Wallets. How many do you have?

2년 전


Image by jamesbhl & guaxipo at Pixabay

I am sure many of you already know or have an idea of what blockchain and cryptocurrencies are. If not, I am sure you live in a cave. Since its appearance in 2009, 10 years ago, there has been talked about cryptocurrencies or digital money.

Of course, in the beginning, many of us associate that concept with hackers, dark web, underground, drug dealers, weapons, criminals and mobsters. Possibly we would even think that we could be imprisoned for having something to do with Bitcoin (especially when you saw that series of numbers and letters together and heard the word cryptography ... Jeez, I would like to have a time machine!).

But that December 2017, many lucky people became millionaires when Bitcoin reached 20 million dollars. And the truth is, that by 2019, there are more than 35 million users with digital wallets.


Source

It seems quite a lot but it is a small percentage compared to the number of users using PayPal, Visa, and Mastercard. However, having a digital wallet is free and you don't need to have a bank account and of course neither a credit card.

Digital wallets are the means through which we can not only store our cryptocurrencies but also perform operations of sending and receiving crypto. There are some wallets that even allow you to exchange tokens.

Surely, some will ask: Ok, where do I get cryptocurrencies? Although it is not the subject of the post, I can briefly tell you that you can get/win/earn cryptocurrencies through faucets, airdrops and giveaways for free or by registering on bounties or platforms (such as Steemit, WhaleShares, Publish0x, etc) that pay in crypto.

Back to the topic. Before going into detail about wallets, it is important to know that there are two types of wallets: hot and cold.

Hot Wallets

They are those that you can acquire when you register in an exchange platform. These platforms allow you to buy, sell, receive and transfer different cryptocurrencies. Automatically, when you create an account on an exchange, you create a wallet. The advantage of hot wallets is that they are constantly online, i.e. connected to the internet. So you can access them from anywhere and anytime.

The problem with these wallets being constantly online, they are exposed to attacks from hackers and intruders, so you could lose all your money. However, this depends on the platforms, there are some that cover a loss limit, so in a way is also an advantage. And the other negative part is that you don't have the wallet. If the site goes down, i.e. offline, then you won't have access to your funds. At the end of the post, I will leave some links to known exchanges.

The Cold Ones

These wallets are not connected to the internet and you can find them in two ways: as software, that is, applications that you can download to your computer or smartphone; and as hardware, portable physical devices where you can store your cryptocurrencies (I think it's the only medium where you can really "touch" your cryptocurrencies).

The great thing about these wallets is that you have control over all your cryptocurrencies. You can use them at any time, but you must keep in mind the following:

When you install a wallet, especially the software ones, they will create a private key. you will usually be presented with a series of random words (normally 12 or 24), as seen in the following image:

**It is essential that you keep this information in the safest place you know, those words will generate your private key**

If you get to lose that key, there will be no way to create a new one and recover your information. To make matters worse, if someone comes to have it, imagine as if you lost the keys to your home. With that key, they can steal all your cryptocurrencies. So again, I recommend that you be very careful with that key.

Maybe you think it's better to have your savings in an exchange platform then since they will take care of the private key. You may be right, but even they lose it too.

Geek stuff (Nerd alert!!!)

Just as common knowledge, internally, with these words, a cryptographic process is performed to generate your true private key, a code of 64 alphanumeric characters (256 bits). The following is an example of a private key:

Even for experts in cryptography is a bit complicated to handle that type of format, so normally, that same key is compressed through a process called Base58, which creates a shorter code. You can appreciate it in the following image:

Note: Generally many sites or blog platform do not allow to publish private keys, that's why I had to put them in into an image.

Wallet Apps

The following are applications you can download free for your desktop or laptop computer. Obviously, they are not the only ones there are, but they are the ones I have used ;)

Atomic Wallet
Exodus
Electrum
This is only for Bitcoin and it is very light

There are many others dedicated to smartphones (iOS & Android), but since I do not have a smartphone, I do not use them. However, there is one that I know and it works on Android emulators on Windows:

Coinomi

Hardware Wallet

Ledger Nano X ($119)

The Ledger Nano X is Ledger’s newest hardware wallet.

The main idea behind the device is that it is the easiest way to secure your Bitcoin and cryptocurrency...


TREZOR One ($78)

TREZOR is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet...


KeepKey ($79)

KeepKey is a secure Bitcoin hardware wallet that was launched in 2015. Like the TREZOR and Ledger Nano S, it is easy to set up but also has some more advanced features, making it a great choice for new and experienced Bitcoin users alike!...

Obviously, there are many other brands of hardware wallets, however, these are the most used. In addition, these come in different versions, smaller, more complex, more expensive.

