An extensive test of wallet providers can help everyone interested in investing in cryptocurrencies, if you want to buy Bitcoins , Ethereum , Litecoin or one of the As with many other cryptocurrencies, you need a basic specification: you need an e-wallet. This is the virtual counterpart to the wallet in which we collect real money. Our wallet test report shows the types of wallets available, the differences and similarities they have, and the criteria to consider when choosing the right cryptocurrency wallet.
| rank | provider | Storable currency (number) | expenses | Mobile (yes/no) | Offline administration (yes/no) | review |
|---|---|---|---|---|---|---|
 |  | 14 | 0 € | yes | yes | IQ Option Experience |
 |  | ผลประโยชน์ทับซ้อน | 0 € | yes | yes | EXPERIENCEMYETHERWALLET |
 |  | BTC, BCH, ETH | transaction fee | yes | yes | ประสบการณ์BLOCKCHAIN.INFO |
 | ||||||
| 4 |  | 15+ | 0 € | no | yes | immigration experience |
| 5 |  | 25+ | transaction hardware | yes | yes | ledger experience |
How does the wallet work?
Comparisons with wallets for fiat currency are not as far off as one might suspect at first glance. Because both have the same benefits: they need to store personal property and carry out payment transactions. The difference is that the wallet is a random sequence of digital characters. Participants in the network often see the amount of cryptocurrencies in their wallets through public databases. However, they have no access to the property and cannot understand who owns it.
Bitcoin Wallet is a practical example to illustrate how to access a Bitcoin wallet. It has been a market leader in cryptocurrencies for many years, which is why it makes sense to compare wallet providers for those who are interested in. Public keys allow owners to access the bitcoins stored in their wallets, should be treated with caution. Strongly and not share with others Because it uses: If you have a private key, you will automatically have access to all the bitcoins stored in the wallet In case of loss, there is no central authority that the person involved can open. That is very difficult to prove that you have bitcoins because they are not physical assets.
In addition to storing the private key, the wallet is also responsible for managing the public key, the difference here is that the public key is shared with other Bitcoin owners to initiate a transaction. their (= public key) so that BTC can change owners, it should be noted that only one private key belongs to each wallet. But a new public key can be created for each transaction, which is specifically assigned to this wallet, thus the wallet’s mission is the key to all management.
IQ Option trusted to compare wallet providers.
Wallet Experience: What Types Are There?
The wallet review suggests that there is no single best wallet that meets the needs of all users. because the owner cryptocurrencies Everyone has different requirements for security, cost, flexibility and other criteria, there are several manufacturers in our wallet provider comparison. A fundamental distinction must be made between the two types of bags: hot bags and cold bags.
The hot pocket ensures that it is always available
Hot wallets are digital wallets that can be accessed via the Internet at any time. almost every trading platform Crypto also represents hot wallets as it is possible to deposit and store them. cryptocurrencies In addition, there are many other providers in our wallet comparison that offer hot wallets without integrated trading platforms, those interested in this form of digital asset storage should know. That hot wallets are often a high security risk because not only But with access to the owner from anywhere, an attacker can exploit the security holes in the system and gain access to the data, which becomes especially dangerous if the provider still has the private keys of all his users’ wallets.
Hence, hot wallets are only recommended for storing the small amount of money involved, which means having the flexibility to access parts of the digital asset at any time without exposing the entire asset to unnecessary harm.
The following wallet types are among the hot wallets:
- web bag
- Mobile Wallet
Most of the differences in web wallets are accessed through browsers and apps for mobile wallets can be used on smartphones or tablets, the biggest advantage of both methods. There is no doubt that almost all cryptocurrencies are available, but for example losing a smartphone results in the loss of a wallet.
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Cold wallet stands for maximum security
If not in a hot wallet, can investors save their assets? Answer: In a cold wallet. Experience shows that they can be stored there more securely because they are not connected to the internet. Since the security of the private key is of utmost importance in the case of wallets, cold wallets can be created with the simplest tools – a note and a pen will suffice for this. Keys are recorded and stored as securely as possible. As long as nobody can access assets in BTC, ETH, LTH or any other currency, they are safe from hacker attacks.
In testing, wallet providers were able to find a number of hardware wallets, including devices specifically built for secure private key storage, many of them barely bigger than a USB stick, and the way they work is similar. The wallet connects to your computer, tablet, or smartphone via USB cable, credits can be managed using special software or apps, and there is also a desktop client that can be used to manage. cryptocurrencies without internet connection
To compare wallets, count the following as cold wallets:
- Hardware wallet
- Paper bag
- Desktop wallet
Ledger offers hardware wallets called cryptocurrencies.
Wallet Review: Online & Web Wallets
Since all wallet types are only described superficially, we will focus our attention on the next step in presenting the details of all solutions in our wallet test report. Initially, the focus was on the web or online wallet. However, these are not two different species. But only two names are used for the same product.
Web wallet providers manage private keys online on their servers. As mentioned above, trading platforms for Bitcoin, Ethereum and companies often represent online wallets at the same time, this is the case where trading accounts can hold cryptocurrencies However, there are also crypto exchanges and markets that are not involved in the payment process. But it only offers a platform for placing offers, it will not get an online wallet in this case.
Constant access is the biggest advantage of wallets, however experience over the past few years has shown that this is their greatest weakness, as the private keys of every wallet are kept. Centrally, hackers have the option to attract them through targeted attacks, investors can protect themselves from huge losses by conducting a comparison of wallet providers and paying attention to security.
