Multi Wallet – What Choice do you Have and Why?

multi walletThe problem

Today, there are so many altcoins available to buy and invest for the long term. As you may know, it is not good to leave your coins on a trading exchange to take the dust. In the worst case, your account can be hacked and you risk losing your coins. This should be your worst nightmare!

Where do you store all your coins? No wallet can handle all the coins available on the market. This can be cumbersome to manage, hard to secure them and stay always in control of the private key.

Do not worry, many solutions are available to help you on your quest.

Solutions

Many projects investigate to find permanent solutions to keep your investment secure. The best solution is to handle many crypto assets under de same roof.

The ultimate dream should be to have all the cryptocurrency in one place but we are not there yet. Many exist right from the bat and you can use them to store your crypto assets.

1- Exodus

What is great about Exodus you are in control of your private key. The platform supported are Windows, Mac, and Linux and you need to download a software on your desktop.

One of the greatest feature built in the wallet is you can exchange assets without a trading exchange with the service Shapeshift. For example, you can sell your Litecoin for Bitcoin directly in the wallet without sending the coins to somewhere else.

Exodus support at the moment the following cryptocurrencies: Aragon, Augur, Bitcoin, Decred, Dash, EOS, Ethereum, Golem, and Litecoin. I am pretty sure the company will increase to support more in the near feature.

2- Freewallet

This company offer various wallet on the IOS and Android and support the most popular cryptocurrency. The great benefit,  you do not have to download the entire blockchain to see the latest transactions.

Furthermore, you can buy your tokens directly on the apps with a credit card, it's very convenient.

The platform supports the following cryptocurrencies: Bitcoin, Monero, Dash, Ethereum, Zcash, Steem, Doge, Lisk, Decent, NXT, Ardor, FantomCoin, Bancor, DigitalNote, Bytecoin, and Tether.

The only problem is you need to download them separately, and from my point of view, this is not the best way.

3- Coinomi

Wow, this is the Cadillac of the altcoins wallet, I am impressed by how many cryptocurrencies it support. Right now, the application is only available on Android and the IOS is on the way.

As soon as you start the application, your wallet will ask you to backup the seed, a super-passphrase. After that, you select the coins you want and you are ready to go, you also need to provide a password.

I counted on the website 78 coins available, and I am pretty sure many others would be added. This is a great wallet to have in your arsenal if you love to have many coins under the same umbrella.

You need to be aware this is a hot wallet that resides on your phone, so I will not store a huge amount of money into this one. I personally love to store my assets in a cold wallet that has no access to the internet.

4- USB bootable device

If one of your coins is not supported, you have another choice, you can always backup the database on a USB drive. What I mean, if you have bought Antshare-Neo tokens and downloaded the PC wallet. You can backup the database with your private key on an external storage.

You need to make sure to store it in a safe place and make sure not to lose your password, otherwise, your funds are gone forever.

The conclusion

The numbers of coins are growing rapidly in the crypto world and it is difficult to keep them safe. Normally, the cold storage devices only support the most popular ones on the market. So, if you invest in a token that has no cold wallet, you need to make sure you can save them on a USB drive or an external device.

I hope to see in the future a wallet that will support all the assets under one cold storage. So, in the meantime, you need to carry multiple wallets for differents tokens.

You can check other articles I wrote about crypto wallet on my blog:

https://chesatochi.com/hardware-wallet-storing-crypto-assets-offline/
https://chesatochi.com/top-5-bitcoin-wallets/
https://chesatochi.com/ledger-nano-s/

What is your strategy to store your coins?

Ledger Wallet protects your bitcoins
Ledger Wallet protects your bitcoins

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