What things do you study while choosing a wallet? - page 2.

gunhell16

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Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

What I do is simple, if bitcoin is the coin I hold, of course, I use Electrum on the desktop because I've been using it for several years even though I haven't used a hard wallet so far.

Now if I use other coins that blockchain is under trc20, Matic, and Bnb because this is so far it can be said that it is good and tested for me based on my experience and learned. Because all the transaction fees are fine for me. And I am also in full control of my assets.

FahriZah

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Absolutely yes because when i,m choosing my wallet that means which wallet perfect and which wallet good for me and wallet allow our country or not i can complete kyc or not Etc like many Think need to stady before create choosing wallet and finally my need to CREATE Wallet as well ever.

cydrix

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The security of the wallet should always come first when selecting one. Because our money will never be secure in the wallet if it is not secured. Weakly secured wallets should not be used. In other words, we should never carry wallets that are simple for others to access. Because once the security of our wallet is complete, our resources will be secure there. No matter which wallet you utilize, we are required to pay a transaction charge each time we transfer tokens between wallets. A small transaction fee applies when moving money from one wallet to another. We never use wallets with worse security because of slight differences in transaction fees. Despite the rather expensive transaction costs, we should always utilize a secure wallet.

Little_Sister

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Quote from: Jawhead999 on April 29, 2023, 09:12:09 AM

A closed source, custodial where I don't have full control over my coins, less feature, fixed fee, charge additional fee to make the developer rich, and the one which fresh newly created wallet Cheesy

Most liked comment section, I love the way you responded to this thread and made Op think about your comment, definitely closed source wallets are highly discouraged and custodians, we should have full access to our wallet managed and no third parties involved.

Quote

I mean, what's need to discussed anymore? you don't need to create a new thread, just use search engine and you will many thread talking about good wallets. Many users already keep repeating electrum, bluewallet and hardware wallet, just pick one or use them all that's fit for you.

We already have a lot of similar threads on the software wallet section as well as beginners and help, so use the search feature to find discussions that have already been discussed so there are no threads on the same topic.

Ziskinberg

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Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

Perhaps, you have already mentioned some but the most important thing to consider when choosing a wallet is the reputation. Because I don't just look at how much I pay but I was very concerned if my transfer went successfully or if it will just go in thin air. In many cases that this happens, may not because of the wallet or exchange destination but also because sometimes we got fake and use phishing sites. That is why we should be careful and we should not send our money too fast but rather be sure that the address and site are correct.

Jawhead999

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A closed source, custodial where I don't have full control over my coins, less feature, fixed fee, charge additional fee to make the developer rich, and the one which fresh newly created wallet Cheesy

I mean, what's need to discussed anymore? you don't need to create a new thread, just use search engine and you will many thread talking about good wallets. Many users already keep repeating electrum, bluewallet and hardware wallet, just pick one or use them all that's fit for you.

ringgo96

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Wallet is a very important thing for us crypto users, then we will definitely choose a wallet that has a high level of security because this is a very important thing because there we will store all the assets we have, for the problem of transaction fees I think all wallets are almost the same even though the difference is thin but for me it is number two because the main thing is security, And the wallet we use already has the trust of big investors so negative things don't happen easily.

cheezcarls

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Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

Security is always a priority for me given the fact that some of these wallets are still vulnerable to hacking. If you create a non-custodial hot wallet, most likely it’s still vulnerable to unexpected hacks like the Metamask and Trust Wallet due to numerous exploits, lack of stringent security layers, etc.

One of my non-custodial wallets got hacked last time in all 4 chains (Ethereum, BSC, Polygon and Arbitrum). And not just that, it is “infected” in which every time I deposit something for gas fees it was automatically drained to the hacker’s address known as “Fake Phishing ###” no matter if I am using desktop or mobile.

To be safe, better store your assets in a cold wallet like the Ledger Nano S, Trezor, SafePal, SecuX, etc. These wallets may cost you some money, but it’s worth it as long you keep your phrases safe. Much better engrave them in an aluminum metal that is fire and water resistant in case calamities occur.

karmamiu

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Quote from: Kakmakr on April 29, 2023, 06:56:10 AM

You actually have to look at your use case for the wallet to guide you in your decision :

1. If you are going to use it every day, then a online wallet would be the best wallet... something you can access via your mobile phone.
2. If you looking for a long-term storage wallet.. I would go for a hardware wallet or even a Paper wallet (air-gapped)
3. If you want to do both... a desktop wallet is good enough. (Electrum wallet)

Just choose the most secure wallet, if you are going to store a lot of coins (hardware wallet) ...because they need the physical device or the Seed phrases to get to the coins.

