What are the Best Online Blockchain Wallet Apps of 2018?
If you are a newcomer to digital currency trading and investing, the very first thing you need to do is set up a blockchain wallet which you can use to receive, store, and send any tokens you purchase. However, choosing a wallet is far from easy.
Every different cryptocurrency has its own wallet. Ethereum has Mist, Bitcoin has Bitcoin Core and so on. The only problem is that for traders and investors with diversified portfolios, it simply isn’t practical to store coins across several different blockchain applications.
What is a Web Wallet?
Web wallets are blockchain applications which run online (as opposed to on personal computers) and often support several different cryptocurrency tokens.
Web-Based Blockchain Wallet Benefits
Because standalone blockchain wallet applications like Bitcoin Core can take up over 160GB of disk space, web wallets make more sense for anyone who doesn’t also mine digital currency. As a rule, however, no web-based wallet should be used to store all of a persons digital currency holdings. Instead, a web-based blockchain wallet should only be used to store funds which people trade and transact with on a day to day basis.
Jaxx – The First Multi-Device Multi-Coin Wallet
Jaxx is (so far) unique when it comes to blockchain wallet offerings. This is because as well as supporting several coins such as Bitcoin, Ethereum, Ethereum Classic, Dash, and Litecoin, Jaxx can also be synced and used across several different devices.
Supporting 9 different device types, Jaxx can be used on a traditional desktop computer and on a smartphone or tablet simultaneously. This means that after a day trading on a desktop, digital currency users can pick up their phone and immediately have their digital currency balance available to use on the go, as they shop or trade from a different location.
Coinomi – A Multi-Coin Blockchain Wallet & Exchange Platform
Slightly different from other leading web wallets, Coinomi is only available in Android and iOS app format. Coinomi, however, supports almost all leading digital currency tokens and altcoins. Much more importantly, Coinomi allows users to exchange digital currency balances in-app via Changelly and Shapeshift. This means that users can buy Litecoin and tens of other altcoins easily, without the need for third-party trading platforms.
Exodus – Multi-Currency Support & In-Built Shapeshift Integration
Exodus started making big waves on the blockchain wallet scene in 2017. This was thanks to easy multi-coin support and several innovative built-in exchange portfolio management tools.
Sadly Exodus is only available as a desktop application and only supports a limited number of coins. This being the case, Exodus isn’t really as fully featured as Coinomi, this despite the multi-coin blockchain application having a very loyal user base.
Digital Currency Exchange Web Wallets
Because of the learning curve involved with setting up different web wallets and hardware wallets, some people choose to store digital currency online at cryptocurrency exchanges themselves. Sadly, storing digital currency at places like Coinbase simply isn’t secure.
Since 2012, over $1Billion in cryptocurrency has been lost as a result of cryptocurrency exchange hacks. What is more, even reputable exchanges like Bitfinex aren’t immune. In August 2016, for instance, Bitfinex lost over $60 million of user Bitcoin deposits, simply as a result of a single hack.
Because exchanges themselves are the number one target for hackers, all cryptocurrency traders and investors should look to move tokens off exchanges at the earliest opportunity. What is more, for anyone looking to hold digital currency like Bitcoin long-term, paper wallets and dedicated hardware wallets will always be the best option.