Cryptocurrency All-in-One For Dummies. Peter Kent
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You then move the file to a USB drive or something similar in order to move it to your offline computer.
See Table 3-3 for examples of popular desktop wallets. Some advantages of desktop wallets (which fall into the category of software wallets) include the following:
They’re a convenient choice if you trade cryptos from your computer.
You aren’t storing your private keys on a third-party server.
If your computer has never been connected to the Internet, a desktop wallet can be safer than an online wallet.
TABLE 3-3 Popular Desktop Wallets
| Name | Description | Pros | Cons |
|---|---|---|---|
Exodus, www.exodus.io
|
First to offer multiple cryptocurrencies in a single wallet. Cold wallet with easy key backup-and-restore operations. | Visually appealing and informative, easy-to-use interface. | Source code is not open source. |
Mist, https://sourceforge.net/projects/ethereum-wallet.mirror
|
Cold wallet and the official Ethereum wallet, developed by those who created Ethereum. | Created by the Ethereum Foundation, and an officially endorsed wallet. | Less user-friendly than other wallets. |
MetaMask, https://metamask.io/
|
Cold wallet running as a Firefox or Chrome extension. Supports easy switching between test and live Ethereum networks. | Partially funded by the Ethereum Foundation, easy to use in Chrome. Easy to switch between test and live networks. | Released only as a Chrome extension, making it possible for other websites to see that you have a wallet installed. |
But desktop wallets do come with some disadvantages:
Using your crypto assets on the go is more difficult.
If you connected the wallet to the Internet, it turns into a less secure hot wallet.
If you don’t back up your computer and it dies, you lose your cryptos.
Hardware wallet
A hardware wallet can arguably be one of the safest types of crypto wallets out there. These wallets store your private keys on a device like a USB drive. You’re still able to make online transactions, but the wallets are offline most of the time, so you can consider them cold wallets. Check out Table 3-4 for a short list of popular hardware e-wallets.
TABLE 3-4 Popular Hardware Wallets
| Name | Description | Pros | Cons |
|---|---|---|---|
Ledger Nano S, www.ledger.com/products/ledger-nano-s
|
Most popular hardware wallet. Secure physical device that supports multiple cryptocurrencies and uses two-factor authentication. | Small. Hardware designed for security. Supports over 700 types of coins and tokens. | Cost ($59). Requires client software to control crypto-assets. |
Trezor, https://trezor.io/
|
Secure physical device that supports multiple cryptocurrencies and uses two-factor authentication. | Established reputation. Physical buttons or touchscreen. Supports nearly 700 types of coins and tokens. | Cost ($59 for Model One). Requires a web wallet to control some stored crypto-assets. |
KeepKey, www.keepkey.com
|
Similar to the Ledger Nano S and Trezor features, but with a slightly larger screen. | Firmware is open source. Designed to meet current blockchain requirements. | Cost ($49). Relative newcomer. Limited number of supported coins and token types. |
Here are some advantages of hardware wallets:
They’re one of the safest crypto wallet options.
They’re great for storing large amounts of cryptocurrencies that you don’t want to use on a day-to-day basis.
Some disadvantages of hardware wallets include the following:
They’re the most expensive type of wallet.
They aren’t as user-friendly as other wallets, especially for beginners.
Paper wallet
A paper wallet is a super-cold crypto wallet; see Table 3-5 for examples. To use it, you print out your private and public keys. You can send funds by transferring the money to the wallet’s public address, and you can withdraw or send your currencies by entering your private keys or by scanning the QR code on the paper wallet.
Some of the advantages of paper wallets include the following:
They’re ultra hacker-proof.
You don’t store them on a computer, mobile phone, or third-party server.
TABLE 3-5 Popular Paper Wallets
| Name | Description | Pros | Cons |
|---|---|---|---|
ETHAddress, https://github.com/ryepdx/ethaddress.org
|
Open-source project with source code you can compile and run on your own computer to generate private and public keys. |
Open-source code. Useful for |