What to look for in a crypto wallet

There are many options for cryptocurrency wallets and it can be hard to decipher which one might best suit your needs; so before you start looking at the options, we will delve into what things you should look for in a wallet so you do not run into problems down the road.

In order of importance, here are nine things you should consider when choosing a wallet:

1) Non-Custodial:

2) Standard Compliant:

3) Multifactor Authentication:

4) Address Management:

5) Wallet Platform:

6) Long Seed Phrases:

7) Handles the Newest Protocols:

8) Login Systems:

9) Multi-Currency:

Conclusion:

Some wallets you may want to avoid and why (referenced to the feature # as listed above) are:

  • DigiByte Go(2,5,6,9 — also currently non-functional which proves why 2 is so important)
  • Elipal(4,8)
  • Bitfi(2,3,4,8)

A few last pieces of advice:

  1. Never store your recovery phrase online. Don’t take a picture of it. Don’t save it as a note. Don’t save it in a text document and change the extension to try and hide what it is. Just do not ever store it by any electronic means. Write it on paper, or punch it into metal. Offline is best.
  2. Take care to store your recovery phrase in a safe place. If you lose your recovery phrase you lose your funds. I recommend splitting the phrase up into 3 pieces like https://digibyte.rocks/seed.pdf that way you can recover with any 2 of 3 pieces. Make sure you put them in safe places where they won’t be found if you do.

Make sure you don’t photograph your seed phrase( image courtesy of cipherblade.com )

References:

  1. See https://en.wikipedia.org/wiki/Brute-force_attack#Theoretical_limits for why 256 bit is impossible. Wikipedia uses 128 bit and room temperature and finds it is doable but impractical. At 256 bit even at the background temperature of deep space you get an amount of energy exceeding the energy contained in the visible universe. Any lower temp will result in a larger energy value due to cooling requirements to achieve that temperature.

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