If you think about security, it is convenient that you buy one is those. They are much safer, easier to use (especially for users with little technical knowledge) and in case of theft, some have a way to recover your funds. The only problem with them is that they are not free :P

Paper Wallet

This type of wallet is also a cold wallet, considered the safest way to store cryptocurrencies. Practically, you are printing your own money, that is, both the private key and the public key are printed (the latter represents the address of your wallet).

The following is an example of a paper wallet

You can create your own paper wallets and print your Bitcoins from the website BitAddress.



You can also use Wallet Generator.net if you want to create another paper wallet other than Bitcoin.

Exchanges

These are some of the exchanges I've used, the first two allow you to trade STEEM tokens. There are, of course, thousands of them.

Bittrex
https://international.bittrex.com/
Binance
https://www.binance.com/en
Kraken
https://www.kraken.com/
KuCoin
https://www.kucoin.com/
Mercatox
https://mercatox.com/


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Hello my dear @jadams2k18, thanks for the information.

It is very valuable what you share with us brother. Blessings

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Thanks for coming my dear @fucho80

It's always a pleasure to read your comments.

  ·  2년 전

Hi! @jadams2k18.
Thanks for sharing this information.
I prefer cold wallet, in spite of I do not have good knowledge about cryptocurrency.
Your post helps me to understand more about them. Thanks.
Have a nice day!!

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Hello @mllg.

You are welcome! I'm glad it's been useful to you.

Wow!!!! Thanks for really breaking it down to the bearest minimum.
Now, I am more enlightened about all the kinds of crypto wallets available.
Good job.
I will resteem to my friends and followers.
Cheers

Posted using Partiko Android

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Hello @linksman!

Thanks for really breaking it down to the bearest minimum.

It's been a pleasure for me. I'm glad you liked it

I will resteem to my friends and followers.

Thank you very much for your support 😄

Well, we came to a time that wallets are like the number of games you install in your phone.

I will focus on giving advice.

Use the most practical, most userfriendly and secured wallet app that suits your needs preference and amount of funds that you will be putting.

And don’t stop learning about cryptos.

Posted using Partiko iOS

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Hello there @guruvaj!

Thanks for the advice. Having many is also not convenient because later you will need to carry an agenda of wallets.

And don’t stop learning about cryptos.

I won't!

Thank you for your support

Dear @ jadams2k18:
Very important the information that you provide on the different options of wallets and certainly, that does not know at least some of this, lives in a cavern. It is practically impossible not to have heard about cryptomonedas.
Thanks for the info.

Spanish:
Estimado @jadams2k18: Bien importante la información que suministras sobre las diferentes opciones de billeteras y ciertamente, qien no conozca al menos algo de esto, vive en una caverna. Es prácticamente imposible no haber escuchado sobre cryptomonedas.
Gracias por la información.

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Gracias por pasar y comentar @josegilberto

Te fijaste que hay billeteras de papel? y hasta las imprimen como si fueran unas billeteras reales. Se le llega a perder un papelito de esos a uno y se muere! Jajajjaaj

Saludos!


Thank you for stopping by and commenting @josegilberto

Did you notice there are paper wallets? And they even print them like real wallets. You lose one of those little pieces of paper and you die! Hahahaha

Greetings!

All I know is, I have Vite wallet, Waves Wallet, Luno wallet, meet.one, imtoken, that's all.

Am still learning in this crypto World to know more.

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Yay! You have five wallets! Yay! You have five wallets! Are they empty like mine? 😁

Thanks for passing by!

Great post. Every time someone ask me about cryptos i have to explain something like this: Open a wallet with an exchange so you can move your money. So this is great material. Thanx

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I'm glad you liked it

Thanks for commenting

Nice post. Goes over the basics needed to know about a crypto wallet. Thanks for spreading the word

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Thanks for your kind words

I'm glad you took the time to stop by

I have about 9 wallets 😅 that too after uninstalling a few and one wallet i forgot the pass to

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Wao! That's good to know. 😄

I have like 5 or 6, but all of them are empty 😜

I'm so glad you stopped by 😊

Great write up! Just to note that Coinomi actually has a desktop app now and it's a great erc-20/multicoin wallet. I also really like Jaxx, which started as a smartphone wallet aswell but now has a desktop app! Kraken and Binance have both been fairly solid exchanges for me so far, and I'm pretty comfy leaving a small amount of funds on there (not a lot though after the whole quadriga thing).

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I also use Vite wallet for Vite and Trust (the new Binance BNB wallet), but these are only for smartphones afaik.

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I'll have them in mind 😎

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Thanks on the tip about Coinomi

It's good to know about Jaxx.

I'm glad I choose good exchanges, at first I just register on those exchange but since then It's been good so far.

