How to choose the best Cardano Wallet
Cardano, also known as ADA, launched in the last quarter of 2017 as part of the series of new cryptos that ran through early 2018 and quickly took the world by storm. In fact, in a short period of time Cardano became one of the top ten cryptos around. With that in mind, if you are keen to invest, the first step is setting up a crypto wallet and today we will dive into the topic of how to choose the best Cardano wallet.
The Basics of a Cryptocurrency Wallet
A crypto wallet provides users with an option for storing the code you need to access your cryptocurrency. This key provides you with the option of withdrawing, spending, or transferring your digital money. The wallets come in a wide range of different forms, each offering different benefits or drawbacks.
Types of Cryptocurrency Wallet
Online – Online wallets are, as the name suggests, accessed via an online platform and offer a convenience unmatched by most wallet options. However, they are also not very secure.
Mobile – These wallets operate on a mobile system through an app and are available on Android or IOS. They are more secure than online-only options but still not the most secure type of wallet to use to store your cryptocurrency. Think of a mobile or online wallet as akin to keeping cash: it's easily stolen but also easily spent.
Desktop – Software wallets are stored on a desktop. This is still considered a hot storage solution; in other words, it's more vulnerable to hacks than a cold storage system. As such, the security of your desktop dictates, for the most part, how safe your desktop wallet is from hackers.
Paper – Paper wallets are when your cryptocurrency is stored on a piece of paper. These tend to use a QR code for easy access. Since they're made of paper, they need to be kept in good condition and are usually stored in a safe. The great thing about a paper wallet is the fact that the wallet is nearly unhackable.
Hardware – Hardware wallets provide an offline storage option that is more secure than any other type but may limit options for transferring and trading the assets in the wallet. A hardware wallet requires users to have a physical device to access funds, making it the most secure on the list.
Points to Consider
When choosing your Cardano wallet, a few points should be considered. You'll need to decide whether you want to keep your crypto in one location for an extended period of time, and whether there are plans to trade.
Paper wallets are ideal for long-term storage, while software options such as a mobile or desktop wallet are more useful for trading. You'll also need to think about the level of security that each option provides. Ideally, you want to make sure that a system is secure, private, and provides you with fast enough access for your needs.
Fees are another factor to think about when selecting a Cardano wallet. You should find one where you can adjust them because fees can add up quickly if you are a trader! On the other hand, they may not matter much at all if you plan to use a software wallet as a form of long-term storage.
Best Hardware Option
The best hardware option on the market today for Cardano crypto wallets is the Ledger Nano S. This provides advanced security features, making it a more expensive option than the typical cryptocurrency wallet on the market today. Even so, users can buy and sell Cardano through this device while keeping the system completely protected. The Ledger Nano S wallet also supports 1,000 other cryptocurrencies, so if you are thinking about investing in more, this empowers you to store them all in one location. When offline, the Ledger Nano S provides the ultimate level of security against a potential hack.
Best Open-Source Software
If you are looking for open-source software that can provide you with a great option for storing Cardano, you might want to consider Daedalus. This wallet operates on both Windows and Mac. It offers fast and easy setup to ensure that you are operating on the official wallet for ADA. Users also get complete control over all their private keys and are protected by the latest security features.
A great aspect of this wallet is that the software is constantly updated. Developers claim that new releases will allow third-party developers to make their changes and increase functionality within the app. Furthermore, one of the other benefits is that you can use the system with a Cardano paper wallet. So, if you are opting for long-term storage, this could be a great choice.
Best iOS Cardano Wallet
If you are thinking about using a Cardano wallet on iOS, you may want to consider exploring the Infinito Wallet. Described as the first universal wallet, this provides one of the easiest options for accessing and maintaining any type of cryptocurrency. Furthermore, the wallet offers a high level of security and ensures that your digital assets cannot be stolen online. This means that you are largely dependent on passwords and phrases, which are the cornerstone of the app’s security. As such, it’s important to make sure that these always remain private. The Infinito Wallet also is offered for Android devices.
Best for Desktop
Finally, if you are looking for the best wallet for your desktop, consider Atomic Wallet. The wallet offers a powerful and user-friendly experience with a strong level of encryption available. It’s a transparent service, which means that you can lower the effort needed to handle your Cardano. You can use it on Windows and iOS. This wallet is quickly growing in popularity, particularly for Cardano users, due to a high level of reliability and increased levels of protection offered.
Although there are numerous options for Cardano cryptocurrency storage available, once you've identified your needs, you'll be able to choose the best crypto wallet for your needs, keeping your funds safe ,secure, and accessible when you need them. The above information should prove invaluable in your search.