Selecting a crypto wallet to store your crypto funds is no simple task. The choices at hand are vast. What to do? A software wallet is a great place to start. A USB stick-based wallet (hardware wallet) may be safer, but if that’s not what you’re looking for then these five top crypto wallets for beginners would be a good place to start.
1. Burner Wallet
Burner Wallet is an open-source project aiming to help drive mass adoption of Ethereum in emerging economies. It’s blazing quick.
A burner wallet is automatically generated when you go to the site, and your private key is stored in a cookie, so it sits there waiting for you, until you “burn” it at the end of the transaction (recommended).
If you share an Uber or a pizza with a friend and want to split the cost, you take a picture of their QR code with your phone camera and it will open up a new burner wallet to exchange value with them. Users can even send currency through messaging services like WhatsApp, using a simple link.
A burner wallet is analogous to cash—you won’t want to carry too much because it can be lost.
Check out a walk through of the Burner Wallet below:
Based in Singapore, Torus is among the first batch of projects released by Binance Labs.Think of it as a starter wallet aimed at those who don’t want to have to deal with their own private keys, at least not at the start.
Torus is targeting mainstream users by allowing you to use social identities (e.g. your Google account) to generate private keys, making it easy for new users to access dapps. So, instead of having to download a chrome extension like Metamask, which handles key management and interaction with dapps, a digital identity account can be used to login, and immediately start using the dapp.
Where some wallets make you backup private keys, read cryptic addresses and pay for gas, UK-based Argent promises to simplify all that. Argent is built on smart contracts and blockchain-integrated code to allow users to manage their funds.
It relies on so-called “Argent Guardians”—essentially, these are people, devices (a hardware wallet, for instance) or third-party services you already use and trust. You give them permission to help with specific tasks (such as approving a recovery) in a predefined smart contract and they can be added or removed at any time.
How does this security play out in practice?
I’ve lost my phone!
- 1. As soon as you realise it’s missing, you can ask a Guardian to lock your wallet. This will stop any transactions or Guardian changes. It’s a precaution as it’s unlikely anyone can crack the phone-layer security (biometrics etc, which even law enforcement struggle with).
- 2. Then, if you find your phone, you can just ask a Guardian to unlock it and you’re all good.
- 3. If you’ve really lost it, you can recover your wallet on a new phone with the help of your Guardians.
Argent will also set daily transaction limits, protecting against fraudulent transactions.
Check out this in-depth post on how the Argent wallet works.
4. Coinbase Wallet
With the Coinbase Wallet (formerly “Toshi”), there’s no need to set up an account or verify your identity: just pick a username, enable fingerprint or PIN access, and get started.
Though it’s developed by Coinbase, the code is open source. Funds stay on the user’s device, and are secured.
The Coinbase Wallet enables you to manage eth and other tokens, buy and store crypto collectibles, send payments and access leading decentralized exchanges.
It also has a built-in “reputation system,” which lets you know whom to trust.
Originally a forked version of MyEtherWallet, MyCrypto is open-source.
MyCrypto attempts to balance security with usability, providing educational messages that prompt users to act in the correct way.
For example, you’re offered different ways to access your wallet, ranging from a hardware wallet, to a mnemonic phrase, and encouraged to choose what’s right for your needs.
MyCrypto claims to simplify the process of storing, sending and receiving digital assets, outside of an exchange, and is great for users who like to be guided through complexities.
Check out a walkthrough on how to use MyCrypto Wallet below:
And that’s our whistle-stop tour through the five top crypto wallets for beginners. Test them out find out which one’s right for you.
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