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Ranking the best Litecoin wallets of 2020

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If you are planning to use Litecoin, the first thing you need is a Litecoin wallet.

In order to use any cryptocurrency, you need a wallet, which is a digital file that can hold an unlimited amount of cryptocurrency. You need a wallet in order to stash your Litecoin and send/receive more.

All Litecoin wallets have a wallet address, which is a unique identifier on the Litecoin blockchain that consists of a random series of numbers and letters. If you want to send Litecoin to another user, you need to know that person’s wallet address, while the reverse is true if another user wants to send you Litecoin.

All cryptocurrency wallets, including Litecoin wallets, are separated into hardware and software wallets. Hardware wallets are physical devices similar to USB drives that are used to store Litecoin, while software wallets are digital files accessible from a computer, tablet, smartphone, or other device.

Here’s our rundown of the best Litecoin wallets available today.

9. LiteAddress.org

LiteAddress.org is a website that generates paper wallets, a low-tech and easy way of securing your Litecoin.

A paper wallet is a wallet consisting of a QR code printed on a piece of paper. You simply generate a paper wallet using LiteAddress.org, transfer your funds to it, then print it out. You are advised to laminate it and stick it in a safe place so it doesn’t get lost.

One of the advantages of a paper wallet is that it provides a maximum of security with a minimum of effort. Paper wallets are impossible to hack since they are just pieces of paper. Anyone can print one out and use one, so the learning curve with a paper wallet is nonexistent.

However, paper wallets are difficult to retrieve funds from. Additionally, if you lose your paper wallet or damage it, your funds will be lost forever.

Paper wallets lack the versatility of other types of wallets, but are still a good choice if you just want to store Litecoin without worrying about frills or features.

8. Electrum-LTC

Electrum-LTC is a software wallet similar in design to Litecoin Core, but with a number of core changes.

While Electrum-LTC is a desktop application similar to Litecoin Core, unlike that wallet, it doesn’t require you to download the Litecoin blockchain or synchronize prior to use. This makes it much easier and more convenient to use.

Like other software wallets, Electrum-LTC boasts a 12-word seed key security system. It is also SegWit-enabled and has an added feature allowing you to “freeze” addresses. You cannot send funds from any address that is “frozen,” making it good for privacy-focused users.

Electrum-LTC is not available for mobile devices and, similarly to Litecoin Core, lacks many features that newer wallets have. However, it’s a good choice for Litecoin-centric users.

7. LiteWallet

LiteWallet is a mobile-only software wallet developed by Charlie Lee, the creator of Litecoin.

Litecoin is distinguished by its integration with Coinbase, one of the few software wallets that boasts this functionality. If you have a Coinbase account, you can connect it to your LiteWallet app, purchase Litecoin, and automatically transfer it to LiteWallet.

In addition to this, LiteWallet boasts a number of security features, including private keys and recovery passphrases.

LiteWallet is only available for mobile devices and lacks many of the frills of other software wallets. However, mobile users who are interested in buying and holding Litecoin should give it a look.

6. Litecoin Core

Litecoin Core is the official Litecoin wallet, a software wallet that is ideal for those who are looking for easy storage and aren’t interested in frills.

The Litecoin Core wallet is available for desktop users only and stores your Litecoin locally on your computer, meaning it is up to you to safeguard your wallet files and back them up. Litecoin Core, like other cryptocurrency wallets, generates private keys for security.

One major downside is that before you can use it, Litecoin Core must synchronize with the Litecoin blockchain. This can take several days depending on how fast your Internet connection is, and it also requires you to keep the Litecoin Core application open; if you close it or shut off your computer, you will have to synchronize again when you open the wallet back up.

While not as feature-rich as other wallets, Litecoin Core offers a good deal of security and is best for those who want to get set up with a minimum of busywork.

5. Jaxx

Jaxx is a mobile-focused software wallet noted for its accessibility to newcomers.

In addition to Litecoin, Jaxx supports several other cryptocurrencies. It also has an exchange system built in, allowing users to directly trade cryptocurrency without the use of an external exchange.

For security purposes, Jaxx uses a 12-word backup seed that allows users to restore their account at any time. Jaxx also gives users control over their private keys and allows them to be exported at any time, which stands in contrast to some software wallets that don’t give users access to their own keys.

Jaxx is available for both desktop and mobile devices and is ideal for newbies who want to store and use Litecoin without jumping through too many hoops.

4. Exodus

Exodus is a multi-currency software wallet that boasts an inbuilt portfolio system, strong security features, and a clean interface.

Unique among software wallets, Exodus has a built-in portfolio feature that allows you to track the value of your Litecoin and other holdings over time. Much like Atomic Wallet, Exodus also has a built-in decentralized exchange, allowing you to directly exchange one cryptocurrency for another without having to use a middleman.

Exodus is noted for its clean, intuitive interface and its security features, which include a one-click recovery system, allowing you to restore your wallet with a 12-word recovery phrase. Exodus is also usable on desktop and mobile devices.

Exodus comes highly recommended for users who wish to track the value of their Litecoin holdings easily and securely.

3. Atomic Wallet

Atomic Wallet is a non-custodial software wallet known for its clean interface, security features, and ease of use.

Atomic Wallet supports over 300 different cryptocurrencies, including Litecoin. Its most distinguishing feature is its decentralized exchange system. Atomic Wallet users can directly exchange cryptocurrencies using a peer-to-peer system in the app, as well as buy Litecoin and other currencies with a debit or credit card.

In addition to this, Atomic Wallet boasts a mnemonic seed security system, encrypting your private keys and preventing them from being hacked. Private keys are tied to the device on which you install Atomic Wallet and do not leave it.

Atomic Wallet is available for desktop and mobile devices and is a strong choice for users who are looking for a combination of flexibility and security.

2. Trezor

Trezor is a hardware wallet known for having some of the best security features on the market, as well as for being one of the oldest hardware wallet models still around today.

Trezor supports several other cryptocurrencies aside from Litecoin, including Bitcoin and Ethereum, though it does not support as many different coins as the Ledger Nano S. It also has an LED screen that allows you to check your balance and guard against theft, as all transactions need to be manually confirmed using the screen.

The Trezor wallet also features a 24-word recovery seed, allowing you to regain access to your funds in the event that your wallet is damaged or lost.

Trezor devices are slightly cheaper than Ledger devices, making them a good choice for those who want a less expensive hardware wallet but don’t want to compromise on security.

1. Ledger Nano S

The Ledger Nano S is one of the most popular hardware wallets in the world and is famed for its ease of use, security features, accessibility, and pricing.

A multi-currency wallet, the Ledger Nano S supports Bitcoin, Ethereum, and many other cryptocurrencies in addition to Litecoin. It includes a built-in LED screen, allowing you to check your balance without having to use a computer, and it also includes a PIN code feature that allows you to secure your wallet against theft.

In addition to this, the Ledger Nano S has a backup seed key, which will allow you to regain access to your funds in the event your wallet is damaged or stolen.

As a final bonus, the Ledger Nano S is compatible with many popular software wallet apps, allowing you to easily transfer money between them if you wish to make purposes.

