (GAS) every time you wish to send cryptocurrencies and tokens from one wallet to another.

MyStar wallet customer support

You can always consult the MyStarWallet Blog or Wallet Guide sections of the wallet’s website to learn how to interact with the wallet app. This website also features an extensive range of video tutorials that outline everything related to MyStar, including the different troubleshooting techniques.

You may also want to reach out to the MyStarWallet customer support team by raising a support ticket, emailing them, or direct messaging them on social media platforms such as Facebook, Instagram, and Twitter.

What are the pros and cons of using MyStarWallet?

Pros:

  • It supports a wide range of eth-based cryptos and tokens
  • It is highly intuitive ad beginner-friendly
  • MyStarwallet is feature-rich and even integrates an inbuilt exchange
  • It makes it possible for users to send cryptos to a phone number or via Startalk messenger
  • It features a Dapp browser and Dapp builder that lets you create and launch ERC-20 tokens

Cons:

  • It only hosts basic security features
  • It will only support Eth-cryptos and tokens
  • It is not a regulated wallet

Comparing MyStar wallet with other multipurpose crypto wallets

MyStarWallet vs. eToro wallet 

Mystar and eToro are both multipurpose and multi-feature wallets that host a wide range of operational tools. And some of the common features hosted on both MyStar and eToro wallets include an inbuilt exchange and portfolio tracker. Both wallets are also beginner-friendly and feature highly intuitive user interfaces.

However, while eToro is a multi-blockchain wallet hosting cryptocurrencies built using different blockchains, MyStarWallet will only host eth-based altcoins. Further, eToro has a friendlier and highly responsive customer support team compared MyStarWallet. MyStarWallet nevertheless carries the day with the number of supported altcoins that include all ERC-20 tokens against eToro that will only support less than 20 popular cryptos. Moreover, they have made it possible for you to send Crypto to phone numbers and through messenger.

Verdict: Is MyStar wallet safe?

Well, the mobile crypto app has embraced several effective security and privacy measures around the vault aimed at keeping your private keys private and highly secure. These include securing the app with a password and enabling two-factor authentication, as well as providing you with a backup and recovery seed. However, we must mention that the online nature of the wallet plus the fact that it stores your keys in your phone, not cold storage, exposes it to such threats as hacking and malicious viruses.

Categories
Cryptocurrencies

Gnosis Safe Smart Wallet Review: Is Gnosis The Most Secure Smart Contract Wallet?

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

The Gnosis safe website refers to the wallet app as “The most trusted platform to manage digital assets on Ethereum for companies/investors/developers/hodlers and DAOs.” It also refers to it as a “Safe Multisig mobile” wallet that helps users monitor their crypto portfolio on the go. It is further described as a transparency and security-focused eth-wallet that seeks to provide wallet users with a balance between safety and ease of use. In this Gnosis Safe smart wallet review, we look at everything you need to know about the eth-based crypto vault while helping you determine if it indeed is the most secure smart contract wallet.

Gnosis safe key features:

Cross-platform: Gnosis Safe is a cross-platform wallet. It is available as a mobile app (for both Android and iOS), desktop app (for both Windows, macOS, and Linux), and an in-browser extension. 

Multi-user: Gnosis Safe smart wallet is also a multi-user wallet that provides multiple safes within the wallet. They have separate login credentials and work best for family members, acquaintances, or companies that want to maintain all their crypto assets in one vault.

DeFi focused: Gnosis also integrates some of the most popular decentralized finance apps and protocols maintained on the Ethereum Network.

Address book: Gnosis wallet also features an address book that allows you to either integrate the wallet with your phone’s contact list or save the contact information such as the wallet addresses of individuals you engage regularly.

Integrate Dapps: The fact that Gnosis Safe Smart wallet is built on the Ethereum ecosystem makes it possible to explore the blockchain and interact with different Dapps maintained here.

Gnosis safe security features:

Password: Like most other wallets, Gnosis Safe Smart wallet is password-secured, and you get to set this unique key when creating a user account.

Two-factor authentication: You can always use the Gnosis Safe Authenticator or the Status Keycard to activate the wallet’s 2-factor authentication feature for all outbound transfers.

Recovery seed: During the wallet activation and account creation process, you will be presented with a backup/recovery seed for the wallet. Write it down and keep it safe offline.

Open source: Gnosis Safe Smart wallet is fully open-sourced and users, as well as crypto security experts, are free to view and audit source code for vulnerabilities. Gnosis Labs has also continuously run a bug bounty program for the wallet, and no critical bug or vulnerability has ever been discovered.

Multi-signature: Gnosis Safe Smart wallet is a multi-signature crypto vault. You can activate this feature for the entire wallet if you only run one safe or any number of safes hosted by the wallet.

How to activate/setup the Gnosis Safe Smart Wallet?

Step 1: Start by downloading the Gnosis Safe Smart wallet from either the website or the app store

Step 2: Install and launch the app. Click on the “Create a new wallet” icon

Step 3: Read through and agree to the Gnosis privacy policy and terms of use

Step 4: Create a unique password for the Gnosis Safe wallet

Step 5: Proceed to create the first safe for the wallet. This requires you to deposit Eth or any of the supported tokens, and you will be charged a small fee (about 0.005 ETH) as the cost of deploying the wallet

Step 6: Confirm that you are ready to create a wallet on the pop-up window

Step 7: You will be required to download the web extension that serves as your wallet’s two-factor authenticator. It is also referred to as a Safe Authenticator.

Step 8: Install the browser extension app and upon launching, create a user password. This has to be different from the mobile app password.

Step 9: In the next window, click on the ‘Show QR Code’ icon and scan the QR code with your phone to connect the Safe Authenticator with Gnosis Safe Smart wallet

Step 10: Write down the recovery phrase provided and store it in a safe offline environment. Verify that you have copied it correctly.

Step 11: Pay the wallet deployment fees

Step 12: You will receive a notification via the in-browser app, informing you that the safe wallet has been successfully created and deployed.

Step 13: Your Gnosis Safe Smart wallet is now active and ready to use

How to add/ receive Crypto into Gnosis safe smart wallet:

Step 1: Log in to your Gnosis safe mobile app wallet and click on the ‘Receive” icon

Step 2:  If you have multiple safes created, select the safe into which you want to receive the crypto

Step 3:  Copy the wallet address or the QR code for the safe and forward it to parties ending you crypto

Step 4: Wait for the funds to reflect in your wallet

How to send crypto from Gnosis safe wallet:

Step 1: Log in to your Gnosis safe Mobile wallet app and click on the “Send” icon

Step 2: Select the safe from which you want to send crypto

Step 3: Select the digital asset you want to send

Step 4: Enter the recipient’s address and the number of coins you wish to send in the transfer window

Step 5: Check that the details of the transaction are correct and click the send button

Step 6: Log in to the Safe Authenticator (in-app browser) to review and authorize the transaction. Click the ‘Submit’ button if satisfied with the accuracy of the transaction details

Step 7: Return to the Gnosis safe smart mobile wallet to initiate the transfer.

Gnosis Safe smart wallet ease of use:

Though one may consider the setup and activation process for the Gnosis Safe Smart wallet app to be too lengthy, it is still quite straightforward. The setup guide is easy to follow, and you do not even need expert help to set up the mobile wallet or link it with the Safe authenticator. The Gnosis Safe wallet website features a wide range of guides that explain how to activate and interact with the Ethereum wallet.

Gnosis Safe smart wallet supported currencies:

Gnosis Safe is an Eth-focused wallet. It will, therefore, only feature Ethereum, Ethereum Classic, ERC-20 tokens, and such collectibles as the ERC-721 tokens.

Gnosis Safe smart wallet cost and fees:

Gnosis Safe wallet is free to download and install. However, you will be required to pay a small wallet deployment fee of ETH 0.005 when creating a wallet. Other fees include the transaction fees charged by the Ethereum network when you send cryptos/tokens to other wallets or exchanges.

What are the pros and cons of using Gnosis Safe smart wallet?

Pros:

  • It embraces highly advanced security features
  • It makes it possible for you to invest and earn digital assets
  • Gnosis wallet has a highly responsive customer support team
  • The wallet provides you with a demo version that you can use to test the vault

Cons:

  • It will only support Eth based cryptos and tokens
  • The wallet is exposed to inherent threats facing hot wallets
  • It imposes a ‘wallet deployment’ fee

Verdict: Is Gnosis Safe Wallet secure?

Well, Gnosis Safe Smart wallet embraces several highly effective security measures that its developers believe will play a key role in boosting the wallet’s safety and privacy. The wallet is password secured, outbound transfers from the Gnosis Safe smart wallet must be subjected to two-factor authentication, it is a multi-signature vault, and has also been formally verified by the Ethereum network. Our only concern with the Gnosis Safe Smart wallet is that both the Gnosis safe mobile app and Gnosis Safe Authenticator are online-based and, therefore, exposed to the inherent threats facing hot wallets. 

Categories
Cryptocurrencies

JWallet Review: Is JWallet The Most Secure Wallet For Ethereum Tokens?

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jibrel website describes Jwallet as an institutional-grade crypto vault that seeks to provide users with an all-in-one platform to store, interact with, and exchange eth tokens. It has since incorporated a wide variety of operational and security features that make it the next generation token-wallet you can use to secure and easily manage your digital assets.

But is Jwallet as safe and easy to use as the Jibrel website claims? We will be answering these issues by looking at the wallet’s key features, the number of supported currencies, vetting its ease of use, and outlining the step-by-step guide on how to activate and use this Jibrel crypto wallet.

JWallet key features:

Cross-platform: Jwallet is a multi-device and cross-platform wallet. It is available both as a mobile app for both Android and iOS devices. It is also a web wallet that’s accessible via the computer and phone web browsers.

BYOT: JWallet features the Bring Your Own Token (BYOT) service that allows you to import custom tokens and add them to your wallet. The tokens don’t have to be publicly listed, plus the process of importing tokens to the wallet and adding them to the wallet is easy and straightforward.

Portfolio tracker: The Jibrel network website refers to the crypto vault as an enterprise-grade wallet with banking-grade tracking tools. These allow you to view your transaction history and monitor your crypto balances in real-time.

Address book: JWallet also features an address book that integrates your contact list. This contact feature makes it possible for wallet users to integrate their phone’s address book with the wallet and save more contacts and wallet addresses of the parties you interact with regularly.

Inbuilt exchange (JCash): JWallet features an inbuilt decentralized exchange where wallet users can buy, sell, and exchange eth-tokens for other tokens or stable tokens. The value of these stable tokens is pegged on either fiat currencies or commodities using smart contracts. The exchange service is powered by J Cash, a proprietary currency conversion tool by Jibrel Network.

Integrates DeFi apps: JWallet is built on the Ethereum network and integrates the Decentralized Finance apps and protocols like MakerDAO that wallet users can leverage and use to generate incomes.

JWallet security features:

Passcode + Biometrics: Jwallet is passcode-secured, which you get to set when creating a user account. You can also reinforce this with such Biometrics as the Face or fingerprint I.D.

Non-custodial: JWallet does not collect any user data. It also won’t store your private keys or copies of it on the company servers. Rather, all your sensitive wallet data, especially the private keys and such other sensitive information like wallet passwords, are encrypted and stored locally – in your phone or computer device.

Recovery seed: The crypto wallet also makes it possible for you to backup your private keys and wallet data. You will receive a set of 12 phrases that form the wallet’s recovery seed during installation. Write these down on a piece of paper and keep it safe offline. You will need this backup seed to recover lost keys or open the wallet on a new device.

Highly regulated: Unlike most other crypto wallet apps, JWallet is highly regulated. To use some of the wallet’s core features and interact with its fundamental services, like J Cash, you will be required to first verify your identity by completing the KYC and AML procedures.

Client-side encryption: JWallet also embraces client-side crypto encryption. This implies that all your wallet data and any communication with the Jibrel company servers or third party systems are encrypted before they leave the wallet.

How to activate/ setup the JWallet

Step 1: Start by downloading your JWallet cryptocurrency app compatible with your device on either Google Play Store or Apple App Store.

Step 2: Install and launch the wallet app. Click on the “Create a new wallet” icon on the wallets installation page.

Step 3: Agree to the Jibrel wallet’s terms of use and privacy policy.

Step 4: Create and verify the wallet password, and create a hint for the password

Step 5: You now have access to the Jwallet user interface

Step 6: Click on the “settings” icon on the bottom left corner of the wallet and select “Manage wallets.”

Step 7: Select your wallet, click on the three dots on the right side of the wallet, and tap on the ‘Backup’ option to generate the wallet’s recovery seed.

Step 8: You can then use the settings icon and manage wallets option to personalize your Jwallet, like converting it to a multi-address wallet or activating biometric security features

Step 9: Your JWallet is now active and ready for use

How to add/receive Crypto into JWallet:

Step 1: Log in to your JWallet crypto vault and click the “Receive” icon on the user dashboard.

Step 2: Select the wallet address to which you wish to add tokens

Step 3: Copy this wallet address or its QR code and forward either to the person sending you tokens.

Step 4: Wait for the funds to reflect in your JWallet

How to send crypto from JWallet wallet:

Step 1: Log in to your JWallet app, and on the user dashboard, click “Send.”

Step 2: Select the wallet address from which you wish to draw funds

Step 3: If you have multiple tokens store in here, select the currency you wish to send

Step 4: Enter the recipient’s address and amount to send on the ensuing transfer window.

Step 5: Confirm the details of this transaction before hitting send

JWallet ease of use:

Activating the JWallet app or the JWallet web wallet and creating a user account takes less than five minutes. Interacting with most of the JWallet features and services is quite straightforward. The processes of sending and receiving crypto into your JWallet is also easy and straightforward.

More importantly, both the wallet app and web wallet are multilingual and available in both English and Korean languages.

