Cryptocurrency All-in-One For Dummies. Peter Kent
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keys.
www.myetherwallet.com
Paper wallets do have some disadvantages, though:
They aren’t user-friendly for non-geeks.
They’re harder to use for day-to-day transactions than other wallet types are.
They can catch fire.
https://WalletGenerator.net), Bitcoinpaperwallet (Bitcoinpaperwallet.org), and Mycelium (https://mycelium.com/mycelium-entropy.html). Book 2, Chapter 4 has steps for setting up a paper wallet through http://www.bitaddress.org/. Mycelium offers an original and even more secure way to generate paper wallets, with a USB device that you plug directly into your printer. The device generates a paper wallet that automatically gets printed out without ever having touched your computer.
Choosing a Crypto Wallet
Depending on your cryptocurrency needs and goals, you may need more than one type of cryptocurrency wallet. For example, Kiana uses cold wallets to store larger crypto reserves and hot wallets for active trading. Regardless, you can choose your cryptocurrency wallet (or wallets) based on different characteristics, some of which are discussed in the following sections.
Based on security
Also remember that the most secure hardware wallets are normally the most expensive ones. So you should calculate whether spending that much money for a particular wallet makes sense for the amount of crypto you’re going to store in it.
Some questions you must ask before choosing the most secure wallet include the following:
What sort of authentication does the wallet use?
Is the website secure?
What do online reviews say?
CoinCentral.com, 99Bitcoins.com, and CryptoCompare.com are websites that provide an annual crypto wallet review. We recommend checking with two or more websites before making a decision.
www.ledger.com. The Trezor Bitcoin hardware wallet (created by SatoshiLabs) is another example. One catch about these wallets is that if the USB drive dies, all your cryptos go with it. That’s why you should always have a backup and keep your security codes elsewhere so that you can recover your assets.
Based on your crypto ownership
Not all crypto wallets can handle your different types of cryptocurrency assets. In fact, some wallets are purpose-built for just one cryptocurrency; many cryptocurrencies have their own official wallets, which can handle only that one crypto.
For example, Bitcoin-specific wallets include Bitcoin Core Wallet (https://bitcoin.org/en/choose-your-wallet), Mycelium (https://wallet.mycelium.com/), and Electrum (https://electrum.org/#home). See Book 3, Chapter 3 for more about Bitcoin and wallets. For Ethereum, you have options such as Ethereum Wallet (www.ethereum.org/) and MyEtherWallet (which is a paper wallet; see www.myetherwallet.com/). Book 2, Chapter 5 has steps on setting up a wallet through www.ethereum.org/. And Book 4, Chapter 5 has more specific information about choosing an Ethereum wallet.
Multicurrency wallets are an option for people who want to hold more than one cryptocurrency. The majority of online wallets provided on the exchanges (introduced in Book 5, Chapter 3) give you the opportunity to store and transact among multiple cryptos. However, if you’re using these wallets to store your crypto assets, know that your wallet security may be compromised.
www.coinomi.com/) is a popular multicoin mobile wallet. It supports more than 200 different digital tokens and a number of blockchains. It’s a great multi-asset cryptocurrency wallet. Exodus (https://www.exodus.io/) is another multicoin wallet. Your private keys remain secure on your device and never leave it. Exodus can even encrypt the private keys for you.
Based on transaction fees
If you’re planning to do a lot of crypto shopping and use digital coins on the go, you may need to be mindful of the transaction fees you’re paying along the way. This point is especially true for active traders.