Same as how I choose mine, but for me I usually check first if it's available in our country, then next if it can be easily accessed anywhere and whether I can send in any custodial wallets that I own.

In case of owning non-custodial wallets, first I need to check if it's accessible and can be trustes before I purchase coz who knows if the wallet cannot be trusted I may run the risk of my funds getting lost either failure of the wallet or the seller.

eightdots

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First of all, I check the security of the wallet I will use. After clearing my doubts about security, I will now look at how to use that wallet. If I'm going to use it at any time of the day, I buy a wallet accordingly. If I think I need to connect via Bluetooth, I'll buy a wallet with this feature. This is a need that will be shaped by how you want to use it. If I'm not doing daily transactions, I don't need a wallet that can connect to my phone via bluetooth. You should make your choice accordingly.

Kakmakr

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You actually have to look at your use case for the wallet to guide you in your decision :

1. If you are going to use it every day, then a online wallet would be the best wallet... something you can access via your mobile phone.
2. If you looking for a long-term storage wallet.. I would go for a hardware wallet or even a Paper wallet (air-gapped)
3. If you want to do both... a desktop wallet is good enough. (Electrum wallet)

Just choose the most secure wallet, if you are going to store a lot of coins (hardware wallet) ...because they need the physical device or the Seed phrases to get to the coins.

Doan9269

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Quote from: Victorybit1 on April 24, 2023, 05:54:10 PM

Security is the most important factor to consider when choosing a Bitcoin wallet

Perfectly on point, this is what is expected of many of us to take into consideration before choosing a bitcoin wallet especially the newbies regardless of the needs for them to have one, there are many bitcoin wallets, their application and types, then what comes in next is considering my needs for using a particular type and my knowledge in understanding the wallet itself in terms of security and use.

ZAINmalik75

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Quote from: Nwada001 on April 24, 2023, 07:22:32 AM

Before I consider using any wallet, the first thing I look at is its security. and I think that's the most important part of every wallet. One should check out the security. Is the wallet secured enough? Do I fully have control over my assets? Those are the things I look at the most in any wallet that I want to use.

Transaction fees vary; most wallets usually have a custom transaction fee. You can adjust your transaction speed to how you want it, but the lower the fee, the slower your transaction will take to execute.

The most important thing for all traders and investors is their assets and then they will try to protect these assets at all costs. Using a personal wallet is important where you can store and secure your cryptocurrencies because the private keys and passwords will be only under your custody compared to exchanges where your capital is considered not more secure.
In personal wallet they have two types. One is soft wallet and the other is hard wallet. In terms of security, hard wallet is the most reliable because of its strick and tough security features which were very necessary for the safety of your asset's. While attacks by scammers are often seen in soft wallets, because scammers cannot easily access hard wallets. My personal choice is to use safepal wallet where transaction fee is quite low while speed is mind-blowing. I am quite satisfied from him.

coinremitter

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Quote from: Nwada001 on April 24, 2023, 07:22:32 AM

Before I consider using any wallet, the first thing I look at is its security. and I think that's the most important part of every wallet. One should check out the security. Is the wallet secured enough? Do I fully have control over my assets? Those are the things I look at the most in any wallet that I want to use.

Transaction fees vary; most wallets usually have a custom transaction fee. You can adjust your transaction speed to how you want it, but the lower the fee, the slower your transaction will take to execute.

Yes, I agree with you.
Security is the prime feature to consider, you can manage the speed as well
and with the transaction fees it should be lowest. with coinremitter you will get all benefits at one place. Must visit once!!

ektotanes

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When I was choosing a wallet, I was paying attention to security and possibilities. It's important for me that only I have access to my funds and that I can carry out all operations in one place. As a result, by the way, I chose ownr wallet and I've been using it for several years now.

Asuspawer09

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Quote from: Crypt0Gore on April 24, 2023, 03:21:05 PM

Quote from: Asuspawer09 on April 24, 2023, 10:25:47 AM

Quote from: KiaKia on April 24, 2023, 09:14:44 AM

1. Custodial vs Non-Custodial 2. Open source vs Closed source

These two points of mine are very important for everyone to understand before choosing a crypto wallet for storing their digital assets.

Custodial Wallets

are wallets that takes control from users and decide to be their users private keys keeper, meaning they function just like the banks, they keep your assets for you, with this, many things can go wrong, they can decide to close down the business, and they will leave with your money, they have the keys in the first place.