JWallet supported currencies:

JWallet is a multi-coin wallet that supports 1000+ crypto tokens and collectibles. These include ERC-20 tokens, custom wallets, stable coins like J Stable coin, and other Eth-based crypto tokens.

JWallet cost and fees:

Jwallet is a fee-free wallet. You will not be charged for downloading and installing the app, and neither will you be charged for transfers within the Ethereum network.

JWallet customer support:

JWallet maintains a highly responsive customer support team. Both the web wallet and crypto wallet app maintain elaborate FAQ sections that address most user concerns, how-to guides, and troubleshooting guides.

For personalized queries, you can contact the wallet’s customer support team by raising a support ticket on the Jibrel network website or by direct messaging them on such social media platforms as Telegram, Twitter, Kakaotalk, Reddit, and Bitcointalk.

What are the pros and cons of using JWallet?

Pros:

  • It is a fee-free Ethereum wallet.
  • JWallet maintains one of the easiest set and account activation guides.
  • It has a highly responsive customer support team.
  • It is feature-rich and hosts such highly advanced crypto security guides as the proprietary JCash

Cons:

  • It is a hot wallet that’s prone to online threats like phishing attacks.
  • Jwallet will only support eth-based cryptos and tokens.

Comparing JWallet with other Ethereum wallets

JWallet vs. MyEtherwallet

Jwallet and Myetherwallet are bothEthereum-specific crypto wallets. They both are easy to use and host numerous eth-based crypto tokens. Both integrate DeFi apps and protocols that allow their users to earn interest on digital assets and integrate the address book that allows the wallet user to send funds to a username and not necessarily a wallet address.

But while Jwallet will only support Eth-based tokens, Myetherwallet is more versatile and hosts such popular non-Ethereum cryptos as Bitcoins. Similarly, MyEtherwallet hosts an even larger set of features that include integrating third party exchanges like Changelly and Shapeshift that have simpler fiat-to-crypto conversion processes and even allow you to purchase crypto with a card. We nevertheless like Jwallet’s revolutionary stable tokens.

Verdict: Is JWallet safe?

Well, Jwallet has put in place several effective security and privacy measures for both the wallet app and web wallet. Some of these include securing your wallet with a password and fingerprint, client-side encryption tool for the wallet communications with third parties systems, it is non-custodial, and also provides you with a backup and recovery seed. The only downside to this is that both the web wallet and mobile apps are hot wallets and that you need to pass the KYC and AML requirements before using their J Cash feature.

Categories
Cryptocurrencies

Button wallet Review: How Safe The Telegram Messenger Linked wallet?

Button Wallet can be best described as a messenger-linked and multicurrency crypto vault. Unlike most other software wallets available in mobile and desktop apps or web extensions, Button Wallet is housed by the telegram app. It is more of an expertly crafted and feature-rich telegram bot created by ten highly experienced blockchain and programming experts who are currently based in San Francisco, California.

Button Wallet can be best described as a messenger-linked and multicurrency crypto vault. Unlike most other software wallets available in mobile and desktop apps or web extensions, Button Wallet is housed by the telegram app. It is more of an expertly crafted and feature-rich telegram bot created by ten highly experienced blockchain and programming experts who are currently based in San Francisco, California.

Button Wallet can be best described as a messenger-linked and multicurrency crypto vault. Unlike most other software wallets available in mobile and desktop apps or web extensions, Button Wallet is housed by the telegram app. It is more of an expertly crafted and feature-rich telegram bot created by ten highly experienced blockchain and programming experts who are currently based in San Francisco, California.

According to the Button Wallet development team, they set out to design an all-in-one platform that addresses all the challenges faced by the ordinary crypto wallet. And by integrating their system with the most popular app in the crypto circles, they hoped to leverage more than its large following (of approximately 200 million users). They were also looking for a platform that would help address the ease of use, speed, security, and customer support challenges rocking the crypto industry.

In this review, we analyze the Button Wallet and the steps taken by its developers towards achieving this enviable vision. We detail its key operational and security features, vet its ease of use, provide you with a step-by-step guide on how to use the Button Wallet, and list its pros and cons.

Button wallet key features

Telegram linked wallet: Button wallet is not a software of firmware but a telegram bot. It is embedded into the popular app implying that you first need to download the telegram app before using the crypto wallet-cum-exchange.

Cross-platform: Button wallet can be used on both mobile and desktop apps. The fact that it is a bot means that you don’t have to worry about finding the version of the app that is compatible with your phone or computer’s operating system.

Send to name: Button wallet has also made it possible for its users to send cryptos to a recipient’s user handle regardless of whether they have installed Button Wallet or not. This goes a long way in helping Button wallet users avoid the often-costly mistakes associated with getting the recipient’s wallet address wrong.

Inbuilt exchange: In addition to storing cryptocurrencies and tokens, Button wallet integrates Changelly – a crypto-to-crypto exchange services provider. This lets you buy or exchange cryptos and tokens with over 80,000 Button wallet peers and the crypto community at large.

Portfolio tracker: The button wallet bot features several tabs that let you track your crypto portfolio in real-time. These include the balance, token balance, and payment history tabs.

Automate notifications: Button wallet lets you automate most of the wallet functions and customize notifications that reflect on your phone’s display in real-time. Note that you can also automate notifications for exchange rates and transactions for your wallet.

Purchase crypto with card: You can also buy cryptocurrencies or tokens and pay virtually using any credit/debit card. To achieve this, Button Wallet has collaborated with Wyre and Moonpay – two fiat-to-crypto exchanges that process credit and debit card payments.

Develop Dapps: Button wallet recently collaborated with Ethereum Classic Labs – an accelerator program that funds innovative blockchain systems – to design and develop LightySig. This highly innovative project created a single programming library that is compatible with multiple blockchains. The project is best known for its ability to create a Dapp environment that allows blockchain technology experts to develop decentralized apps.

Button wallet security features

Password encryption: When creating a user account for the Button bot wallet, you will be asked to create a password that protects your digital assets and serves as the primary encryption tool.

Leverage Telegram security measures: Telegram is considered one of the most secure social messaging apps. Communications between users are highly encrypted, and it also claims to be free of any government influence or censorship – two factors that make it a darling for most crypto investors. Button wallet seeks to take advantage of all these security and privacy measures put in place by Telegram.

Non-custodial + QR code: Button wallet is a non-custodial wallet that doesn’t store your private keys in Button company or Telegram servers. Additionally, unlike most other hardware and software wallets that provide you with seed for backing up and recovering your digital assets, Button wallet provides you with a QR code.

Integrate Telegram Passport: When interacting with Button wallet services like buying a card that requires KYC/AML verification, Button accepts the identification documents that have been verified by Telegram Passport.

How to set and activate the Button wallet

Step 1: Start by searching for Button Wallet bot in your Telegram app. Alternatively, open the Button wallet website and click the “Use Telegram” icon on the site’s homepage.

Step 2: Click Start

Step 3: Chose the preferred bot language.

Step 4: Since you are just starting, tap on the ‘Create account.’

Step 5: The wallet will now direct you to the account creation page of the Button website. It asks for your email and asks you to create a password.

Step 6: Agree to the terms and conditions and terms of use and click confirm

Step 7: The website will send you a QR code and also present you with the downloadable version of your QR code

Step 8: The bot wallets is now active and ready for use

How to add/receive crypto into your Button wallet

Step 1: Log in to telegram and open the Button wallet channel

Step 2: Click on the “Deposit” icon.

Step 3: Select the coin you wish to deposit

Step 4: Copy the wallet address provided and forward it to the individual or exchange sending you coins

Alternatively:

Step 1: Log in to your Telegram channel and open the Button wallet channel.

Step 2: Click on the “Buy Cryptocurrency” tab.

Step 3: Select the Currency or token you wish to buy and click on the ‘Buy’ tab.

Step 4: It will redirect you to the MoonPay exchange that is integrated into your website.

Step 5: Follow the prompts to complete the transaction.

How to send crypto from your Button wallet

Step 1: Log in to your Telegram and open the Button Wallet bot channel

Step 2: Select the currency you wish to send

Step 3: Enter the number of coins to send

Step 4: Enter the receiver’s wallet address or their Telegram username.

Step 5: Confirm that the transaction details are okay and send

Button wallet ease of use

Button wallet is one of the easiest to use and most beginner-friendly crypto storage vaults we have come across. There is no onboarding process as you only need to search for Button Wallet bot in Telegram and create a password on their website via the redirect link. Buying, receiving, and sending cryptos in and out of the wallet is very straightforward and requires no previous experience.

Button wallet supported currencies and countries.

Button wallet bot currently supports seven major cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dai, Stellar, Waves) and 800+ ERC-20 tokens.

It is also available in 200+ countries and territories.

Button wallet cost and fees

Using and storing your cryptos in a Button wallet is free. You only have to pay the variable transaction fee charged by the crypto exchange or the blockchain network fee charged by miners and administrators when you send cryptos from one wallet to another.

Button wallet customer support

To access support, click on the three bars at the Button wallet channel’s top-right corner and select help. This will direct you to the bot support channel where the technical support bot will address simple challenges while complicated challenges will be forwarded to the wallet developers.

What are the pros and cons of using the Button Wallet?

Pros:

  • Button operates in the ultra-safe environment created by Telegram.
  • The wallet is easy to use and beginner-friendly.
  • It doesn’t require you to download another app or software.
  • Button wallet simplifies the process of backing your private keys by providing you with a QR Code in place of a recovery seed.
  • It has one of the most responsive customer support team.

Cons:

  • It is not immune to threats facing hot wallets.
  • The wallet will only support a limited number of cryptocurrencies.

Comparing Button wallet with other multicurrency wallets

Button wallet vs. eToro

Button Wallet and eToro are similar – they are both hot wallets. They are multicurrency wallets that support a limited number of coins and are also considered safe.

But unlike eToro that stores cryptocurrencies on behalf of its clients and maintain its own crypto exchange, Button wallet is a non-custodial crypto vault that integrates third-party crypto to crypto and fiat to crypto exchanges.

Verdict: Is Button Wallet bot safe?

Well, it has the backing of the safest social messaging app. Further, the telegram app is tied to your phone and requires two-factor authentication when logging in to another device. You also get to create a password when creating a user account. Our reservations with the wallet relying heavily on Telegram security features is that the app isn’t immune to hacks and such other threats as malicious viruses. Plus, the two-factor authentication only applies to Telegram when signing in, not when sending cryptocurrencies from the wallet.

Categories
Cryptocurrencies

AIRBITZ (EDGE) Wallet Review: Features, Security, Fees, And Ease Of Use

Airbitz bitcoin wallet app recently underwent a major rebranding that saw its name to Edge wallet. In addition to the open-sourced crypto mobile app, it was also subjected to massive structural changes that aim at making it the most secure and easy to use the wallet.

Airbitz wallet app is now EDGE Crypto app

Airbitz bitcoin wallet app recently underwent a major rebranding that saw its name to Edge wallet. In addition to the open-sourced crypto mobile app, it was also subjected to massive structural changes that aim at making it the most secure and easy to use the wallet.

Airbitz bitcoin wallet app recently underwent a major rebranding that saw its name to Edge wallet. In addition to the open-sourced crypto mobile app, it was also subjected to massive structural changes that aim at making it the most secure and easy to use the wallet.

The most visible changes include its shift from a Bitcoin-only to a multi-blockchain wallet and a more intuitive user interface. The Edge development team has also integrated several operational and security features to the highly versatile mobile wallet.

This Airbitz/Edge crypto wallet app review seeks to highlight all these features and examine their effectiveness in making it the most secure wallet. We will also be addressing its ease of use, supported currencies and compare it with other multi-currency wallets before telling you if it really is the most secure crypto wallet app available.

AIRBITZ key features:

Versatile mobile app: Edge is a highly versatile mobile wallet app. It is not only available for the popular Android and iOS smartphone operating systems but is also available for Windows phones.

Inbuilt exchange: Edge features an inbuilt crypto exchange. Therefore, you don’t have to leave the wallet to buy, sell, or exchange cryptocurrencies, which saves time and eliminates unnecessary transaction fees.

Support for fiat purchases: Edge wallet app doesn’t just let you store, buy, and sell cryptos within the app but also lets you make crypto purchases using fiat currencies through either bank wire transfers to the wallet or via credit card.

Bluetooth transactions: Edge crypto wallet app supports Bluetooth Low Energy (BLE), which means you don’t need to be online to initiate a transaction. BLE allows you to send cryptocurrencies to other individuals via Bluetooth. 

Address book: The wallet seeks to eliminate the risk of sending funds to the wrong wallet by introducing the in-app address book where you can save a crypto recipient’s address, name, and photo for easy access when sending them digital coins.

AIRBITZ security features

Password and Biometrics: Edge embraces a multi-layered wallet protection feature. When creating a user account, you will first be required to set a strong multi-character password for the wallet. You are then required to set a four-digit passcode for regular logins. Additionally, you have the option of adding the fingerprint or face ID login option.

Open source: Edge is also built on an open-sourced technology and allows for scrutiny from both wallet app users and blockchain experts. The code can be downloaded from the official Edge wallet app website or GitHub.

Hierarchically deterministic: The wallet app is also hierarchically deterministic, implying that the public wallet address is auto-generated for every new transaction, which furthers the wallet’s commitment to user privacy.

Automated wallet backup: Unlike other crypto wallets that require you to save and memorize a lengthy recovery seed, your passphrase for the Edge wallet doubles up as your recovery seed.

Client-side encryption: Client-side encryption implies that any data that your wallet shares with the Edge wallet servers or third party systems is encrypted before it leaves your wallet app, effectively safeguarding it against possible man-in-the-middle attacks.

Anonymous registration: Edge crypto wallet app doesn’t ask for personal information like name or address when creating a user account. Neither does it collect or store any personal information when you use the wallet app.

