Crypto Wallets Explained with 9 Platforms
A crypto wallet is a digital wallet used to store, send and receive cryptocurrencies like bitcoin. There are many types of crypto wallets available on the market. Different crypto wallets offer additional features, so you should research the pros and cons of each crypto wallet before deciding on the one for you. Many people are also choosing to create a crypto wallet as they learn more about cryptocurrencies, as they seem like a convenient place to store and manage your digital currency. The following arecrypto wallets explained with 9 platforms:
1. CoinBase Wallet
Coinbase Wallet is a free downloadable and web-based wallet. It also offers a service known as Coinbase Vault, which is somewhat similar to a hardware wallet. The features of Coinbase are as follows:
● Convert other coins into Bitcoin (BCH)
● Buy and sell Bitcoin (BTC)
● Send and receive Bitcoin (BTC)
● Sending Bitcoin from Coinbase to another service, such as the external exchange GDAX or Binance, where you want to convert your BTC.
● Receiving Bitcoin from another service such as Binance or Bittrex.
In addition to the above features, Coinbase provides analytics showing the current status of each account. You can also see all your transactions and balance for each currency, along with a custom set of forwarding instructions.
Coinbase allows you to easily access your bitcoin from any computer or device and check how much is available. You can also see all the information on each transaction and purchase transaction.
2. GreenAddress
GreenAddress is a Bitcoin wallet connecting to the server from a laptop, desktop computer, phone, or tablet. The features of GreenAddress are as follows:
● Send and receive BTC
● Spending limits for each transaction (4-12 blocks) for added security.
● Sign bitcoin transactions offline. You can store all signing keys in hardware and only transmit the transaction to the network when ready to be broadcast to avoid theft.
3. Ledger
The Ledger wallet is a Chrome extension that allows you to access your altcoins and Bitcoins.
● ShapeShift: Exchange between Bitcoin (BTC) and other supported cryptocurrencies directly within the app.
● Receive Bitcoin, Litecoin, Ether, and many other altcoins in your wallet.
To use the Ledger wallet, you should have the Nano S or Blue hardware to store your private keys offline. This protects your funds from computer viruses that could transfer them without your knowledge.
The Ledger Wallet supports most of the popular altcoins: Bitcoin (BTC), Dash, Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), Zcash, Stratis, and many other altcoins.
4. Mycelium
Mycelium is a mobile application and a software wallet that allows you to store and manage bitcoin, Ethereum, litecoin, ZCash (ZEC) and Bitcoin Cash (BCH).
Mycelium can be used on any Android device and requires the Mycelium wallet installed on your mobile device.
Mycelium allows you to back up and restore private keys.
The features of Mycelium are as follows:
● No registration is needed.
● ShapeShift support: exchange between bitcoin, Ethereum, litecoin and zcash directly within the app.
● 3-of-5 multisignature backing for security. Allows you to secure your wallet with multiple devices for safety against theft. Keys for multi-signer wallets must be maintained in separate locations to prevent theft if one key is stolen.
● BTC, ZEC, LTC, ETH and DASH addresses.
● Send and receive bitcoin to another address or person.
● Send bitcoin from account to address without any fee as default.
5. Coinomi
Coinomi is a powerful platform for buying, selling and storing Bitcoins. The features are as follows:
● Buy & sell Bitcoins directly from within the app using supported coins only. You can browse Bitcoin exchanges and purchase the currencies you want to exchange with Bitcoin (BTC).
● Buy and sell altcoins within the app using supported coins only.
● Import paper wallets from other software wallets/hardware wallets & accounts.
● Export and import private keys for each bitcoin account held in other software or hardware wallets/accounts.
● Decentralized exchange means that no 3rd party is involved when you trade between two addresses.
The security of Coinomi wallet is assured by the device on which it runs. All private keys are stored on the device, and you control them if the device is safe.
6. Jaxx
Jaxx is a platform that provides you with a simple interface to convert between cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and other virtual currencies .
Jaxx also allows you to buy nearly any cryptocurrency with fiat currency through Shapeshift. You can then send these to other platforms or receive them as payment.
The features of Jaxx are as follows:
● Sending Bitcoin, Ethereum and other ERC20 tokens from a device running the Jaxx wallet to another user
● View your current balance and transaction history
● Create new wallets on any device implemented with the Shapeshift function, while still being able to access your entire wallet history.
● Accept Bitcoin and other currencies as payment through your personal link located in the footer of your website.
7. MyEtherWallet
MyEtherWallet gives you the ability to generate a new address and balance for each ETH account, manage multiple accounts at once, and view your account information on your smartphone or computer.
You can pay for services with MyEtherWallet through third party services by converting Ethereum into fiat currency.
MyEetherWallet has many built-in features that make it easy to see how much Ether (ETH) is in your account at a glance.
The MyEtherWallet features are as follows:
● Send and receive BTC, ETH, and ERC20 tokens.
● No registration required, the wallet is accessible without special access.
● Send ETH and other ERC20 tokens to another user or address through the built-in Shapeshift feature. Use our platform to convert between altcoins and BTC, or simply transfer between addresses.
● View a transaction history of your other accounts.
8. Binance
Binance is one of the most popular cryptocurrency exchanges in the world. Binance has a daily volume of $460 million, which makes it one of the top 20 most popular cryptocurrency exchanges in the world.
Binance has many features and benefits:
● You can navigate to various exchanges in your area or countries. There are more than 140 global trading markets.
● Low trading fees. There are 0.1% fees on all transactions, with the exception of the BNB token which will give you a 50% discount on trading fee if used to pay for your transaction.
● You can participate in different ICO’s by using the Binance platform and paying for the ICO with other cryptocurrencies or FIAT money.
● You can trade BTC, ETH, LTC, XRP, NEO and other cryptocurrencies available on Binance.
9. Changelly
Changelly is a platform that allows you to exchange between cryptocurrencies including BTC, ETH, XRP, BCH and LTC. You can use Changelly even if you don’t have a cryptocurrency account yet.
Changelly has many features, such as:
● The opportunity to convert altcoins into bitcoin or other cryptocurrencies that you already own.
● A variety of payment options such as credit cards and bank transfers. Binance supports credit cards from different countries so you can choose your preferred one from our database.
● No need to register in advance; one can exchange cryptocurrencies within minutes.
● Instant exchange between any pair of cryptocurrencies.
Conclusion
There are many wallets for each cryptocurrency and you should take your time to choose the one that suits your needs and which has the best security.
Always use 2FA (two-factor authentication) to increase the security of your wallet account. A crypto wallet is like a bank account, so you should keep your password safe. If anyone finds out your password and manages to gain access to your account, they may be able to take all the tokens from your wallet.