The Ledger Nano S is priced modestly, putting it within the reach of most people. If you want a wallet that will keep your Litecoin secure while also making it easy to access, the Ledger Nano S is the way to go.

FAQ

1. What is a Litecoin wallet? A Litecoin wallet is a digital file that is used to store Litecoin. Wallets can hold an unlimited amount of Litecoin and are classified into two types: hardware wallets and software wallets.

2. Why do I need a Litecoin wallet? Wallets are the sole means by which Litecoin can be stored, sent, or received. All Litecoin in the world is held in a wallet of some kind.

3. How do Litecoin wallets work? All Litecoin wallets have a wallet address that identifies them on the Litecoin blockchain. Litecoin wallet addresses appear as a series of random letters and numbers, though they can also be rendered as QR codes, allowing you to scan them with a mobile device for ease of use. If you want to send Litecoin to another user, you need to know that person’s wallet address, and vice versa if someone else wishes to send you Litecoin. To send Litecoin, you enter the desired amount and wallet address of the recipient using your wallet app. As an alternative, you can do this instantly using QR codes.

4. What separates hardware and software wallets? A hardware wallet is a physical device on which Litecoin is stored. Hardware wallets are designed similarly to USB pen drives and can be similarly connected to a computer or other device to access the funds on them. Software wallets are apps, programs, or websites on which Litecoin is stored. Hardware and software wallets are separated by their ease of use and security features. Hardware wallets are generally more secure than software wallets since they are physically disconnected from the Internet until you choose to plug them in, keeping their contents safe from hackers and exploits. However, software wallets are better for those who use their Litecoin to make purchases because they don’t require you to connect a physical device in order to access your funds. Most Litecoin users use hardware and software wallets together to perform different functions, with hardware wallets used for long-term, secure storage and the latter used for quick transactions. Depending on how you are planning to use Litecoin, you will likely need to use different wallets for different functions.

5. What is the difference between “hot” and “cold” storage? “Hot” storage is a wallet that is always connected to the Litecoin blockchain. “Cold” storage refers to wallets that are only connected to the blockchain when the user chooses to connect them. All hardware wallets are “cold” storage because they are physically separated from the blockchain except when the user chooses to connect them. In contrast, software wallets are typically “hot” because they are always connected to the Internet.

6. What is a paper wallet? A paper wallet is a type of hardware wallet that is printed on a piece of paper. Paper wallets were originally used for Bitcoin, but were quickly adopted to work with Litecoin as well due to Litecoin’s similarities to Bitcoin. To create a paper wallet, you simply use a paper wallet generator to create a wallet and private keys, transfer your Litecoin to it, and then print it out onto a piece of paper. This low-tech method of storing Litecoin is favored by some users because of its incredible security. Unlike “normal” hardware wallets, paper wallets cannot be hacked, making them secure against external threats. They also do not need to be configured in any way; once you have printed out your paper wallet, you’re finished and can safely store it without having to learn how to use an app or hardware device. However, paper wallets are insecure in another way; if you lose your paper wallet or damage it, your funds are lost forever. Paper wallets are also extremely difficult to transfer funds to and from after they are printed. It is for this reason that more technologically advanced hardware wallets have been developed. However, paper wallets remain popular among a core of Litecoin users. For best practices when using paper wallets, laminate your wallet after creation and store it in a secure location. Additionally, do not print your wallet out on a shared printer (such as one at a library or computer store), because many printers store image files when printing something, and if someone else gains access to an image file of your paper wallet, they can steal all your funds.

7. If software wallets are less secure than hardware wallets, why does anyone use them? Hardware and software wallets serve different purposes. Hardware wallets are more effort to use than software wallets because they must be physically connected to a computer or other device in order to be used. This makes hardware wallets a bad choice for those who want to make frequent transactions. Additionally, the fact that hardware wallets are physical objects means that they can be damaged or lost, running the risk that any Litecoin stored on them will be lost as well. Hardware wallets are ideal for those who want to store their Litecoin securely and are not planning on using it for transactions, while software wallets are ideal for those who want to buy and sell Litecoin with a minimum of hassle. It is likely you will end up utilizing both hardware and software wallets for different purposes as part of your cryptocurrency usage.

8. Are software wallets safe? No computer system in the world is 100 percent safe; any server or computer can be hacked if a hacker has the time and resources. However, many popular wallets have reduced the risk of hacks to near-zero through the use of security measures such as mnemonic seeds, passphrases, PIN codes, email verification, two-factor authentication, and more. Another way software wallets keep your Litecoin safe is by making redundant backups to guard against server malfunctions. Some software wallets even augment their security through the use of “cold” storage in the form of hardware wallets. These features make the likelihood of your funds being stolen or hacked close to zero. When selecting a software wallet, investigate its security features before you entrust it with your Litecoin.

9. Is it safe to keep Litecoin on exchanges? The answer to this question depends on the exchange. Some people are wary of using exchanges to store cryptocurrency due to hacks and leaks. However, many leading cryptocurrency exchanges are now fully compliant under U.S. and international law, using bank-grade security features and standard privacy functions such as two-factor authentication. Users also have the ability to seek legal restitution if their funds are stolen or hacked. This makes large-scale collapses, such as the type suffered by Bitcoin exchange Mt. Gox in 2014, extremely unlikely in the future. Having said this, you should always look into an exchange carefully before you trust it with your Litecoin.

Recap

If you are planning to use Litecoin, you need a Litecoin wallet. No matter what you are planning to use Litecoin for, a wallet is necessary, though what type of wallet you need depends on what you are planning to use Litecoin for.

If you want to simply hold Litecoin for an indefinite period and guard it against thieves and hackers, you want to use a hardware wallet because their security is unparalleled. You can’t get more secure than a device that physically keeps your Litecoin off the Internet and in your personal possession. However, if you’re planning on trading Litecoin or using it to make purchases, you’ll want to select a software wallet that you can access from your desktop or mobile device so you can easily transfer funds.

Choosing a Litecoin wallet is important because too many users have lost Litecoin and other cryptocurrencies to a number of factors, including hacking, theft, poor security, scams, or their own carelessness. You want to select a wallet that will not only protect your Litecoin in the present, but keep it safe for the future.

Another factor to consider is privacy. If you want to keep your Litecoin transactions away from the public eye, you’ll want to select a wallet that comes with anonymity and privacy features. Many Litecoin wallets allow users to exchange currency without providing any personal details, which keeps your financial activity away from the public sphere.

There are countless Litecoin wallets available on the Internet, and each of them are designed with a specific user in mind. Day traders, casual traders, HODLers, and merchants all have wallets designed to meet their needs. No single wallet can be all things to all users, so it’s up to you to do your research before you commit to a particular wallet.

Before you choose a Litecoin wallet, you’ll want to figure out what you are planning to use Litecoin for and what you need to accomplish your goals. Whether you are planning to buy and sell things with Litecoin, day trade it for quick gains, or simply hold onto it for the future, you can find a Litecoin wallet that will be able to help you.

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Wallets

Ranking the best Bitcoin Cash wallets of 2020

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If you are interested in using Bitcoin Cash, the first thing you need is a wallet.