How to set and activate the AIRBITZ wallet

Step 1: Download and install the Edge crypto wallet app compatible with your phone’s operating system.

Step 2: Once installed, launch the app and create a username

Step 3: Create a unique and multi-character password (with a minimum of 10-characters)

Step 4: Set a four-digit passcode that you will be using for regular on-device logins

Step 5: The wallet will request that you write down this information (username, password, and passcode) on a piece of paper and save it offline

Step 6: Read and agree to the crypto wallet app’s terms of use

Step 7: Clicking finish takes you to your account’s user dashboard, an indication that the wallet is active and ready for use.

How to add/receive Crypto into your AIRBITZ wallet

Step 1: Log in to your edge wallet and click the “Request” button

Step 2: Select the wallet address where you would like the coins deposited and enter the number of coins you wish to receive

Step 3: Copy this information and forward it to the party sending you cryptos.

Step 4: Alternatively, hit the share button if you want to share this information with the individual sending cryptos via SMS or email

Step 5: Wait for the funds to reflect in your wallet.

How to send Crypto from your AIRBITZ wallet

Step 1: Log in to your Edge crypto wallet and app and on the user dashboard, tap on the “Send” icon

Step 2: If you have multiple digital assets stored therein, select the wallet from whence you would like to send the coins

Step 3: On the transfer window, enter the recipient’s wallet address and the number of coins you wish to send

Step 4: Confirm that the transaction details are accurate.

Step 5: Slide the authorization button to authorize the transfer

AIRBITZ wallet ease of use

Edge crypto has a relatively straightforward onboarding process. The processes of sending and receiving cryptos are also easy and straightforward. The user dashboard is also easily navigable and specially designed for both the experienced and beginner crypto investors.

The user interface is also highly customizable and allows you to tweak most of the basic features, including its theme. It also integrates a map of all BTC-accepting stores in your neighborhood.

AIRBITZ wallet supported currencies and countries

Edge is a multi-blockchain and multi-currency wallet for all popular cryptos, including Bitcoin, Ethereum. Litecoin, Ripple, Monero, Bitcoin Cash, Dash, Bitcoin Gold, Dogecoin, and all ERC-20 tokens.

AIRBITZ wallet cost and fees

Installing the Edge crypto wallet is free. However, you will pay a  competitive transaction processing fee every time you send cryptocurrencies to another wallet or exchange. This fee is collected by the different blockchain miners and administrators and not the Edge wallet.

What are the pros and cons of using the AIRBITZ wallet?

Pros:

  • Edge is built on an open-sourced technology and also supports two-factor authentication.
  • The wallet app is highly intuitive and beginner-friendly
  • Edge is a multi-currency wallet supporting 40+ cryptocurrencies and tokens.
  • The wallet gives you absolute control of your private keys and password while simplifying the wallet backup process.
  • The wallet features an in-app exchange and integrates a crypto exchange.

Cons:

  • One may still consider the number of supported cryptocurrencies to be limited.
  • It is a mobile app and not available for desktop or online (web) access.
  • It is not a multi-signature wallet.

Comparing AIRBITZ wallet with other Multiblockchain wallets

AIRBITZ wallet vs. BRD wallet

Edge is similar to BRD (also known as Bread wallet). They both started as bitcoin-only wallets before structural upgrades saw them appreciate and store other altcoins. Both are also easy to use, feature an inbuilt exchange, and have a highly intuitive user interface designed to appeal to experienced and beginner crypto traders. The recent update to the Edge wallet has, however, seen it incorporate more operational and security features when compared to BRD. One may also consider the Edge wallet app’s user interface to be user-friendlier.

Verdict: Is the AIRBITZ wallet safe?

Yes, Airbitz – now Edge – crypto wallet app has incorporated a wide range of security features to keep your private keys safe and within your control. These are highly effective and start with keeping all your sensitive information within the wallet and out of anyone’s (including their servers) reach. This data is also subjected to military-grade client-side encryption. The app’s equally effective security features include hierarchically deterministic address generation, biometrics support, and the all-important two-factor authentication. 

Categories
Cryptocurrencies

03 Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

The 03 network website describes the 03 crypto wallet app as a “gateway to the smart economy” where you can “manage, exchange, stake, and buy” different cryptocurrencies. But how convenient is the 03 Wallet? How safe is the 03 mobile wallet app? This wallet review seeks to explore and detail all the 03 Wallet features to help determine the wallet’s safety and security level.

Key features:

Cross-platform wallet: 03 is a cross-platform wallet implying that it is available as both a mobile wallet for Android and iOS smartphones and a desktop app compatible with Windows, macOS, and Linux. You can download the updated versions of either on the 03 network website or GitHub.

Voting and staking: By maintaining a significant number of Gas and NEO coins in your 03 Wallet, you can vote for the network delegates. Similarly, you can stake your coins held in the 03 Wallet and get to earn interest in the form of GAS tokens.

Multiple payments methods: 03 Wallet is also one of the few NEO and ONT network-linked wallets that allow for crypto purchases using credit cards. It is also one of the few wallets that allow you to buy Neo-affiliated tokens using such other cryptocurrencies as Bitcoin, Ethereum, and Litecoin.

Integrates a crypto marketplace: Though 03 Wallet does not have an inbuilt exchange, it integrates the Switcheo marketplace that allows for the exchange of cryptocoins and tokens at reasonable fees. The marketplace is highly intuitive and easy to use but requires you to transfer funds between the exchange and your wallet.

NEO newsfeed: The crypto wallet also integrates an updated NEO-blockchain news site. Here, you get the latest news and developments taking place within the Neo blockchain and ONT networks.

Portfolio monitoring: 03 further lets you partition your wallet and create hot and cold storage. This, plus the fact that you are able to monitor both wallet performances, plays a key role in helping you make sound financial decisions. It is also a security measure ensuring that even if a hacker were to gain access to your device, they cant breach your cold storage.

Security features:

Uses device password: Like most other app-based crypto vaults, 03 Wallet is secured with a password. But, unlike most other wallets, you don’t have to create a separate password for the wallet as it uses your device’s password.

Open source: 03 Wallet is created using open-source technology, which gives anybody a chance to view and audit its code. You can download this code on either the 03 network website or GitHub.

Hierarchically deterministic: The 03 Wallet app is also hierarchically deterministic and will auto-generate a new wallet address for every new transaction. This goes a long way in masking your real public address and throwing off would-be third-party crypto trackers.

Non-custodial: The 03 crypto wallet doesn’t store your private keys in the ONT or Neo network servers. Rather, it saves them within your device.

Guaranteed user anonymity: 03 Wallet guarantees the anonymity of their wallet users in the sense that it doesn’t ask for any of your personal information when creating a user account and neither does it collect and store any information that’s personally identifiable to you. Your crypto transactions are, therefore, wholly anonymous.

Military-grade encryption: All the data collected by the wallet, including your wallet address, private keys, and passwords, is also subjected to military-grade encryption. So are all wallet communications with third party systems like payment processors and exchanges.

How to set and activate the 03 Wallet

Step 1: Search for 03 Wallet on Google play store of Apple app store and download

Step 2: Install the wallet and, once complete, launch the app and select “Create a New Wallet.”

Step 3: Create a password for your wallet. This not only helps secure your app vault but also plays a key role in randomizing your private key.

Step 4: Click on the settings tab and proceed to backup your crypto wallet.

Step 5: Your 03 Wallet is now active and ready for use.

How to add/receive crypto into your 03 Wallet

Step 1: Log in to your 03 crypto wallet, and on the user dashboard, click on the “Receive” tab.

Step 2: The wallet will display both the public address and the QR code that you can copy and send to the individual sending you coins.

Step 3: Alternatively, use the “Buy” option and buy crypto from the integrated exchanges.

Step 4: Wait for your crypto to reflect on your wallet.

How to send crypto from your 03 Wallet

Step 1: Log in to your 03 crypto wallet app and on the user dashboard, click “send.”

Step 2: If you have multiple crypto coins held in here in different wallets, select the crypto you want to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins you wish to send 

Step 4: Confirm the accuracy of these details and hit send

03 Wallet ease of use

03 Wallet is very user friendly and easily navigable with all the important tabs carefully placed on the user dashboard. The wallet is designed to appeal to novice and experienced traders alike. The onboarding process is quick and straightforward, and so are the processes of sending and receiving crypto. 03 is also a light wallet that doesn’t eat into your phone’s storage or battery power while guaranteeing the fastest transaction processing speeds.

03 Wallet supported currencies

03 is a multi-currency asset, implying that it supports a wide variety of cryptocurrencies. Supported cryptos include Neo, Neo Gas, ONT, all NEP-5 tokens, and all ONT-G tokens.

03 Wallet cost and fees

Installing the 03 Wallet and storing your cryptocurrencies therein is free. You will, however, be charged a network fee for outbound transactions by the NEO and ONT networks.

Other charges that you might incur when using 03 Wallet include the exchange fees accrued when you buy or sell crypto. This fee is fixed at 15% of the total value, but you enjoy a 50% discount if you use the exchange’s native token – SWTH.

What are the pros and cons of using the 03 Wallet

Pros:                                                                                                           

  • The wallet app is highly intuitive and beginner-friendly
  • 03 Wallet is quite versatile as its available on mobile and desktop
  • 03 integrates a crypto exchange and supports crypto purchases using a credit card
  • Wallet users also have access to a readily available customer support team via Telegram and twitter
  • The transaction processing fees are minimal and discounted – in the case of the Switcheo exchange

Cons:

  • When the wallet uses your device’s password, you risk losing private keys should you deactivate the password before backing up the vault
  • It is a hot wallet
  • It ignores key security features like the two-factor authentication

Comparing 03 Wallet with other Neo-blockchain crypto wallets

03 Wallet vs. Neo Web Wallet

03 Wallet and Neo web wallet are some of the most innovative and easy to use Neo-blockchain wallets. They are also Neo-specific, relatively safe, and promote anonymous crypto trading. They also encrypt your user data and store it in your device. However, while Neo is web-based, 03 Wallet is a desktop and mobile app.

While Neo Web wallet may be considered faster in transaction processing, 03 Wallet carries the day when it comes to the number of supported currencies, integration with crypto exchanges, and support of multiple payment processing service providers.

Verdict: Is 03 Wallet safe?

Well, the desktop and mobile wallet app has embraced key security and anonymity measures that guarantee the security and anonymity of your trades. It, for instance, is hierarchically deterministic in generating wallet addresses, it is open-sourced, and allows for anonymous trading. Moreover, it introduces the concept of partitioning your wallet to create hot and cold storage. However, we must mention that 03 is still a hot wallet and, therefore, exposed to the inherent threats dogging online wallets.

Categories
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.

Categories
Cryptocurrencies

Freewallet Review: Is It A Safe Cryptocurrency Wallet Or A Scam?

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

Freewallet crypto vault

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

According to their website, Freewallet is specially designed to help you access, manage, and store crypto with ease. It comprises of both individual wallets for specific cryptocurrencies and Freewallet Lite – the multi-currency wallet. Single wallets are available as mobile apps, while the multi-currency wallet is available as a mobile app and a web interface. Some of Freewallet’s key features are its dynamic fee system, support for individual crypto wallets, and the fact that it is custodial.

But what makes Freewallet unique? Does its custodial nature make it safer than the next wallet, or is it a scam? We answer these questions in this Freewallet review by detailing some of its key operational and security features. We will also look at its pros and cons and compare its effectiveness with similar crypto wallets.

Key features:

In-built exchange: Freewallet features an inbuilt exchange that supports the trade of 100+ cryptocurrencies. Note, however, that this exchange is only available to the multi-currency wallet users. Plus, it is only accessible via the web wallet.

Single and multi-currency wallets: Freewallet hosts two types of crypto wallets: the Individual crypto wallets that host a specific digital coin like Bitcoin, Litecoin, Ethereum, or Dogecoin and the multi-currency Freewallet Lite that supports 100+ cryptocurrencies.

Free in-app transfers: Freewallet embraces the sidechain crypto technology within the Freewallet network. You, therefore, will not be charged when you transfer crypto to other Freewallet users.

Buy with card: In addition to exchanging crypto for crypto within the Freewallet network, you can also buy crypto with a credit card. And you don’t even have to go through such third party currency conversion sites as Changelly or Simplex.

Highly versatile: Freewallet is also compatible with multiple operating systems. You can access this browser extension via all the popular browsers. Plus, it’s also available in both the Android and iOS app versions.

Intuitive user interface: Both the single currency apps and the multi-currency web interface are highly intuitive. The display is highly intuitive, which makes navigating through the app and initiating transactions relatively easy. It also integrates some of the leading crypto exchanges that allow you to monitor the price performance of different coins and monitor your portfolio on one screen.

Freewallet security features:

Password + Biometric support: Like most other cryptocurrency wallets, Freewallet is secured with a passcode. You get to set this four-digit pin-code when installing and activating the wallet. Its support for biometrics also gives you a choice of securing the wallet with a fingerprint.

Two-factor authentication: 2FA is an additional boost to the security of your wallet. And you can choose to attach either your phone number or email address to the wallet. It is critical in restricting remote access and hacks by ensuring that only email/phone owners can log in and initiate transactions.

Hierarchically deterministic: The Freewallet is hierarchically deterministic and will automatically create a new address for every new transaction. This limits the exposure of your real wallet address, and you, therefore, don’t have to worry about trackers monitoring and tracing your crypto transactions.

Custodial cold storages: Freewallet is a custodial crypto vault that stores private keys on your behalf. And according to their website, these keys are stored in cold storages away from hackers. You, therefore, don’t have to worry about keeping your investments safe.

Active sessions control: Freewallet gives you near-absolute control over your wallet. It lets you monitor all the users’ active sessions by viewing their devices. You can then whitelist or block any unauthorized wallet users.

