The major problem with "multicurrency" wallets is that they are always generally a massive compromise. Because they are not solely focused on one currency, they don't do any currency particularly well... they also usually lag behind when there are issues/changes involving a particular coin/blockchain that can lead to problems with stuck transactions, syncing or potential coin loss.
The existing multicurrency wallets are terrible but that is not an inherent property of being multicurrency it is because their developers are terrible. Otherwise since majority of cryptocurrencies are mostly the same, the code for them is not that different and the libraries could even work for all by small changes. There are already many cryptocurrency libraries out there that support majority of altcoins because of this. These wallets could use those libraries or write their own very easily. 
Topic: Bitcoin wallet (Read 248 times)
The major problem with "multicurrency" wallets is that they are always generally a massive compromise. Because they are not solely focused on one currency, they don't do any currency particularly well... they also usually lag behind when there are issues/changes involving a particular coin/blockchain that can lead to problems with stuck transactions, syncing or potential coin loss.
imo... Unless you are hardcore dealing with 10's (100's?) of different currencies, you'd be better off using wallets designed specifically for each currency.
While most of the more popular hardware wallets, Ledger and Trezor, support multiple currencies... I'd still rather use them in combination with currency specific wallets, rather than relying on Trezor/Ledger to implement features in their branded wallet suites (ie. Trezor Suite or Ledger Live etc)
imo... Unless you are hardcore dealing with 10's (100's?) of different currencies, you'd be better off using wallets designed specifically for each currency.
While most of the more popular hardware wallets, Ledger and Trezor, support multiple currencies... I'd still rather use them in combination with currency specific wallets, rather than relying on Trezor/Ledger to implement features in their branded wallet suites (ie. Trezor Suite or Ledger Live etc)
If you can avoid those instant swap services, I'd suggest you do that. It's a pain in the ass if you use them, the rates are terrible most of the time, the fees also eat your money. There's no guarantee your token will arrive within minutes, or the hour you do the transactions. Might as well risk it with cex imo. Sure you need to transfer the coin/token first, but it's way cheaper in most cases.
So many options.
And which can I also use for exchange between currencys?
Wallets like Exodus, Coinomi and hardware wallets like Trezor, Ledger or Safepal all have some third party exchanges built inside them, but there are people who are reporting problems using them.And which can I also use for exchange between currencys?
Ledger for example is using Coinify for buying and selling coins and there are many posts about them in forum saying they are a scam, other wallets like Coinomi are using third party service called Changelly.
Trezor hardware wallet have built in exchange in their Trezor Suite software and they are also using other third party services, Exodus wallet is using many third party services like
changelly, changehero, coinswitch, etc. and they are all charging some fee for swapping coins and if anything goes wrong they will not be responsible for your losses.
For example Coinomi and Exodus that were mentioned are both closed source and shady. Obviously wallets that are in these 2 group must never be used even if they look like good options.
I recommended Coinomi because I have good experience with this wallet, but I only use it for some more or less low value coins that I have collected over the years - and saving them on a hardware wallet is not an acceptable option given the need to use third-party wallets. OP uses Electrum as a wallet for BTC anyway, and this can be a pretty safe option if all the necessary measures are taken - verifying the wallet file before installation + protecting the wallet with a strong and unique password + making sure the device is virus/malware free.
The only remaining option is hardware wallets which I don't like categorizing as "wallets" because you have to pay for them, but they are the safest thing so far.
This option is safe to the extent that the user is aware of what they are doing - and many think it is enough to keep the device safe, while pretty much ignoring the fact that backup is what is a weak link in the whole process. The cost of this security is actually very negligible when compared to an average smartphone or similar device that people buy at least every 2-3 years - so anyone who wants can afford such a device for less than $50.
Multi-currency wallets are almost always bad in at least one way.
You'd definitely be better off getting a hardware wallet if you want to store multiple different coins.
And if some coins are not supported by such a hardware wallet, the question is whether you really want to hold that shitcoin. If so, the developers recommended wallet run in a VM would probably be the "best" way. in terms of security.
I definitely wouldn't recommend wallets like Coinomi (incompetent developers) or Exodus (closed source).
You'd definitely be better off getting a hardware wallet if you want to store multiple different coins.
And if some coins are not supported by such a hardware wallet, the question is whether you really want to hold that shitcoin. If so, the developers recommended wallet run in a VM would probably be the "best" way. in terms of security.
I definitely wouldn't recommend wallets like Coinomi (incompetent developers) or Exodus (closed source).
And which can I also use for exchange between currencys?
When it comes to exchanges, there are two types:- Centralized exchanges (CEX)
- Decentralized exchanges (DEX)
Centralized exchanges are easier to use, they have a bigger userbase, and more liquidity. But what you gain in simplicity and user convenience, you lose in privacy and hefty service fees. Most CEX-es require that you complete KYC before you can withdraw.
Take a look at https://coinmarketcap.com/rankings/exchanges/ for list of the most popular CEX-es.
DEX's are less popular but in sync with bitcoin's main ideas. You are not handing over control of your assets and there is no need for KYC. Bisq is a popular and often recommended DEX.
For other names, you can look here > https://coinmarketcap.com/rankings/exchanges/dex/.
