Things to consider before choosing a wallet

[Yomose 3704]

21 hours ago, Honny143 said:

Crypto wallets are like banks

Crypto wallets are not bank at all, cryptocurrencies  are stored on blockchain while wallet holds the private and the public keys. 

[Jessica Karren 1242]

The security of a wallet must be our first priority while choosing a wallet because it's matter of our assets and all other features comes after it. Ease of use and supported cryptocurrencies comes on 2nd and 3rd on priority list for me respectively.

[BitcryptoHan 2557]

On 6/6/2020 at 1:02 PM, Jessica Karren said:

The security of a wallet must be our first priority while choosing a wallet because it's matter of our assets and all other features comes after it. Ease of use and supported cryptocurrencies comes on 2nd and 3rd on priority list for me respectively.

I am not concerned about the ease of use, some people do mot like hardware wallet because of the complain, hardware wallet I the best for me, and I.prefer it because my private keys are stored offline which is the safest. Only what I consider I'm wallet is the safety, but having online wallet as a wallet is good too but for only frequent transfer of cryptocurrencies. 

 

[magd 5231]

All of these procedures are good, but the most important step for choosing a wallet is the safety and strength of its firewall, for example, Blockchain 92% and Trust 94%, and therefore trust is more secure than Blockchain, but the withdrawal fee in it is higher than Blockchain

[Crypto123 0]

On 6/5/2020 at 1:42 PM, Honny143 said:

Crypto wallets are like banks how we selects safe and secure banks same like in wallets, we select secure  wallet to store our coins because in online so many wallets exist, but select before check all security and features then chose one best wallet, in my suggestion myether wallet  coinbase and yobit are best in their business.

True, the portfolios are similar to banks, and the most important factor is safety, but there are also other things that need to be paid attention to, namely that the wallet is open source and that your private key is stored in your possession in a safe place, as well as that the fees are low.

[Yomose 3704]

On 5/13/2020 at 10:39 AM, nayon89 said:

You have talked about some mportant issues. We should consider these things before choosing our wallet. If we don't consider so later we may be disappointed. So choose before using. We should choose which is more secured. And Transaction fee is lower than others.

About the transaction fee you commented on, you could be wrong, transactions are almost the same, you can use wallets you can edit the fee also, wallets do not deduct any money from you, the money are paid to miners to send mine the coin propagated into network into another address you send the coin to. 

[Tunuu 2235]

Good points. The most things that i check in wallets before i use it is reviews, security, support, fees and limitations. I must make research about those things before i trust and use any wallet.

[Yomose 3704]

14 hours ago, Tunuu said:

Good points. The most things that i check in wallets before i use it is reviews, security, support, fees and limitations. I must make research about those things before i trust and use any wallet.

Did you check my comment up there. Check it below. If you use a noncustodial wallet and can use the fee control, and you get the fee calculation right, then you are good to go. 

On 8/4/2020 at 10:28 AM, Yomose said:

About the transaction fee you commented on, you could be wrong, transactions are almost the same, you can use wallets you can edit the fee also, wallets do not deduct any money from you, the money are paid to miners to send mine the coin propagated into network into another address you send the coin to. 

 

[Whited35 15285]

On 6/6/2020 at 5:47 PM, Jessica Karren said:

The security of a wallet must be our first priority while choosing a wallet because it's matter of our assets and all other features comes after it. Ease of use and supported cryptocurrencies comes on 2nd and 3rd on priority list for me respectively.

While choosing any cryptocurrency wallets kindly prefer following things. Yes, security is the most essential things. 

• Team behind the wallet's creation and uniqueness of wallet
• Device compatibility of wallet and nature of wallet(custodial or non-custodial)
• Supported cryptocurrencies and transaction fees
• Check whether wallet is from reputed institutions or not

[Yomose 3704]

On 8/8/2020 at 12:22 PM, Whited35 said:

While choosing any cryptocurrency wallets kindly prefer following things. Yes, security is the most essential things. 

• Team behind the wallet's creation and uniqueness of wallet
• Device compatibility of wallet and nature of wallet(custodial or non-custodial)
• Supported cryptocurrencies and transaction fees
• Check whether wallet is from reputed institutions or not

This is very great and well written. But I will like you to add one more, it is about having your own private keys, if any wallet do not have private keys generation for users, it is better not to go for the wallet. The reason why I prefer private key, is because I have 100% control over my cryptocurrencies. 