All cryptocurrencies require wallets, which are computer files that are capable of storing an infinite amount of a given cryptocurrency. You need a wallet in order to store your Bitcoin Cash and send or receive more.

All Bitcoin Cash wallets are identified by their wallet addresses. These are unique strings of letters and numbers that identify the wallet on the Bitcoin Cash network. If you want to receive Bitcoin Cash from another user, they must know your wallet address, and the reverse applies if you want to send someone else Bitcoin Cash.

Bitcoin Cash wallets, like other cryptocurrency wallets, are separated into hardware and software wallets. Hardware wallets are physical devices akin to USB pen drives that allow you to store your Bitcoin Cash, while software wallets are computer programs, smartphone apps, or websites that store your Bitcoin Cash digitally.

Here are our picks for the best Bitcoin Cash wallets out there.

8. KeepKey

KeepKey is a hardware wallet known for its longevity.

Unlike competitors such as the Ledger Nano S and Trezor wallets, KeepKey is rather bulky. However, unlike Trezor, it includes support for Bitcoin Cash. It features an LED screen with a PIN system, preventing thieves from accessing your funds since they must know the PIN in order to access the device.

While KeepKey is not as advanced as its competitors, its low price, ease of use, and its support for Bitcoin Cash make it worth considering for some users.

7. CashAddress

CashAddress is a website that creates paper wallets, an easy and low-tech way to store Bitcoin Cash.

A paper wallet is a wallet that consists of a piece of paper with a QR code printed on it. To create a paper wallet, you generate one with CashAddress, transfer your funds to it, then print it using a printer. You should then laminate it and stash it in a safe place to ensure it doesn’t get misplaced.

Paper wallets are advantageous in that they offer maximum security with very little effort. Unlike regular hardware wallets, paper wallets cannot be hacked since they aren’t computer systems; you can’t hack a piece of paper. Additionally, paper wallets are easy to set up, since all they require is a printer and paper.

One major problem with paper wallets is that they are difficult to retrieve funds from. Additionally, they require you to keep tabs on them; if you lose your paper wallet or it is damaged, your funds will be lost forever. Unlike hardware wallets, paper wallets lack mnemonic seeds or other recovery systems.

While paper wallets lack accessibility, if you just want to store Bitcoin Cash for the long haul without using it very often, they’re a good, simple solution.

6. Atomic Wallet

Atomic Wallet is a software wallet that features a simple interface and extensive security and usability features.

One of Atomic Wallet’s greatest selling points is its extensive cryptocurrency support; you can store over 300 cryptocurrencies, including Bitcoin Cash, via the wallet. Like Exodus and Jazz, Atomic Wallet also has a built-in cryptocurrency exchange system. Like Jaxx, Atomic Wallet allows users to buy cryptocurrency with a credit/debit card.

Atomic Wallet protects users through its mnemonic seed system, which encrypts users’ private keys as a safeguard against hacking. Additionally, Atomic Wallet private keys are tied to the device the wallet is used on as an additional security precaution.

Atomic Wallet is available for desktop and mobile devices. If you’re looking for a software wallet that is feature-rich, Atomic Wallet is a good choice.

5. Exodus

Exodus is a software wallet noted for its clean interface, built-in portfolio system, decentralized exchange features, and extensive security options.

Exodus is distinguished from its competition in part because it offers a portfolio feature that allows users to track the value of their Bitcoin Cash and other holdings within the app itself, saving them from having to use a separate portfolio program. Similarly to Jaxx, Exodus is also noted for its decentralized exchange system, allowing users to buy and sell cryptocurrency within the app itself, though unlike Jaxx, Exodus does not support debit/credit cards.

In addition to this, Exodus boasts a clean, easy-to-use interface and strong security, which includes its one-click recovery system, a feature that allows users to restore their wallet by using a recovery phrase.

Exodus is available for both desktop and mobile devices, though older phones may not be compatible with it. Exodus is ideal for those looking for an all-in-one solution for portfolio management, trading, and wallet storage.

4. Electron Cash

Electron Cash is a software wallet that is specifically designed for use with Bitcoin Cash.

A fork of Electrum, one of the oldest Bitcoin wallets around, Electron Cash is noted for its speed and flexibility, allowing you to store, send, and receive Bitcoin Cash without having to download the blockchain to your computer.

In addition to this, Electron Cash uses mnemonic seed phrases to back up user data, allowing you to retain access to your funds even if you are locked out of your account.

Electron Cash is primarily a desktop wallet but is also available for Android phones. While its lack of support for other cryptocurrencies may be a deal breaker for some users, if you are just interested in storing Bitcoin Cash, Electron Cash is a good choice.

3. Jaxx

Jaxx is a mobile-centric software wallet designed for accessibility.

Jaxx supports multiple cryptocurrencies in addition to Bitcoin Cash, such as Bitcoin and Ethereum. It is also noted for its built-in exchange, allowing users to buy and sell cryptocurrency without having to use another exchange as a middleman.

Jaxx’s most important security feature is a 12-word backup seed that can be used to restore your account if you lose access to your device. In sharp contrast to many software wallets, Jaxx allows users to control their private keys and export them whenever they want.

Available for both desktop and mobile operating systems, Jaxx is a good choice for newbies who want to store their Bitcoin Cash without getting hung up on details.

2. Coinomi

Coinomi is a lightweight mobile software wallet designed for ease of use.

Boasting support for over 125 cryptocurrencies, Coinomi has become a popular software wallet for users who wish to use multiple cryptocurrencies with a minimum of hassle. The wallet also supports SegWit and allows users to make peer-to-peer cryptocurrency purchases through a decentralized exchange system, as well as with their debit/credit cards.

Coinomi also includes a number of standard security features, such as two-factor authentication and backup seed keys. In addition to this, Coinomi boasts that none of its users have ever been hacked or compromised since the wallet launched in 2014.

Originally designed for Android phones, Coinomi is also available for iOS, Windows, and other platforms, and is a strong option for those who are looking for a well-rounded software wallet.

1. Ledger Nano S

The Ledger Nano S is one of the world’s most popular hardware wallets. Ledger wallets are favored among many cryptocurrency users for their security features, usability, and affordable prices.

The Ledger Nano S is a multi-currency wallet that supports many other currencies aside from Bitcoin Cash, making it perfect for storing all of your holdings. It boasts a built-in LED screen, which allows you to check your balance without plugging the device into your computer. The Ledger Nano S also uses a PIN code feature that prevents unauthorized users from gaining access to your funds, useful if you lose your wallet.

As a safeguard against the device being stolen or lost, the Ledger Nano S incorporates a backup seed key. This allows you to regain your funds if you no longer have access to your wallet due to theft, loss, or damage.

Finally, the Ledger Nano S integrates with many popular software wallets and exchanges. This allows you to easily move money between your Ledger Nano S and the Internet if you want to make purchases.

The Ledger Nano S stands out for its modest pricing, making it a favorite of both serious Bitcoin Cash users as well as newbies. For the ideal blend of security, accessibility, and functionality, the Ledger Nano S is the way to go.

FAQ

1. What is a Bitcoin Cash wallet? A Bitcoin Cash wallet is a computer file that can be used to store Bitcoin Cash. Wallets can contain an infinite amount of Bitcoin Cash and are generally classified into two types: software wallets and hardware wallets.

