Nowadays, people who constantly deal with cryptocurrency are increasingly asking the question, where is the best place to store it in the long term? There is a way out of course, and strangely enough, it is crypto wallet for android.
Therefore, we will try to understand this topic in detail and evaluate the benefits of using this beautiful technology. And also we will make quite a small rating of crypto wallets for 2022.
What is a crypto wallet?
First of all, as strange as it may seem, let’s understand what this crypto-wallet is. Yes, don’t be surprised, because many newbies have often heard about it, but never understood what this wallet is.
A cryptocurrency wallet is a set of software and hardware methods that allow you to buy, sell, store or transfer cryptocurrency to other users. Their functioning, as well as that of the entire cryptocurrency market, is subordinate to blockchain technology. As you can see, everything is very clear and understandable.
One of the main features of crypto wallets is reliable cryptographic protection of operations with them. This is achieved through the use of two types of keys, public and private. When initiating a transaction, the user uses a public key, which is in the public domain. Information about the transaction is available to all participants in the system. However, only the participant whose address is specified in the message can decrypt the message and get the money. For this purpose, a private key, available only to its owner, is used.
Types of cryptocurrency wallets
There are several types of cryptocurrency wallets that allow you to buy cryptocurrency or convert it into fiat money:
Online wallet
These are online services that provide creation, maintenance and support services for online cryptocurrency storage tools.
Software wallet
A PC or phone application that stores key information. Allows you to exchange cryptocurrencies with an increased degree of security.
A paper wallet
Yes, it is a piece of paper with an image of the wallet owner’s public and private keys printed on it. The keys are presented in the form of a QR code.
Hardware wallet
This is a device equipped with a connector for plugging into a computer or laptop. They contain special software and hardware for storing keys and wallet data.
Advantages of using cryptocurrencies
The main advantage of crypto wallets is the ability to exchange dollars for bitcoins or any other cryptocurrency at special platforms working on the Internet. In this case, any such transaction is provided with the maximum level of protection, accompanied by minimal fees, and takes place within a fraction of a second.
Another advantage is anonymity. When creating a cryptocurrency wallet, there is no need to specify personal data. Only the public key – the address of the digital wallet – is in the public domain. This eliminates the risk of leakage of private information, which often happens when using bank cards and electronic payment systems.
Best crypto wallets
Well, now let’s get to the fun part and choose the 5 best crypto wallets for 2022.
Naga Wallet
It’s hard to describe anything, you just have to take it and use it. Not only is it a free wallet for crypto and fiat assets, but it also has a built-in exchange and access to the NAGA social investment network. In addition, with a single NAGA account, you get access to trading stocks, forex, and commodities. Among the advantages are the following:
- Instant transactions
- Sending cryptocurrency by email
- Convenient cryptocurrency and fiat portfolio management
- Low transaction fees
- Buying cryptocurrency with a credit card
- Free access to stock trading
- Professional customer service
Trust Wallet
This wallet is presented as a mobile application for such operating systems as iOS and Android.
There is support for more than 100,000 cryptocurrencies. The wallet is based on the Kyber Network protocol, which allows it to be linked to decentralised exchanges. This provides the ability to make exchanges at high speed. Undoubtedly has the following advantages:
- User-friendly interface
- Private keys are not stored on the developer’s servers, but the user’s side
- Allows buying, selling, exchanging, storing, and transferring cryptocurrencies
- Multicurrency
- Anonymous cryptocurrency trading
Metamask
Metamask is the most popular software cryptocurrency wallet. It is essentially a window into blockchain and the whole Web3 structure because thanks to Metamask you can interact with almost all the desktop applications that are now on the radar. The advantages of this are :
- Reliability and security
- Access to all applications on EVM compliant networks
- Client-side keys
Coinbase Wallet
Coinbase Wallet is a secure wallet application for transferring and storing major cryptocurrencies. Crypto wallet belongs to one of the most famous cryptocurrency exchanges Coinbase, but is completely non-custodial, due to which its functions are limited. As uncontested pluses we see:
- Decentralised applications (DApps) are available on Coinbase
- The high degree of anonymity and security
- Easy to learn for beginners
- Crypto Portfolio tracking
BitGo Wallet
This wallet has been on the market for a long time, almost 10 years, and performs about 15% of all transactions in the bitcoin network. It is very popular in Europe and cooperates with many large trading platforms like Bitstamp, BitBay, Korbit, and others. One of the most reliable hot cryptocurrency wallets in terms of security. As for the advantages, they are as follows:
- Allows you to perform instant transactions
- A high level of security is achieved by using the P2SH encryption protocol
- Support for more than 200 cryptocurrencies
Conclusion
As we can see, each of these wallets is different and has its advantages over the competition. It is up to you to decide which one is right for you and which one you will use. If you have the opportunity, you can even try each of them and choose the right one.
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