How to choose a multi-currency wallet? | CryptoNewsHerald

Introduction

Choosing a multi-currency wallet can be a difficult task, given the wide variety of options available. With the right research and advice, however, you can find a wallet that meets your needs and provides multiple currencies to store, trade, and spend. In this article, we’ll provide an overview of how to choose a multi-currency wallet from CryptoNewsHerald, a leading provider of digital wallet solutions. We’ll explore the features and benefits of CryptoNewsHerald, as well as the different types of multi-currency wallets available to you. With this information, you’ll be able to make an informed decision about which multi-currency wallet is best for you.

06/10/2017

BaseAltcoinsTechnical Basics

BaseAltcoinsTechnical Basics

1

Why do you need a multi-currency wallet?

Altcoins are gaining significant popularity. This is evidenced by the growth rate of the altcoin market capitalization, which has long surpassed that of bitcoin. This is reflected in the steadily declining dominance index first cryptocurrency. There are a lot of altcoins a bunch of, and the capitalization of some of them has already exceeded $1 billion. Many altcoins are interesting not only because of the technology and idea that underlie it, but also represent attractive objects for portfolio investment. A logical question arises – where is it better to store various digital assets?

2

Why is a separate wallet for each altcoin inconvenient?

Some users set a separate wallet for each cryptocurrency (for example, Electrum-Dash or Ethereum wallet). This approach undoubtedly provides a secure way to store digital currencies, since each of these wallets gives you the ability to control the private key. If the latter is stored in a secure place (for example, written down on paper and / or saved to a flash device that is always offline), then you can be 100% sure of the safety of digital savings. However, this method has some disadvantages. Firstly, a lot of disparate wallets is inconvenient. Secondly, for each of them it is necessary to save a unique key seed phrase (which will be the private key). How many digital currencies – so many unique phrases. If you lose one of them, then all digital currency from the corresponding wallet will be lost.

3

Why should you not store large amounts on exchanges?

Many crypto enthusiasts prefer to store altcoins on exchanges. This is very convenient, since modern trading platforms support dozens and even hundreds of different altcoins. However, this approach has many significant drawbacks, since the user has to trust the funds to a third party. Most crypto exchanges are centralized, completely unprotected from hacking, and regularly subjected to DDoS attacks. All this jeopardizes the safety of funds. Therefore, users who do not trade large volumes on crypto-exchanges should consider other options for long-term storage of crypto assets, which provide control over the private key and, accordingly, full control over digital assets.

4

Online wallets

As with exchanges, this option can hardly be called reliable, since it also involves the control of funds by a third party. On the other hand, online wallets often support many popular cryptocurrencies and even allow transactions with low fees. However, this is where the advantages of this method of storing altcoins end. Among the many online wallets for digital currencies, one can single out a service popular in the Russian-speaking segment of the network Cryptonator or for example Holy Transaction.

5

Mobile Wallets

With the rise of smartphones, a variety of different mobile wallet services have emerged for both Android and iOS. Many online cryptocurrency services also have a mobile version (for example, the aforementioned Cryptonator). Some mobile wallets are highly secure (because they allow you to save your seed phrase) and have an intuitive interface. Such applications include, for example, a mobile wallet Coinomi. The latest version of the wallet offers to save the passphrase the first time you launch the application. Coinomi integrates the popular exchange ShapeShift and currently supports about 60 altcoins.

6

Crypto wallets as browser extensions

In this segment, significant popularity has gained Jaxx, which exists as extensions for Chrome and Firefox browsers. This wallet is easy to use, minimalist design and flexible settings. However, most importantly, it gives you control over the private key in the form of a seed phrase. The project team is constantly adding support for new altcoins. For each of the digital currencies supported by the wallet, there is no need to export and save a private key – it is enough to backup only one seed phrase, consisting of 12 words. With this phrase, you can instantly restore all wallets, as well as their balances.

7

Desktop wallets

A good tool for storing crypto assets are multi-currency wallets installed on a computer. Among them are Exodus, which features an intuitive and beautiful interface, control over private keys, a built-in ShapeShift exchange platform and support for many altcoins. As for the Jaxx wallet, it also has a desktop version available for Windows, OS X and Linux.

8

Hardware wallets

This type of crypto wallets can be considered the most reliable, since such devices provide the maximum safe, “cold storage” of digital assets in a secure, isolated environment. This is perhaps the best way for long-term storage of significant amounts of funds. A private key is securely embedded in a hardware crypto wallet, which is used to sign transactions. Among the most popular wallets of this type are Ledger Nano S, Trezor and KeepKey. Each of them supports several of the most popular altcoins, including ETH, LTC, DASH, etc.

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Conclusion

When it comes to choosing a multi-currency wallet, it is important to consider the ease of use, security, and the types of currencies that are supported. It is also important to research any fees associated with each wallet as well as the customer service options available. By doing your due diligence and researching the different options, you can ensure that you have a wallet that meets your needs, provides you with the security you need, and allows you to access the currencies you require.

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