2. Why do I need a Bitcoin Cash wallet? Wallets are the only way you can store Bitcoin Cash. All Bitcoin Cash in existence is held in a wallet.

3. How do Bitcoin Cash wallets work? All Bitcoin Cash wallets have a unique wallet address. This address identifies the wallet on the Bitcoin Cash blockchain. Bitcoin Cash wallet addresses are rendered as a series of random numbers and letters, though they can also be generated as QR codes, allowing them to be scanned with a tablet or smartphone for easier use. If you want to send Bitcoin Cash to another user, you need to know their wallet address; if someone wants to send you Bitcoin Cash, they need to know your wallet address. To send Bitcoin Cash, enter the desired amount and the wallet address of the intended recipient using your wallet address. To speed up the process, you can use QR codes instead if you have access to a mobile device.

4. Is it possible to send Bitcoin Cash to a Bitcoin wallet or vice versa? No. Following the Bitcoin fork on August 1, 2017, Bitcoin and Bitcoin Cash became two entirely separate cryptocurrencies and blockchains. While they share much technology due to their origin, they are completely different cryptocurrencies. Sending Bitcoin Cash to a Bitcoin wallet or vice versa will result in your funds being lost forever. Because of this, you should only send Bitcoin Cash to Bitcoin Cash wallets. Anyone who held Bitcoin at the time of the fork received an equivalent amount of Bitcoin Cash in a separate wallet.

5. What separates hardware and software wallets? Hardware wallets are physical devices used to store Bitcoin Cash. Hardware wallets are designed in a fashion similar to USB pen drives and can be connected to a computer or other device to access and move funds. Software wallets, in contrast, are programs, apps, or websites on which Bitcoin Cash is stored. These two types of wallets are separated by how easy and convenient they are to use and their level of security. Hardware wallets are the most secure way to store your Bitcoin Cash since they are only connected to the Bitcoin Cash blockchain and Internet when you choose to plug them in, meaning they cannot be accessed by hackers. However, software wallets are a better option for those who are planning to use Bitcoin Cash to make purchases because they don’t need to be physically plugged in before use. Most Bitcoin Cash users use both hardware and software wallets depending on what they want to do. Hardware wallets are typically used for long-term storage while software wallets are used for trading and transactions. Depending on how you are looking to use your Bitcoin Cash, you will need both hardware and software wallets to accomplish different types of tasks.

6. What is the difference between “hot” and “cold” storage? “Hot” storage is a term used to describe wallets that are always connected to the Bitcoin Cash blockchain. “Cold” storage is used to refer to wallets that are only connected to the blockchain when the user elects to connect them. Hardware wallets are all “cold” storage by default since they are physically separated from the Internet except when the user plugs them in. Software wallets are usually “hot” because they are always connected to the blockchain.

7. What is a paper wallet? A paper wallet is a variant of hardware wallet that is printed on paper. Paper wallets were originally invented for use with Bitcoin and were subsequently adapted for Bitcoin Cash use when it forked from Bitcoin. To create a paper wallet, you use a paper wallet generator to create one along with private keys, transfer your Bitcoin Cash to the new wallet, and then print the wallet out using a printer. This simple, low-tech method of storing Bitcoin Cash is used by some cryptocurrency enthusiasts due to its high level of security. Because they are just pieces of paper, paper wallets cannot be hacked, making them safe from many threats. They also do not need to be configured in the same way that hardware and software wallets do; once you have printed your paper wallet, you merely need to store it without having to learn how to use a hardware device or app. However, paper wallets require you to keep track of them; if your paper wallet is damaged or lost, your funds are lost with no way to get them back. Paper wallets are also extremely inconvenient and are difficult to transfer funds to and from after they are printed. Because of the inadequacies of paper wallets, more advanced means of storing cryptocurrency have been developed. Despite this, paper wallets are still used by a small core of Bitcoin Cash users. To ensure the safety of your paper wallet, laminate it after printing it and then store it in a secure place. Additionally, you should only print out paper wallets on printers that you own. Using a shared printer at a library or computer store is a poor idea because many printers store image files of anything that they print, and if someone else finds an image file of your paper wallet, they can make off with your Bitcoin Cash.

8. If software wallets are less secure than hardware wallets, why does anyone use them? These two types of wallets serve different purposes. Hardware wallets are a poor choice for those who need to make frequent transactions because they need to be physically connected to a computer or other device in order to be used. In addition to this, you run the risk of losing all your Bitcoin Cash if your hardware wallet is damaged or lost. Hardware wallets are a good choice for those interested in long-term storage of Bitcoin Cash and don’t need to make frequent transactions. Software wallets are ideal for those who want to buy and sell Bitcoin Cash and use it to make transactions without having to jump through hoops. You will likely end up using both hardware and software wallets for different purposes as part of your Bitcoin Cash usage.

9. Are software wallets safe? There is no such thing as a computer system that is 100 percent safe. Any server or computer can be hacked with sufficient time, expertise, and resources. However, many popular wallet programs and devices have reduced the risk of hacking considerably through the use of security features such as PIN codes, passphrases, mnemonic seeds, email verification, two-factor authentication, and the like. Some software wallets also use redundant backups in order to protect your Bitcoin Cash against server errors, while others further safeguard their users’ cryptocurrency through the use of “cold” storage in the form of hardware wallets. All of these features make it extremely unlikely that your Bitcoin Cash will be stolen or hacked. When you are looking for a software wallet, you should check out its security features before you make the plunge.

10. Is it safe to keep Bitcoin Cash on exchanges? It depends on the exchange. Some users are suspicious of using exchanges to store their Bitcoin Cash due to the risk of leaks and hacking. However, many popular cryptocurrency exchanges, such as Coinbase, are now fully compliant with U.S. and international finance law, featuring bank-grade security and privacy functions. This legal compliance also allows users the option of legal redress if their funds are stolen or lost. These enhancements on the part of exchanges make large-scale failures and thefts unlikely to occur in the future. Despite this, you should always review an exchange carefully before you choose to use it to store your Bitcoin Cash.

Recap

If you are looking to use Bitcoin Cash, you need a Bitcoin Cash wallet. Which type of wallet depends on your needs and goals.

If your plan is to hold Bitcoin Cash for the long haul and protect it from thieves and hackers, you’ll want to go for the unparalleled security of a hardware wallet. You can’t get more safe and secure than a device that is only connected to the Bitcoin Cash blockchain when you choose to connect it. On the other hand, if you want to use Bitcoin Cash to make purchases and trade with it, you’ll need a software wallet that can be easily accessed from your computer or mobile device.

Choosing a Bitcoin Cash wallet is important because too many users have lost their funds due to carelessness, hacking, theft, and security holes. You want to use a wallet that will keep your funds safe for years to come.

There are many different types of Bitcoin Cash wallets available on the Internet, each designed for a different type of user. Casual traders, HODLers, merchants, and other types of users can all find wallets that are tailored for them specifically. No single wallet will serve everyone’s needs, so it’s your job to find a wallet that will work for you and help you accomplish your goals.

