If you’re interested in the exploding cryptocurrency scene at the moment and have taken the step to purchasing something other than bitcoin, you’ll be interested to know what your options are in terms of finding an altcoin wallet to keep your currency safe.
In this article we’ll explore just that.
Altcoin Wallet: Why you need one
When you invest and trade in cryptocurrencies it is vital that you have a digital wallet to store and keep your money safe. Quite simply, a digital wallet is a software program that stores your coins for you by holding the keys to the blockchains that enable you to trade.
By owning the keys, you have control over the funds linked to those keys. Should someone else access your keys, which are similar to banking PIN numbers, they can gain control over your funds.
Safeguarding these keys is the main function of a wallet. For guidance on how to download Altcoin wallets, please watch the following online video:
What is Altcoin?
Altcoin is quite simply a shortening of “Alternative Coin”. Post the launch of Bitcoin, a flood of new cryptocurrencies became available on the market and these are referred to as Altcoin’s. Some Altcoin wallets can manage one or two cryptocurrencies in addition to Bitcoin and some wallets can manage multiple currencies such as Ethereum, Litecoin, Dogecoin and Ripple.
Best Altcoin wallets
According to Steemit.com the following are the best Alton wallets currently available:
- Cryptonator: this is a multi-currency wallet that supports 19 different Cryptocurrencies and has more than 500 000 active accounts. More than 16 million transactions have been processed though Cryptonator. Registering and downloading a wallet is free but there is a rate charged on transactions which have been reviewed as being very high The keys are not kept by you on your device but by Cryptonator themselves which means they have ultimate control over your funds.
- Agama or Komodo (https://supernet.org/en/downloads) supports 12 different currencies and is available for MAC and Windows. The keys are held by you on your computer and are not encrypted, which means you have to be careful.
- Exodus: also supports multiple currencies and as an additional feature has Shapeshift built into the wallet, which enables easy exchange of currencies. The wallet also has charts and graphs that enable real time tracking of your portfolio. The wallet only supports 8 currencies, which the developers are not planning to increase. Suitable for MAC and Windows the keys are kept on your device and are encrypted.
- Jaxx – is voted the second best Altcoin wallet available at the moment. It stores keys for 12 different currencies and has a friendly, easy to use interface. Jaxx is suitable for all platforms, MAC, Linux and Windows as well as mobile devices. Jaxx developers are constantly adding new coins and want to be known as the wallet that supports all coins. Keys are stored on your device and are encrypted.
- Coinomi – The best Alton wallet based on the Steemit poll is Coinomi. This wallet stores keys for an incredible 64 cryptocurrencies and has Shapeshift built in. As an added feature it combines the value of your different currencies to give you an overall portfolio value. The keys are stored on your device and are encrypted and secure. The only downside to the wallet is that it is only available on Android and not IOS or Linux, although the developers are working on addressing this.
Regardless of the type of Cryptocurrency you are investing and trading in, ensuring you have a wallet that meets your requirements and keeps your currency keys safe is critical. When choosing your wallet ensure the security suits your environment and research the costs associated with the wallet.
All the wallets mentioned above are online software wallets. Another option that you may want to consider for additional security is a hardware wallet, such as the Trezor or Ledger Nano S, which enables you to safely store keys offline.