Multi-signature: You can activate the multi-signature feature of the Freewallet by linking it to up to five email addresses. In such a case, the transaction will not be initiated before confirmation from all linked email addresses.

Transaction limits: Freewallet will also let you set the daily, weekly, and monthly transaction limits. This limit ensures that even if a hacker was to gain access to your wallet, there is only so much they can offload.

Freewallet Setup and activation

Step 1: Open the Freewallet.org website and click on the ‘Wallets’ section. Decide on the type of wallet you wish to download. This can be an individual wallet for a specific crypto coin or the multi-currency Freewallet Lite.

Step 2: Register a user account by linking your wallet with your Facebook profile, Google profile, or phone number.

Step 3: Set a PIN code for the account.

Step 4: Activate the two-factor Authentication feature using either email or the phone number.

Step 5: The account is now active, and you can start adding and sending crypto.

How to add/receive crypto into Freewallet

Step 1: Log in to your Multicurrency Freewallet Lite and click on “Smart Pay In.”

Step 2: Select the currency you wish to use in topping up your wallet. This reveals both the wallet address and the QR code.

Step 3: Send the address or the code to the individual/party, sending you the coins.

Step 4: Wait for the coins to reflect in your wallet.

How to send crypto out of Freewallet

Step 1: Log in to your Freewallet account. Tap on the + icon and click “Send.”

Step 2: Enter the recipient’s wallet address and the number of coins you wish to send.

Step 3: Confirm that the details are correct and hit ‘Send.’

Step 4: Decide on the network fees – from the list of four price ranges.

Freewallet ease of use:

Freewallet app and web interface are highly intuitive and very easy to use. And it starts with a straightforward and easy registration process. Unlike other wallets with complicated account creation processes, Freewallet only requires you to link the wallet with your Facebook or Google profiles or mobile phone number.

From its dashboard, you have easy access to all of Freewallet’s key features, including the send/receive icons. Moreover, you get to monitor your balances and portfolio as well as the real-time price movements for various coins.

The wallet is also multi-lingual and is currently available in over 13 international languages.

Supported cryptocurrencies and countries

According to the Freewallet website, Freewallet Lite multi-currency wallet can support 130+ cryptocurrencies and tokens. However, crypto-specific wallet apps will only host one digital currency.

Currently, Freewallet is available to individuals in over 100 countries across the world, including the U.S, UK, Germany, France, and Russia.

Freewallet cost and fees

You will not be charged to download and activate the Freewallet app or create a user account on their web interface. Sending crypto from one wallet to another within the Freewallet network is also free.

When sending crypto to other users, however, you will be charged blockchain network fees. Freewallet nonetheless embraces the highly dynamic Reduce by Fee protocol that gives you the freedom to determine these transaction charges. There are four pricing levels, and the higher the fees, the faster the transaction processing speed.

Comparing Freewallet with other crypto wallets

Freewallet vs. eToro

Freewallet and eToro have several things in common. Chief among them is the fact that they are both custodial and store private keys on behalf of their clients. These can also be said to have some of the most intuitive user interfaces.

But unlike eToro that only has one type of crypto wallet, Freewallet has both the crypto-specific and multi-currency wallets. And while both their wallets are free, Freewallet uses sidechain technology to make transactions within the network for free. It also embraces a dynamic transaction pricing structure that lets the user set an individualized transaction cost.

What are the pros and cons of Freewallet

Pros:

  •         Transactions within the Freewallet network are free. And you also get to set the transaction fee for external transfers.
  •         You can choose to install multiple crypto-specific wallets for the coins you wish to trade or the multi-currency wallet.
  •         The web interface of a Freewallet has an in-built exchange.
  •         The wallet supports a relatively wide range of cryptocurrencies.
  •         Freewallet has integrated several security measures, including support for biometrics, two-factor authentication, and cold storage.

Cons:

  •         Freewallet stores the private keys on behalf of their clients – providing hackers with a central target.
  •         The wallet is hosted online, and this exposes it to such risks and threats as hacks and malware attacks.
  •         It requires a phone or Facebook profile when registering a user account.
  •         The wallet is not regulated.

Verdict? Is it safe or a scam?

Freewallet adopts a unique approach to the storage and management of cryptocurrencies. These include cold storages, two-factor authentication, active session control, and transaction limits. Some serve to discourage unauthorized access to your wallet while the rest limit the extent of the damage. We, therefore, consider their app and web interface relatively safe. We nevertheless would have been able to give a more qualified verdict if Freewallet adopted even more stringent safety protocols like providing users with recovery seeds and decentralizing the storage of private keys.

Categories
Cryptocurrencies

CoinPayments Crypto Wallet Review: Features, Safety, Pros and Cons?

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

As a fully-fledged cryptocurrency payment platform, CoinPayments is more than a wallet. It provides POS features, crypto conversions, mobile applications, and other functionalities that support the efficient use of cryptocurrencies. Plus, the site offers secure payment processing and swift confirmations.

CoinPayments was launched back in 2013, becoming one of the earliest cryptoprocessors to support altcoins. It is also one of the largest altcoin platforms and supports over 1925 coins and tokens, including Bitcoin, Ethereum, and Litecoin. Note that, at the time of launch, all platforms only supported bitcoin. CoinPayments seized the opportunity to provide a secure processing platform that supports a broader collection of cryptocurrencies. It is one of the most reputable multi-currency wallets available for both PC and mobile users.

Key Features:

Multiplatform:

CoinPayments is available in the form of a desktop app and compatible with all popular operating systems like Linux, macOS, and Windows. The crypto wallet is also available as a mobile app for both Android and iOS devices. You can access your wallet any time, provided you have an internet connection.

Auto coin conversion:

CoinPayments offers auto conversions for some of their altcoins, where you can exchange one coin for another inexpensively and without leaving the site. This feature covers popular coins, including Bitcoin, Ethereum, and Litecoin.

Impressive POS:

CoinPayments wallet app has a feature-rich and highly intuitive design. All the crucial features are within reach and require little to no help to use. The platform is beginner-friendly, and so are mobile apps. There’s also an option to store your coins in CoinPayments secure online wallets.

GAP600 integrated for Swift conversions:

Most wallets rely on third-party software for swift crypto payment processing and swaps. These service providers aren’t always safe or reliable and come at a steep cost. CoinPayments, on the other hand, integrates GAP600 technology that provides for instant Bitcoin payments and deposits as well as real-time crypto transfer to exchanges or other wallets.

Inbuilt exchange:

Coinpayments wallet app inbuilt exchange makes it possible for you to purchase various cryptocurrencies without leaving the wallet. Users can also accept payments in cryptocurrency, making the platform a complete payment processor for both personal and business use.

PayByName:

You can also give the Coinpayments wallet app access to your phone book and activate the PayByName feature. This allows you to send crypto to your phonebook contacts without necessarily copying or importing their wallet address. The feature further boosts the efficiency of the Coinpayments app by eliminating the need to memorize the wallet address.

Security features:

i) Password: Like most crypto wallets and processors, CoinPayments requires users to create a unique password for their accounts during registration. The password has to be at least ten characters and distributed between numbers, letters, and special characters. You can copy and use the recommended password, which is usually very strong and secure, or create one you can easily remember.

ii) Crypto vaults: CoinPayments cryptocurrency vaults are the highlight of the platform’s security. Users can lock cryptos in these vaults for a specified period within which no withdrawals will be permitted. If someone tries to access the vaults before the due date, the system will flag and review the activity, but all your crypto will remain safely locked.

iii) Data encryption: CoinPayments is protected by SSL certificates, regular scanning, and advanced security algorithms that ensure all the information stored within the crypto app – including your personal details and private keys are highly encrypted.

iv) Instant transaction notifications: Users will receive notifications for all activity in their wallet, including deposits, withdrawals, exchanges, and other transactions via email. If the action is suspicious, you can reach the customer support team directly to investigate or cancel.

CoinPayments ease of use:

Coinpayments wallet isn’t just one of the oldest crypto wallets in the market but also has one of the most user-friendly user interfaces. Their web wallet has a simple, yet charming blue and white theme with all the important features neatly arranged within the wallet’s dashboard. It employs a classic menu bar with all the essential tools you will use regularly.

You can also scroll down to find resourceful information about the platform and its features. Both the desktop app and mobile apps are user-friendly and suitable for everyone, including newbies. They load fast and are light, effectively providing you with a swift payment processing experience.

Supported currencies and countries

CoinPayments is one of the most inclusive cryptocurrency wallets in the market, with support for 1925 altcoins, including Bitcoin and Bitcoin Cash, Ethereum Classic, Ether, Litecoin, POA Network Coins, Litecoin, and Ripple.

All the ERC20 token coins are also supported, and you can purchase different types of cryptos on this platform. CoinPayments currently has over 2.2 million users across 182 countries, making it one of the largest crypto wallets you will ever encounter.

CoinPayments cost and fees

If you plan to use CoinPayments for non-commercial applications, the platform is free. Simply sign up and proceed to swap cryptos for free. CoinPayments will prompt new users to create either a personal or business account.

If you create a business wallet, you will be subject to an incoming transaction fee of 0.5%, imposed on merchants using APIs and checkout systems. Users will also pay added fees imposed by network miners that offer transaction verification and confirmation when transferring cryptocurrencies out to exchanges and other wallets.

Customer support

CoinPayments customer support team can be accessed via several channels where you can seek solutions to common and technical issues regarding your account or transactions. If you are experiencing problems with your account, you can reach the support desk by training a support ticket on the company website.

Simply go to the Contact Us page and click on the support wizard link to create a unique code which you will then open in Fresh Desk. An online form is also available if you want to reach support via email. Alternatively, contact them via their different social media pages.

Setting up the CoinPayments crypto wallet

How to set the CoinPayments crypto wallet:

Step 1: Sign up or download the CoinPayments app

To use CoinPayments, you must create a user account. Simply click on the Sign-Up button on the top right of the site’s homepage to begin the registration process.

For mobile users, scroll to the bottom of the site and find respective links to the app in Google Play Store (Android) and App Store (iOS). Once downloaded, install the app and launch it. You can then access the Sign Up section for registration.

Step 2: Complete registration

On the registration window, you will be required to pick a personal or business account, input a username, first and second name, email address, password, country, and time zone. Make sure you provide accurate information and agree to the terms and conditions.

You will also be required to input a capture image text. Upon registration, a confirmation email will be sent, and you must verify ownership by clicking on the link in the email to start using the wallet.

Step 3: Process payments using CoinPayments

CoinPayments allows you to accept payments in cryptocurrency, purchase crypto, and process all kinds of crypto transactions once your account is verified. You can access your wallet using the PC website or mobile app as information is synced between the two. You can also purchase gift cards or integrate shopping cart plugins from popular vendors.

How to receive currencies with CoinPayments

Step 1: Log into your CoinPayments account. Navigate to Your Wallet on the dashboard and click on the respective cryptocurrency options in the command section. The process to this point is similar to sending payments.

Step 2: Click on Deposit/Receive to open a new window. You will be required to fill in your wallet address. Simply copy the address and paste it on the space provided. You can also accept cryptocurrency payments using the PayByName.

Step 3: Click on Deposit to add the crypto to your wallet. Deposits are processed within 1 to 2 hours. When other people send money to your wallet address, the amount is automatically added to your account.

How to send currencies with CoinPayments

Step 1: Log into your CoinPayments account. If you are a newly registered user, the dashboard will open to an account setup wizard. You can click on the wallet to send and receive payments or Merchant to receive payments for goods and services. However, it is important to finish configuring the merchant account if you plan to use CoinPayments as a payment method for your site.

Step 2: To send cryptocurrency, click on Your Wallet on the dashboard to open a window containing all your balances. Each currency is in a row, including the balance and command you wish to apply. Click on the respective crypto options button (like BTC Options for bitcoin) and select Send/Withdraw from the drop-down list.

Step 3: In the new window, input the amount you want to send and the recipient’s address. You can enter the amount in your preferred (supported) FIAT currency, and the system will automatically convert it to the crypto.

Step 4: Click on Request Withdrawal to send the crypto. CoinPayments will send you a confirmation email you must click on to confirm the withdrawal, so head to your email and finish the process.

CoinPayments supported currencies

CoinPayments has the largest support for altcoins and currently accepts Bitcoin, Ethereum, Litecoin, Velas, Apollo, and Badcoin.  The platform supports up to 1925+ altcoins, and the number continues to grow as merchants are allowed to add new coins.

You will also find support for several FIAT currencies, including the Dollar, Euro, Pound, Franc, and Yuan. Currently, the wallet supports 60+ FIAT currencies, which is above any other wallet.

Pros and Cons of CoinPayments crypto wallet

Pros

  • Safe and secure cryptocurrency transactions
  • Supports all popular coins and FIAT currencies
  • Buy, Send, receive, sell, convert cryptocurrency
  • Provides swift confirmations and instant withdrawals
  • Simple beginner-friendly navigation

Cons

  • Charges fee of 0.5% on incoming merchant transactions
  • Long registration process
  • Support tickets are time-consuming to generate

How does CoinPayments compare with other wallets?

CoinPayments vs. Citowise

CoinPayments is in a league of its own when it comes to cryptocurrency processing. The site supports numerous coins and offers on-site conversions and POS features you can integrate into your eCommerce. Unlike Citowise, which is fundamentally a crypto wallet for mobile users, CoinPayments is a crypto payment solution that includes a wallet for both desktop and mobile users. It has a lot more features for merchants and sits among the top crypto processing systems available online.

CoinPayments vs eToro

eToro is more like Citowise and supports a few cryptos for users seeking to transact popular coins. However, it is nothing compared to CoinPayments, which provides a comprehensive payment processing solution and wallet. The only downside is merchants are charged a 0.5% fee on incoming transactions. eToro is free for both personal and business applications, although the app is only available for mobile users.