The problem with multi-coin wallets including those that were mentioned so far is that they all fall into these categories:
1. Closed source
2. Shady
3. Unpopular
For example Coinomi and Exodus that were mentioned are both closed source and shady. Obviously wallets that are in these 2 group must never be used even if they look like good options.
There are open source wallets too but they are in category #3 (unpopular) which means they can have serious bugs that lead to losses.
The only remaining option is hardware wallets which I don't like categorizing as "wallets" because you have to pay for them, but they are the safest thing so far.
1. Closed source
2. Shady
3. Unpopular
For example Coinomi and Exodus that were mentioned are both closed source and shady. Obviously wallets that are in these 2 group must never be used even if they look like good options.
There are open source wallets too but they are in category #3 (unpopular) which means they can have serious bugs that lead to losses.
The only remaining option is hardware wallets which I don't like categorizing as "wallets" because you have to pay for them, but they are the safest thing so far.
Uau.
So many options.
And which can I also use for exchange between currencys?
So many options.
And which can I also use for exchange between currencys?
You use an exchange for that, because wallets with "swapping" features mostly charges humongous cuts. The recommendation would mostly be Binance, but the "best" exchange to use mostly depends on what country you're in.
You just have two options, if your purpose is to keep your coins for a long period of time just use a hardware wallet and if you want to swap/trade your coin use a legitimate exchange with a low withdrawal fee. For Bitcoin, just keep this only for the Bitcoin wallet alone, it safer than using a multi-cryptocurrency wallets.
Uau.
So many options.
And which can I also use for exchange between currencys?
So many options.
And which can I also use for exchange between currencys?
You use an exchange for that, because wallets with "swapping" features mostly charges humongous cuts. The recommendation would mostly be Binance, but the "best" exchange to use mostly depends on what country you're in.
Hi.
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
Most hardware wallets (ledger and trezor) supports multiple cryptocurrency, some desktop and mobile wallets also such coinomi and trust wallet, there are some but these are the only I trust. I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
Uau.
So many options.
And which can I also use for exchange between currencys?
So many options.
And which can I also use for exchange between currencys?
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
Most of the wallets for holding multiple coins are closed source and I would never recommend them for holding larger amount of coins but some of them like Exodus or Coinomi exist for years and people use them without any issues.
I would however suggest using some open source hardware wallets like Trezor or Bitbox that support Bitcoin and other major cryptocurrencies.
You would have to spend some money and purchase them but you will get extra benefit of offline keys and much lower risk of losing coins because of malware in your computer.
For a multi-coin wallet I wonder why nobody mentioned Exodus,is this wallet that bad not worth mentioning here or there others much better because I am keeping all my mining rewards there (Ethereum) and nothing has happened in these 3 months I am mining.
I know in the end is the user responsibility for the protection of his funds so the hardware wallet is the ultimate tool to achieving this goal.
I know in the end is the user responsibility for the protection of his funds so the hardware wallet is the ultimate tool to achieving this goal.
Hi.
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
You can try the Blockchain wallet it's a multi-coin wallet,(open source), and also Coinomi is a good candidate But if you are using multiple gadgets like Desktop, laptop, and smartphone (Android and IOS) I can also recommend the non-custodial wallets like Atomic Wallet, Imtoken, Trust wallet most of it are supporting many coins that's why it is worth to use. for the cold wallet I think the top names are Ledger and Trezor just choose any one of it.
For a multi-cryptocurrency software wallet, I'd say go mobile and go with BRD[1]. Though it will mostly depend on what specific coins you're planning on holding.
As for cold storage hardware wallet, the consensus will almost always be either Ledger[2] or Trezor[3]. Prices from both aren't that far off.
[1] https://brd.com/
[2] https://ledger.com/
[3] https://trezor.io/
As for cold storage hardware wallet, the consensus will almost always be either Ledger[2] or Trezor[3]. Prices from both aren't that far off.
[1] https://brd.com/
[2] https://ledger.com/
[3] https://trezor.io/
I guess you want a multicurrency crypto wallet, and I can recommend you try out what I’ve personally used so far. As for free options, I tried Coinomi which turned out to be quite a solid crypto wallet (I used the desktop version), and Trust wallet for Android, for which I also have no objections for now.
When it comes to hardware wallets, I am a longtime user of Ledger (both S&X models) and have no major complaints about what the devices provide - except that Ledger has seriously damaged its reputation by allowing its user data to be hacked. Trezor is definitely a good alternative, although they also have some of their flaws (the seed can be easily hacked from the device if it is not protected with a passphrase - requires physical access).
As for desktop/mobile crypto wallets, be always careful not to download the fake version - when using search engine always turn on ad blocker (I recommend uBlock Origin).
When it comes to hardware wallets, I am a longtime user of Ledger (both S&X models) and have no major complaints about what the devices provide - except that Ledger has seriously damaged its reputation by allowing its user data to be hacked. Trezor is definitely a good alternative, although they also have some of their flaws (the seed can be easily hacked from the device if it is not protected with a passphrase - requires physical access).
As for desktop/mobile crypto wallets, be always careful not to download the fake version - when using search engine always turn on ad blocker (I recommend uBlock Origin).
Hi.
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
I´m user of Electrum wallet. But it just uses BTc. Is there a trustable wallet like Electrum which can be used with almost or all other coins atm?
Which is the best cold (hardware) wallet now, because there are so many offers and it is difficult to select one?
I appreciate any help.
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