Whether you are planning to hold Bitcoin Cash as an investment for the future, buy and sell things with it, or trade it on the open market, you can find a Bitcoin Cash wallet that is perfect for you.

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Wallets

Ranking the best Ethereum wallets of 2020

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If you are interested in using Ethereum, you need to know about Ethereum wallets.

All cryptocurrencies require wallets, which are digital files that can hold an infinite amount of cryptocurrency. You need a wallet in order to store Ether, send it to other users, and receive it.

Every Ethereum wallet has a unique wallet address, which is a series of letters and numbers that identify it on the Ethereum blockchain. If you want to receive Ether, you need to give your wallet address to the person who is sending it to you; the reverse applies if you want to send Ether.

Ethereum wallets, like all cryptocurrency wallets, are separated into hardware wallets and software wallets. Software wallets are digital programs that can be accessed from your computer or smartphone, while hardware wallets are physical devices.

Here’s our rundown of the best Ethereum wallets on the web today.

12. KeepKey

KeepKey is a hardware wallet noted for its security features.

The KeepKey wallet is distinguished by its PIN system, which must be entered using the keypad on the device in order for transactions to be approved. This prevents hackers from tampering with the device, since all transactions need to be physically confirmed using the device.

KeepKey is more expensive than other hardware wallets and its bulky, plastic frame make it more prone to damage if dropped. However, it is still a quality hardware wallet.

11. MyEtherWallet

MyEtherWallet is an open-source software wallet that is popular among Ethereum enthusiasts due to its ease of use.

MyEtherWallet does not require personal info to be used and is distinguished by its private key functionality. Additionally, MyEtherWallet allows users to directly create and access smart contracts, a key aspect of Ethereum’s appeal to users.

In addition to this, MyEtherWallet allows users to directly exchange Ethereum and Bitcoin. It is also integrated with Ledger and Trezor hardware wallets, making moving money incredibly easy.

MyEtherWallet is not as feature-rich as some other software wallets, but its smart contract functionality, compatibility with hardware wallets, and open-source nature make it appealing as an option.

10. Coinbase

Coinbase is a cryptocurrency exchange that is widely recognized as one of the most trustworthy and intuitive in the world.

Fully regulated by U.S. and international finance laws, Coinbase boasts bank-grade security for storing and trading Ethereum. It allows users to purchase Ether and a number of other cryptocurrencies using bank transfers or debit/credit cards, and it also features “vaults,” specialized cryptocurrency wallets with added security measures.

In addition to this, Coinbase features a robust mobile app in addition to a web interface.

Overall, Coinbase is a good choice for both holding Ether and buying and selling it.

9. MetaMask

MetaMask is a software wallet designed for those who want to use decentralized Ethereum apps.

Unlike other software wallets, MetaMask functions similarly to an Internet browser, allowing you to not only send and store Ether, but search for decentralized apps to install. This is a good option for those who are looking to use Ethereum for software usage and development.

MetaMask boasts password-encrypted private keys, securing your Ether from hackers and making accessing your funds a cinch.

While MetaMask’s specialized design may be off-putting to more casual users, it’s a strong choice for those who are looking to download, install, and develop decentralized apps.

8. Exodus

One of the world’s first multicurrency crypto software wallets, Exodus is a flexible platform for storing, buying, and selling Ethereum.

Exodus’ most notable feature is a built-in peer-to-peer exchange system, which allows you to buy and sell cryptocurrency without using a separate exchange such as Coinbase. It also offers an attractive user interface with price charts, allowing you to track the value of your Ether over time.

Exodus supports a large number of cryptocurrencies and is noted for its tight security protocols. It also does not require an email to use. One downside to Exodus is that it requires an Internet connection to use.

While it can be unwieldy for some users, Exodus is a strong option for those looking for an all-in-one wallet, portfolio system, and cryptocurrency exchange.

7. Jaxx

Jaxx is an Ethereum software wallet designed for accessibility and usability.

Jaxx supports several different cryptocurrencies, including Ethereum and Bitcoin, and is noted for its secure private keys, which are fixed to your mobile device. Jaxx offers seed keys to allow you to restore your account from another device.

In addition to this, Jaxx is an anonymous wallet that does not require you to input any personal information in order to use it. This makes it ideal for those who put a premium on privacy online. Jaxx is available for Windows, Mac OS X, Linux, iOS, and Android.

For privacy-concerned users, Jaxx is an extremely strong option.

6. Argent

Argent is a software Ethereum wallet noted for its top-of-the-line features and mobile functionality.

Designed for mobile use, Argent is distinguished by its integration with Compound.Finance, a service that allows you to earn interest on your Ether by lending it out. It also features a built-in DApp (decentralized app) browser, allowing you to download and install apps that are powered by the Ethereum network.

Argent is also noted for its ease of use, tying your wallet to your email address and phone number and allowing you to recover your account with either.

While not as feature-rich as some other software wallets, Argent’s simple interface make it a good choice for newbie investors, while its integrations make it a solid choice for those who want to earn interest or use apps.

5. Atomic Wallet

Atomic Wallet is an all-in-one software wallet and exchange that makes storing Ether, as well as buying and selling it, extremely easy.

Unique among software wallets, Atomic Wallet has a built-in exchange system that allows you to purchase and sell Ether using a debit or credit card. Atomic Wallet touts its coming Atomic Swap system, which will allow users to directly exchange cryptocurrencies without relying on a middleman.

In addition to this, Atomic Wallet uses private keys for security, encrypting them on your device in order to protect your funds against hackers.

Atomic Wallet is easily the best choice for those who are interested in storing and buying Ether without having to jump through many hoops.

4. Guarda

Guarda is a software wallet that is compatible with Ethereum, Bitcoin, and a number of other cryptocurrencies.

Available for desktop computers as well as mobile devices, Guarda protects your Ether through the use of a private key. No one can access your wallet without using the private key, making it highly secure. Guarda is also noted for its privacy features; no personal information is required to use the service. This makes it a good choice for those who want to keep their Ethereum activities secret.

While Guarda’s interface can be wieldy for first-time crypto users, its surfeit of features make it a powerful choice for those who are looking for a good software wallet.

3. Trezor

Trezor is one of the leading hardware wallet manufacturers, and the Trezor hardware wallet is noted for its affordability and usability.

Originally designed for use with Bitcoin, Trezor hardware wallets are now compatible with Ethereum, including all non-Ether tokens. Trezor wallets store Ether in a secure computer chip that can only be accessed with a password, insulating your money against hackers.

The Trezor wallet is lightweight, making it easy to store and carry, and also comes in a number of different colors. It is also modestly priced compared to other hardware wallets.

Overall, the Trezor hardware wallet is a good choice due to its reliability, price, and security features.

2. Ledger Nano S

The Ledger Nano S is a budget version of the Ledger Nano X, great for those looking for an inexpensive hardware wallet without sacrificing security and usability.

One of the Ledger Nano S’ best functions is its LED screen, which allows you to use your Ether directly without having to plug the device into a computer. This feature safeguards your currency against hackers, since all operations involving the Ledger Nano S must be confirmed by physically using the device.

In addition to this feature, it boasts many of the same features as the Ledger Nano X, including support for all Ethereum tokens as well as support for non-Ethereum cryptocurrencies.