Final words

CoinPayments is one of the best cryptocurrency processing platforms you will encounter. The payment processor was the first to support coins other than Bitcoin and currently has the largest coin support online. You can transact with all the popular options or even add a new currency. Concerning platform features, CoinPayments allows you to own a personal or business wallet with various functionalities.

You can send crypto, deposit funds to your account, receive crypto payments, and use the auto conversion feature to convert currencies in the middle of a transaction instantly. CoinPayments is available for both PC and mobile users, distinguishing itself from other app wallets. It is also very secure, boasting a growing reputation among users.

Categories
Cryptocurrencies

Copay Bitcoin Wallet Review: How Does It Work And Is It Secure?

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

In this Copay Bitcoin wallet review, we will be explaining these features in detail, highlighting its security features, its pros and cons, and comparing it with equally popular wallets. We will also provide you with a step-by-step guide on how to install and activate the wallet, as well as how to send and receive Bitcoin.

Here is the detailed Copay wallet review:

Copay wallet key features

i) OS compatibility: Copay wallet is highly versatile and compatible with virtually any operating system. There is both a desktop and mobile app version of the wallet that is now compatible with all popular operating systems, including Windows, Linux, macOS, Android, and iOS.

ii) Bitcoin-specific: Unlike most other wallets that host hundreds of cryptocurrencies and altcoins, Copay is Bitcoin-specific. This implies that you can only deposit Bitcoin and its hard fork Bitcoin Cash into your Copay Wallet.

iii) Multiple accounts: There is no limit to the number of Bitcoin and Bitcoin Cash addresses you can host on the Copay wallet. This means that, unlike most other wallets that will only host one wallet address for each cryptocurrency or altcoin, you can hold as many private keys as you wish on the Copay Wallet.

iv) Compatible with hardware wallets: Copay bitcoin wallet is also compatible with several highly-secure crypto wallets, including Trezor and Ledger Nano S.. Such integration ensures that you get to enjoy the security aspects of an offline hardware wallet and the convenience of a mobile app wallet.

Security Features 

Password:

Like any other cryptocurrency wallet, Copay is secured with a multi-character password. You get to set this password when installing the wallet.

Recovery seed:

During the Copay wallet installation and activation process, you will be provided with a 12-word recovery seed. Record it on a piece of paper and store it in a secure environment. Note that the seed will be needed to reset the wallet password or recover your private keys should you lose the device holding the wallet.

Hierarchically deterministic:

The Copay Bitcoin wallet is hierarchically deterministic. This means that the wallet automatically generates new public and private addresses for every transaction, which makes it hard for hackers and other third parties to track your Bitcoin transactions.

Bitcoin Payment Protocol (BIP):

This feature is designed to guide users when making payments and prevent sending cryptocurrency to the wrong address. Technically, addresses are just a long line of numbers and letters, and often crypto users get them wrong.  BIP ensures you are sending it to the right address by helping you verify the wallet address before sending bitcoins.

Open source:

A Copay Bitcoin wallet is developed on an open-sourced technology. This guarantees its transparency as it is subjected to a lot of scrutiny and vetting by the crypto and blockchain industry experts. That further enhances its security.

Multi-signature:

Copay wallet allows multiple users to use one wallet. You can think of it as a joint account where 2 of 3 parties must sign to authorize the execution of a transaction.

Copay bitcoin wallet ease of use

Copay Bitcoin wallet has one of the friendliest user interfaces. The wallet is also highly customizable and allows you to tweak such aspects as the background themes and wallet name. Both the desktop and mobile wallet apps are also multi-lingual and currently supports seven of the world’s most popular languages, including English, French, Latin, Bahasa, Portuguese, Russian, and Turkish.

In addition to the highly interactive user interface, the Copay Crypto wallet also keeps you up to date with your digital asset balances and spending. The wallet app will, for instance, send you push notifications about your crypto balances to your phone’s display. And every time you spend or transfer cryptocurrencies, the wallet automatically sends you transaction receipt on your email.

In the case of shared or group payments, Copay Bitcoin wallet will present you with an easy to understand proposal on how to split the pay.

The multi-wallet feature also comes in handy when budgeting as it lets you organize your crypto balances and allocate funds to different types of expenditures/savings. You can, for example, create a family savings wallet, personal expenses wallet, end-year vacation savings wallet, retirement savings wallet, or even the Birthday in Las Vegas wallet. This feature comes in handy for budget-conscious individuals looking to have better control over their financial life.

Supported currencies 

Interestingly, the Copay wallet is specially designed to only support Bitcoin and Bitcoin Cash. There, however, is no limit to the number of BTC or BCH private keys you can store in the wallet or the number of wallets (partitions) you can create on Copay.

If you wish to hold, trade, or invest in other Altcoins like Ripple, Ethereum, Litecoin, or Dogecoin without letting go of Copay Bitcoin wallet, we suggest that you acquire a Hardware wallet and integrate it with the Copay crypto mobile app.

Copay bitcoin wallet costs and fees

BCopay Bitcoin is free. You will not be charged when you download, install, or store coins into the crypto wallet app. You can download the app from both Android and iOS app stores, on the official BitPay website or GitHub.

You will nonetheless, be charged network transaction fees every time you transfer Bitcoins and Bitcoin Cash out. These charges will vary according to the transaction volume and are collected by network administrators and not Copay.

When transacting via the Copay Wallet, you also have the choice of determining the transaction fees charged per transaction. The wallet has the ‘Super Economy’ as well as the ‘Urgently’ payment options.

Like the name suggests, ‘Super Economy’ is denoted from friendly transaction fees for slow transactions while the ‘Urgently’ pay plan involves higher transaction fees for faster (near real-time) transaction processing.

Copay bitcoin wallet customer support

Copay Bitcoin Wallet’s customer supports starts with an elaborate explanation of everything you need to know about the wallet on GitHub. On this page, you will also have access to the wallet’s updated version of both desktop and mobile apps, guidance on how to use and interact with the wallet app, and also learn everything there is to know about Copay.

For more personalized assistance, contact the Copay Bitcoin wallet team through their official handles on the different social media platforms.

How to activate a Copay Wallet

Step 1: Go to the official website and click on “Get Copay.”

Depending on the platform you intend to use, the first step should be to register your details with the site.

Step 2: Choose the Copay App version.

After clicking on “Get Copay,” you will be automatically redirected to GitHub, where you can select your desired app to install. Select the most recent app that corresponds with your device (mobile or desktop OS) from the list and download it.

Step 3: Click “Get started” after the download process completes

This opens the “Copay Installers” that provide you with all the important information about your Copay Bitcoin Wallet. It also hosts the registration process that captures such basic data as your name and email address.

Step 4: Back up your 12-word seed phrase.

The installer will also provide you with 12 random phrases known as the recovery seed that backs up your wallet app. Write them down on a piece of paper and keep them safe. You will need them to reset the app password or recover your private keys.

Step 5: Verify that you have captured the seed words correctly.

Confirm that you have correctly captured the recovery seed phrases.

Step 6: Add Bitcoin/Bitcoin Cash and start transacting

Your Copay Bitcoin wallet is now set. You can now add Bitcoin and Bitcoin Cash crypto coins and start transacting.

How to add/receive Bitcoins to your Copay wallet

Step 1: Start by launching the app and clicking on the ‘Receive’ icon on the app dashboard. This will reveal your copay wallet address in the form of letters and a QR Code.

Step 2: Copy the wallet address and send it to the party from whom you wish to receive Bitcoins or have them scan your app’s QR code.

Step 3: Wait for the crypto to reflect on your wallet. How long the coins take to reflect largely depends on the state of the Bitcoin network.

How to send Bitcoin or Bitcoin Cash via your Copay bitcoin wallet

Step 1: Start by launching your Copay wallet app. Click on the send icon and chose the crypto you wish to send. (Note that the send icon will only appear if you enough crypto to transfer)

Step 2: Enter the fund recipient’s wallet address or scan their QR Code.

Step 3: Enter the amounts of Bitcoins or Bitcoin Cash you wish to send

Step 4: Confirm that the number of Bitcoins or Bitcoin Cash and the recipient’s wallet address are okay before hitting send.

Copay Wallet Pros and Cons

Pros:

  • It has a user-friendly interface with customizable background and wallet names
  • Features multi-signature settings and is hierarchically deterministic
  • It is built around an open-sourced and highly vetted blockchain technology
  • Copay wallet is highly versatile and compatible with different operating systems
  • The Copay wallet app can be linked to an external hardware wallet
  • Uses Bitcoin Payment Protocol (BIP) to protect users from sending funds to wrong addresses

Cons:

  • It uses third-party servers to access Bitcoin Network data
  • it only supports Bitcoin and Bitcoin Cash
  • The app doesn’t support more secure technologies like two-factor authentication

Copay Wallet vs. Other Wallets- How Does it Compare?

Copay wallet vs. eToro

When compared to such other online wallets as eToro, Copay carries the day because of its ease of use. The app is highly customizable and allows its users to create partitions (mini wallets) that promote budgeting. It also allows you to tweak the apps theme and background colors as well as change your wallet’s name.  Plus, while Copay will only support two crypto coins, there is no limit to the number of private keys or wallet addresses that Copay can hold.

However, unlike Copay, which only hosts two crypto assets, the eToro wallet app can hold up to 700 cryptocurrencies and tokens. One may also consider eToro relatively safer as it implements more security safeguards on the wallet like two-factor authentication or military-grade encryption. Moreover, the eToro wallet app has the backing of one of the most secure and most popular crypto trading platforms. The same cant be said of Copay’s backer – Bitpay.

Copay wallet vs. Ledger Nano S

Copay Wallet app boasts convenience, ease of use, and its free to acquire as its key strengths when compared to the Ledger Nano S hardware wallet. Unlike Ledger Nano that sells for around $60 and has a rather complicated installation process, Copay is free to download, install, and use. The fact that the app is installed on your phone and still accessible as a chrome browser extension makes it more convenient for regular transactions.

Unlike the Copay crypto app or software wallet, however, the Ledger Nano S hardware wallet is more secure and harder to breach. It stores your private keys offline and is, therefore, more secure against online hacks or viruses that wipe off phone or desktop data. Moreover, Ledger Nano supports more than 1,000 cryptocurrencies and tokens against the two hosted on Copay.

Final Verdict: Is Capay safe?

The Copay Bitcoin wallet is relatively safe and has instituted reasonable security safeguards against unauthorized access to your private keys. They have a password mechanism to prevent, encrypt all data held by the wallet, and provide you with a 12-word backup seed.

In addition to this level of security, we liked the convenience and the versatility of the wallet given that it is compatible with virtually all the popular operating systems and is available on the move via the Copay mobile app and online via the software wallet.

Categories
Crypto Guides

The Basics of Cryptocurrency Lending And Staking

Introduction

Introduction

Introduction

Crypto trading has become one of the hot topics of the market. With the security of cryptography and interesting rates of the currency, everyone wants to get their share of the pie. That is why more people are looking for opportunities to generate some income with the help of cryptocurrency. Two best methods you can opt for making money through cryptocurrency are lending and staking. Let’s dive into the two techniques and see which one can be beneficial for you.

Crypto Lending

The concept of crypto lending can be understood as a simple cryptocurrency collateralized loan. A borrower can utilize their crypto assets for getting a stablecoin or fiat loan. In exchange for this, the lender gets a fixed (agreed-upon) interest rate. Alternatively, the borrower can also use their stablecoins as collateral for borrowing crypto assets.

The whole process raises the cryptocurrency’s productivity by reallocating it to people who are in immediate need (borrowers) from those who are not (lenders). That is why crypto lending proves to be a powerful financial primitive in the crypto market that traditionally had only two options: trade and HODL.

The only drawback to crypto lending is that you got to have some capital or assets at your disposal to get the loan. That means they are over collateralized and don’t offer all advantages of true credit.

Crypto Staking

You may find people talking about staking as just holding some crypto and earning rewards in exchange for it. However, there is more to this concept. Staking involves the Proof-of-Stake mechanism, where new blocks get produced and verified through staking.

So unlike mining, you don’t need special computers to solve problems here. But you do need to follow some conditions to become a new block validator, such as:

  • Your cryptocurrency wallet must hold a minimum amount.
  • Your wallet must remain online throughout the day and every day.
  • Your wallet should support crypto staking.

Other than these, different blockchains may apply different rules. So you need to check with the blockchain for how you can stake. Plus, staking is not supported by every cryptocurrency, and you have to choose only from the provided options.

In exchange for holding these staking processes, you get a fixed percentage of rewards per year. You can also opt for a pool, where multiple holders keep their coins together. This increases the overall chances of validating a block and getting higher revenues.

Lending vs. Staking: Which One To Opt?

It would be wrong to state that either of them is better than the other. They both have pros and cons. Your choice majorly depends on the type of investor you are. In case you need instant stable coins with the help of assets, lending would be more beneficial for you. On the other hand, you can opt for staking if you want to generate a significant amount of money by holding the crypto coins in your wallet.

The crucial point here is to keep an eye on the blockchain in which you are investing. You need to look through all the aspects before putting money in a particular investment method.

Categories
Cryptocurrencies

Qtum Core Wallet Review: Features, Safety, and Setup Guide

Are you looking for an open-source, public blockchain platform that is capable of leveraging the simplicity and security advantages of Bitcoin’s UTXO protocol while integrating the flexibility and convenience offered by smart contracts? If yes, the Qtum Core wallet might be your ideal option. It enables two virtual machines: Qtum’s native x86 VM and Ethereum’s EVM. Note that Qtum Core is the only cryptocurrency wallet that supports the “Send To Smart Contract” feature. Also, if you want to receive MedCoin (MED), you need to have a valid Qtum Core Wallet. 

