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5 April 2018
While in many states across the globe cryptocurrencies are not recognized as actual money, and many governments treat them as commodities or assets, users still need special instruments to hold their coins and protect them against theft. These instruments, unsurprisingly dubbed as ‘wallets’, may be hardware or software-based and differ by a range of supported cryptocurrencies and other extra perks. Today we review just a couple of examples out of thousands of wallet options available in the market for holding cryptocurrencies.
Electrum is one of the most popular software-based cryptocurrency wallets existing since 2011 and offering a high level of convenience and user-friendly architecture. It means that the wallet can be installed easily without the need to download the entire blockchain onto a hard drive unlike some other cryptocurrency wallets requiring so.
Electrum establishes a secure connection with other servers, while its serviceability is not linked to a centralized server, which is a big advantage for users in case the server is down, as the wallet will continue working without fails.
Compatible with Windows, Mac and Linux and supporting BTC, Electrum wallet provides users additional features such as setting up a ‘cold-storage’ mode for the transactions. In this case users will not be able to spend their coins, they will only be able to receive them. Some experts believe that this feature is specifically convenient for those, who view Bitcoin as a long-term investment.
Jaxx, developed in 2014, is a software wallet supporting a range of major cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Dash and Ethereum. The software can be easily installed and used either as an extension for Chrome browser, or as a stand-alone application on Mac, Windows, Linux, iOS and Android devices.
Jaxx provides cryptocurrency owners with a function of quickly switching between the balances and even exchanging one cryptocurrency unit into another one directly from the wallet. Given its closed source code, Jaxx is viewed by some specialists as a risky app, as there is no monitoring on the part of the community common for open-source software, where developers and power users may find bugs and vulnerabilities in the app. Considering this fact, experts recommend to abstain from storing large volumes of cryptocurrencies in Jaxx.
KeepKey, introduced in 2015, is a hardware wallet used to work with an array of major cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Dash, Dogecoin and Namecoin. It is a Hierarchical Deterministic (HD) wallet, which means that it may be used as a stand-alone mini-computer specifically created for storing private keys to operate cryptocurrency balances. The hardware itself is rather heavy, it is larger than an ordinary USB-drive unlike its rivals in the market.
One of the key advantages of the wallet is its support of several currencies, and its major drawback is that it is less portable, and, besides, KeepKey is reliant on third-party software. However, such reliance on the software of other vendors may be an advantage too, as it supports Windows, Linux and Mac, and may work with software wallets, including Electrum. The cost of the wallet priced at $99 is viewed by some users and specialists as somewhat unreasonable compared with other hardware-based Bitcoin wallets.
Exodus is also a multicurrency software wallet featuring almost the same functions as listed for the wallets above. It has a simple installation process and a standard set of security features, including a 12-word ‘master seed’ used by most hardware and software cryptocurrency wallets to protect the funds on the balance against unauthorized disposal and restore access to the wallet, in case the password is lost or forgotten.
In contrast with other software-based cryptocurrency wallets, Exodus provides an added-value feature to please the eye of users, allowing them to change the skins of the app. Exodus also enables account holders to use a localization function to set a home currency as a default currency in the wallet instead of USD. Like other software wallets, it features a ‘Shapeshift’ capability, or a function allowing cryptocurrency owners to exchange one coin into another.
Exciting articles several times a month