7 best altcoin wallet 2018 review to securely store altcoins
altcoin wallet address -> Bank account number
altcoin wallet -> Bank where your bank account number is created
Altcoin wallet is a software program where altcoins are stored. To be technically accurate, cryptocurrencies or altcoins are not stored anywhere unlike, regular money.
There is a private key (secret number) for every altcoin wallet address that is stored in the altcoin wallet of the person who owns the funds (altcoins) which provide the access to your funds. There is a public key which is open to the public (altcoin wallet address) whose primary function is to send or receive the altcoins
In basic terms, you can assume that private key is your email id password and a public key is the username of your email id which facilitates sending and receiving Bitcoins which is done via Bitcoin wallet address.
There are four types of best altcoin wallet
1.Online or Web wallet
2.Desktop, mobile, or software altcoin wallet
4. Paper wallet
The first type of best altcoin wallet is the online wallet or web wallet.
They are hosted by the third party server i.e. you don’t have access to your private keys. So your coins security depends on the service provider, as your private keys are stored on another server. Hence, security can be little susceptible (drawback of online altcoin wallet)
Beginners who deal with the lower amount of cryptocurrencies on cryptocurrency exchange can use web altcoin wallet or cryptocurrency wallet because they are easier to use and maintain as you can access your online altcoin wallet from any device connected to the internet. So transactions are very easy on web altcoin wallet. They are useful in small day to day transactions.
The second type of best altcoin wallet is Software altcoin wallet or desktop altcoin wallet
A desktop wallet is a software which can be installed on your device i.e. desktop or mobile. Software altcoin wallet gives you complete control over your coins as your wallet address private keys are hosted on your device. As long as your device is not compromised your coins will be safe. Hence in terms of security, software cryptocurrency wallet is more secure than web cryptocurrency wallet.
The third type of best altcoin wallet is altcoin hardware wallet
Cryptocurrency hardware wallet is the most secure way to take your coins offline altogether. It is a device that can be connected to your desktop, laptop, tablet, and smartphone.
These are as secure as any other cold storage like a paper wallet and can be as comfortable in day to day crypto-trades or transaction like an online wallet. They are designed to keep private keys of your currency in an offline setting. Private keys are generated via your wallet when you needed to spend Bitcoins.
Your coins will always be safe even if your machine gets hacked or someone stole your hardware wallet. Because without knowing the secret pin of your hardware wallet nobody can transfer your currency to any other address or device. Cryptocurrency hardware wallets also provide a backup option which adds an extra security layer, so you can access them even if your device gets damaged.
7 best altcoin wallet 2018 to securely store your altcoins
Ledger nano S is first on the list of 7 best altcoin wallet. It is a USB shaped smart card attached compact device launched in December 2014
Ledger nano s is built of stainless steel and plastic. Ledger nano comes with an inbuilt tiny screen so you can operate it without connecting it to your device this decreases the chances of malware attack. It weighs only 16.2 grams. Ledger Nano S hardware wallet is compatible with Mac, Windows, Linux or Chrome OS.
Ledger Nano S ensures only you can access your accounts by requiring a 4 digit PIN code each time it is plugged into your computer. It also offers 24 words back up seed keys which is useful in case you lost your wallet.
Ledger nano S supports most of the top cryptocurrencies including Bitcoin, Ripple xrp coin, Ethereum coin, Litecoin and 12 other bitcoin alternatives Ledger Nano S guarantees the safety of your cryptocurrency at very attractive price 79$(price varies)
Trezor is second on the list of best altcoin wallet 2018 it was launched in 2014 by a Czech company called satoshi labs. Trezor.io is the most reputed cryptocurrency hardware wallet among all three best hardware wallet mentioned in this article i.e. trezor vs ledger vs keepkey
Trezor.io in native language also called as vault or Bitcoin safe. Trezor.io comes with an OLED screen and can be used for password management and document signing. Trezor.io is well known for its top-notch security features. Like ledger nano S Trezor.io also generates 24 words seed keys and 9 digit pin which comes handy to recover your cryptocurrency in case your hardware wallet is stolen or broken
Like all cryptocurrency hardware wallet, your private keys are stored in an offline environment. If you wish to wipe out your device then it can be done with a simple click and still your coins can be recovered using your seed keys and 9 digit pin
Keepkey is third on the list of 7 best altcoin wallet 2018. It offers the same functionality as of Trezor and Ledger hardware wallet but at a higher cost.
KeepKey is made up of Aluminium metal and Polycarbonate so it tougher than both of its rival hardware wallet. It comes with the large OLED display but it makes little inconvenient to carry. But bigger screen also adds extra security feature of wallet recovery using the cipher.
It offers hidden/alternate wallet which can be accessed via a passphrase. Unlike Ledger nano S and Trezor.io, it generates 12 words Recovery seed which is useful while recovering your wallet information in case your wallet is stolen or lost.
