If you’ve found yourself in the world of cryptocurrencies, then you know how important it is to keep track of all your funds in one central place. Rather than trying to keep your currencies organized separately, you should consider searching for the best multi coin wallet.
What is a Multicoin Wallet?
When you begin your search for a multicoin wallet, you need to understand what it is that you’re looking for. A multicoin wallet is what you’d imagine it to be. It is a wallet that works much like the standard bitcoin wallets, in that it stores your private key which is necessary for making transactions. Just to keep things straight, remember that multicoin wallets don’t store your actual ‘coins’ since these don’t exist anywhere.
The thing that sets a multicoin wallet apart from a standard bitcoin wallet, is that it can store your key for bitcoins as well as your keys for other altcoins you use.
Why Do You Need One?
Obviously, if you only use bitcoins, investing in a multicoin wallet is not necessary. The moment you start using more than one coin-source, however, you are better off finding a central wallet in which to store all your keys. Why not keep several different wallets for each altcoin you use?
Think about these factors:
- Security: this is the most important reason to use a multicoin wallet. When you have all your private keys in one place, you reduce the risk of your information being hacked into or stolen.
- Convenience: keeping track of all your altcoins may start to get a bit time-consuming and confusing if you use different wallets to store your keys.
- Ease of Use: when you have all your keys stored in one multicoin wallet, you will be able to make your transactions all from the same source, which will be simpler and safer.
Considering these factors, it is easy to understand why you should invest in a multicoin wallet when you’re using and storing different coins.
Choosing the Best Multicoin Wallet
When you are ready to start your search for a multicoin wallet to store all your keys in one safe place, there are important factors you should keep in mind to maximize security and practicality.
Here’s what to consider:
- Coin Support: while you may only use two types of coins presently, you never know if and when you will want to expand your stock. Choosing a multicoin wallet which supports a wide variety of coins will keep your options flexible.
- Protection: make sure that the multicoin wallet you choose has a structured and effective password protection system to ensure that your information cannot be accessed by anyone but you.
- Compatibility: think about the computer you have and where you’ll most often use your multicoin wallet. Try to find a model that is compatible with multiple operating systems for greater ease of use.
- Durability: pay some attention to the construction of the multicoin wallet because you don’t want to risk having it broken easily.
These simple things will help you choose the best wallet model for your needs.
Good Wallet Choices
A good place to get started is to check out two of the most popular multicoin wallet brands:
if you choose to use a Trezor multicoin wallet, you will be granted the ability to store a wide assortment of coins with the highest level of security. The Trezor wallet is very easy to set up and use, even if you are a complete beginner. Trezor makes their multicoin wallets small and sturdy, with a minimalistic look but advanced technology. The company has thought about your long-term safety, as well. When you register your keys with Trezor, you will get your ‘seed.’ If something happens to your wallet, you will be able to recover all your information using your ‘seed.’
Ledger Nano S Cryptocurrency Hardware Wallet:
the Nano Ledger wallet is another security system that will keep your keys for different coins safe and organized for easy tracking and use. The wallet itself has a modern display, almost like a smartphone, and comes with USB devices that you will use to update data.
Realistically, if you are using and tracking more than just bitcoins, you will need to invest in a multicoin wallet. Security and convenience are vital in the cryptocurrency world and you’d do best to get ahead earlier rather than trying to catch up after you’re already disorganized.