You would know by now what you can do with Bitcoins and the other alternatives. If you have found the benefits of investing into cryptocurrencies and would like to do this for a longer term, then you might need to know where you can store them before deciding what to do with them.
Famous Hardware-based wallets in Malaysia
Still in its infancy stages, these are basically hardware designed to store the private keys. Compared to all the other types of wallets, hardware-based ones are still not as popular as it requires additional cost to develop and purchase. Names include Trezor, Crytolabs, Mycelium and KeepKey. In most cases, they utilize devices that are USB enabled like the Ledger USB wallet which is very famous in Malaysia.
Malaysians, Enter the world of Wallets
Wallets are like what they meant, wallets! They are used to store cash or some form of monetary unit. The difference here is that they are digital ones which you can use to store your digital currencies. For Bitcoin, you use them to store the private keys that you will use to access the bitcoin address. In fact, you need the key to utilize your funds. We list down the various forms of wallets you can use.
Using paper would perhaps be the cheapest method of storing Bitcoins. It is somewhat safer from all other digital form and in some markets, are highly successful. Many service providers offer paper bitcoin services which utilizes QR codes that you use to access your account. Because they are not stored digitally, you are safe from hacks and cyber-attacks.
Generic Digital Wallets
The generic digital wallets are those that come with those you install into your desktop or laptop computers. This occurs when you have already installed the Bitcoin Core (or the bitcoin client). Naturally, you wallet is already running and operational. Among the other types of desktop-based wallets include Armory, Darkwallet, Hive and MultiBit, all of which have their own unique features.
To overcome the limitations of desktop wallets, there are mobile wallets which are designed for those who are always on-the-go. After all, what is the good of having money when you are confined to spending them seated on the desk and not when you are out. Mobile wallets are designed as a mobile app which stores the private keys as well so that you can use your smartphone to make payments when needed. This includes the likes of Blockchain, Mycelium, Aegis and Xapo.
Web- based wallets
This type of wallet is as implied, they are online and web-based. What web-based wallets bring to the table is convenience although it can be quite risky. In other words, you will be able to access your funds anywhere as long as you are online. This includes names like Circle, Coinbase and Strongcoin, among many others.
Ledger Nano S
To store your Bitcoin Cash, security will always be your priority. Using a hardware wallet would be your best bet if you are concerned with this issue. The Ledger Nano S is perhaps one of the best hardware wallet in the market. It is portable as it uses the USB to connect to your machine. As such, your private keys are stored securely and isolated openable only through your unique PIN number. Besides that, it uses the 2FA or two-factor authentication process which gives you added security. The OLED display is a cool feature so that you can check your transactions easily. You can actually keep and manage more than 20 types of cryptocurrencies including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dash (DASH)
- Litecoin (LTC)
- Bitcoin Cash
Trezor Hardware Wallet
This is another hardware wallet which has been gathering a lot of popularity recently. As any hardware wallet goes, it is known for being very secure. It uses the USB port to connect which is further enhanced by a PIN number. This is one step which Trezor has implemented really well in which you will have to wait for twice the duration each time you key in a wrong PIN. The 2FA is used which is quite standard. A physical input step will be required for verification before the transaction is approved. As a system, it runs on Microsoft Windows, Mac OS and Linux and Android too.
The idea behind Jaxx wallet was to create one which makes it easy for you to manage your cryptocurrencies. This is one product aimed at the mass market where it offers a very user-friendly interface. In fact, you can pretty much start using this application once you install it which is available for both desktop and mobile platforms. The process is very simple and straightforward where it includes the ShapeShift which facilitates crypto-to-crypto exchanges very efficiently. Apart from that, Jaxx supports most cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and others. It comes with a Chrome extension where you can use it on most Windows, Mac, Android and iOS devices.
This wallet is one which is designed for Bitcoin Cash. It actually uses what is known as the Simple Payment Verification or SPV. This wallet can be run on most operating systems including Windows, Linux and Mac OS. As such, there is no problem installing it on the desktop while the developers have come up with an Android version too. Setting up is a breeze and you can use it almost immediately. You will have total control with this wallet where you retain them and use a mnemonic seed phrase for backup.
BTC.com offers a web-based wallet which allows you to access your account anywhere. It comes with a mobile version also developed by Bitmain Technologies from China. The design is very simple where it is quite convenient to manage your cryptocurrencies. This version comes available for both Android and iOS versions which is quite easy to use.
Coinomi Mobile Wallet
Coinomi is a cryptocurrency which is very simple and straightforward. However, reviews have been surfacing about user’s confidence in security although there really is nothing to be overly concerned about. You can use the wallet from your smartphone which makes it really convenient and accessible. You can manage over 100 cryptocurrencies with Coinomi including:
- Bitcoin Cash
- Tether (USDT)
- and many others