[Whited35 15285]

15 hours ago, Yomose said:

 it is about having your own private keys, if any wallet do not have private keys generation for users, it is better not to go for the wallet. 

@Yomose Have you noticed I have covered that too 😊? Clearly , I have said user has to take a look whether wallet is custodian or non-custodian. As you have said, owning private key is very important while using any cryptocurrency wallets.

[Yomose 3704]

4 hours ago, Abuyaman said:

I think hardware wallets are the best when it comes to security but for convenience sake then online wallets are preferable. The post is very informative and greatly helps beginners like me in making an informed choice.

At times, for convenience sake too, hardware are still easy to use, you can still get cheap airgapped devices and ve used as a wallet. There is also on electrum, you can use like a hardware wallet but two devices will be involved. So, it depends on how expert you are too. 

[BitcryptoHan 2557]

On 8/16/2020 at 11:05 PM, Ditiya said:

Before choosing any wallet, there are some things to consider. We need to consider how secure that wallet is. You should also consider the transaction fee of the wallet.

 

 

You are wrong abut that transaction fee, I do not know about custodial but all noncustodial wallet need to pay only for miner fee and no additional fee. But experts know how to set the fee. 

[FaithJoy06 170]

On 12/21/2019 at 10:39 PM, Digicoin said:

The type of wallet you want

This factor comes down to personal preference. For example, if security is your number one priority, then, hardware wallets should be in your mind. But if you want a convenient access your coins, a mobile or web wallet may be your preferred choice.

Ease of use

Sending, receiving and storing cryptocurrency can be complicated and confusing, particularly for beginners. Your wallet should suit your tech knowledge and crypto experience. While crypto novices might focus on finding a wallet that’s simple to set up and use, experienced holders might look for advanced features, like an in-wallet exchange and multisignature transactions.

 

Security features

Find out what security features the wallet includes, such as two-factor authentication and multisig functionality. Will your private key be stored online or offline? Has the wallet ever suffered security breaches?
Other features. Does your wallet include the ability to exchange among currencies in your wallet or provide easy access to live fiat exchange rates or other market information.

 

Reputation

What level of community trust does the wallet have? Check out independent online reviews to gauge how other users rate the wallet and whether they’d recommend it.

Supported cryptocurrencies.

Are you looking for a wallet that stores just one crypto, like bitcoin, or are you in the market for a multicurrency wallet? Make sure the wallet you choose is compatible with the cryptocurrencies you need to store, and remember that some coins and tokens can only be held in an official wallet.

The team behind the wallet

See what you can find about how long the company’s been in business. What qualifications do they have? Are they continually working to upgrade and improve the wallet?

Costs

While most crypto wallets are free, choosing a hardware wallet means parting with some cash. Consider the price and shipping costs when making your decision. Some wallets also charge a fee for every transaction you make.

Thank you so much for your tips. This is really informative and I think this could help me a lot in choosing the best wallet in where I cam store my coins. I am assuring that I will use your tips in choosing mine. Now I am using coins.ph and Yobit as my choice of wallet and I would also like to explore and try more.

[FlappYZoK 2493]

In my opinion, the most important things from written above are ease of use, costs and security, because i don't really think that somebody will analyze the team, which has created the wallet. The top of the most popular crypto wallets are multicurrency, thatš why you should focus on this thing too.

[Ridam 7455]

If you want high security and have huge funds then sure hardware wallet is must to have. And if you want easy access and easily portable wallet with private keys into your hands then Atomic or trust wallet are the safest option. If you are new to the Crypto field and need place to store some Crypto then coinbase or Blockchain would be the wallet you are looking for.

Before using any online wallet be sure to check their review once as there are many scams wallets running in the internet.

[Yomose 3704]

On 8/24/2020 at 2:07 PM, Ridam said:

If you want high security and have huge funds then sure hardware wallet is must to have. And if you want easy access and easily portable wallet with private keys into your hands then Atomic or trust wallet are the safest option.

