Crypto Wallets You Need To Know In 2022
Crypto wallets are something you need to opt for in the year 2022. If you are planning to excel in crypto trading, you need to make sure that all crypto coins you buy are safe and well protected.
The moment you purchase a crypto coin, the responsibility of its management and protection lies upon you.
Alongside this, your transaction information needs to be detailed, which is possible by keeping crypto wallets. When compared to the regular crypto exchanges, the combination of hot and cold wallets gives better storage to your coins.
Choosing a crypto wallet can be a tough choice. There are so many options available out there that deciding on which one to really opt for may confuse you tremendously.
However, this article elaborates on the benefits and features offered by some of the best crypto wallets in 2022.
Wallet VS Exchange
However, for a first-time user, it is necessary to consider that there is a Coinbase exchange and a Coinbase wallet. Both of these work in different manners.
When it comes to the wallet, you won't have to open an account to use it. You don't need to worry about privacy issues as well.
This is because the key to it is stored in the device you are using but not in the servers of Coinbase. Hence, there is no need for any concern regarding the currencies getting locked, nor do you need to stress over the prospects of them being stolen in a cybercrime.
Here are a few different popular wallet:
1. Coinbase; The Most Popular Choice
Anyone who is new to crypto should opt for Coinbase as it makes things quite easy. This wallet comes with a very user-friendly interface. You can find all the required tabs and information efficiently, and its app can support around 500 assets in crypto form.
The privacy it offers is also quite high as it provides 2-factor authentication. Furthermore, backed by a strong exchange that is highly reputable, you can get back your stolen assets almost instantly.
Keeping Things Smooth
If banking and account details annoy you and you can't remember all the relevant information, Coinbase helps you make things smooth. It connects with most of the bank accounts and gives you access through a friendly interface.
The simple three tab layout further ensures that you don't have to take a lot of steps to make things work for you.
Hundreds Of Assets Storage Option
From all your nonfungible tokens, also known as NFTs, to your digital collectibles, you can store them all in your Coinbase wallets. By keeping around five hundred assets in it, you can manage them easily with the support Bitcoin Circuit
The Disadvantages
One downside of Coinbase is that you can use it only on your phone or tablet. On your personal computer, you won't be able to manage your transactions using Coinbase. Additionally, just like other hot storage, it also has some weak security points that can be exploited by cybercriminals.
2. Electrum; The second-best Option
The second most popular wallet after Coinbase is Electrum. The most special thing about it is the ease with which you can set it up. It is surely the most uncomplicated and hassle-free wallet, which is quite easy and swift to manage.
The transaction fees that it offers are not standard. Rather, they are customizable. Just according to the number, manner and form of transaction, you can pay the fee.
Strong Configuration system
The server configurations of Electrum are really strong. This is why it doesn't come up with any downtime. Resultantly, you can complete all your actions in a very short period, without wasting any time!
The Downsides
However, the biggest disadvantage associated with electrum is the fact that it supports only bitcoin. If you want to expand your portfolio, you probably will have to change the wallet you are using because electrum won't let you manage altcoins in it.
Another thing that annoys the traders about this wallet is the unavailability of any customer support system. This means that if you get stuck in something while doing your transactions or managing other tasks, you won't be able to seek help from anyone through customer support.