There are many people asking here in this forum on which is the best wallet to use to hold and keep their altcoins, there are many best altcoin wallets we can use to make ourselves assured that our money is in the right place.
First let us all discuss what altcoin is, at the beginning of the crypto world, bitcoin is the very first successful currency that has been made by Satoshi but as time goes by different cryptocurrency has also been created and all of those coins that is not under bitcoin is called altcoins.
Software altcoin wallets
- It is simply a broad name for application-based altcoin wallets, it can be separated on three categories, (web) wallets, desktop wallets, and mobile wallets.
Online (web) wallets - it is a cloud-based applications that users can access via their computers, all you need do is register on the application, get your private key, and start facilitating transactions, there are many people who are using this kind of wallet because it is really easy to use, but for me it is not advisable to use because it is prone to attacks compared to other wallets because it is an online wallets that store users’ private keys.
Desktop altcoin wallets - Desktop wallets are one of the best wallet out there. but it is not that easy to access this kind of wallet because you have to the entirety of the coin’s blockchain on your computer before you can transact using a desktop wallet. you have to do that first before you get started, but most of the people who are holding a huge amount of money are using that kind of wallet, they spend so much money and time just to have access on that kind of wallet in their computer just to make their money safe.
Mobile altcoin wallets - As technology evolves, using of mobile phones becomes more prominent and that is why they had created a mobile altcoin wallets which is more convenient to use compared to your computer. it is a mobile app that allows users to store their private keys and access it on the go. With mobile wallets that support multiple coins, you can put all your crypto holdings into one wallet and access them at any given time, but the downside of using it is when your mobile phone has been stolen, you won't have access on it anymore and the one who hooked up your mobile phone will be the one who will gain access on it.
Hardware altcoin wallets
- it is an opposite of software wallet because the private keys are embedded into a hardware device designed to function as a wallet, it can be also called as an offline wallet because we don't need to use internet connection just to access it. There are several hardware wallet providers in the crypto space, and you might need to do extensive research to pick the best hardware wallet for altcoins.
Paper altcoin wallet - it is less technical compared to other hardware wallets, because the only thing you need to do is to generate your public address and private key and print it out or write it on paper but once you have lose your paper and its content, your money will also lose as well unless you have copies of that paper.
Important FAQs
1.What alt coins are supported by these wallets?
- All altcoin wallets are multicoin wallets. The only difference is the number of coins each wallet supports.
2.How safe are altcoin wallets?
- Asking this kind of information is really important because one thing that we need to consider before trying the the wallet is it safeness and its security, it is really safe because you can use biometrics in this kind of wallet.
3.How is with altcoin wallet accessibility?
- accessibility means how this wallet can easy to use, based on some definition above some of the wallet has its own difficulties of using.
4.Do you need to update altcoin wallets?
- Yes, as technology evolves, device should be upgraded as well to avoid attacks from other.
5.What are the additional features of altcoin wallets?
- this wallets are exploring something just to suit the needs and wants of their users, some wallets have adopted features that go beyond securing crypto.
These are the 12 altcoin wallets for you.
1. MyEtherWallet - MyEtherWallet [MEW] is a free and open source platform, compatible with ETH and its tokens, which allows you to interact directly with the Ethereum blockchain, create wallets, send and receive ETH and its tokens or interact with smart contracts (smart contracts) among other options.
2. Trezor - it is an easy to use browser, using this Wallet, you can easily set up the device, manage your cryptocurrency assets, initiate transfers to other services or friends, and more. It is also possible to use your Trezor device with other wallets.
3. Trust wallet - it is an iOS (Open Source) and Android (Closed Source) wallet for Ethereum and other Ethereum-based tokens. It keeps your private keys stored locally and features an open source and audited code.
4. Ledger - is a smartcard based Bitcoin hardware wallet bringing maximum protection level to your bitcoins without sacrificing usability or control, it manages your Bitcoin and Litecoin accounts efficiently and securely.
5. Keepkey- it is one of the leading hardware wallets for cryptocurrency with support for more than 40 digital currencies. It is affordably priced, easy to use, and has a decent design.
6. Cryptonator - it is an online wallet for diverse cryptocurrencies that offers a built-in exchange feature with fastest transactions. It also allows an instant trade for multiple altcoins within one personal account.
7. Exodus Multi Currency - it is an elegant and complete ‘Blockchain Asset Wallet’ that makes it easy to store, manage and exchange several cryptocurrencies from a single wallet.
8. Jaxx Multi Currency - it is a popular multi-currency hot wallet developed by Decentral, a well-established name in the industry and a crypto innovation hub known for its electronic exchangers.
9. Coinspot Multi coin - it provides a wallet for all of the Cryptocurrencies it has on offer so you can safely store them in escrow and move them whenever you need to.
10. Holytransaction wallet - If you want to open your HolyTransaction wallet or if you already use our platform, you should set up your 2FA in order to improve the security of your account.
11. Bitgo wallet - uses multisignature technology to underpin its product offering by sharing keys between themselves and the user.
12. MyCrypto - is not a web wallet and cannot recover your private key or password, access your account, move funds, recover funds, nor cancel/reverse transactions.
Source: https://cryptolinks.com/altcoin-wallet