Topic: A Beginners Guide: Cryptocurrency Wallets (Read 157 times)

Absolutely right, this information can be help not only in all newbie of course it can help too in all members in any rank. Wallets is more safer than Cryptocurrency exchange because only you can know how much your money now in short it is the private transaction that all hacker can't hack that.

I agree, although high in price (relatively speaking), hardware wallets like Trezor and Ledger Nano S are the way to go. That being said, it is important to buy these devices only from legit sellers.

Good thread and very informative,i should have given you a merit if i got some.Most of the newbies here needs something like this,if you dont know which wallet is the most secured,i can tell you by experience it is the harwallets,because they have extra features which allow you to transact without using or putting your keys in any exchanges,you can transfer your coins by just some buttons,or phrase that will act an extra confirmation plus if you have lost a hardwallet you can easily recover it using your recovery phrase.

You don't have SVP wallets: Simplified Payment Verification , this one doesn't verify anything, it  relies on current nodes in the network and have to trust them. This is available with BitCoinJ


Hardware wallets is not a must, I personally don't own one and so far I have kept my coins safe because I know how to keep them safe. However for people who don't like to learn a lot about this matter hardware wallets are somewhat the most easiest and safest solution.

It is a very useful topic for beginners. I would recommend newbies to check hardware wallets specifically. Everybody should buy The Ledger Nano S or Trezor Wallet for their coin safety.

Great topic. Those with Ledger Nano S hardware wallets, should look into how to prevent the "man in the middle attack" - a vulnerability that was recently discovered.

fyp, but otherwise well written and you forgot about mobile wallets but we don't need an explanation on those I don't think.

Hello thank you for this thread which i found very useful i want to ask about hard draive wallets like leadger i would see your advice on which you think it is easy and effective in using and further add on how to purchase it.

A wallet is typically safer than a cryptocurrency exchange. A wallet for cryptocurrencies is similar to a bank account. Wallets allow you to store your coins, receive coins, and send your coins. There are main types of cryptocurrency wallets which include Software Wallet, Web Wallet/Hosted Wallet, Hardware Wallet, and Paper Wallet.


Desktop Wallets

This type of wallet requires a download of software which can be installed onto the desktop of your PC or Mac. Generally, a cryptocurrency i.e. Ethereum will allow you to download their wallet however some require you to download the blockchain and this is 100GB plus in size. If you have limited bandwidth alternatives include MultiBit and Amory which allow you to create and make use of a wallet without downloading blockchain information. For mobile devices, MyCelium, Electrum, and Copay offer high quality wallet clients for Android and iOS devices and they come with complete backup features.

Web/Hosted Wallet

This type of wallet is accessible via the internet and hosted by a third party. They are popular due to their ease of use as you can access your wallet from any internet connected device. However, they are not the most secure as private keys are kept by the third party. Regardless Coinbase does offer a comparatively secure wallet that is worth considering.

Hardware Wallets

This type of wallet is an offline, hardware device that has to be plugged into a device for transaction. They offer higher levels of security as private keys are generated on the device whilst it is offline. They are favoured for their ease of use and additional features around password protection i.e. face recognition. The Ledger Nano S and Trezor Wallet are both able to hold large range of coins.

Paper Wallets

This type of wallet is a paper wallet. Paper wallets offer higher levels of security, in comparison to desktop wallets and web/hosted wallets, as your address is printed onto a wallet. You can print out your address on sites such as BitAddress or WalletGenerator. Keeping mind, this type of wallet is prone to wear and tear so keep copies in a safe place.

Read:

> Bitcoin Wallet Options www.cointelligence.com/content/ultimate-bitcoin-guide
> Ethereum Wallet Options www.cointelligence.com/content/ultimate-ethereum-guide
> Litecoin Wallet Options www.cointelligence.com/content/ultimate-litecoin-guide