When choosing a wallet, security is definitely the ultimate consideration. I believe no one would want to have their coins in a wallet where they would wake up the next day and see that all their assets were gone. So security comes first in your chosen wallet. When you talk about transaction fees, unless you are using a centralized platform to buy and hold your Bitcoin. But 1to hold your coin in a self-custodial wallet, it implies that transaction fees would be charged based on the network fees of miners, and if you need your transaction to be fast executed, you can then increase the fee or decrease it.
Before I chose a wallet, I first had to find out how secure and reputable it was. I think the first wallet I used was MetaMask. Some people are fond of leaving their coins on a CEX, and those CEX are responsible for the fee they sometimes attach to withdrawals.
Topic: What things do you study while choosing a wallet? - page 3. (Read 565 times)
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Only some of the wallet are trusted one,most of the wallet are scam one in crypto currency field.Some of the trusted wallet are Trust,Meta Mask,MyEther Wallet,Electrum wallet,Coinomi.It’s trusted one in my list,you can use any of this.Because I had experience in al this wallet.They are trusted with my knowledge.If you just want to hold the bitcoin in your wallet better use trust and Coinomi wallet for the holding for the long run.The Trust wallet is purely based on the Binance,So you can trust the cryptocurrency trust wallet for sure.If you want to track the bitcoin transaction use of block chain technology.
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!
When considering to choose a wallet to use I first of make sure it's a non-custodial wallet, then head out for it's security system. Then the features of the wallet how flexible to understand seamlessly and how's their fee rate for transactions cause some wallets fee rates are so annoying. There are quite other things I do look out for but I prefer to give this very few as they are most important at the moment. 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.
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]
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.
Self custody where you are the only person with access to the private keys. That is the only thing that really matters to me, it doesn’t even have to be cold storage if you’re careful. A device that isn’t connected to the internet for anything other than crypto is good. Common sense & a level of intelligence is always important. The worst thing you can do is store your coins on third party wallets & exchanges.
There are a whole lot of factors to be considered when choosing a bitcoin wallet, such as the device, how fast it is, it's security, and how much charged per transaction fees e.t.c, of which there is a link below which contains the A-Z of all you need to know about choosing the right Bitcoin wallet suitable for your device or amount intended to invest.
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Here are some factors to consider when choosing a wallet:
1. On the go? If you are making payments in person and not online then a mobile wallet like breadwallet (iOS) or Edge (Android) is a must.
2. Frequency of payments: If you will need to make frequent payments then it will be best to keep your funds in wallet that is easy to use and accessible. Mobile wallets and desktop wallets are good options.
3. Amount: If you are dealing with large amounts of bitcoins you will need a secure wallet. Hardware wallets and secure offline wallets like Armory are good options.
[General] Bitcoin Wallets - Which, what, why? 1. On the go? If you are making payments in person and not online then a mobile wallet like breadwallet (iOS) or Edge (Android) is a must.
2. Frequency of payments: If you will need to make frequent payments then it will be best to keep your funds in wallet that is easy to use and accessible. Mobile wallets and desktop wallets are good options.
3. Amount: If you are dealing with large amounts of bitcoins you will need a secure wallet. Hardware wallets and secure offline wallets like Armory are good options.
I am generally and only referring to noncustodial wallets.
Wallet is not an organization, no need to consider customer support, this forum is more than a customer support, just ask any questions about any of the reputed wallets.
Transaction fee are taking by miners, not the wallet.
What should first be considered is if the wallet is a cold wallet/offline or hot/online wallet. Cold wallets are safer.
Then considering if the wallet is supporting RBF, very important when the mempool is congested.
Other things to consider are:
1. The type of address it is supporting (a wallet that is not supporting segwit should be avoided)
2. Having coin control
3. Having excellent fee estimation algorithm (but best to use mempool to know the fee rate to use)
4. Fee customization etc
5. Know if it is open source (close source wallets are not recommended).
Some people may prefer privacy and go for full node wallets like Bitcoin Core, using Tor with it.
Wallet is not an organization, no need to consider customer support, this forum is more than a customer support, just ask any questions about any of the reputed wallets.
Transaction fee are taking by miners, not the wallet.
What should first be considered is if the wallet is a cold wallet/offline or hot/online wallet. Cold wallets are safer.
Then considering if the wallet is supporting RBF, very important when the mempool is congested.
