Topic: POINTS TO CONSIDER WHEN CHOOSING A WALLET - page 2. (Read 336 times)

Personally im happy with coinbase for btc and myetherwallet for both eth and all other eth based tokens and both of them have been hassle free for me, i have not seen anything negative but i do think that in coming years a universal wallet that can store all the blockchains and tokens should be introduced for ease and adoption.

Security is still important. If you hold only $500, you don't want them to be stolen

At the end of the day, is much more about how much crypto do you own and if it makes any sense to spend your time and money protecting it. If you hold 500 usd you don´t need anything really

Thanks for the info. I hope it will help a lot of newbies to choose the right wallet. But if you are careful with your private key, you can use the simple MEW. It is a great and very comfortable wallet. You can also buy a Ledger if you want to be more safe.

Yes! That is a good point, both hardware and web wallet has the advantage. There were also mobile application that has good security feature like what I am using which is HODLER wallet. The wallet gives full control over the fund Unlike well known wallets like jaxx and samurai which is not open source wallet this don't give us the total assurance that our funds are safe since there is still thrid party involve. On the other hand, MEW wallet is good but only token and not other like coins can be stored to it. Hodler is a multi wallet so user can have whatever coin he prefer even ERC20 token, this wallet offers simplicity, userfriendly feature and security at the same time.

The most important thing is security. That's crucial.
It must be user friendly, everything must be simple.
Also I like when I can store different cryptos, so multycurrency wallet is my choice;)

I agree on this statement, wallet should be more secured and user friendly, this is one of the best thing to considered in choosing and storing the coins and tokens, although different wallets have their own security and advantages. I still prefer web wallets like MEW rather than choosing hardware wallets, because i feel like if im gonna lose the hardware wallet, then its the end of everything.

Yes, we have to be free from trusted thrid party. We deserve a wallet that offers simplicity and security at the same time. You might consider to look at Hodler wallet in this site: https://hodler.tech/?lang=en
It is the only multi wallet having fully open source feature.

I agree on this, wallet should really offer great security and as much as possible giving you all the control over your funds. I never heard a multiwallet that is having open source technology, the Hodler wallet is interesting.

All statements are just based on what I have experience from using different kind of wallet. Hopefully, this would help you get informed and decide what wallet is worth to choose. Choosing a wallet is really an important decision on getting started in your journey with crypto investment.


Here are some points to consider when choosing a wallet:

1.   Security Application. What is the technology behind the wallet?
2.   Simplicity. Is it user friendly? Can I store multiple kind of coins?
3.   Cost. Is it free? Will the transaction fee will cost me much?
4.   Back up Feature. Is it safe against malicious software?


Open Source Technology
   Wallet should be having an open source technology, the risk for potential vulnerability can be fixed quickly since the code are allowed to be publicly viewed. Open source wallets are important; this keeps you from being tricked from malicious websites. Most well-known multi wallet like Coinomi, Exodus or Jaxx – are not Open Source. When a wallet is not open source, you cannot verify the security of your assets instead just trust that the third party has good intention. But personally, I would choose a wallet that holds the saying “Don’t Trust, Verify!”.

Simplicity
   A wallet should be user friendly, a user with no tech background could and should easily use it for sending and receiving cryptocurrency right after downloading it. A better wallet also supports large number of coins and tokens, making it suited to the needs of everyone whatever cryptocurrencies they prefer to use.


SEGWIT supported

   Segwit or Segregated Witness, is an alternative transaction format allows transaction sized to be reduced, and therefore also reduced fee and increased transaction speed. A wallet is better if segwit supported, it changes the way in which information is stored on the blockchain.


Secure Backup
A wallet should allow you to have a feature which restore a wallet without having to type in your seed – the password will be enough, and the QR code of the seed doesn’t even need to be displayed on the screen of your device. This can provide a line of defense against malicious software trying to capture the screen of your computer or smartphone.