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Choosing a cryptocurrency wallet

by MarketBillion
Choosing a cryptocurrency wallet

“Which wallet to choose for cryptocurrency?” question without a single correct answer. Someone needs a wallet for cryptocurrency without fail, someone is looking for a reliable wallet for cryptocurrencies, and someone is convenient and fast. 

Types of e-wallets for cryptocurrency 

There are more and more wallets for cryptocurrency. At the end of 2017, there were more than a thousand cryptocurrencies in the world and an indefinite number of wallets for them. Therefore, conducting a complete review and comparison of electronic wallets for cryptocurrencies is almost impossible. But the classification according to the main criteria is much easier to do. 

Wallets for digital cash are: 

  • cold wallets for cryptocurrency; 
  • hot wallets for cryptocurrency. 

The first is installed on some devices that can be disconnected from the network. The second is online wallets. Their data is permanently stored on the Internet, much like the contents of an email box. 

But the “temperature approach” describes only one of the principles. The variety of performances is much wider.

There are also wallets: 

  • thick; 
  • thin. 

When connected to the system, thick wallets copy the entire amount of blockchain information into themselves. For bitcoin today, this is about 170 gigabytes of data. Once downloaded, the usdt wallet online becomes another node on the blockchain. 

Thin wallets work with data that remains on the network, not a personal computer. The wallet transmits keys to the network for authorization and management of funds. Thin wallets for cryptocurrencies require much fewer resources and work faster but are recognized as less reliable. 

An electronic wallet can be designed: 

  • for one cryptocurrency; 
  • store several currencies. 

Single currency wallets are more accessible. More reliable. They are more often cold but can support multiple cryptocurrencies. Multi-currency wallets are more convenient for fast transactions. 

In recent years, some wallets have ditched the anonymity share for greater security. The entrance to such wallets must be confirmed using the phone.

Electronic wallet for cryptocurrency – which one is better to choose? 

Pick the one that the most suits your special requirements. The most reliable cryptocurrency wallet is likely not too fast and, therefore, unsuitable for frequent transactions. Someone needs a ripple online wallet for long-term digital asset storage, a wallet for withdrawing cryptocurrency collected from free faucets, etc. 

The following classification would be appropriate: 

  • Cold hardware wallets installed on computers, reinforced printouts of keys on paper, and other precautions. Web wallets and mobile applications will be more convenient for those who only want to try cryptocurrencies that do not have large amounts. 
  • For those who are especially concerned about their anonymity, both cold and hot options are suitable, but without telephone identification, disclosure of an email address, and other personal information. Mobile applications will seem unreliable to such users. 
  • For constant transactions, it is better to choose web wallets. Access to them is open at different times and from other devices. No download time is required.

Over time, if the relationship with cryptocurrencies develops, everyone will have their own practical experience and preferences. But the overall result with a high degree of probability will be as follows: Reliable, safer, faster, and more convenient will be a combination of several wallets with one owner: 

  • cold and thick ones for storing cryptocurrency; 
  • hot, fast, multi-currency online wallets – for transactions and withdrawals. The requirements for anonymity are dictated by personal circumstances and the state’s attitude towards cryptocurrencies.

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