Other things to consider are:
1. The type of address it is supporting (a wallet that is not supporting segwit should be avoided)
2. Having coin control
3. Having excellent fee estimation algorithm (but best to use mempool to know the fee rate to use)
4. Fee customization etc
5. Know if it is open source (close source wallets are not recommended).
Some people may prefer privacy and go for full node wallets like Bitcoin Core, using Tor with it.
what do you mean avoid nonsegwit wallets
Personally I'm pretty old-fashioned when it comes to choosing my wallets.
I stick to Electrum and BitcoinCore. I use hardware wallets for what I hold for the very long term.
I completely agree with you, these are the most important criteria to take into account when starting out and choosing your first wallet I think.
Otherwise OP, I can advise you this link which will help you to determine which wallet could correspond to your needs. Basically, you answer some questions and it suggests you a list at the end: https://bitcoin.org/en/choose-your-wallet
I stick to Electrum and BitcoinCore. I use hardware wallets for what I hold for the very long term.
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 wallet 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.
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 wallet 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.
I completely agree with you, these are the most important criteria to take into account when starting out and choosing your first wallet I think.
Otherwise OP, I can advise you this link which will help you to determine which wallet could correspond to your needs. Basically, you answer some questions and it suggests you a list at the end: https://bitcoin.org/en/choose-your-wallet
In terms of selecting a wallet you should consider some of this general information while choosing a wallet. The first one and the important one is the Security of the wallet, you want to make sure that your wallet is secure and your funds are safe. Look for wallets that have two-factor authentication, strong encryption, and back ups. Make sure that the wallet you choose supports the cryptocurrencies you plan to use. Some wallets may only support certain coins, so it's important to check before you choose your wallet.
It's also best to research the wallet's reputation before choosing one. Look for reviews from other users and read about any past security incidents. Choose a wallet that has a good reputation and a track record of keeping user funds safe. In case you have any issues with your wallet, you want to be able to contact customer support. Look for wallets that hav good customer support and provide multiple channels for contacting them, such as email, phone, and live chat. You might also consider the transaction fees or monthly fees. Be sure to compare fees and choose a wallet that offers fair pricing.
It's also best to research the wallet's reputation before choosing one. Look for reviews from other users and read about any past security incidents. Choose a wallet that has a good reputation and a track record of keeping user funds safe. In case you have any issues with your wallet, you want to be able to contact customer support. Look for wallets that hav good customer support and provide multiple channels for contacting them, such as email, phone, and live chat. You might also consider the transaction fees or monthly fees. Be sure to compare fees and choose a wallet that offers fair pricing.
Still, I would go back to this again and again. Read this thread by Lauda.
[General] Bitcoin Wallets - Which, what, why?
This is the best resource to have and keep in mind if you are considering any type of wallet.
[General] Bitcoin Wallets - Which, what, why?
This is the best resource to have and keep in mind if you are considering any type of wallet.
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!
First thing I would do if I will choose a wallet. Of course that safety and security of my funds, there's a lot of wallet that are prone to scam like draining your funds, it would be better to look for the security of the wallet for your safety purposes. Different wallets also contains different fees which you also need to look out. Transactions fees could also hurt our pocket than earning so keep an eye on them. I would like to recommend but it's the best for you to search for the best wallet that suit for you. Since we have different preferences.
Recently, I've been relying on the Ledger Nano X hardware wallet to ensure the security of my cryptocurrency funds. Above all else, safeguarding my assets is of utmost importance to me. I am not comfortable with entrusting my crypto to a custodial or centralized wallet as it would mean granting third-party access to my funds. Prior to obtaining a hardware wallet, I had been using Electrum, which is also a non-custodial wallet. Hence, it's clear that I will always opt for a non-custodial wallet to store my crypto, even if it's not a hardware wallet.
First of all dear, this topic doesn't belong to this section of the forum even I don't where should I recommend you move it but simply you can move it to the beginner and Help section that's quite relatable.
My simple stand on choosing a wallet is to choose the famous one haha simple do 2 or 3 searches and you will find the best wallet for you. Most of the people do not care about its open source or do not simply follow others which is wrong but still, they do follow others. Even I am very easy with this approach to choosing the Hot Wallet, currently, I am using Mew, Trust Wallet, and Electrum Hot Wallets. Hardware wallets currently I think I don't need to buy any because I usually trade and move my funds from my wallet to others from time to time, for security reasons.
