A cryptocurrency wallet is a special program that provides the ability to access your cryptocurrency and manage coins. Storage for cryptocurrencies is usually divided into cold and hot. Hot are called mobile, desktop, browser versions of programs and web wallets, that is, those that require the possibility of a permanent connection to the Internet.
Most likely, the first storage for the cryptocurrency of an absolute beginner will be exactly hot and it will be created when registering on a crypto exchange to buy the first coins, for example, converting USD to XMR. He may be the only one for a while.
Offline hot storage is the next step in securing funds. Every crypto exchange is an attractive target for hackers. In the history of almost every site, there were precedents for hacking and theft of huge amounts of cryptocurrency.
Storing assets on a personal device is more secure compared to an exchange account. The probability of a targeted attack on a specific ordinary user is extremely small, and the risk of other cyber threats is quickly reduced due to compliance with the basic rules of cybersecurity. You are guaranteed a restful sleep, at least until the accumulated amount reaches some significant level, when it becomes economically justified to spend 50+ dollars for reliable storage.
Statistically, hot vaults are more vulnerable to remote threats, but they are much more convenient for day-to-day operations with cryptoassets than their cold counterparts. It is also important that software versions of crypto storages are distributed free of charge. The user can test several different programs and choose the most suitable one. Some of them are technically easy to convert to cold ones.
Many experienced users combine both ways of storing cryptocurrencies. For large amounts and long-term investments, it is more rational to use cold storage, and leave relatively small amounts in hot storage for active use.
Coinbase Wallet
This is a good choice for beginners. The user interface is intuitive and easy to navigate. Coinbase Wallet supports approximately 45,000 digital assets, including popular coins, ERC-20 tokens, and EVM-compatible blockchains.
Please note: Coinbase exchange web wallet and Coinbase wallet are not the same thing. You install the Coinbase wallet on your device, regardless of whether you have an account on the exchange and store the private key yourself. That is, no third party can block your access to assets, and their safety depends entirely on the security of your device.
Exodus
Initially, Exodus was developed exclusively for desktop devices, later versions were released for iOS and Android. This wallet is compatible with Trezor devices.
It supports over 200 popular altcoins. For many of them, the ability to adjust the size of the commission is available. The functionality of Exodus is regularly updated and expanded, staking, crypto deposits and internal exchange are already available in it. Please note that the internal exchange still has geographical restrictions, and before sell FIRO, find out if they apply to you.
Atomic Wallet
The wallet is available in desktop and mobile versions. The desktop version is compatible with most operating systems, the mobile version is compatible with Android and iOS. In addition to the main functions, there is an internal exchange, staking for 13 assets and a terminal for buying cryptocurrencies for fiat. The terminal supports 19 fiat currencies.
Atomic Wallet is based on its own blockchain and has its own token, which is used to pay fees and entitles you to benefits when performing various cryptocurrency transactions.
Trust Wallet
This is one of the most popular crypto wallets for mobile devices. It supports over 40 blockchains and can store over 160,000 digital assets, including NFTs. Trust Wallet has a built-in Web3 browser that simplifies the purchase of NFTs, provides access to dApps and games on the blockchain.
Trust Wallet is supported by the Binance crypto exchange, but it does not store private keys and is available for download regardless of registration on the exchange.