About atomic and trust wallets, unlike the wallet both. But I am not using the two, I have both before. I like using coinomi now, I prefer the coinomi also because I can use legacy, instead segwit or native segwit to send and receive bitcoin from users. It also makes wallet more easy for me as I can use it to also sign a message. 

[DiamondBit 720]

On 8/30/2020 at 10:03 AM, Yomose said:

About atomic and trust wallets, unlike the wallet both. But I am not using the two, I have both before. I like using coinomi now, I prefer the coinomi also because I can use legacy, instead segwit or native segwit to send and receive bitcoin from users. It also makes wallet more easy for me as I can use it to also sign a message. 

I too use coinomi but no need to make them trust and atomic wallet somehow inferior to coinomi, they too are good wallet, they have their seed phrase, private keys, and everything coinomi has. They are also safe to use. 

[Yomose 3704]

21 hours ago, DiamondBit said:

I too use coinomi but no need to make them trust and atomic wallet somehow inferior to coinomi, they too are good wallet, they have their seed phrase, private keys, and everything coinomi has. They are also safe to use. 

Check and read my above comment very well, although I am using coinomi, but that does not mean atomic and trust wallets are not good. But about signing a bitcoin address, I think atomic wallet can not do that, I do not know about This wallet. That means to know the real owners of an address, the recipient we have to visit the blockchain explorer to know the address. This could be difficult for someone that do not know much about cryptocurrencies. 

[DiamondBit 720]

On 8/18/2020 at 7:54 PM, FlappYZoK said:

In my opinion, the most important things from written above are ease of use, costs and security, because i don't really think that somebody will analyze the team, which has created the wallet. The top of the most popular crypto wallets are multicurrency, thatš why you should focus on this thing too.

The most important thing to consider I not ease of use, it is how safe the wallet is. For instance, if a wallet that is very easy to use for people and even novice I hacked, people will stop us in the wallet unlike before it I hacked. Safety is all I go for. 

[Yomose 3704]

3 hours ago, JohanDonne said:

and also I think software wallet is better with private keys to store, you can keep it anywhere you want.

How are software wallet better? They are not comparable to hardware wallets, hardware wallet are the best. 

Know that software wallets are all susceptible to malware, but if handled with care and avoid malware, they are also still safe. 

[DiamondBit 720]

5 hours ago, Yomose said:

How are software wallet better? They are not comparable to hardware wallets, hardware wallet are the best. 

Know that software wallets are all susceptible to malware, but if handled with care and avoid malware, they are also still safe. 

Hardware wallets are the safest, but we can still also make use of software wallet in a way that will be safe, for past now, I know people using electrum, they are fine, taking consideration of how to avoid malware is the main thing require. 

[Yomose 3704]

16 hours ago, DiamondBit said:

Hardware wallets are the safest, but we can still also make use of software wallet in a way that will be safe, for past now, I know people using electrum, they are fine, taking consideration of how to avoid malware is the main thing require. 

If you can be able to avoid malware, you will be able to use software wallets easily and with safety. But while holding, it is always advisable to use hardware wallets as it is safer. It is not compared at all. 

[BitcryptoHan 2557]

On 9/3/2020 at 5:23 AM, JohanDonne said:

Greatly explained these things are must but you can not see the fee first before you have to make a transaction than you can see it and also I think software wallet is better with private keys to store, you can keep it anywhere you want.

Private keys are kept not anywhere you want but inna very safe place.

On 9/4/2020 at 6:29 AM, Yomose said:

If you can be able to avoid malware, you will be able to use software wallets easily and with safety. But while holding, it is always advisable to use hardware wallets as it is safer. It is not compared at all. 

Hardware wallet are malware resistant, but do you know it is very possible certain malware can still change the address of someone to attackers address? This can happen on any wallet, including hardware wallets. 

Edited September 7, 2020 by BitcryptoHan

[Yomose 3704]

On 9/4/2020 at 7:09 AM, BitcryptoHan said:

Hardware wallet are hardware resistant, but do you know it is very possible certain malware can still change the address of someone to attackers address? This can happen on any wallet, including hardware wallets. 

Point of correction, a little typo mistake. I think you meant hardware wallets are malware resistant. I hope that is what you meant?

If that is what you meant, then you are very right about it. The best wallet to use are hardware wallets especially for saving.