For staking: Do you use one wallet per coin or a multicoin wallet eg MyEtherWall - page 4.

lizardbtc

full member

Activity: 448

Merit: 109

Quote from: SuperCrypto3000 on August 31, 2018, 09:56:14 AM

Hi Everyone

As per the title do you download the wallet developed specifically for the coin you want to stake or a multicoin wallet eg Jaxx or MyEtherWallet? Which one is safest to run on my computer 24/7? What would be the pros and cons of each? Thanks

You have to understand how staking works. Some cryptocurrencies out there use POS aka Proof of Stake and with this consensus algorythm you can stake your coins and earn in the long run. Majority of these crypto currencies require you to have your own node. By having your node you have to run it 24/7 in order for your coins to stake. Which means that even if you use some multicoin wallet such as JAXX that has support for your particular coin you won't be able to stake it. MEW has only support for ETHEREUM blockchain which includes only tokens on ethereum, while jaxx support SOME, not all ethereum tokens as well as other crypos on other blockchains.

There are however coins such as Particl that has some system called cold staking where other nodes can stake your coins in a safe way without the need for you to keep the node running, but this is for another topic.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

things like MEW are not exactly a wallet, it is just a program that you run inside your browser that has limited capabilities of a wallet such as creating a new key pair and signing transactions and broadcasting them.

for staking you need to run an actual wallet and stake your coins. you basically earn money by relaying transactions and verifying them,... and get paid based on how much coins you have while doing that. it is not exactly free money for just having the coins!
and since it is based on how much you have it doesn't matter if you do it with one wallet or multiple ones.

butka

full member

Activity: 434

Merit: 246

Quote from: SuperCrypto3000 on August 31, 2018, 09:56:14 AM

As per the title do you download the wallet developed specifically for the coin you want to stake or a multicoin wallet eg Jaxx or MyEtherWallet?

Can you stake in a multicoin wallet? I could be wrong, but I doubt that. Even if you could, why would you do that? Download and install the normal wallet, and you are good to go.

Quote from: SuperCrypto3000 on August 31, 2018, 09:56:14 AM

Which one is safest to run on my computer 24/7?

Neither is safe if your computers is compromised. Make sure you have a reasonably safe environment or a dedicated computer for staking.

SuperCrypto3000

newbie

Activity: 11

Merit: 0

Thank you for the valuable advice guys

chocopapaya

full member

Activity: 686

Merit: 131

If its safety you are thinking of, then a one coin wallet and multicoin wallet are equally vulnerable.
When you run any kind of web based or pc based wallet, it is as secure as your PC is.

Even with some advanced anti malware software, it is easy for your computer to become compromised.
Also, most wallets are hacked through phishing scams rather than a straight up trojan or bug in your computer.

Its not all doom and gloom though, I used a web wallet exclusively for 6 months and never had a problem.
I am lucky I guess?
Because when you think about it, if someone is going to hack you and they are serious about it, for the average person there is little you can do to stop it.

So it is just a risk you are going to have to take.
I imagine if you have basic security measures set up and common sense, then you will never run into problems even if you stake 24/7.

By the way, on another note, make sure compare the electricity and maintenance cost of staking 24/7 to the actual profit you get.

vlad230

sr. member

Activity: 616

Merit: 279

I think it depends on the person.

Some are paranoid and want to keep every coin in their original wallet and some prefer multi-coin wallets. The safety mainly depends on the user, a lot of wallets are hacked because the passwords are weak or because the user didn't see he went to a phishing website by mistake or didn't follow the recommendations of the wallet.

SuperCrypto3000

newbie

Activity: 11

Merit: 0

Hi Everyone

As per the title do you download the wallet developed specifically for the coin you want to stake or a multicoin wallet eg Jaxx or MyEtherWallet? Which one is safest to run on my computer 24/7? What would be the pros and cons of each? Thanks

Topic: For staking: Do you use one wallet per coin or a multicoin wallet eg MyEtherWall - page 4. (Read 550 times)