Are you a crypto trader or enthusiast who want store your coin safely? In this article, we’re going to look at the 7 best decentralized crypto wallets to store your assets safely without being hacked or stolen.
Before we get started, we need to know what a decentralized crypto wallet is and how to secure them from intruders.
What is a Decentralized Crypto Wallet?
We can simply say that a decentralized crypto wallet is a blockchain where cryptocurrencies are held; it comes in many forms, such as mobile, paper, and hardware wallets.
A decentralized crypto wallet can also be referred to as a storage wallet where the holder is issued some keys with which they can use to access their crypto assets. Owning the keys allows one to send and receive crypto anywhere in the world.
Are All Crypto Wallets Decentralized?
No, all crypto wallets are not decentralized because we still have some centralized wallets that allows you to store your coins without giving you access to your private keys, for instance Binance, Luno and LocalBitcoin.
Crypto wallets store the private keys required to unlock this blockchain address which is why it is important for investors and traders always to keep their private keys safe.
Can One Wallet Hold Multiple Cryptocurrencies?
Yes, there are a lot of crypto wallets that holds multiple coins and allow users to send and receive to other wallets as well.
Even though some cryptocurrency wallets restrict investors and traders from keeping more than one crypto asset, countless others allow multiple cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
How Do I Make a Decentralized Wallet?
If you intend on creating your decentralized wallet, you can create one by using Moralis, which is a web3 development platform. The steps involved are:
Create a Moralis Server
Sign up with Moralis and set up your server; click on the ” +Create a new App” button once logged into Moralis. On the bottom right side of the interface, you will see a menu to pick an alternative fill in some details such as your name, region, and network.
Ensure you select the network according to your purpose of the Dapps, then hit the ” Add Instance” button to spin up the server.
Structure The Content with HTML
After creating your server, the next thing to do is set up the correct structure for the web content. You can accomplish this by using HTML code.
You will get to set the sign-in page and dashboard; the code for both can be found on Moralis GitHit.
To get these elements, you can click on “View Details” in the Moralis admin panel under the server tab.
To initiate these elements, copy and paste them into the Moralis code. The most important is the “Moralis.web3.authenticate ()” line as we use Moralis.
Create Transfer Functions
In the wallet are functions that help for transferring tokens. It is possible to add tokens on Moralis as it easily provides some functions ready to use ” Out of the Box.”
7 Best Decentralized Crypto Wallet to Store Your Coins
Investors and traders looking to store their crypto assets on a safe and secured platform can consider the below listed decentralized crypto wallet as the best currently. The seven best-decentralized crypto wallets in 2022 include:
Coinbase is a safe, secured, and user-friendly crypto asset wallet that can hold multiple cryptocurrencies such as Binance, Ethereum, Bitcoin Cash, and Litecoin. The platform has a great design interface and various features.
Exodus is a beginner-friendly wallet available on the Desktop and a mobile app. Users can access and store more than 100 crypto assets in their wallets.
They also offer 24/7 services and easy to use platform for beginners.
MetaMask is a renowned wallet for major cryptocurrencies. This wallet functions as an extension on your browser, enabling one to run the Dapps on your system.
Since MetaMask is an extension, it will effectively add more ease to one’s trading experience.
Ledger Nano X
Ledger Nano X is a wallet that stores crypto-asset offline. The wallet helps limit users’ chance of getting their crypto-asset stolen since it is not stored online.
The wallet has a USB that allows one to carry their wallet anywhere, and investors can trade them by connecting to other wallets via a USB cable.
Electrum is an advanced cryptocurrency wallet that can store countless amounts of Bitcoins. It is an open-source wallet that provides adequate security for recovering or importing private keys from other wallets, and its transactions are free.
Mycelium is one of the best crypto wallets for mobile devices as it offers offline transactions, advanced transaction history information and has a strong focus on security.
Cobo Crypto Wallet
Cobo is a digital cloud wallet that offers users access to more than 40 coins and 180 tokens, and Android and iOS users can take advantage of this.
The platform also provides multi-factor authentication, hot-cold storage, and multiple signature storage for private keys.
What is The Safest Crypto Wallet?
Currently, the safest crypto wallet is the one you have access to your private keys which one of them is Blockchain wallet, a popular platform where investors and traders can store and invest in their cryptocurrencies.
The wallet is one of the most secured Bitcoin wallets that keep track of the owners of digital tokens.
The platform offers instant exchange, user complete control, safe storage platform and is available on web, iOS and Android. A decentralized crypto wallet is a safe spot where traders and investors can store their digital assets.
How to Secure Your Decentralized Wallet
There are so many dangers involved in storing cryptocurrencies and most times when we loss it, that’s all and no trace or ways to recover our lost crypto assets.
But the most dangerous part of it is loosing it to hackers who will end up spending it without any trace. So, the best ways to secure your decentralized wallet are as follow;
- Store your private keys/key phrase offline.
- Never share your private keys/key phrase with anyone.
- Do not enter your private key/key phrase on any link sent to your email requesting for an upgrade or account update.
- Download the right application from Google playstore or Apple store – kindly verify and check for numbers of reviews before installing on your device.
- Always logout once you’re done with your transaction.
- Enable passcode on the app to prevent access from visitors.
- Avoid any airdrop that request for your private keys or key phrase.
If you’re considering to store your coins, always consider researching before picking a storage wallet to ensure it suits you and is safe for your crypto asset.
We hope this article will offer you a chance to select and use the best crypto wallet. For all your views and opinions, kindly drop us a message in the comment section below.
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