Are you looking for an open-source, public blockchain platform that is capable of leveraging the simplicity and security advantages of Bitcoin’s UTXO protocol while integrating the flexibility and convenience offered by smart contracts? If yes, the Qtum Core wallet might be your ideal option. It enables two virtual machines: Qtum’s native x86 VM and Ethereum’s EVM. Note that Qtum Core is the only cryptocurrency wallet that supports the “Send To Smart Contract” feature. Also, if you want to receive MedCoin (MED), you need to have a valid Qtum Core Wallet. 

Are you looking for an open-source, public blockchain platform that is capable of leveraging the simplicity and security advantages of Bitcoin’s UTXO protocol while integrating the flexibility and convenience offered by smart contracts? If yes, the Qtum Core wallet might be your ideal option. It enables two virtual machines: Qtum’s native x86 VM and Ethereum’s EVM. Note that Qtum Core is the only cryptocurrency wallet that supports the “Send To Smart Contract” feature. Also, if you want to receive MedCoin (MED), you need to have a valid Qtum Core Wallet. 

Even so, what are some of its top features? How does it compare to other desktop cryptocurrency wallets in the market? Read on as this review provides you with detailed insight into everything you need to know about Qtum Core. However, before we go into details, let’s first find out some of its key features.

Key features

OS compatibility: Qtum Core wallet can operate across different platforms such as PCs, Macs, and cloud servers. In PCs, it is compatible with several operating systems, including Windows, Linux, and macOS. 

Multicurrency: Qtum can securely support 26 coins and ERC20 tokens.

Proof of Stake (PoS): It features a consensus mechanism that significantly helps the network scale on-chain.

State-of-art security: Qtum Core integrates advanced security features such as Decentralized Governance Protocol (DGP) that allows developers to take control of the consensus parameters.

C programming language support: Qtum Core wallet is capable of supporting programming languages for C++, Python, Rust, and many more. 

Proprietary account abstract layer (AAL): It makes handling, executing, and creating contract funds possible by supplementing the Bitcoin script with new opcodes.

Smart contracts engine: The feature executes programs on the network and can operate across different platforms.

Easy-to-use: The best thing about the Qtum wallet is its simplicity. It integrates an easy-to-use interface that is suitable for beginners.

Is Qtum Core Wallet Safe?

One of the best things about Qtum Core is that it does not store your private keys. It provides users with complete access and is entirely responsible for their funds and security. They are only required to update their PCs with the latest antivirus and operating system to enjoy the full benefits of the Qtum Core Wallet. Note that the QTUM wallet uses a checksum technique to detect wrong and corrupted numbers. 

It also uses the SHA-256 hash algorithm to come up with unique codes for your Wallet Input Format (WIF) private keys. This is done twice for optimum results. Also, for more accurate results, set the SHA-256 hash input to be in the hexadecimal data format and not ASCII text. 

How to Set Up QTUM Core Wallet

Step 1: Visit https://github.com/qtumproject/qtum/releases and download QTUM Core’s latest version

QTUM Core is capable of supporting several operating systems, including Windows 32/64-bits and Mac OS.

Step 2: Install

You can install with either dmg file or .exe.

Step 3: Run Qtum Core

After the installation is complete, start the application by pressing “OK.” Note that during the initial run, the application might take some time to synchronize. Wait until it displays the number of blocks left as “0”. Technically, it will take less than the estimated time.

Step 4: Encrypt your wallet

Go to “settings” and tap on “Encrypt Wallet” to set a new passphrase. It is recommended to set a password of ten or more random characters. Alternatively, you can use eight unique words.

Step 5: Backup your wallet

Open “file” and click on “Backup Wallet.” Also, you will be required to set a wallet name in the “settings” section. 

Step 6: Done! You can now send and receive Qtum

Click on “File” to get a list of the addresses you will be using to receive and transfer QTUM. Your receiving address can either be one or many. Pick an address of your choice and click on “copy.” Next, you will want to check whether the address is valid. Paste it on the receiving address input window located in MediBloc’s homepage and click on “check” to find out if the address is valid. 

How to Send QTUM 

You will find the send menu on the left side of the page. Here, you will find different functions that are quite basic and easy to learn to use. Below is an insight on how to go about sending QTUM:

Pay to: Enter the address of the receiver

Label: Although it is optional, it is recommended that you fill in this category with a name or tag for future reference.

Amount: Enter the desired amount of QTUM you want the recipient to receive.

How to Receive QTUM

Before you receive QTUM, you need to know your address. However, the best thing with this crypto wallet is that you can generate new addresses. It is useful for receiving payments from more than one sender. The wallet also helps you keep track of your transactions.

To get your address, simply tap on “request payment” and pop up dialogue will show up with your unique address. You can receive coins from other users or an exchange using the address. 

How to Add QRC20 Tokens to Your Qtum Core Wallet

Normally, the Qtum Core wallet is designed to display your current QTUM coin balance. If you want it to also display your token balance, you will be required to bind your existing QTUM address to your desired contract address. After doing so, you should be able to see your QTUM tokens. Below is a step-by-step guide into adding QRC20 tokens to your wallet.

Step 1: Open the app

You should note the “other tokens” section at the right side of your page will be empty if you have never added a token before. 

Step 2: Create new QTUM address

Let’s assume you don’t have a QTUM address yet. Click on “File” and choose to receive addresses. Create a new address by selecting NEW. Enter your desired name for your wallet address and select the OK button to create your new address. 

Step 3: Add token

Go to the QRC Tokens section located on the left side of the app and choose the “Add Token” option. Once you have added your contact address, the rest of the information will be automatically auto-filled.

Step 4: Bind

Select the QTUM address you want to bind by expanding the “Token Address” list. Immediately after binding the address, the balance of your transaction history should be updated automatically. That is it! You should have your LSTR tokens listed on your wallet. 

Qtum Core Security 101

Now that you know how to create and add tokens to your wallet, it is imperative to understand that the security of your funds might not be guaranteed if you don’t do anything to enhance it. Below are some of the key things you should do to improve the security of your QTUM wallet:

  • Install the latest antivirus: Hackers are capable of installing malicious software on your computer and use it to access your private keys. Ensure you have the latest antivirus installed on your PC to be safe from phishing activities from hackers.
  • Back up your recovery phrases: During registration, you are notified that you will be denied access and risk losing your funds for good if you forget or lose your passwords. For this reason, ensure you keep multiple backups of recovery phrases.
  • Keep your private keys safe: Qtum Core provides users with full access to their private keys. However, if they are not properly stored, they might end up in the wrong hands and, therefore, risk losing your funds. The best way to guarantee their safety is to create a cloud backup.

Although all the above factors will help improve the safety of your QTUM coins, you should ensure you update yourself with the latest security features. Hackers are always coming up with new strategies and, therefore, updating your antivirus, and operating system is critical.

Pros and Cons of Qtum Core Wallet

Pros

  • Supports sending and receiving QTUM coins
  • Supports sending and receiving QRC20 tokens 
  • Integrates smart contracts creation and interaction
  • Features a Regtest mode that enables developers to build their private network
  • Has a “prune” to minimize disk usage
  • Supports RPC and API commands used in Bitcoin Core

Cons

  • Runs in full node
  • Requires regular updates

Final Verdict: Is Qtum Core Wallet Worth Your Money? 

Well, if you are looking for a desktop wallet to store your QTUM, this might be your best option. Besides being the only QTUM wallet that supports the “Send To Smart Contract” feature, it integrates quite a good number of exceptional security features. Additionally, it is quite easy to use. You will find its interface to be quite appealing to everything strategically placed for your convenience. 

Categories
Cryptocurrencies

BitLox Wallet Review: What Are Its Key Features And How Does It Work?

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

bitlox bitcoin hardware wallet

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

BitLox hardware wallet is perhaps one of the best and most secure crypto wallets available today. It is developed by a Hong Kong-based company, BitLox Limited, and has been around since 2015. It offers incredible features and is capable of safety features like maintaining as much as 100 separate wallet addresses. What’s more, 50 of these wallet addresses are hidden and can only be unlocked by providing a unique PIN for that specific wallet.

But can BitLox compete with the likes of Trezor and Ledger? We provide you with detailed insight into everything you need to know about BitLox in this review. We also look at some of its key features, security, pros, and cons, as well as the supported cryptocurrencies.

Key Features

Cross-platform support: BitLox is capable of supporting several platforms, including Windows, Chrome OS, Android, Mac OS, Android, and iOS. 

Alphanumeric keypad: The device features a fantastic keypad that ensures you enter your PIN securely. An alphanumeric keypad provides you don’t have to tap into the screen display. 

Mnemonic recovery phrase: BitLox provides its users with an option of generating 12, 18, or 24-word phrases. Users can use the phrase to recover their funds or private keys in case their wallet is damaged or lost.

Hidden wallets: The best thing about BitLox is that it is capable of generating several hidden wallets for enhanced protection. It offers users the ability to enter an additional PIN that grants access to hidden wallets and can allow up to 50 hidden wallet addresses in total.

PIN encryption: The device allows users to create a highly sophisticated and more personalized PIN of up to 60 characters. Additionally, unlike the majority of hardware wallets, it is alphanumeric, which also means that it does not use numeric PINs.  

Titanium casing: The hardware comes in a titanium casing, which makes it durable. The company claims that it is “indestructible” and can withstand almost anything.  

Anonymity: The fact that it is a hardware wallet also means that it can be used anonymously. The only thing the device displays is the public address and does not reveal any personal information of the sender or recipient in all their transactions. 

BitLox Security

BitLox prides itself as one of the best crypto wallet companies offering exceptional features. Its ability to integrate top-notch features is, in fact, one of the primary reasons why crypto users choose it over other hardware wallets in the market.

Among some of its top features are the full hierarchical deterministic feature, 24-word mnemonic code, and the BIP39 and BIP32, which can be used to recover the wallet in case it is lost or damaged. What’s more, users are also required to enter the first PIN to unlock the device and the second PIN to open each wallet. 

BitLox has three levels of security. These include:

Level 1

A 4-8 digit PIN and 12-word mnemonic recovery phrases are generated.

Level 2

The 18-word mnemonic is generated, and users can create their PIN containing up to 20 characters. It also features advanced methods such as AEM.

Level 3

A 24-word mnemonic recovery phrase is created. Users are also required to enter a PIN for each transaction. 

How to Set Up BitLox Wallet

Step 1: Power on the device

Boot the device by holding down the power button for about 2 seconds. You might also want to connect it to a USB port to start the initial charging process. 

Step 2: Select your desired language

Once the device is fully charged, you can start your set up process by choosing your ideal language. BitLox supports ten international languages. Ensure you select a familiar type to avoid any setbacks. 

Step 3: Create passwords

Users are required to create passwords depending on three choices. Here is a highlight of some of these choices.

  • Standard– You will be required to create random numeric PINs with lengths between 4 and 8 digits. What’s more, you will need to back up a 12-word mnemonic back up phrase. 
  • Advanced– You are required to set PINs of up to 60 characters alphanumeric and a backup 18-word mnemonic phrase. 
  • Expert– This level will require the selection of PINs of up to 60 characters and a backup 24-word mnemonic phrase.  

Note that all the above security levels have an anti-device tampering recognition phrase setting that will require users to key in a specific PIN for every transaction. For safety reasons, ensure you write down your passwords in a safe location or PINs that can be easily memorized. 

Step 4: Device formatting 

At this point, the device will automatically format the storage area to prepare the device for use. Wait for the process to complete before you can proceed to the next step.

Step 5: Wallet setup

You will be prompted to enter your initial PIN based on the level of security you chose. Notably, if you don’t want to create a new wallet automatically, you can skip the process by pressing X until the process is canceled. 

Step 6: Set your wallet PIN

If you choose to create a wallet automatically, you will be prompted to set a new PIN for your wallet. 

Step 7: Backup mnemonic phrase 

After going through all the above steps, you will see a backup mnemonic screen. Ensure you write down the phrase and store it in different places to avoid losing it. 

Step 8: Complete setup 

Complete the setup by downloading the mobile app from the official website. You will be required to scan the QR code on the device to connect it with your mobile app. 

How to Send Funds from Your Wallet

Once the device is connected to your mobile app, you will be provided with a list of wallet addresses to add to your device. Choose your desired wallet and follow the prompts. What’s more, if you want to access a hidden wallet, you will be required to make a direct entry to the wallet number and enter the required PIN. 

After doing so, you can now choose the “send” option and enter the recipient’s address. You might also want to adjust the fee to at least 0.0001. This will help to expedite the process. Tap “SEND” on your mobile and click “DONE” when the sending process is complete. You will have successfully sent funds to your desired address with the highest form of security. 

How to Receive Funds

Receiving funds on your BitLox wallet is quite easy. All you need to do is click on the “RECEIVE” button to display the QR code and tap “share” to send the code to other people. In case you might need additional addresses, you can create a new one, but only after using the previous. Note that the device is designed to continue displaying the QR code even after the device is switched off as the e-paper screen does not use power. 

Supported Cryptocurrencies

BitLox specializes in storing only one type of cryptocurrency – Bitcoin. Even so, they have indicated on their website that they might be looking to add altcoin support and Ethereum. 

Customer Care 

Customer care support at BitLox can be reached through email and by phone, which is very impressive for cryptocurrency-related companies. Additionally, they offer a detailed user guide and recordings about setting up and utilizing the wallet. 

These recordings can be heard clearly, and you will find them to be quite helpful. What’s more, the guides will take you through setting up the wallet, how to use different exchanges on the site, and how to start using your wallet. 

Also, if you can’t break through to anybody on email or the telephone number provided, you can connect with them directly via their dedicated live chat. It also runs a Twitter and Facebook account. Its timely customer care response is among some of the critical things that make BitLox a reliable platform. 