In Hot wallets, most of people prefer Electrum and MetaMask wallets. Rest I know a few of them others are unknown and I don't consider them reliable.
My simple stand on choosing a wallet is to choose the famous one haha simple do 2 or 3 searches and you will find the best wallet for you. Most of the people do not care about its open source or do not simply follow others which is wrong but still, they do follow others. Even I am very easy with this approach to choosing the Hot Wallet, currently, I am using Mew, Trust Wallet, and Electrum Hot Wallets. Hardware wallets currently I think I don't need to buy any because I usually trade and move my funds from my wallet to others from time to time, for security reasons.
In Hot wallets, most of people prefer Electrum and MetaMask wallets. Rest I know a few of them others are unknown and I don't consider them reliable.
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!
While everyone is glamouring for fees I see that as no big deal but I assume safety first because when your funds are safe that is when you can be talking about doing transaction and other activities.
Wallet security matters alot to me because that is the major reasons why the wallet was formed for self custody, easy access and protection. If your wallet is not secured you will not be convenient using such product and you will definitely opt for a third party which is even worst than the wallet itself.
Another thing I check for is the flexibility of the wallet product accross all chains. If a wallet can be able to accommodate eighty percent of the blockchain wallets then why can I not use it. It will aid me in reducing the stress of trying to download wallets pertaining to different chains making my phone occupied with various wallets. I think just this few tips I look into because I know that of fees would be very competitive amongst the various wallets product providers as to who's transaction fee is much cheaper.
That is true, safety and security first of your coins. So noncustodial wallets are preferred over custodial ones.
Because if you have no full control with your funds, then, it is like your coins are not yours.
Just like the popular saying here, "Not your keys, not your coins."
Whatever happens to that site or wallet, you will have no direct access to your funds, and will just hope that the owner will return your funds.
Waiting would not be a happy one as they can easily abandon, get away with it and give reason that it was the hackers who stole your funds.
This is the reason why you would want to have your own keys with your wallet, and not be dependent on third party services.
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!
We should give utmost importance in choosing a wallet. Because if we can't protect the money that we earn so hard, then there will be no value in earning that money.
High security wallets require going through some system to open which is why people avoid high security wallets which is never right. Because you never want your hard-earned resources to go to other people.
If we search for crypto platform we will find many wallets but not only wallets, we have to check and find more security complete wallets where you can safely store your earned assets. Compared to me Electrum wallet seems more security complete wallet than other wallets so I deposit my coins in this Electrum wallet.
Choose using trust wallet app and is easy to use and less charge fees for any given transaction, mostly on the Binance and Tron smart chain, which I have been experiencing for some period of time, I'm using the Trust wallet.
For noncustodial wallets, they're not supposed to affect fees. It's purely on blockchain traffic and basis(which you mentioned).If fee is the main consideration here, then centralized wallets outperform them all, but it's well worth the risk.
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 and privacy are top concerns when choosing a wallet to store bitcoins. You should choose non-custodial wallets because you will have full control of your assets without anyone being able to interfere with your assets. Transaction fees are also something to consider, as we all want to save money, cheap but it can't be more important than security.
The fact that some of these well known wallets have several knockoffs around the internet trying to scam unsuspecting users, first thing I do is find a website of the wallet, see if i can get to their social media platforms and look for real engagements with the community, then check this forum or trustpilot reviews or reddit for anything positive or negative being said by the wallet, once all this passes my checks then I can use the wallet.
Better yet , any wallet that isn't being talked about around the forum in a good way is a no go area for me, simple as that!
Better yet , any wallet that isn't being talked about around the forum in a good way is a no go area for me, simple as that!
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!
While everyone is glamouring for fees I see that as no big deal but I assume safety first because when your funds are safe that is when you can be talking about doing transaction and other activities.
Wallet security matters alot to me because that is the major reasons why the wallet was formed for self custody, easy access and protection. If your wallet is not secured you will not be convenient using such product and you will definitely opt for a third party which is even worst than the wallet itself.
Another thing I check for is the flexibility of the wallet product accross all chains. If a wallet can be able to accommodate eighty percent of the blockchain wallets then why can I not use it. It will aid me in reducing the stress of trying to download wallets pertaining to different chains making my phone occupied with various wallets. I think just this few tips I look into because I know that of fees would be very competitive amongst the various wallets product providers as to who's transaction fee is much cheaper.
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 to 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.
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 to 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]
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