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Smartphone bag details
Many points used on web-based wallets can be transferred 1:1 to smartphone wallets. They offer the highest flexibility and availability of crypto assets since smartphones are now one of the most popular devices. Their owners often carry them. The private key is stored directly on the device, which is why wallet addresses can be transferred within seconds, for example using QR codes or NFC. In this way, cryptocurrencies can be conveniently used to make payments at the respective terminals.
It should be noted that mobile wallets are not full-fledged clients that provide access to the network. cryptocurrency All at once, for example, the size of the Bitcoin blockchain is more than 150 gigabytes, which must be downloaded to the device for this purpose – in the case of smartphones this is simply not possible Simple Payment Verification (SPV ) is increasingly being used for smartphone wallets, where a small portion of the database must be saved on the device to perform secure transactions, however users of mobile wallets should manage their devices carefully and perform Regular backups, otherwise access to the wallet will be lost if the smartphone is lost or stolen.
Blockchain.info Offers apps for iOS and Android.
Coin management via desktop wallet
The client just mentioned, downloading the entire image of the blockchain, will take us directly to the desktop wallet. What many people interested in testing wallet providers don’t know, for example, if you use Bitcoin, the Bitcoin Core client, for example, will automatically have a desktop wallet. This works with other cryptocurrencies, programs that guarantee access to the network. cryptocurrency They can also be used to receive and send BTC. They are also responsible for managing private and public keys.
However, the client is not only a desktop wallet, there are many other providers. They generally have different features focused on different points such as security, anonymity or adaptability. with these platforms:
- Windows
- Linux
- Mac OS X
The advantage of desktop wallets is that they are inaccessible to other computers behind a firewall, they are in the so-called cold wallets, which are not connected to the Internet and are suitable for storing large amounts of cryptocurrencies. Means they can’t be used flexibly, anyone who is on the go and wants to have their assets in a desktop wallet has no way to do this.
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Offline Wallets: Mobile Devices with Excellent Security
If you want to protect your digital assets from unauthorized access, you can use another form of cold wallet: hardware wallet. There are now a variety of providers that provide devices of different sizes and designs. Most devices are similar in shape and size to commercially available USB sticks and can be found in every pocket. making it suitable for mobile use However, hardware wallets are recommended to store large amounts of digital coins and to keep the device safe. For example, hotel safes or safe deposit boxes. Crypto owners can protect themselves from loss from theft by providing an additional secure PIN or password.
Hardware wallets involve a point that can’t be found in other wallet solutions, and that makes wallet comparisons essential: cost. It’s free, most devices range between 70 and 250 euros, although hardware wallets are available in the upper price range, however, those interested in hardware wallets tend to associate with their availability the need for storage solutions. Bitcoin and Co’s safe are great, which is why not all devices work right out of the box.
MyEtherWallet Also convinced by the offer in our wallet comparison.
Paper wallets: QR code storage
This is a fairly simple form of storing private keys. But at the same time it is quite safe. While all the strings have to be written down in the beginning, there are now programs that print both the public and private keys as QR codes on a piece of paper. out of your hand However, the public key QR code can be passed to enable transactions in your own wallet. The paper coating can be protected from most environmental influences. But fire can destroy paper. If there is no backup, access to the wallet will also be lost.
The difference with paper wallets is that the coin is engraved with a key, in this way, physical payments with coins are possible, even if they are digital currency. indestructible But can be lost quickly due to its small size In addition, the private key must also be provided if the owner cannot engrave it On the other hand, there is a security risk.
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Why is wallet comparison important?
Unlike wallet solutions, so does the owner’s needs. cryptocurrencies Anyone who decides on a solution without comparing previous wallet providers or taking wallet experiences from other users will most likely choose one, which they are not 100% satisfied with in the end. Especially when investing in cryptocurrencies All factors should be correct in order to get the best possible results – after all, a lot of money is at stake.
The Bitcoin market leader can be used as an example here, the price has skyrocketed over the past few years reaching just under $20,000 per BTC. But it is clear what moves investors need to make if they want to make a small fortune in cryptocurrencies, so it is all-important to be able to secure it in a place that is protected from unauthorized access. It is possible to store the main piece in a cold wallet and distribute smaller sums across multiple hot wallets.
Large crypto exchanges also use this system, up to 98 percent of deposits are stored in cold wallets which prevent unauthorized access, only micro-accounts are available in hot wallets for requesting deposits. Fast payments Crypto exchanges are targets of hacker attacks, so they need to protect themselves against this form of threat if the attack succeeds even with high-level security measures on just a fraction of crypto assets. alone will be lost
Another Wallet Provider – Migrate Wallet
These criteria must be considered in the wallet test report
In testing wallet providers by prospective customers, certain factors deserve special attention. This is the only way to ensure that the selected product meets the requirements perfectly. As already stated, investing in cryptocurrencies This episode involves high capital expenditures, which is why it shouldn’t stand a chance. Investors should keep the following features in mind when comparing wallets:
- Price: Hardware wallets usually involve acquisition costs, other solutions are usually free. But sometimes there is a fee too.
- Security: Cold wallets offer an extremely high level of security while many hot wallet solutions are vulnerable to unauthorized access or loss.
- Flexibility: With hot wallets, crypto assets are always available, while cold wallets cannot be accessed from abroad.
- Availability: Hardware wallets can lead to delivery bottlenecks with increased demand.
- Support: It is possible to help if there is a problem with the wallet, ideally there should be support in German or at least English.
Conclusion: The wallet comparison is worth it for investors
It turns out that there isn’t just one way to store digital assets in cryptocurrencies. Bitcoin and other cryptocurrencies None of them are absolute best, each model has its own pros and cons, as our wallet experience shows, hence a combination of several solutions in the past to offset the wallet drawbacks. One with another advantage, since there are now many providers on the market, a detailed comparison of options can certainly be profitable for investors.