Pros and Cons of BitLox

Pros

  • Powerless E-paper display continues to display addresses even when turned off
  • German menu
  • Titanium casing
  • Provides absolute anonymity
  • Full keyboard
  • Compatible with multiple platforms

Cons

  • Supports bitcoins only

Final Verdict: Is BitLox Security Worth Your Money?

If you are looking for a crypto hardware wallet that will guarantee top-notch security for your funds, you should try out BitLox. It is not only capable of encrypting all your transactions but also provides users with a simple and easy-to-use method of sending or receiving funds. It also offers quite a wide range of exceptional features. The only downside is that it only supports one type of cryptocurrency. Try it out, and there is no doubt that you will experience positive results.  

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Cryptocurrencies

MyEther Wallet Review 2020: Features, Fees & Ease Of Use

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.

In this MyEther Wallet review, we will be seeking answers to what draws crypto users to the wallet. We will vet the crypto wallet’s features, security, cost, and ease of use before telling you if it is fit for use.

MyEther Wallet Key features

Web-based: MyEther Wallet is a hot, online-based crypto wallet that stores your private keys in your PC, mobile app, or offline in a USB Drive.

Launched a mobile app: MyEther wallet recently launched a mobile application for both Android and iOS users, dubbed MEWconnect. It has all the features and benefits of the MyEther app, with the added advantage of being available on the move.

Access to Ethereum blockchain: Unlike most crypto wallets that will only give you access to a storage unit for your digital assets, MyEther gives you access to the Ethereum blockchain network. You can also use the app to exchange Ethereum based coins and interact with all the network features like smart contracts, Decentralized apps, and ENS as well as sign and verify messages.

Compatible with hardware wallet: MyEther crypto wallet will also integrate with all popular hardware wallets like Ledger Nano, Trezor, and KeepKey. This not only adds an extra layer of security to the company but also makes it possible for you to hold more than just the Ethereum based coins and tokens.

Offline transactions: The MyEther crypto wallet is unique in the sense that it is available for offline transactions. You do not need to be online to send or receive different coins and wallets to the wallet.

Save private keys offline: Since its establishment, MyEther crypto wallet has undergone several operational and security adjustments. One of these is the ability to store private keys offline. Instead of maintaining your private keys over the cloud, you can now save them offline in a flash disk or written in a piece of paper.

Compatible with popular browsers: MyEther wallet is also compatible with all the popular browsers, including Firefox, Chrome, and Brave. You can access your ether wallet via MyEther wallet website or the different browser extensions.

Compatible with exchanges: You can also integrate the MyEther wallet with different crypto exchanges, including Changelly, that allow you to buy and sell your digital assets for other crypto or fiat currencies.

Security features

Password protection: Like most other online and offline crypto wallet, MyEther has a password as the foremost form deterrence against authorized access to the private keys stored therein. You will need to set this password during the wallet installation and activation stage.

Recovery Keystore: In addition to the password is yet another security layer that – the Keystore recovery seed. It’s a set of words generated by the wallet during setup, and it comes in handy should you forget your password.

Open-sourced technology: MyEther has open-sourced the technology used to develop this crypto wallet. This has encouraged cryptocurrency and bitcoin enthusiasts to vet it exhaustively and come up with security improvement recommendations that have helped make it one of the most secure web-based wallets.

Highly encrypted: MyEther wallet further encrypts the private keys and addresses stored in your crypto wallet as well as its associated passwords. This keeps the private keys stored therein safe from malware.

Does not collect private data: In yet another privacy approach, MyEther crypto wallet collects no more of your personal information than is necessary. The crypto wallet company further provides its clients with the assurance of not sharing this data with third parties.

Currencies supported

MyEther is an Ethereum wallet that will only support Ethereum, Ethereum Classic, and ERC 20 coins and tokens. Its compatibility with numerous hardware wallets like Ledger Nano and Trezor that support 1000s of coins has, however, expanded the wallet’s currency support exponentially.

MyEtherWallet wallet cost and other fees

You will not be charged a fee for downloading, installing, and interacting with MyEther wallet or the MEWconnect smartphone app.

MyEther is also one of the few crypto wallets that won’t impose fees for cryptocurrency transactions conducted within its platform. You will only have to pay negligible fees that go straight to Eth miners and not the platform itself.

The minimum fee for a transaction is usually 0.000441 Ether, but you can always choose custom fees if you wish to have your transaction processed in the shortest time possible. For acceptance into the next block, you pay 40 GWEI, acceptance into the next few blocks costs 20 GWEI, while acceptance within the next few minutes costs 2 GWEI.

*Note: 1,000,000 GWEI = 0.001 ETH

Setting up the MyEther Wallet :

How to install MyEther Wallet:

Step 1: Start by accessing the MyEther crypto wallet website and selecting the create new wallet option.

Step 2: On the next page, you will find a small tutorial on how to engage with the MyEther wallet. You can view the tutorial or simply skip.

Step 3: Next is the create a new wallet page that gives you the option of creating the wallet online or via the smartphone app.

Step 4: If you choose to create an account online, you first need to create and verify your wallet password before generating the recovery seed. If you chose the MEWconnect smartphone app, you have to start by downloading the app from the MyEther website, proceed to create a password, after which the app will provide you with the recovery seed.

Step 5: Save your recovery seed to your PC or USB

Sending and receiving coins:

To Send tokens from your MyEther Wallet:

Step 1: Open the web-based wallet account and click “Send Ether &Tokens.”

Step 2: Choose the payment account i.e., your private keys or connected hardware wallets

Step 3: Paste the wallet address, number of tokens you wish to send, and GAS.

Step 4: Click ‘Generate Transaction,” confirm recipient details and verify the transaction.

To receive payments into your MyEther Wallet:

Step 1: Log into your MyEther wallet.

Step 2: Click on the “Receive Ether & Tokens” tab to get your receiving address.

Step 3: Send the address to whoever is sending you the coins

Step 4: Receive Ether and supported ERC 20 tokens from

MyEther Wallet pros and cons

Pros:

  • Its open-source protocol keeps it highly secure and ahead of the competition.
  • The wallet is compatible with most hardware wallets, including Trezor and Ledger Nano.
  • The wallet supports both online and offline transactions.
  • New privacy settings make it possible to store your wallet’s recovery phrase heavily encrypted offline on PC or USB disk.
  • MyEther wallet is also compatible with such exchanges as Changelly making the transfer of funds and currency conversions relatively easy.

Cons:

  • MyEther is a hot wallet, and this exposes it to possible hacking and phishing attacks.
  • One may consider the MyEther app relatively complicated to set up and use
  • Will only support Ethereum and ER20 tokens, leaving behind popular currencies like Bitcoin.
  • The web-based wallet isn’t as secure and hard to breach as the hardware wallets.

MyEther Wallet compared to competitors:

MyEther ranks fairly when compared to such other online wallets as Coinbase and eToro. These two are exchange linked and have two key advantages over MyEther. First, they are exchange linked and therefore expose the trader to more trade and investment opportunities. Secondly, they support all the popular coins and currencies and even host initial coin offerings. Unlike the two, however, MyEther wallet’s protocol is open source, making it safer and more secure, plus it also has both online and offline transaction processing features.

Customer support:

MyEther has an elaborate and detailed FAQ page, as well as tutorial videos that explain how the site works in detail. Their website is also available in both English and Russian languages. They also have a live chat tool on the website and are easily accessible the different social media platforms.

Verdict: Does MyEtherWallet live to its reputation?

MyEther Wallet is one of the safest and most versatile web-based Ethereum blockchain wallets available today. Some of its key strengths lie in its compatibility with several hardware wallets that complement its security and the number of cryptos and tokens it can support. It also is one of the few crypto wallets with a companion smartphone app, both of which give you access to not just the wallet but the Ethereum blockchain. It, therefore, is our opinion that while its online nature puts it at a higher risk of hacking and phishing attacks than hardware wallets, it still is a reputable wallet and fit for beginners and active traders looking for a wallet that allows for fast transaction processing.

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Crypto Guides

5 Things To Consider Before Investing In Cryptos

Introduction

Introduction

Introduction

Cryptocurrencies have been buzzing our lives continuously ever since the Bitcoin boom at the year-end of 2017. The people who didn’t give a serious thought about investing in cryptos before that period has started taking it seriously, at least after that boom. One thing is for sure. Cryptocurrencies are here to stay; there is no doubt about that.

Hence, it is common for a potential investor to think if they should be investing in cryptos or not. Our answer is ‘Yes,’ they should be. However, investors should be very careful before investing in this space. So, we are providing some tips and considerations one should ponder upon before venturing into the world of cryptocurrencies.

📋 Always invest the money which you are ready to lose

We all save money for a rainy day. We are always advised by our parents when we start our financial life to save at least 10% of your paycheck. We never know what unexpected expenses pop up, and we should be able to face them without any inconvenience; otherwise, it is easy to fall in a debt pit.

Hence don’t ever invest in cryptocurrencies from your savings. We never know how the highly volatile markets of Cryptos will treat us. Always invest the money which you are ready to lose so that you don’t sell off your investments at the wrong time only because you need money.

📋 Do your research

Don’t invest in anything just because your friends/colleagues/cousins are doing it. Do your research before you venture into something new. Only after getting enough knowledge and when you think you have a grip on it, (like – when to buy and when to sell) start investing in cryptocurrencies. It is always advisable to start with the prominent ones like Bitcoin and Ethereum.

Then gradually jump into the niche coins if you want to. When one would like to invest in niche coins, it is better to go through the white paper, the tech behind the new currency, people who are developing the coin, etc. so that you will be aware if it is a scam. As the crypto industry is full of scams and fraudsters, we should be very cautious.

📋 Diversifying your investments

When people start out investing in cryptocurrencies, most of them start with Bitcoin and stay with Bitcoin only. There are many other coins other than Bitcoin. Try to invest in at least ten coins that have huge potential. You can check the market capitalization or pick the currency based on the number of coins in circulation. So that you won’t lose all your money when the value of a single coin has fallen.

We are all familiar with the saying, ‘Don’t put all your eggs in a single basket.’ Hence don’t invest all your money in only Cryptocurrencies. It would be helpful if you diversified the investment portfolio. You may invest in potential markets like Stocks, Mutual funds, Real estate, Bonds, etc. Since the cryptocurrency market is extremely volatile, it is advised that you may consider investing 10% of your portfolio in this space.

📋 Securing your coins

Once you invest in cryptos, you better don’t leave them in your accounts in the exchange. All the hacks that ever happened on cryptos happened on only exchanges so far. We have a variety of wallets to choose for, say paper wallets, electronic wallets, hardware wallets, desktop wallets, mobile wallets, etc. In turn, you can choose different wallets to use as well. For a long term investment, you may choose hardware wallets while for the short-term traders, mobile wallets can be used as they are easily accessible.

📋 Track the investments

Once you invest in cryptos, you should start tracking the performance of the coins so that you would be informed all the time. We have apps to monitor the same where we must enter the coin name, the number of coins purchased date of purchase, and other minor details. Apps like Blockfolio and Bitmap can be considered for this purpose.

While these are the essential points to consider, alternatively, you can follow people on different platforms who are best in the said fields, which reaffirms your learnings. Don’t sell off all your crypto investments when you say huge profits, try to sell on a percentage basis so that you can cash in on when there is a spike. At the same time, one will have money to buy in dips. Finally, be proud that by investing, you are a part of the crypto revolution. Cheers!

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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!

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Crypto Guides

These Are The Top Cryptocurrency Wallets In The Market (2019)

In our previous articles, we have discussed what a cryptocurrency wallet is and its different types. We also understood their purpose and ranked the various kinds of wallets in terms of security. Quick recap – Hot wallets are the ones that have an internet connection, and cold wallets are the ones that are not connected to the internet. Desktop, Mobile, and Web Wallets are the example of hot wallets; whereas, Hardware and Paper wallets are the well known cold wallets. When it comes to convenience, hot wallets have the upper hand, and in terms of security, cold wallets take the front seat.

In our previous articles, we have discussed what a cryptocurrency wallet is and its different types. We also understood their purpose and ranked the various kinds of wallets in terms of security. Quick recap – Hot wallets are the ones that have an internet connection, and cold wallets are the ones that are not connected to the internet. Desktop, Mobile, and Web Wallets are the example of hot wallets; whereas, Hardware and Paper wallets are the well known cold wallets. When it comes to convenience, hot wallets have the upper hand, and in terms of security, cold wallets take the front seat.

In our previous articles, we have discussed what a cryptocurrency wallet is and its different types. We also understood their purpose and ranked the various kinds of wallets in terms of security. Quick recap – Hot wallets are the ones that have an internet connection, and cold wallets are the ones that are not connected to the internet. Desktop, Mobile, and Web Wallets are the example of hot wallets; whereas, Hardware and Paper wallets are the well known cold wallets. When it comes to convenience, hot wallets have the upper hand, and in terms of security, cold wallets take the front seat.

In this article, let’s understand the top cryptocurrency wallets that are present in the market as of today. Please note that the order of these wallets is not ranked numerically. We found all of the below wallets to be reliable in terms of price, security, and accessibility. You can choose the ones that fit your purpose and budget.

Top Hot Wallets

Image result for exodus wallet logo png

Exodus is an online cryptocurrency wallet that has both Desktop & Mobile versions. It is a multi-currency wallet as users can store the private keys of different cryptocurrencies in this wallet. The user interface is excellent, with easy navigation. The user experience is brilliant, as a lot of data related to a user’s portfolio is pictographically represented with pie charts. The best part of this wallet is its security. User’s private keys are stored in their local hardware alone. Hence, they have total control over their cryptos. Available versions – Windows, Mac, Linux, Android & IOS.

