Over the past couple of months, we have seen an influx of new members joining the blockchain space. Our Ethereum South Africa group has grown significantly with many of our members making key connections, asking relevant questions and sharing interesting articles and ideas. It has been exciting to see the growth of the community with more people accepting and adopting blockchain principles. We welcome all these new members and look forward to helping you along the way in your Crypto journey.
One of the most frequently asked questions that we get is, ‘ What are my crypto-wallet options?’. So to answer this question, we’ve chosen what we think are the most popular choices. Please remember that this is purely opinion based and if you are using a wallet or multiple wallets that work for you, please share your thoughts, comments and recommendations. Please note that if you are not in control of your private key, then no digital wallet is fully 100% secure.
Cryptocurrency Wallet Options
We need a crypto-wallet because it provides a software that stores private and public keys that enables users to send and receive digital currency and monitors account balances.
Here, we have narrowed it down to our top three choices:
Luno is a South African online cryto-wallet and exchange platform. The platform is easy for individuals and companies to use, store, buy and learn about digital currencies as well as to connect potential buyers with potential sellers. This article explains how your private key is held at Luno For a quick video explanation on platform navigation, see here.
Jaxx is a multi-asset wallet that supports 13 cryptocurrencies (including Ether) with robust security features. All security keys are created on your local drive, which means that it is never sent to any servers. As the account owner, you are in full control of your wallet and Jaxx neither holds nor has access to your funds.
Exodus is an all in one app that is used to secure, manage and exchange blockchain assets. This is the first desktop multi-asset wallet with ShapeShift that allows users to trade altcoins for bitcoins and vice versa without leaving the wallet. You will find a quick demo video on Exodus here.
We would also like to state that there are a number of cryptocurrency hardware wallets such as the Ledger Nano S wallet where you can store Ether and other cryptocurrencies offline. Hard-wallets are generally considered to be safer and there are a number of options available. Thoroughly research a hard-wallet that best suits your needs before making a purchase.
Please remember that we are not affiliated in any way with the above-mentioned wallets and cannot be held liable if something goes wrong in the process.
Tips to keep your Cryptocurrency wallet secure
- Only download your wallet from verified app stores or directly from their website.
- Backup your wallet keys and store your password somewhere safe.
- In order to protect your privacy, never share your private keys with anyone else. Sharing your private wallet key is like the equivalent of sharing your bank PIN.
- Enable two factor authentication or encrypt your wallet so that a password is set for anyone trying to withdraw any funds.
- Update your software so that you have the latest security enhancements available.
- Have multiple wallets. It’s safer to have multiple wallets if one is compromised.
- Double check the address. There are malicious programs that can edit a ‘copy and paste’ function in order to paste a different address; with the new address belonging to the attacker.
- Check the transaction fees just to be clear. In general, transaction fees are a tiny fraction of traditional bank fees.
If you are new to the blockchain space and are interested in learning more on the subject, we offer a blockchain introduction course that will teach you everything you need to know from the ground up.
If you have any additional questions, please don’t hesitate to contact us here.