The low price of the Ledger Nano S makes it a strong choice for consumers who are looking to save money while still keeping their Ether secure.

1. Ledger Nano X

Ledger is one of the world leaders in hardware wallets, and their Ledger Nano X model is easily their best in terms of security, flexibility, and technological advancement.

The Ledger Nano X is a hardware wallet that integrates with many popular software wallets and exchanges, allowing you to easily move money between your wallet and the wider blockchain. This model includes a longer-lasting battery as well as Bluetooth functionality, making it easier to manage your funds.

In addition to supporting Ether itself, the Ledger Nano X is compatible with all Ethereum-based tokens and also supports many other cryptocurrencies, such as Bitcoin. This makes it a handy way to keep all of your crypto investments secure.

Further adding to its value, the Ledger Nano X is modestly priced and comes with free firmware upgrades for life.

Overall, the Ledger Nano X is the best hardware wallet for those concerned about keeping their Ethereum investments safe.

FAQ

1. What is an Ethereum wallet? An Ethereum wallet is a digital file that is used to store an infinite amount of Ether, Ethereum’s base token. Ethereum wallets are classified into two types: software wallets and hardware wallets.

2. Why do I need an Ethereum wallet? Wallets are the only means by which you can send, receive, or store Ether. All Ether in existence is held in a wallet.

3. How does an Ethereum wallet work? All Ethereum wallets have a wallet address, which identifies the wallet on the Ethereum blockchain. Ethereum wallet addresses are rendered as a string of random letters and numbers, though they can also be generated as QR codes, allowing them to be scanned by a tablet or smartphone for easier use. If you want to send Ether to another user, you must have that person’s wallet address; the reverse is true if someone wants to send you Ether. To send Ether, you enter the desired amount and the wallet address of whoever you are sending it to. If you use QR codes, this can be done instantly.

4. What is the difference between software and hardware wallets? Software wallets are websites or apps that store Ether on your computer, mobile device, or on the Internet. Hardware wallets are physical devices that you download your Ether onto in a fashion similar to a USB drive. The primary difference between hardware and software wallets is convenience and security. Hardware wallets are the safest way to store your Ether because they are only connected to the blockchain when you physically plug them into your computer or other device, minimizing the chances that your money will be swiped by hackers. Software wallets, on the other hand, are better for making transactions since they don’t require you to plug in a physical device. Many Ethereum users will use hardware and software wallets in combination, using the former for long-term storage and the latter for making transactions, so you will likely find yourself using multiple wallets depending on what you are looking to do.

5. What is the difference between “hot” and “cold” storage? A “hot” wallet is a wallet that is always connected to the Ethereum blockchain, while a “cold” wallet is only connected to the blockchain when the user chooses to connect it. All hardware wallets are “cold” because they are disconnected from the blockchain and the Internet until the user chooses to connect them, while most software wallets are “hot” because they are always connected online.

6. If hardware wallets are safer than software wallets, why doesn’t everyone use them exclusively? Hardware wallets are more cumbersome than software wallets because, as noted above, they must be physically plugged in in order to be used. If you are planning to use Ether to make purchases, hardware wallets add an additional step that may be inconvenient. Adding to this, the fact that hardware wallets are physical objects means that they can be lost or damaged, and if this happens, any Ether stored on them is lost forever. Hardware wallets are best for those who wish to store their Ether and are not planning on making many transactions with it, while software wallets are ideal for those who wish to buy and sell Ether without having any delays or difficulties.

7. Are software wallets safe? There is no computer system in the world that is 100 percent safe; any computer can be hacked given enough time and resources. Having said this, most popular wallets have security measures in place designed to make hacking difficult to near-impossible. These include passphrases, mnemonic seeds, private keys, PIN codes, two-factor authentication, email verification, and a host of other features. Many software wallets will also make redundant backups as insurance against server failures, while hardware wallets are often used in tandem with some software wallets for added protection. These features greatly reduce the chances that your Ether will be stolen or hacked. When looking for a software wallet, you should examine its security features carefully before entrusting it with your money.

8. Is it safe to keep Ether on exchanges? Many veteran Bitcoin users will remember the collapse of Mt. Gox, one of the first Bitcoin exchanges and the largest by volume until it closed operations in 2014. The fall of Mt. Gox resulted in the theft of 850,000 Bitcoins, worth roughly $450 million at the time. Since that time, cryptocurrency exchanges have become more secure, adding additional security features and also becoming compliant with national and international finance laws. Major Ethereum exchanges such as Coinbase are officially sanctioned by the U.S. government and other governments, giving users legal recourse in the event of theft and hacking. This makes a collapse on the scale of Mt. Gox unlikely to occur in the future. Having said this, you should always do your research on an exchange before entrusting it with your money.

9. What is an ERC-20 token and are Ethereum wallets compatible with them? ERC-20 tokens are non-Ether tokens that use the Ethereum blockchain as a base. Ethereum is unique in that it allows users to create their own tokens, which many have done in order to accomplish things that are not possible with the existing Ether token. Many popular cryptocurrencies such as CHAINLINK either operate as ERC-20 tokens or began on the Ethereum network before moving to their own blockchains. Most standard Ethereum wallets are also compatible with ERC-20 tokens due to the fact that they utilize the same technology. Having said this, you should ensure that your chosen wallet is compatible with the ERC-20 token you want to store, as things may change in the future. Wallets that are compatible with ERC-20 tokens will typically have separate wallets for these tokens in order to keep the tokens separate from any Ether that may also be in the wallet.

10. What is a decentralized app (DApp)? A decentralized app is a program that uses the Ethereum network to operate. Ethereum’s nature as an all-in-one computing platform has made it an attractive option for software developers who wish to create apps that are not possible using traditional programming methods. Many Ethereum wallets allow users to access and download DApps, making the process of getting them considerably easier. Some wallets also allow users to develop apps, making them an attractive option for programmers.

Recap

If you want to buy, sell, trade, or hold Ether, you need an Ethereum wallet. Which kind of wallet you need depends on what you want to use Ether for.

If your plan is to hold Ether and protect it from thieves and hackers, you’ll want to get a hardware wallet because you’ll be able to keep it off the Ethereum blockchain and in your physical possession. If you’re planning on using Ether to buy things, you’ll need a software wallet so you can easily connect to the blockchain using your computer, smartphone, or tablet.

Choosing an Ethereum wallet is important because countless users have lost Ether and other cryptocurrencies due to hacking, poor security, or their own lack of precaution. You want to use a wallet that will keep your investments safe in the face of threats not only in the present, but in the future as well.

If you are interested in keeping your Ethereum activity private, you’ll also want to select a wallet that will offer you anonymity and privacy options. Many Ethereum wallets allow users to trade without providing personal information, keeping your transactions private and personal.

There are many different types of Ethereum wallets available, each designed with a certain type of user in mind, whether they are day traders, HODLers, casual traders, or people who want to use Ether to buy and sell things. No one wallet can offer everything to everyone, so it’s up to you to determine your needs before you entrust your money to a particular wallet.

