Wallet Guide? What are Cryptocurrency Wallets?
Welcome to our wallet guide. We constantly test new wallets and will add them here. if you know of a wallet that isn’t listed in our wallet guide, let us know! A Cryptocurrency wallet is where you store your cryptocurrencies. A cryptocurrency wallet not only allows you to store your cryptocurrencies but also allows you to send and receive your cryptocurrencies. The receiving Adress is your public key, anther need this to send cryptocurrencies to your wallet. The private key is yours and should be kept safe. THIS IS VERY IMPORTANT! NEVER GIVE YOUR PRIVATE KEY TO ANYONE! NEVER!
When setting up a wallet, you will be given a mnemonic seed. Write down these words on paper and store them somewhere safe. Like a vault or a safe. Your mnemonic phrase is the only way to recover your wallet should something happen to it.
Different Types of Cryptocurrency Wallets
Like with any technology, there are different kinds of cryptocurrency wallets. Usually you will encounter Hardwarewallets, Softwarewallets, Paperwallets, and Webwallets. Sometimes you will read or hear the term Hotwallet or Coldwallet. A cryptocurrency Hotwallet is one that is connected to the internet. A Coldwallet is a wallet that is not connected to the internet. A common practice is to keep your large funds in a cold wallet and a small amount in a Software Wallet on your PC, Mac, Linux Box or a mobile Android or iOS Device. Let’s take a look at the different kinds of wallets that are currently available. Detailed cryptocurrency wallet guides and test are coming soon. Stay tuned!
Hardware Wallets (recommended)
Hardware cryptocurrency wallets should be the first choice. Over the last couple of years, the Ledger, Trezor and Keepkey cryptocurrency wallets have established themselves as the got to product to keep your bitcoins and other altcoins safe. They are usually directly connect via usb or a usb cable. The chip which contains your private keys is completely isolated, even when connected to a computer.
The only better way to store your cryptocurrency is to make a multisig wallet and keep the keys physically and geographically separated. This makes a withdrawal a little more complicated, it is worth the effort for the added safety.
Paperwallets have been around a long time and are often used as gifts. Paperwallets need to generate barcodes that are then printed out and need to be kept safe. We don’t recommend the use of paper wallets since the private and public keys are usually printed directly next to each other, you have to trust a third party to generate the wallet and the key and it has to be sent to a printer. Too many vulnerabilities…
Software wallets are the most common wallets around. Most of the Software wallets available are easy to use and fast to set up. You should always use the official wallet or a wallet that is officially endorsed by the cryptocurrency you wish to use. (Wallets that are not consider safe enough by the community will not be listed here or with a warning and no link) They come with different toolsets, some even allowing you to create an cold wallet with an air gapped PC. Full Node Wallets need to download the blockchain of the the desired cryptocurrency while Light-Node Wallets don’t require to store the whole blockchain on your PC or Mac.
Mobile Wallets for iOS & Android
Mobile wallets are definitely the easiest to use. And that is exactly the selling point: ease of use. Some mobile wallets are coin specific others let you add a plethora of different coins. We recommend that you NEVER use a mobile wallet to store large amounts of cryptocurrencies, a hardware wallet is the safer way to do that. Use these mobile cryptocurrency wallets to store small to medium amounts, just enough that you can use it to pay for whatever you wish to buy. PRO TIP: Don’t put your wallets on your home screen of your phone, use a really strong password, save your mnemonic phrases or your seed key in a safe place. And don’t lose your mobile!
iOS & Android Wallet Apps
Mircowallets are great if you’re claiming from faucets and other earning sites like Cointiply. You can collect your Cryptocurrencies in these micro wallets and transfer, spend or invest them. Or you can use these as your central collection hub and transfer your funds to your hardware or software wallet when needed. Most of these let you earn bitcoin and other altcoins as well.
One of the biggest Microwallets available! Thousands of faucets pay out to faucetHUB with 11 different cryptocurrencies available. Many different ways to earn and store Bitcoin, Ethereum, Litecoin, Doge, BitcoinCash, BitCore, BlackCoin, Dash, Peercoin, Primecoin and Potcoin.
Eobot is a combination of a Microwallet, faucet and Cloudmining. The Eobot faucet has a high claim and you can choose from a plethora of coins including: Bitcoin, Ethereum, Cardana, Litecoin, Doge, EOS and many more
Another Must-Have MicroWallet. The Wallet is needed to claim your coins from the high paying moon faucets. Collect and store your Bitcoins, BitcoinCash, Dash, Litecoin and Doge. For every claim you also get Coinpot Coins which you can exchange into the currency of your choice.
Probably the Microwallet with the most different coins! With over a 100 different coins and many, many ways to earn, earncrypto has become a popular way to earn cryptocurrencies and collect a wide Variety of coins