Cryptocurrency Wallets

11/1/2017

Cryptocurrency Wallets
Before I can start buying Bitcoin or Cryptocurrencies I will need a wallet? Why a wallet?... A wallet is like your bank account. You need to open a bank account first to put money in right? With cryptocurrencies you will need a wallet to put money in your wallet to purchase cryptocurrencies/cryptos/Bitcoin/other coins.

Remember NEVERnleave cryptocurrencies on an Exchange and ALWAYS put them in your wallet.

Reminder to me: Store Bitcoins/Cryptocurrencies offline away from Exchanges and off the Internet.

What kind of wallets are there and what kind will I need?...

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These are the different kinds of wallets...

Desktop Wallets: Downloaded and Installed on a PC or Laptop. They are only accessible from a single computer in which they are downloaded.

Hardware Wallets / Cold Storage Wallets: They differ from software wallets in which they store a user's private keys on a hardware device like a USB a/k/a Thumb Drive, etc. Hardware wallets make transactions online. Your information is stored online which delivers increased security. Leading exchanges store most of their Bitcoin/Cryptocurrencies offline, not present on a web server or a computer with WiFi capabilities.

Examples of Cold Storage:

On a USB drive or other data storage medium in a safe place (e.g. safety deposit box, safe)
On a paper wallet
On a bearer item such as a physical bitcoin.
Online, but on encrypted media where the encryption key is offline.

Mobile Wallets: Runs on an phone app on your cell phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than a desktop.

Multisignature Wallets: When security is the primary concern. They let 2 people from the same business complete a third-party payment; one person generates a transaction while a second authorizes the payment. They allow individual users to implement two-factor authentication, where one key is on your primary computer and a second is on your smartphone, so the funds cannot be spent without a signature from both devices.

Obscured Paper Wallets / Paper Wallets: Easy to use and provide a very high level of security. The term paper wallet can simply refer to a physical copy or printout of your public and private keys. It can also refer to a piece of software that is used to securely generate a pair of keys which are then printed.

Online / Cloud Wallets: These run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online.

Hot Storage Wallets: the amount kept online but only enough to cover anticipated withdrawals.

Deep Cold Storage Wallets:

FYI: I signed up for several different types of wallets based on which coins I was looking to get.

NOTE to Self:

"ALWAYS" back up wallet
Keep software updated on my phone, computers, iPad "Electronics" for security enhancements
Always add extra security (2 factor verification "Google Authentication" instead of text.)

Access My Wallets: (What types of wallets I considered.)

Wallets for everyday purchases or just buying and holding digital currency?
Plans to use several currencies or one single currency?
How to access a digital wallet from anywhere or only from home?

Wallets to Sign Up with...

These are wallets. I signed up with the different wallets because Bitcoin or the type of coins I could acquire using their wallet services.

Reminder to self: Purchase and keep my hard wallet / thumb drive near to backup up my wallet information and never leave it on the exchange.

Did I mention I think of my wallets as my personal bank account only I am now the bank and it is my responsibility of handling all the transactions and being responsible or knowing I could LOOSE EVERYTHING if I am not super careful and double check all my activity so I am not scammed.

I signed up with Coinbase. This is my 1st wallet to start with and purchase my cryptos. CLICK HERE

When I signed up with Coinbase there will was lots of information on cryptocurrencies and how to get started.

Hot Wallets

Bread Wallet: Used only for Bitcoins.

Pros: Good privacy and security. Beginner friendly. Simply, Clean, Open Source Software and FREE.
Cons: No web or desktop interface, lacks features and hot wallet (less secure).

Mycelium: Bitcoin (Future plans: interfacing with other cryptocurrencies.)

Pros: Good privacy, advanced security, feature rich, open source software and FREE
Cons: No web or desktop interface, hot wallet, not for beginners

Jaxx: Multi-Currency

Pros: Good privacy and secuirty, multi-currency, wallet linking across multiple platforms, great user support feature rich, user friendly and FREE
Cons: Code is not open source, can be slow to load

Hard Wallets: (These can be purchased off Amazon.)

Trezor (Bitcoin Wallet): Ideal for storing large amounts of bitcoins

Pros: Good security and privacy, cold storage, easy to use a web interface, in-built screen, open source softwrae and beginner friendly
Cons: Cost and must have device to send bitcoins

Ledger Nano S

Pros: Amazing backup security, Screen/device protected, Multi currency support, 3rd Party apps, U2F support and inexpensive
Cons: No ability to create hidden accounts and No password manager

I signed up with Exodus as my second wallet because of the ease of use. Purchase your cryptocurrencies first before using Exodus. It is Very, very user friendly in my opinion with lots of features.

Multi-Currency Wallets:

Exodus All-in-one app to secure, manage and exchange blockchain assets. This is from their website:

The Problem With Blockchain Assets Blockchain assets (also called digital currency or cryptocurrency) are a young, fragmented new frontier. New people buy bitcoin and miss out on exciting, new opportunities. Diversifying means learning about keys, seeds, wallets, blockchains, mining fees, cold storage, and more.

Not only do you give up control of your identity, privacy and money; everything quickly turns overwhelming with too much to learn.
Exodus was created to shift power back to you to control your assets - with no banks, no brokers or institutional oversight.

CONTROL YOUR KEYS
BEAUTIFUL LIVE CHARTS
PERSONALIZED FOR YOU
PORTFOLIO: Live charts turn your diversified portfolio into a bottom line.
EXCHANGE: A seamless, one click, ShapeShift experience.
MULTI-ASSET WALLET: Bitcoin, Ethereum, Litecoin, Dash, EOS and more.

This was a video by Joe a/k/a Jsnip4 explaining Exodus, "REALIST NEWS - All In One Crypto Wallet (This is what you want. EXODUS)

Another Exodus Review by CrypoKing

You can even share your keys so others can send YOU cryptos. These are mine:
Bitcoins: 14Ppm6hkZtfwXp9xWZnSKCz7GF58ab4XeB
Ethereum: 0x51A4d6E44ce685d6A52cF938478A84857e00267c
Litecoin: LTRkRjgE3kroE7sN28KFSqfJ6Wvnq95UTJ

I have more to list so check back :)

Credit Sources for information: Top 5 Best Cryptocurrency Wallets by Ameer Rosic