Download Exodus Wallet here

As the name partially suggests, the USP of this wallet is the number of cryptocurrencies it supports. Users can store most of the top available cryptos in the market in their Infinito mobile wallet. There is no desktop version of this wallet. The transaction processing speed is high when compared to the competitors, and the security is excellent, with regular gateway updates to the blockchain. The private keys of the clients are not stored in their servers hence enhancing the security. Available Versions – Android & IOS.

Download Infinito Wallet here

Related image

Jaxx is one of the new-age cryptocurrency wallets with its availability in both Desktop & Mobile versions. There is also a chrome extension where users can see their balance and perform transactions. Jaxx supports more than 70 cryptocurrencies, and the clients control the private keys. Hence there is no worry of your wallet getting hacked while using this wallet. The only drawback is the user interface. It is a bit fuzzy, which might look complicated for novice crypto traders and investors. Available Versions –  Windows, Mac, Linux, Chrome Extension, Android, Windows Web Store & IOS.

Download Jaxx Wallet here

Top Cold Wallets

Image result for trezor wallet logo png

If you are an investor and want to store large amounts of cryptos, Trezor Model T is the hardware wallet that serves your purpose. More than 500 cryptos can be stored in this wallet with tons of security features. Users can connect this device to their computers by entering a secured pin. However, one should be careful while entering their pin because the wallet gets locked out for a certain amount of time, even if they enter the pin incorrectly once. This wallet comes with a seed recovery card using which clients get to backup their coins. With this feature, users will never have to face the risk of losing their coins permanently.

Price – €48.76 for Trezor One & €149 for Trezor Model T

Buy Trezor Wallet here

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Ledger Nano is one of the pioneers of hard wallet service providers. They have sold more than a million hardware wallets, and that explains their domination in the market. This wallet is easy to use and has loads of security features as well. Some of them include Two-Factor Authentication, a secured pin to confirm the transactions, etc. With its preparatory operation system Bolos, this wallet can be connected to the desktops which run on Windows, Mac, and Linux.

Price – €59 for Ledger Nano S & €119 for Ledger Nano X

Buy Ledger Wallet here

That’s about the top crypto wallets in the market. Please do your own research before choosing any wallet. Look out for options where there is a mix of security and accessibility for smoother usage. Cheers!

Categories
Crypto Guides

A Simple Guide To Cryptocurrency Wallet & Its Different Types

What is a crypto wallet?
Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies.

What is a crypto wallet?
Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies.

What is a crypto wallet?

Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies. Many have a misconception that crypto wallets literally store digital currencies, but that is not the case. Cryptocurrencies always reside in the native blockchain network, and their ownership is just signed off to others based on their public keys to the address of the crypto wallet. If the owner of the crypto wants to spend the money, they spend the currency using their private key in the wallet. So when we say, the cryptos are stored in the crypto wallet, essentially, we are storing the corresponding public and private keys in them.

Types of crypto wallets

There are different types of crypto wallets, and they are differentiated based on how they can be accessed. The fundamental classification is online and offline wallets. Online wallets are those wallets that can be accessed by connecting them to the internet. Contrarily, offline wallets are those that can never be connected to the internet. Let’s understand each of the types below.

Online Wallets   

Desktop Wallets 

These wallets are installable software packs for operating systems like Windows, MAC, and Linux. Any crypto company which is serious about their outreach would start a desktop wallet on day one of their ICO. Since these are accessible only from the installed device, they are considered to be secure, but there is always a risk of virus attacks on a user’s device. Hence it is advisable to always keep up with the security patches of the device to safeguard cryptos. These wallets stand in third place in terms of security.

Exodus, Bitcoin Core, Electrum are few examples of desktop wallets.

Mobile Wallets

Mobile wallets for different cryptos are the most used digital wallets because of the ease and agility they provide. Most of the mobile wallets available in the market support both Android and IOS. The least famous ones at least support the Android version. One needs to seriously consider the security provided by the application while choosing a mobile wallet. These wallets occupy fourth place when it comes to safety.

Mycelium, Coinomi are examples of mobile wallets.

Web Wallets

These wallets run on the cloud and are accessible through any device which has browser access. These are very convenient but also prone to theft, thus needs multiple layers of security. There are hosted and non-hosted wallets when it comes to online wallets, and it is always recommended to use non-hosted wallets. These wallets occupy fifth, which is the last place in the wallet types available, thus making them the least secure.

MyEther Wallet and Coinbase are examples of online wallets.

Offline Wallets

Hardware Wallets

As the name suggests, these wallets are hardware devices that store public addresses and private keys. It is a USB kind of equipment that can be connected to any computing device, and they come with their native apps. These are the most secure as these are not connected to the internet all the time, making them resistant to hacking. Most hardware wallets allow us to store more than 22 cryptocurrencies.

Ledger Nano S, Ledger Nano X, and Trezor are some of the best examples of hardware wallets available in the market.

Paper Wallets

In paper wallets, one must print the public address and private keys of the user on a paper and store them securely. Not all the cryptos offer paper wallets, but most of the famous cryptos do. These are the second safest option after hardware wallets as these are offline as well.

Security is not the only thing one must consider while choosing a wallet. Because convenience also plays a critical role. It is often advisable to select hardware wallets if a crypto trader wants to store huge quantities of crypto for a long term use. Online or mobile wallets can be used to store smaller amounts of cryptos for short term usage.

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Crypto Guides

Understanding Public Keys & Private Keys and Their Working

Introduction
Blockchains use public and private key cryptography to perform transactions in a cryptocurrency network. Public keys are generally widely known and used for identification of the person while private

Introduction
Blockchains use public and private key cryptography to perform transactions in a cryptocurrency network. Public keys are generally widely known and used for identification of the person while private

Introduction

Blockchains use public and private key cryptography to perform transactions in a cryptocurrency network. Public keys are generally widely known and used for identification of the person while private keys are secret keys, which is known only to the person who owns it. Private keys must be kept as secret as they are used for authentication of a transaction.

The Difference

Both public and private keys are a part of the asymmetric encryption of cryptography. The fundamental difference between these two is that the former is used for data encryption and the latter for decryption. Simply said, the Public key converts the message to an unreadable format whereas the Private key decrypts that message and converts it back to the original message. Hence, once the message is encrypted, it can never be decrypted without the help of the private key.

Both private and public keys are large integer numbers represented with a combination of numbers and alphabets. Since we understood the concept of public and private keys now, let us see how they are used in the crypto networks.

How does Public and Private key Cryptography work?

We know that digital wallets are used for sending and receiving cryptocurrencies. Digital wallets are not traditional wallets that store money in a digital format, but they store only public and private keys of the owner of the wallet. Private keys are used to sign the transaction through which the cryptos are transferred digitally. This digital signature is used to confirm the transaction was indeed send by the user who claims to have done the transaction, and no one can alter the same once the transaction is issued.

If someone were to have your private key, they could easily send the money from your wallet to their wallet by verifying the private key. Hence private keys are to be kept a secret from others. This is why it is said if the private key is lost, you lose all your money unless you have a technique to regenerate the private key and transfer it to a replica of your wallet or a new one.

The public key is generated using the private key and some additional information using cryptographic algorithms. This public key is widely known to all the people so that the transactions can be done. One may question if the public key is generated from a private key, can’t we reverse engineer and generate the private key from the public key? The answer is NO. The generation of keys is only one way, but the reverse is not possible since we are using asymmetric cryptographic encryption techniques designed by the National Security Agency of the USA.

Thus, using a combination of public and private keys, one can send and receive the money in digital wallets. Using a public key, one can easily decrypt the digital signature of the user signed using the private key.

Bottom Line

This is how transferring of digital currencies generally works. To end it with a simple example, if Nick wants to send some money say in Bitcoins/Ethereum/Litecoin etc. using his hardware wallet ‘Ledger Nano S’ or any online wallet like Coinbase, what should he actually do? He accesses his private key from the wallet and digitally sign the transaction, and this transaction is sent to the blockchain network. This transaction is verified using the public key to validate if the transaction is indeed being done by the wallet that it is being said, and thus the transaction is successful.

We hope you got a clear idea of what Public and Private keys are. In the upcoming articles, let’s discuss what crypto wallets are and their types. Cheers!

Categories
Cryptocurrencies

Everything You Need to Know About Cryptocurrency and the Rise of Digital Currencies

Cryptocurrency has taken the financial space by a storm. It’s almost impossible to go for a week without hearing of a new cryptocurrency being launched or another one soaring to

Cryptocurrency has taken the financial space by a storm. It’s almost impossible to go for a week without hearing of a new cryptocurrency being launched or another one soaring to

Cryptocurrency has taken the financial space by a storm. It’s almost impossible to go for a week without hearing of a new cryptocurrency being launched or another one soaring to record highs, sending savvy investors rushing in. For most people, though, the concept remains foggy if not downright complicated. In this article, we break down everything about cryptocurrency, including: is it the same thing as digital currency?

Cryptocurrency is an internet-based medium of exchange. “Crypto” refers to the fact that the currency uses cryptography to secure and verify transactions and regulate the release of new units. One of the most defining features of cryptocurrency is that it relies solely on the internet: it has no issuing or regulating authority, nor is it bound by geographical restrictions.

Cryptocurrency or Digital Currency?

It’s easy to conflate these two terms, especially since financial analysts and the media often use them interchangeably. So what’s the difference after all? The key thing to grasp is that all cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.

Digital currency is the term for any form of money that’s available only in digital form. This money is not tangible like, say, coins. Digital money can be transferred from one person to another, be traded for another currency, and can be used to transact, just like physical money. It can also be sent to and received in any place in the world.

The defining difference between cryptocurrency and digital currency lies in one word: crypto. Cryptocurrencies are a form of digital currency that is based on cryptography – a technique that combines elements of art, science, and mathematics to convert readable text into unintelligible text so that information is secured from unauthorized parties.

If you’re looking to invest in cryptocurrency and are still confused about what it is or you just want to sound smart when you’re talking about digital currencies, then it helps to know exactly the difference between the two.

Differences between Cryptos and digital currencies

☑️Structure: Digital currencies are centralized, meaning their transactions are regulated by a particular entity, like a bank. Cryptocurrencies are decentralized, meaning regulation within the network is done by the community in the network.

☑️Transparency: Digital currency transactions are confidential. Cryptocurrency transactions are transparent and are in public record, i.e., anyone can see the transactions of any user since transactions are recorded on an open chain – the blockchain. 

☑️Potential for Manipulation: Digital currencies have a centralized system that can exert authority over transactions – like canceling or freezing them at the request of a legitimate party. Cryptocurrencies are not controlled by any authority, and cannot be manipulated. 

☑️Legal Status: Most countries have established a legal framework for digital currencies. For cryptocurrencies, the same cannot be said, at least currently.

Common Cryptocurrency Lingo

You don’t have to be the originator of Bitcoin to understand some of the most common “cryptocurrency speech” around. Here is a definition of some of the most used words to ease you into the world of cryptocurrency.

☑️Blockchain: Every new record in a cryptocurrency network is recorded as a “block.” It’s so-called because it’s resistant to alteration. Blocks are linked together by cryptography – hence “blockchain.”

☑️Mining: This is the process of verifying transactions before they are recorded on the blockchain network. Mining involves solving complex computational puzzles and decrypting codes.

☑️HODL: “Hold On For Dear Life,” meaning holding onto your cryptocurrency coins despite unfavorable market conditions.

☑️Altcoins: This is the name given to all other cryptocurrencies after Bitcoin – the first and most successful cryptocurrency to date.

☑️CAP: This is a shorthand of market capitalization, which means the total number of coins in supply multiplied by the going price.

☑️Peer to Peer: In a peer to peer model, two or more computers interact directly with each other without the intervention or presence of an intermediary.

The Rise and Future of Cryptocurrency

Only years ago, cryptocurrency was an academic concept explored without much success. That was until 2009 when the first cryptocurrency was launched and took the world by storm. Since then, thousands of cryptocurrencies have been launched with varying levels of success. Today, the cryptocurrency model is being explored by institutions: including governments and financial institutions to make processes more efficient and secure 

If the success of Bitcoin, the most popular cryptocurrency, is anything to go by, then the future of cryptocurrencies is bright. Other cryptocurrencies such as Ripple, Ether, Litecoin, and Cardano have commanded a significant share of attention and investment. Initial Coin Offerings (ICOs), akin to the shares of a company, continue to generate excitement and interest in the crypto market.

How Can You Buy and Use Cryptocurrency?

The most important thing is to know how you can benefit from cryptocurrency and how to stay safe while doing so. Whenever you purchase a cryptocurrency, you become the owner of a private key to the wallet address of the coin(s).

With this key, you can access and spend your bitcoin to pay for things or transfer to anyone. Where you place your key is crucial because it means the difference between holding your valuable coins and losing them. So, how do you safeguard your coins? Innovative individuals and companies have come up with crypto wallets that, apart from protecting them from theft, enable you to store, send and monitor their balance. Here are the various types of wallets available today.

Desktop wallets: This type of wallet allows you to send and receive cryptocurrency addresses on your computer. An example is Cryptonator, which enables you to store several cryptocurrencies in one account.

Online wallets: These are web services that allow you to store your cryptocurrencies online. You can access them anywhere, anytime. 

Mobile wallets: These are apps that allow you to encrypt your cryptocurrencies and pay for services right from your phone.

Paper wallets: These are pieces of paper with QR codes on them, one being the public address at which you receive your cryptocurrency, the other being your private address where you send them.

Hardware wallets: These are USB devices that store bitcoin electronically and keeps your private keys.  

Conclusion

By now, you should have a fair understanding of this exciting thing called cryptocurrency. Though a bit daunting at first, it’s an exciting and revolutionary technology with something to discover every day. Remember, like with everything, the more you learn about it, the more you get comfortable and possibly invest in its ever-growing potential.