Read a detailed review of 3 top cryptocurrency hardware wallets – click here
4.Exodus Desktop altcoin wallet
Exodus is a Desktop cryptocurrency wallet and stands fourth on the list of 7 best altcoin wallet in 2018. Exodus is a multicurrency wallet which supports 7 top cryptocurrencies excluding Ripple coin. It also has an inbuilt shapeshift instant cryptocurrency exchange which allows users to convert one cryptocurrency to another instantly.
It is free to use and has an attractive UI. As it is desktop cryptocurrency wallet your private keys never leave your desktop. So unless and until your system is not hacked or compromised your coins will be safe.
There are features like one-click email recovery and backup seed keys for restoring your wallet which adds an extra security layer. So desktop altcoin wallet is the second most secure way to keep your altcoins safe after hardware wallet and paper wallet (I will explain later). However, to access Exodus, you need to always be connected to the internet.
Jaxx is also a desktop altcoin wallet and sits fifth on the list of 7 best altcoin wallet 2018. Jaxx was developed by the Canada-based company, Decentral in the year 2014.
Like other Desktop cryptocurrency wallet, private keys never leave the device, and functions like 12 words seed keys enable you to restore your funds in case of mishappening. It supports 13 promising cryptocurrencies excluding Ripple cryptocurrency and has very simple easy to navigate interface.
It equipped with inbuilt instant cryptocurrency exchange i.e. shapeshift.io which exchange one cryptocurrency to another cryptocurrency in no time. Jaxx supports platforms like Windows, Mac OS, Linux. It also supports chrome & firefox extension and it can be downloaded on your (android, ios) mobile
Electrum is python-based multicurrency desktop/mobile wallet and ranked sixth on my list of 7 best altcoin wallet. Electrum is free software released under the MIT License. No single entity controls the electrum wallet. It has been around since 2011 and one of the most trusted desktop altcoin wallet.
Electrum is equipped with features like you can set transaction fees, use change addresses, create invoices, determine expirations, and much more. Electrum has very easy to use and clean interface. Electrum supports Windows, Mac, Linux for desktop and Android, IOS for mobile.
Electrum generates the 12-word seed keys as you create your wallet and ask to enter 12 keyword phrase in the next step so it is compulsory to write them down. In case your system gets crashed, you can install it on another machine and use the seed to restore your coins.
You can also export your private keys and use them in other Bitcoin clients. Electrum is fast because it uses servers that index the Bitcoin blockchain. As electrum cryptocurrency wallet is decentralized and redundant hence wallet never got down
It also supports Multisignature services which split the permission to spend your bitcoins between several wallets. Electrum also offers two-factor authentication and it is completely malware-proof
7. Coinbase (web or online altcoin wallet)
Coin base is most trusted web wallet and ranked seventh on my list of 7 best altcoin wallet. It is much easier to use and has very simple, smooth, clean and beginner friendly interface.
However, the major drawback of a web wallet is that your private keys are stored on Coinbase’s hosted servers. So you don’t have complete control over your altcoins
Coinbase wallet is also available for android and ios mobile users. It let you create altcoin wallet address of 4 supported cryptocurrencies. Coinbase wallet is one of the top cryptocurrency web wallets if you want to make small day to day transactions.
For beginners, it is the best altcoin wallet to start your cryptocurrency journey. But if you deal in an abundance of altcoins then there is none better than Ledger Nano S andTrezor.io cryptocurrency hardware wallet. Because they provide robust and unparallel security.
Paper altcoin wallet
Paper altcoin wallet is the fourth type of best altcoin wallet. A paper wallet is a second most secure way to store your altcoins after altcoin hardware wallet. A paper wallet involves “printing” and storing altcoins in an offline mode. But unlike regular currency, it is not altcoin that is printed. It’s the information stored in an altcoin wallet that gets printed out. The information on the wallet includes the public key (altcoin wallet address), which allows you to transfer money into that wallet, and the private key, like your password which allows access to your altcoins. Thus, altcoins themselves are not stored offline, but the important keys are stored offline which I have explained at the starting of the article.
Altcoin paper wallet is generated using open-source generators, such as WalletGenerator.net. It’s advised to unplug your Internet access while the keys are being generated and wipe out your internet history after the keys have been created. It negates any possibility of malware interference. As private keys are kept in an offline environment so basically there is no way that someone can steal your coins.
Create altcoin paper wallet address with wallet generator.net
Hello, I am HarshVasistha Btech(IT) from New Delhi, India. I am the Owner and the Author of coinexpansion. Although, I am not a techie but got infatuated with blockchain technology. Hence I commit myself to thorough and in-depth research on the core subject. Coinexpansion is the product of my cryptocurrency learning lust.
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