Thanks for commenting

@jadams2k18, I have many Cold Wallets but hold nothing. I am only holding Steem and when i need, i convert my SBD to other Cryptocurrencies to withdraw in Fiat. In my opinion Cold Wallets are more effective. Stay blessed.

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Thanks for passing by my friend 😄

I have 4 or 5, I always forget. But, they are empty too 😄

I always exchange my crypto into my currency, "El Bolívar Soberano (BsS)"

Stay blessed too!

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Welcome and good to know that.

In my opinion options are great but one specific wallet is important because otherwise there are chances of forgetting.

Have a great time ahead.

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😁👍

Posted using Partiko Android

Thanks for giving such a detailed informations about crypto wallets. So which wallet is the best to have?

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Hi! It depends on your needs. If you are a paranoid person, better a paper one and keep it in a vault. If you have money a hardware wallet would be great. But if you do not have much. It could be Atomic and you keep your private key on paper, buried near your deceased pets ;P

I like Atomic. But I think it does not come for a smartphone.

Thanks for passing by

I have 3, no 4 if I count the trezor I never used too.

Coinbase but suddenly I can do nothing with it (At first I could transfer directly to paypal), so that is finished.

I have blockchain (my 1st one, again I need to give all my papers but I am not able to upload it, nowhere) and bitvavo.

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You have a Trezor? That's great 😄

And there are no places that offer free internet wherever you live? As well as here, there are some shopping malls with free wifi and good speed to navigate. 💕

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The supermarket has wifi, so does one bank but I need to drive over there which is 8 km. They block some sites as well. The supermarket has a time limit. WhatsApp is not allowed.

The library is about 10 km away from me so is a cafe. Both have a free connection but it is not steady. I think it has to do with the area where we live. Telephone is bad too..

I tried all providers none can guarantee a connection.

Posted using Partiko Android

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Well, there are places here with no internet access too :/

@jadams2k18, very useful information for a refresher and for beginners. Thanks.

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Thank you for your comment. Some people are still a little hesitant to use wallets or exchanges. I had been thinking about writing a post about wallets some time ago and as you say it is important for beginners. I'm not an expert, but I like to share the experiences I've had.

Thanks for coming by

Solid post, to be honest I only make use of hot wallets I know they are not the most secure but they're easy to use and I find them really convenient. As long as you keep your keys safe of course

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If you have hot wallets you don't need to worry about your private keys, as they are the ones that have them. What I don't like about exchanges and it's my particular case, is how expensive the fees are, obviously they're not worth anything, but in my country, a dollar is a lot of money.

Thanks for commenting

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I agree these crypto exchanges make their money on the transfer fees and it is pretty pricey especially when you consider how much we do on steem with no transaction fees! I think that DEX and pegged coins in a dex system could be a great way to encourage affordable trading and micro transactions!

I use my hot wallets basically to store any crypto I buy or earn through various means! It makes it easier for me to keep track of all my funds in one place

Posted using Partiko iOS

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Unfortunately, I always spend my crypto as soon as I earn it. So, all the time my wallets are empty 😁

congratulations excellent explanation.

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Hello @mariela53

I'm glad you liked it. Have an excellent day

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Thanks @jadams2k18 for taking my comment into account. I'm Venezuelan and every day we need more of you who live on this Steemit platform with its high reputation and so you can help me to have a little more income since my salary does not cover my food needs, I use this platform to get a little more than income. Thank you, have an excellent day.

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Hey! Me too. I know the feeling! I'm Venezuelan too. You can follow my twitter

https://twitter.com/jadams2kx

I'm always hunting for airdrops, giveaways, and bounties

So get your wallet and let's hunt!

I have mostly cold wallets and few paper wallets. Good article. Keep up the good work :)

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Thanks. You have paper wallets? That's good to know.

Keep up the good work :)

I will :D

Pretty good guide and info! Gotta bookmark it in case I need to introduce someone to wallets real quick :^)

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Thanks! Are you a programmer? Node.js & Python! Waoo....

I always wanted to learn Python... but the time!!! always the time!

Well... I'm glad you liked my post, thanks for passing by

Hi @jadams2k18

Thanks for all this information my pana, I would like to have many wallets because that means I can have better and more economic power.

Saludos mi pana.

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That's right! And you're safer not putting all the eggs in one basket.

Thanks for passing by

Thank you very much for the information. Yotengo like 9 hot wallets. I have not taken paper wallets, although I have been told that they are the safest I can have at a low cost.
At some point I would like a cold wallet, but that would be when you have sufficient funds.

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That's right. All of my wallets are empty

I'd like to have a Ledger but they're way expensive for me

Thanks for coming by

Very useful and concise information. Thank you

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I'm glad you like it

Thanks for passing by

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Thanks for coming by

  ·  2년 전

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Thank you share these crypto wallets , it is very good.

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Thanks for stopping by and comment!