Peter Kent

Cryptocurrency All-in-One For Dummies


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You then move the file to a USB drive or something similar in order to move it to your offline computer.

       They’re a convenient choice if you trade cryptos from your computer.

       You aren’t storing your private keys on a third-party server.

       If your computer has never been connected to the Internet, a desktop wallet can be safer than an online wallet.

Name Description Pros Cons
Exodus, www.exodus.io First to offer multiple cryptocurrencies in a single wallet. Cold wallet with easy key backup-and-restore operations. Visually appealing and informative, easy-to-use interface. Source code is not open source.
Mist, https://sourceforge.net/projects/ethereum-wallet.mirror Cold wallet and the official Ethereum wallet, developed by those who created Ethereum. Created by the Ethereum Foundation, and an officially endorsed wallet. Less user-friendly than other wallets.
MetaMask, https://metamask.io/ Cold wallet running as a Firefox or Chrome extension. Supports easy switching between test and live Ethereum networks. Partially funded by the Ethereum Foundation, easy to use in Chrome. Easy to switch between test and live networks. Released only as a Chrome extension, making it possible for other websites to see that you have a wallet installed.

       Using your crypto assets on the go is more difficult.

       If you connected the wallet to the Internet, it turns into a less secure hot wallet.

       If you don’t back up your computer and it dies, you lose your cryptos.

      Hardware wallet

      

For security purposes, a hardware wallet is an absolute must (and a bare minimum) for large crypto amounts. Keeping a ton of your assets on other, less secure types of wallets increases your risk of unrecoverable hacking attacks. Even safer than hardware wallets are paper wallets (see the next section).

Name Description Pros Cons
Ledger Nano S, www.ledger.com/products/ledger-nano-s Most popular hardware wallet. Secure physical device that supports multiple cryptocurrencies and uses two-factor authentication. Small. Hardware designed for security. Supports over 700 types of coins and tokens. Cost ($59). Requires client software to control crypto-assets.
Trezor, https://trezor.io/ Secure physical device that supports multiple cryptocurrencies and uses two-factor authentication. Established reputation. Physical buttons or touchscreen. Supports nearly 700 types of coins and tokens. Cost ($59 for Model One). Requires a web wallet to control some stored crypto-assets.
KeepKey, www.keepkey.com Similar to the Ledger Nano S and Trezor features, but with a slightly larger screen. Firmware is open source. Designed to meet current blockchain requirements. Cost ($49). Relative newcomer. Limited number of supported coins and token types.

       They’re one of the safest crypto wallet options.

       They’re great for storing large amounts of cryptocurrencies that you don’t want to use on a day-to-day basis.

      Some disadvantages of hardware wallets include the following:

       They’re the most expensive type of wallet.

       They aren’t as user-friendly as other wallets, especially for beginners.

      Paper wallet

      Some of the advantages of paper wallets include the following:

       They’re ultra hacker-proof.

       You don’t store them on a computer, mobile phone, or third-party server.

Name Description Pros Cons
ETHAddress, https://github.com/ryepdx/ethaddress.org Open-source project with source code you can compile and run on your own computer to generate private and public keys. Open-source code. Useful for