Before you choose an Ethereum wallet (particularly a hardware wallet), you’ll want to determine what your goals are with Ethereum and what you need to achieve them. No matter whether you are planning to buy and sell things with Ether, trade it to make money, or simply hold on to it for the foreseeable future, you can find an Ethereum wallet that will give you the features and security that you seek.

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Wallets

Ranking the best Ripple wallets of 2020

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If you’re familiar with Ripple, you almost certainly know about Ripple wallets.

Ripple wallets are computer files that can hold an infinite amount of XRP, the digital currency that Ripple is based on. You need a wallet to both store XRP and transfer it to other users.

Each Ripple wallet has a unique wallet address. A wallet address is a string of numbers and letters that identify the wallet on the Ripple network. If you want to send XRP to another user, you need to know their wallet address; if you want to receive XRP, the person sending it to you must know your wallet address.

Ripple wallets are separated into two types: hardware wallets and software wallets. Hardware wallets, also known as “cold storage,” are physical devices used to hold your XRP, while software wallets are digital programs that can be accessed via a computer or mobile device.

Here are our picks for the best Ripple wallets available on the Internet.

10. Exarpy

Exarpy is a software wallet that combines the flexibility of other software wallets with the privacy and security of a hardware wallet.

In contrast to “hot” (online) and “cold” (offline) wallets, Exarpy is characterized as “warm” due to the fact that it is only connected to the Internet when you wish to make a transaction. Exarpy wallets are generated offline and public addresses and private keys are stored locally, providing an additional layer of security.

Exarpy features standard security features such as two-factor authentication, PIN codes, and passphrases, though using these can be somewhat cumbersome as you are required to log in with your PIN and passphrase every time you wish to access your funds. Exarpy also has a built-in exchange system for purchasing XRP on the fly.

One notable downside to using Exarpy is that it does not support any other cryptocurrencies aside from XRP. However, for those who want added security from a software wallet and are primarily interested in Ripple, it’s a viable option.

9. Uphold

Uphold is an online software wallet and cryptocurrency exchange that has gained popularity for its ease of use, particularly for those who use debit cards to purchase cryptocurrency.

Uphold’s most unique feature is that it allows users to purchase XRP and other cryptocurrencies with their debit card, allowing for instant transactions and avoiding the delays that are common with bank transfer purchases. Users can make purchases of up to $1,000 without having to complete a KYC procedure, another selling point.

In addition to this feature, Uphold has two-factor authentication and a number of other security features. One downside in this regard is that Uphold does not give users access to their own private keys, meaning you do not have complete control over your account. Additionally, debit card purchase fees on Uphold are fairly high and can add up over time.

For users who are looking for a combined Ripple wallet and exchange, Uphold is a good choice.

8. CoinPayments

Coinpayments is a Ripple-focused software wallet, exchange platform, and online marketplace designed for users who want to make frequent purchases with their XRP.

Along with standard security features such as two-factor authentication and private keys, Coinpayments uses Multisig technology to encrypt and speed transactions. It also allows users to convert XRP to fiat currencies, with U.S. dollars and euros being among the currencies currently supported. Coinpayments is also one of the few Ripple wallets that is integrated with PayPal.

Perhaps Coinpayments’ biggest feature is its online marketplace, allowing you to make purchases from a number of online retailers using XRP. The app also supports a number of other cryptocurrencies for convenience.

One downside of Coinpayments is that its PayPal integration adds vulnerability due to PayPal’s integration with bank accounts. However, for those who are interested in using XRP to make purchases online, Coinpayments is one of your best options.

7. Cryptonator

Cryptonator is an online software wallet known for strong security and ease of use.

Compatible with multiple operating systems as well as Android mobile devices, Cryptonator distinguishes itself by offering a plugin for the Google Chrome browser as well. Cryptonator offers two-step verification and uses an encrypted SSL connection for all interactions, ensuring that your data cannot be accessed by hackers.

In addition to this, Cryptonator allows users to convert XRP into fiat currencies at the click of a button, and it boasts low transaction fees compared to similar wallets.

Due to it being an online wallet, Cryptonator has some added vulnerabilities, but the wallet also boasts a 24/7 support line that can be contacted to recover your funds. For Chrome and Android users, Cryptonator is a strong choice.

6. Atomic Wallet

Atomic Wallet is a software wallet that is recommended for its ease of use, particularly for newcomers to Ripple and cryptocurrency in general.

The biggest selling point of Atomic Wallet is its slick user interface, which makes accessing your XRP and seeing its value over time a cinch. It also boasts a built-in peer-to-peer exchange system, allowing you to purchase or sell XRP without having to go through a separate exchange, and Atomic Wallet also features support for other cryptocurrencies as well.

Unlike many other software wallets, Atomic Wallet features local private keys that are not stored online, providing additional protection from hackers. Atomic Wallet uses a mnemonic seed to generate private keys, making them difficult to guess and difficult to crack.

While not as feature-rich as some other software wallets, Atomic Wallet is a strong choice for cryptocurrency newbies.

5. Toast

Toast is a mobile-centric software or “hot” wallet known for its privacy features.

While an online wallet, Toast provides added security compared to similar wallets. Toast’s encrypted keys are generated locally, meaning that only you have access to them, preventing hackers from finding them. Toast is also open-source, which has facilitated add-ons by third-party developers.

Toast features PIN locks and passphrases as well as two-factor authentication, and it also allows you to generate a backup of your account, allowing you to retain access to your XRP even if you switch devices.

As a web-based wallet, Toast has some added vulnerability compared to hardware or local wallets, but it is still a strong option for those looking for a wallet that combines flexibility and security.

4. Guarda

Guarda is a desktop-focused software wallet that is noted for its transaction-focused nature.

Guarda is distinguished from other software wallets by charging lower transaction fees on its platform, which allows you to buy and sell XRP for less money than its competitors. Additionally, you can use Guarda to purchase XRP with several fiat currencies, including U.S. dollars, euros, and yen.

It is compatible with Windows, Mac OS X, and Linux, and it also features standard security features such as two-factor authentication and private keys.

As an online wallet, Guarda has security vulnerabilities that more isolated wallets lack. However, for those who are looking for a way to save money on transactions, Guarda is a good choice.

3. Gatehub

Gatehub is a software wallet that combines the security and flexibility of a Ripple wallet with the usefulness of a portfolio app.

Many cryptocurrency users are used to relying on portfolio apps such as Delta in order to track the value of their investments. Gatehub has a built-in portfolio system, eliminating the middleman and allowing you to access your wallet and check its value all at the same time. Gatehub also supports other cryptocurrencies aside from XRP, such as Bitcoin and Ethereum.

In terms of security, Gatehub has two-factor authentication and other standard security features. It is also listed as a recommended wallet on Ripple’s own website, giving it added credibility. You can also use Gatehub to make instant payments without having to jump through the hoops that other wallets sometimes force on their users.

The biggest downside to Gatehub is that it requires you to own a minimum of 20 XRP in order to function, and it is not as secure as some of the other wallets on this list. However, Gatehub is ideal for those who wish to make easy trades and payments and want to cut down on the amount of work they need to do for both.

2. Edge Wallet

Edge Wallet is a mobile-centric software wallet that is noted for its usability and functionality.

