Best Altcoin Wallets: 11 wallets to safely store your Altcoins
Cryptocurrencies are virtual currencies that we cannot physically see or hold. This comes with a number of advantages and disadvantages. One of the most important things we need to consider before owning cryptocurrencies is a wallet. The cryptocurrency wallet is similar to your physical wallet in that it holds your currency. However, the similarities end there.
Cryptocurrency wallets are virtual wallets since they store and hold your virtual money. A wallet is a program you use to store, hold, and access your cryptocurrencies. We earlier on mentioned that cryptocurrencies are virtual currencies that do not exist in the same way as fiat money. Strictly speaking, virtual currencies do not exist. What exists are the transaction records. Blockchain technology stores the records.
In this regard, we are forced to adjust our definition of a digital wallet. A digital wallet is, therefore, a program that stores the records of your transactions. The records stored include the private and public key of your cryptocurrency. The program allows you to perform the basic functions of your normal bank account or wallet. These include sending and receiving your money. You also have the access to check your balance.
The wallets build a bridge between you and your unseen currency. Digital wallets allow you to have access to your cryptocurrencies with ease.
3 Best Wallets We Recommend
In the real world, the majority of us go shopping for a wallet. We consider the material that it is made of. This will give us a sense of security as we want to protect what we will put in. We can also consider how the wallet looks like and how easy it is to use. Some even have a couple of outrageous considerations. At the end of the day, all you want is a wallet that is easy to use and secures your money efficiently.
Bitcoin and crypto wallet
A digital wallet is no different. You cannot just pick one and use as if it is the only one on the market. There are a lot of things you have to consider before choosing your wallets. Your choice will depend on your preferences and the Altcoins you want to store.
Third party wallets
As the name suggests, third-party wallets are not created by the coin holder or creator. They work more or less the same as web wallets. Third party wallets allow a third party to store your coins on their remotely located servers. An example of a third party wallet is a cryptocurrency exchange. Third party wallets are an implementation of cloud computing.
The wallets exist on the web. They are virtually accessible from anywhere in the world. You can use any device to access them. One major selling point of third-party wallets is how they handle updates. A third party wallet updates automatically without needing you to do anything. Importantly, these wallets can store several coins for you.
Types of cryptocurrency wallets
There are several types of wallets. Each wallet has its own advantages and drawbacks. We will take a quick look at each of the wallet types:
Cryptocurrency wallet types explained
You download and install this wallet on your desktop. You cannot access it anywhere else except on the computer on which it was installed. This is a good security measure. You are likely to lose your money if your computer is lost, damaged or hacked.
You can download and install this wallet on your phone. It is very convenient as you can use them wherever you are. Mobile wallets can be considered to be lightweight versions of desktop wallets due to the limited space of smartphones.
Using an online wallet is similar to using Google drive. You can access your wallet using any device that has an internet connection. This is quite convenient but represents a security problem and risk. Your private keys are stored online by a third party. This makes them easily susceptible to theft and hacking.
They allow you to store your private keys on a hardware device. Hardware wallets offer a higher level of security because the keys are stored offline. You need to connect your hardware wallet device to the internet before making a transaction. Hardware wallets offer a good level of support for several currencies.
They come in two ways. Paper wallets refer to the copy of the private and public keys that you print or write down on a paper. It can also refer to a software program that generates and prints out your private and public keys. You spend your currency using a process called "sweeping." Sweeping refers to manually entering the keys printed on paper so that you can send and receive money. A better way of doing this is scanning your paper wallet's barcode.
Top 11 cryptocurrency wallets to store your Altcoins
Choosing a wallet is not an easy thing to do. It can cost you a lot of money in lost or stolen coins if not done properly. To make sure that this does not happen, we have compiled a number of wallets that you can safely use. However, as with all things on the internet, you need to use with extra caution. The safety of your digital assets should come always come first
The Ledger Nano S is one of the best hardware wallets on the market. The Ledger Nano S is in the form of a USB. The currencies supported by the device include Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, DogeCoin, Zcash, Ripple, Dash, Komodo, Stratis, Ark, Expanse, Ubique, Viacon, Neo, Stellar, Stealthcoin, Hcash, DigiByte, Qtum, and PivX.
The hardware can be connected to any computer via its USB port. The built-in screen of the device enables you to confirm transactions using side buttons. The Ledger wallet has strong security features. A backup feature allows you to restore your accounts to compatible wallets or ledger devices.
KeepKey is a plug and play hardware wallet that works in conjunction with wallet software installed on your computer. The wallet is responsible for the management and storage of your private keys. Your computer and the KeepKey generate a random key that will be used as your private key. You are then able to back up your key.
The randomly generated private key is stored in your wallet. The private key is PIN-protected. This safeguards you from people who gain an access to your wallet. The wallet has no operating system and cannot be attacked by viruses and malware. The wallet is compatible with Windows, Mac, Android, and Linux. Each KeepKey device costs $129.00.
The Cryo Card wallet is one of the best cold storage wallets you can find. It simply looks like your regular credit card but there is more to it. The card was manufactured using stainless steel and it is etched using ceramic-glass. The stainless steel gives the wallet a sturdier frame.
Its benefits and features include:
The hardware wallet supports Bitcoin, Litecoin, DogeCoin, Stealthcoin, and other cryptocurrencies. The CyroBit wallet uses the AES-256 encryption method. No one except you has access to your private key
The Exodus wallet was developed in 2015 by JP Richardson and Daniel Castagnoli. The coins currently supported by the wallet include Aragon, Augur, BAT, Bitcoin, Bitcoin Cash, Civic, Dash, Decred, District0x, EOS, Ethereum, ETH Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, and SALT. The wallet also supports several currencies including the United States dollar, Swiss franc, Japanese yen, and South African Rand.
