Online Cryptocurrency Wallets

What about other types of Wallets? Unlike hardware wallets, online wallets are software. This means they are not physical devices and are more vulnerable to hackers on the web than hardware wallets. Online wallets are one step better than storing your cryptocurrencies on exchanges because they give you access to your private keys, giving you full control over your cryptocurrencies. Let’s explore some different types of online wallets. Online Cryptocurrency Wallets for Bitcoin Many online wallets only support one cryptocurrency. This means that if you hold 5 different cryptocurrencies, you may need 5 different wallets. The reason for this is due to technical headaches around compatibility, but no need to get into this. For now, just understand that many wallets are tailored for one cryptocurrency only. Blockchain.com, Mycelium, and Electrum are good alternatives to setting up a Bitcoin wallet until your hardware device arrives. They allow for easy backup and have trusted support to help their clients. Many cryptocurrency wallet companies can be scams or fakes, so be sure you are downloading the correct wallet, by the real company. Ethereum is another popular cryptocurrency, so let’s explore some popular Ethereum compatible cryptocurrency wallets. Online Wallets for Ethereum Metamask, Mist, MyEtherWallet (MEW), and MyCrypto all offer trusted Ethereum cryptocurrency wallets. Metamask, in particular, is an interesting one because it acts as a browser extension. This means if you want to spend Ethereum online, you can use Metamask to quickly send your Ethereum. Many companies that accept Ether will allow you to easily send them Ether from MetaMask. There are hundreds of other cryptocurrency wallets to choose from, but these are the most trustworthy in our opinion. Generalized Cryptocurrency Wallets While most wallets are only compatible with one cryptocurrency, there are wallets that are compatible with many. Some accept nearly 100 different cryptocurrencies and allow users to buy and sell cryptocurrency inside the wallet. While some of these generalized wallets are trusted, there is arguably added risk to these types of cryptocurrency wallets. As different cryptocurrencies update their codebase, these wallet providers need to update their system accordingly, leaving more room for error. If you decide to go this route, be very careful about which cryptocurrency wallet provider you choose. We hesitate to make any recommendations because we don’t believe they are a secure option. As you can see, there are many options for online wallets - hundreds, if not thousands. This is another reason we recommend using a hardware wallet, and particularly the Ledger Nano S. It is easier to weed through the less reliable options. Ultimately, once you decide which cryptocurrency wallet is best for you, the next step is to understand how to backup your cryptocurrencies in case you lose your wallet or your computer malfunctions.

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