For added security, Edge Wallet uses local usernames and passwords instead of a centralized login, meaning that information is stored on your device instead of being fed to a central server. It boasts two-factor authentication and password recovery functionality, and as an added bonus, the two-factor authentication does not require an external app, removing a potential weak spot for hackers.

In addition to Ripple, Edge Wallet supports a number of other cryptocurrencies, and it is compatible with iOS and Android devices. It also has a built-in decentralized exchange system, allowing users to directly purchase any cryptocurrency without having to use a centralized exchange such as Coinbase.

One major downside to Edge Wallet is that it is mobile-only, meaning that users who need access to their XRP on a desktop computer will have to look elsewhere. However, if you’re fine with a mobile-centric wallet, Edge Wallet’s security features and ease of use make it a strong choice.

1. Ledger Nano S

The Ledger Nano S is a hardware wallet that is recognized as one of the best Ripple wallets for its security features, ease of use, and affordability.

As a hardware wallet, the Ledger Nano S can be easily secured from hacking, since you only need to connect it to your computer or another device when you want to send or receive XRP. It is compatible with Windows, Mac OS X, Linux, and Chrome OS devices, and can also be connected to an Android phone via an OTG cable.

The Ledger Nano S boasts its own display screen, allowing you to check details such as transaction information and the amount of XRP stored without having to connect it to an external device. It also requires you to physically use the device when engaging in transactions, which insulates it from remote hacking.

For added security, the Ledger Nano S also uses cryptographic keys and PIN codes that can only be seen and programmed by you, and are not transmitted outside of the device itself.

While many XRP wallets have limits on the amount of currency you can store, the Ledger Nano S allows you to store an unlimited amount of XRP. It is also compatible with other cryptocurrencies, such as Bitcoin.

As a hardware wallet, the Ledger Nano S requires you to keep it safe from theft and damage, and its price point may be a cause for concern from some users. However, in terms of protection, usability, and features, the Ledger Nano S is easily one of the best Ripple wallets available.

FAQ

1. What is a Ripple wallet? A Ripple wallet is a computer file that can be used to store an infinite amount of XRP, Ripple’s base token. Ripple wallets can come in software or hardware forms.

2. Why do I need a Ripple wallet? Wallets are the only way you can store XRP or use it in transactions. All XRP in the world is kept in a wallet of some kind.

3. How does a Ripple wallet work? All Ripple wallets are assigned a wallet address, a marker identifying that wallet on the Ripple network. Ripple wallet addresses appear in strings of random letters and numbers and can also be generated as QR codes, allowing them to be scanned with a smartphone or tablet. If you wish to send XRP to another individual, you must know that person’s wallet address, and the opposite is true if someone wishes to send you XRP. To send XRP, you simply enter the amount you want to send and then enter the wallet address of whoever you are sending it to. With QR codes, this can be done in a snap using your smartphone or other mobile device.

4. What is the difference between software and hardware wallets? Software wallets are apps or websites that store your XRP on your computer, mobile device, or online. Hardware wallets are physical objects that function similarly to USB drives where you can download your XRP. Software and hardware wallets are distinguished by convenience and security. Hardware wallets are the most secure way to hold XRP since they are only connected to the Ripple network when you physically attach them to your computer or other device, minimizing the likelihood that your XRP will be stolen by hackers. However, software wallets allow you to more easily send or receive XRP since they don’t require you to access a physical device. Many hardware wallet owners will also make use of software wallets when they wish to make a transaction, so you may find yourself using different types of wallets depending on your needs at the time.

5. What is the difference between “hot,” “cold,” and “warm” storage? A “hot” wallet is a wallet that is always connected to the Ripple network, while a “cold” wallet (also known as “cold storage”) is one that is physically disconnected from the Ripple network except when the user chooses to connect. All hardware wallets are “cold storage” because they are not connected to the Ripple network unless physically plugged in by the user. Most software wallets are “hot” due to the fact that they are always connected to the Internet. Some software wallets are defined as “warm” wallets due to the fact that they are only connected to the Internet when the user specifically chooses to do so.

6. If hardware wallets are more secure than software wallets, why does anyone use software wallets? Hardware wallets are far less convenient than software wallets because, as mentioned above, they must be physically connected to a computer or other device in order to be used. For those who wish to use XRP to make purchases, hardware wallets add an additional layer of access that can be annoying and inconvenient. Additionally, because hardware wallets are physical objects, damaging or losing them means you can potentially lose all of your XRP forever. Hardware wallets are ideal for those who have a large amount of XRP and want to store it securely without using it to make transactions, while software wallets are ideal for those who want to make transactions without having to jump through too many hoops.

7. Are software wallets safe? There is no such thing as a computer system that is 100 percent secure from hackers. That said, most popular software wallets have a number of security measures designed to keep users’ XRP safe. These include PIN codes, passphrases, mnemonic seeds, two-factor authentication, email verification, and many more. Many software wallets also provide regular backups in the case of server failure, and some also use hardware wallets as a form of “cold storage” for added protection. These security measures greatly reduce the likelihood of your XRP being stolen or hacked, and when looking for a software wallet, you should evaluate what kinds of security features it has before entrusting it with your XRP.

8. Is it safe to keep XRP on exchanges? Some veteran cryptocurrency users may remember the fall of Mt. Gox, one of the earliest Bitcoin exchanges and the largest by volume until its collapse in 2014. The Mt. Gox collapse resulted in roughly 850,000 Bitcoins (roughly $450 million in value at the time) being stolen. However, since then, cryptocurrency exchanges have become more secure and have also sought compliance with national and international exchanges. Major XRP exchanges such as Coinbase are licensed to operate in the U.S. and other countries, meaning that users have legal recourse in the event of hacks and theft, making the chance of a Mt. Gox-esque happening again unlikely. However, you should always evaluate an exchange carefully before using it to buy or store XRP.

Recap

If you are planning on buying, selling, trading, or holding XRP, you need a Ripple wallet. What kind of wallet is ideal for you depends on what you are planning to use XRP for.

If you plan to hold XRP and want to keep it safe from hackers and thieves, a hardware wallet is your best option due to the unmatched security of being able to keep it off the Ripple network and in your physical possession. If you plan on using XRP to purchase items, you’ll want to use a software wallet that can easily connect to the Internet and can be used on computers and mobile devices.

Choosing a good Ripple wallet is important because many users have lost XRP and other cryptocurrencies because of hacks, lax security, or their own carelessness. You want to choose a wallet that will secure your investments in the face of present and future threats.

Additionally, if you want to keep your XRP activity away from the prying eyes of others, you’ll want to choose a wallet that offers anonymity and privacy options.

There are countless Ripple wallets available on the Internet, and each is designed with a certain type of user in mind, whether they are high-volume traders, HODLers, casual users, or people looking to conduct transactions quickly. No one wallet is best for everyone, meaning that you will want to evaluate your needs and goals before diving in.

Before you choose a Ripple wallet (particularly a hardware wallet), you’ll want to assess what your needs and goals are and what, exactly, you want. Whether you are planning to buy and sell things on the Ripple network, trade XRP to make money, or simply hold on to your XRP for the future, you can find a Ripple wallet that will be able to meet your needs.

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