Cardano For Beginners 7
Cardano For Advanced 7
Cardano Quiz 1
The Best ADA Wallets
There are four types of wallets that you will be able to find when you look to store your ADA coins:
- Online wallets
- Software/app wallets
- Hardware wallets
- Paper wallets
Each of these came with different advantages and disadvantages that you have to know about. For example, online wallets are known to be the least secure and if you are choosing such a wallet, you should rely on the provider alone. The majority of online wallets don’t store your private keys so your coins can be easily stolen If someone hacks the platform. The main advantage however is their usability because you only need an internet connection to access them.
The software ones can be a good choice as they are more secure than the online ones but not as reliable as hardware wallets. The software wallets are super easy to use and they can even keep track of the assets by using a mobile app. The reliability of software wallets depends on the platform alone and there are a few secure options that you can choose from.
Hardware wallets are the most recommended option because they are known to be cold wallets because your private keys are stored offline and cannot be stolen. The majority of the hardware wallets are made of quite durable materials which means that you don’t have to worry about dropping or breaking them. the recovery process is also very simple if you lose them.
Of course, Cardano hardware wallets are not as easy to use but if you store huge amounts of cryptocurrencies, getting one is a must.
Finally, we come to the paper wallets that are considered to be even more secure and this is the only non-technical way to store your coins. However, if you lose it you will need public keys each time to make a transaction. It can be really time-consuming but these are amazing if you consider that the ADA coins are a long-term investment.
What’s most important when looking at the right tool to save your coins is for it to fulfill a few key components: security, usability, mobility, and supported coins.
Security is probably the most important factor that you should consider. All other factors are not as important if the security comes at a risk. Also, a good crypto wallet should be easy to open and have a simple interface. This factor is not as important for those that consider ADA coins as a long-term investment but it is crucial for those that perform multiple transactions in the day.
Each of these options has its own pros and cons which is why every individual should choose an option that fulfills their wants and needs.
Trezor for example is a great choice as it offers a 24word recovery in case you lose your device. Trezor stores your private keys which makes it even more secure.
Ledger on the other hand is also a hardware device that supports multiple currencies and you can create an address for each currency. It’s easy to use and all you have to do is confirm a transaction by hitting a physical button. Ledger Nano S is one of the most popular hardware devide out there and you can use apps to connect them with your wallet to backup data and other devices.