Non-Custodial wallets

These wallets are better than custodial wallets because they give users access to their private keys or recovery seed, even if they go down some day you can easily import your recovery seed into another available wallet, everyone prefers using Non-custodial wallets because they are safer compared to Custodial wallets.

Open Source vs Closed Source

Open source wallets are more transparent, they leave every codes opened to the public, so when choosing a wallet, make sure they are open source, closed source wallets are secretive, they decide not to share their coding and stuff with the public experts and developers for full transparency, some said they are trying to avoid copycats and stuff, but users still prefer open source wallets and it's the best decision ever.

It does have a lot of complicated things but as a beginner, all you need to consider is it's a Non-custodial/decentralized and open source. Most of the users are concerned about centralized exchange because you don't have control over your money and at any moment the wallet or exchange could easily lock your account if they wanted and you can't do anything about it, unlike if you own your private key your the only one who has access to your wallet.

But if you have the budget you could just buy a hardware wallet which is the best when it comes to security overall. But I would still suggest Electrum as well. [GUIDE] How to Safely Download and Verify Electrum [Guide]

Mind you not all available Hardware wallets are open-source, I haven't heard about an open-source wallet that's custodial before, because most open-source wallets I know are non-custodial wallets, anyway.

If all users are only concerned about centralized exchanges then they are still lacking a lot about crypto wallets, the problem of custodial wallets doesn't end with centralized exchnages, there are some crypto wallet companies that are not operating any exchnages and still they don't give users their private keys, such wallets will ask users for email and password, as if you are signing up for a Facebook account, in the end they will disappoint.. A good example of such wallet is FreeWallet, a complete custodial wallet that ends up scamming many users.

So centralized exchanges are not the only thing to watch out for, there are dangerous custodial wallets out there as well.

I mean yes open source hardware wallet was not really a lot in the market but because of the trend, a lot of developers started releasing open-source software, and already increased through the years.

I also say you don't have control over your money "wallet or exchange" which is already centralized and custodial. You have your point but it's not like we don't use centralized exchange at all, it's still one of the easiest ways to trade, buy, and exchange cryptocurrency and helps a lot when it comes to the adaptation of cryptocurrency.

But I would agree that when it comes to choosing a wallet, custodial wallets are a big No.

GreatArkansas

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Quote from: milewilda on April 24, 2023, 06:32:36 PM

Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

NON- CUSTODIAL
TRULY DECENTRALIZED
OPEN SOURCE
(...)

I agree with this list but I just need to add based on my own opinion:
Good user interface/user experience and
Supports multiple platforms.

A good user interface/user experience, it will help people to use the wallet easily and comfortably. Because the wallet must be easy to use especially if you are using it day to day, you need to be extremely easy!@

About supporting multiple platforms: mobile support, computers like windows/macOS support, or even web support, it will help you also to use your wallet on whatever devices you are using while maintaining the security on it.

milewilda

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Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

NON- CUSTODIAL
TRULY DECENTRALIZED
OPEN SOURCE

When it comes to storing up your coins for long term then this would really be the best option or choice to make. Electrum for Bitcoin and Trustwallet for multi chains.
Just make use you do just make sure that you do keep up those keys on a safe place but if we do speak about hot wallets which we do make use very often then
having those custodials would be considerable such as exchange wallets and other centralized wallets.

People would really be that having that being convinced on making use of it on the time that they would be able to see that it does give out convenience
and easy access.When it comes to fees then it would really be subjective to market condition.

yazher

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Quote from: coinremitter on April 24, 2023, 07:12:46 AM

There are a lot of cryptocurrency wallets to pay and receive payments. While you choose a wallet, what things do you consider first like technical support, transaction fees or blockchain technology and why and what is the most important thing for you? We should discuss that!

Most important is the privacy and total control and when we talk about this, wallets that are from exchanges are not on the list because it's really your last choice if you don't have access to buy any Bitcoin hard wallet that you can keep to your own self whenever you want. As for the other wallets like software wallet and others like it, you really need technical knowledge about computers especially on how to prevent yourself from getting hacked and etc. because their way of getting your info on your computer these days are way more advanced than before so you need to be careful about choosing it as your main crypto wallet.

Victorybit1

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Security is the most important factor to consider when choosing a Bitcoin wallet for me.
Go for wallet that has a strong reputation for security, that offers two factor authentication. Hard ware wallet are very secured.

Consider wallets that is easy to understand and has a good reputation.

Topic: What things do you study while choosing a wallet? - page 2. (Read 553 times)