POINTS TO CONSIDER WHEN CHOOSING A WALLET
All statements are just based on what I have experience from using different kind of wallet. Hopefully, this would help you get informed and decide what wallet is worth to choose. Choosing a wallet is really an important decision on getting started in your journey with crypto investment.
Here are some points to consider when choosing a wallet:
- Security Application. What is the technology behind the wallet?
- Simplicity. Is it user friendly? Can I store multiple kind of coins?
- Cost. Is it free? Will the transaction fee will cost me much?
- Back up Feature. Is it safe against malicious software?
Open Source Technology
Wallet should be having an open source technology, the risk for potential vulnerability can be fixed quickly since the code are allowed to be publicly viewed. Open source wallets are important; this keeps you from being tricked from malicious websites. Most well-known multi wallet like Coinomi, Exodus or Jaxx – are not Open Source. When a wallet is not open source, you cannot verify the security of your assets instead just trust that the third party has good intention. But personally, I would choose a wallet that holds the saying “Don’t Trust, Verify!”.
Simplicity
A wallet should be user friendly, a user with no tech background could and should easily use it for sending and receiving cryptocurrency right after downloading it. A better wallet also supports large number of coins and tokens, making it suited to the needs of everyone whatever cryptocurrencies they prefer to use.
SEGWIT supported
Segwit or Segregated Witness, is an alternative transaction format allows transaction sized to be reduced, and therefore also reduced fee and increased transaction speed. A wallet is better if segwit supported, it changes the way in which information is stored on the blockchain.
Secure Backup
A wallet should allow you to have a feature which restore a wallet without having to type in your seed – the password will be enough, and the QR code of the seed doesn’t even need to be displayed on the screen of your device. This can provide a line of defense against malicious software trying to capture the screen of your computer or smartphone.
The above are just few to consider when choosing a wallet. if you consider to look for a wallet having features that were mentioned, you may consider to check out what HODLER wallet is: https://hodler.tech
HODLER wallet is a Fully open source multiwallet that gives you the simplicity and security a wallet could offer.