The desktop wallet can be downloaded on a Windows, Mac, and Linux computers. You do not need to go through the account set up the process once you have downloaded and installed the wallet. Your private keys and transaction data are encrypted locally on your desktop.
The Exodus wallet gives you a full preview of your portfolio. The wallet allows you send and receive coins. Exodus' exchange allows you to convert from one coin to another, eg, Ethereum to OmiseGo. The wallet has a beautiful user interface with a dark theme. You can also customize the themes if you want.
The wallet has a 24/7 help desk for your convenience. The developers are actively updating the software and the updates are regularly posted on the wallet's website.
Stronghold is an online wallet that allows you to store and trade your digital assets. The Stellar Network was used to build the Stronghold wallet. The wallet is a distributed exchange that supports Stellar Lumens, Bitcoins, Mobius, and Ethereum. There are plans to include more coins in the future.
You are required to sign up before you can use the wallet. Signing up allows you to log into the Stronghold platform. The platform has a simple and easy-to-use interface.
You require a password to log into the platform. You can opt for Two-factor-authentication if you want added security. You need to download a Google authenticator or other similar app before you can use the Two-factor authentication method.
The Blockchain wallet is free to open. You are given a unique wallet ID which you use to access your wallet. You should not share the ID with other people. The ID does not allow you to send and receive funds. You can also download the Android or iOS app for the wallet. This helps you to make a connection with your wallet.
The wallet supports Bitcoin, Ether, and Bitcoin cash. Several security features have been added in order to protect your wallet from theft or hacking. The security measures include wallet recovery phrase, wallet password, password hint, secondary wallet password, and 2-step verification.
Jaxx is hardware wallet that supports several platforms including Windows, Mac, iOS, Android, etc. The wallet is the work of Anthony Diiorio, the co-founder of Ethereum. Jaxx was set up in 2014. You can use the wallet to store Bitcoin, Ethereum, Dodge Coin, Zcash, and more.
Explainer video on using Jaxx wallet
You can only store cryptocurrencies that you already have. The wallet is safe and secure. You have 24-hr access to customer support in case something goes wrong while using it. The wallet is free to use. It gives you total control over the private keys. The wallet syncs across multiple devices and platforms. You can download it to your smartphone and laptop. The changes that you make on one device will reflect on the other. The devices will have to be paired using a backup phrase.
Bitpanda is an online or hot wallet that allows you to buy and sell Bitcoin, Ethereum, Dash, Litecoin, BitcoinCash, and Ripple. Bitpanda has 3 verification levels. Each verification level determines your selling and withdrawal limits. It also determines the payment method you can use to acquire coins. The verification levels are Bronze, Silver, and Gold. You can buy coins via online payments, credit card, and bank transfer (SEPA).
You can use the wallet for free. It has a very nice and simple user interface that will make you feel at home right away. There is a unique feature known as Bitpanda To Go that is designed for people living in Austria. The feature allows you to buy any digital currency from any of the 1,700 post offices dotted around the country. You can only buy the coins in three denominations, namely 50 €, 100 €, and 500 € units. You then receive a 16-digit code that you can use to redeem your coins. You just put in the digits in the wallet and you and an equivalent amount of coins will be deposited in your wallet.
Bread is a hardware wallet compatible with iOS and Android devices. It is easy to use you do not need a password to log in. You only need a PIN to get access to your wallet. Your paper key can be written down for safe keeping.
The Bread wallet connect straight to the Bitcoin network so that you can quickly have to your digital currency. The wallet has no track record of your transactions. This gives more control and the sensation of using cash.
The wallet has great security that even protects you when your smartphone is lost. You can recover the wallet using the Paper Key. Bread allows you to store Bitcoins.
Coinomi is an open source wallet that stores multiple currencies. In fact, the wallet can store over 100 coins and tokens. The wallet has partnered with ShapeShift and Changelly in order to allow you to convert your crypto balance from one coin/token to another.
The wallet has decent security features. The private keys are kept on your device and the strong cryptography used ensures that your coins/tokens are well secured. Your transactions are not tracked and this gives you the freedom to do what you want. You have easy access to your funds without undergoing a lot of hustle through the KYC (Know Your Customer) bureaucracy.
There are no universal transaction fees. The fees are calculated on the fly and save money in the process. The wallet supports several languages including English, Chinese, Russian, etc. You can easily backup your wallet using only one super-paraphrase. The wallet can only be used on an Android-run device. The wallet will be available in the App store very soon.
Cryptonator is a hardware wallet that runs on Android devices. The currency supports at least 19 currencies. It has more than 800,000 active accounts and has processed 30 million transactions. The wallet allows you to send, receive, and store Bitcoins, Litecoins, Dash, Zcash, etc. You can freely convert from one currency to another at fair and attractive prices. The security is good as well as there is 2-factor authentication.
Cryptocurrencies are amazing digital currencies that many people own or are contemplating to. However, a good, secure, and easy-to-use wallet is important before you start piling your crypto-portfolio. It is very important that you understand how wallets work and which kind of wallet you need. My advice is to have a couple of wallets and spread your wealth in all of them. This is not different from how you treat your fiat money. You do not keep all of it in one place.
How to safeguard your cryptocurrencies in wallets
The different types of wallets have their own advantages and disadvantages. Store your currencies in hardware or cold storage wallets. This greatly minimizes the risk of losing your coins. Only transfer your currency to your hot wallets when you want to make a transaction.
I hope this article has taught you something about securing your digital currencies in safe wallets. If the article was interesting and informative, share it with others or leave a comment. They were not joking when they said that sharing is caring.