Basic things you consider in a wallet.

Kennysplash

Verified member
I have seen posts or threads asking for best wallet or Exchange plaforms. Iny opinion and based on what I have seen so far almost all wallets are best in their own ways or functionality. It is rare to see wallet or Exchange plaform with all feature everyone desires . Most times we may have to combine two to three wallets to achieve our desire. It is important to note that if you have a wallet you should check the following
1) Ability to swap or Exchange different Crypto currencies.
2) support many Crypto currencies.
3) Ability to withdraw your coin to your fiat currency.
4 ) Security of the wallet and Exchangers in most cases.
Yes the things you mentioned are what I expect from cryptocurrency wallets. Apart from these I also look out for low transaction fees. I perform a lot of transactions in cryptocurrency, so I can't have the wallets removing up to 5 percent on every transaction. So I go for the ones with low transaction fees. Another funny thing I look for is referral rewards. I know it sounds funny, but I made quite some money from the referral system in Luno wallet. So if there is a reasonable reward for everyone I refer I think I will like that cryptocurrency wallet.
 

Sprite1950

Active member
Yes the one thing I didn't take into consideration was a wallet that could exchange a currency. I joined Atomic but it is just for storing to I sent my BCH to Trustwallet which incurred quite a large fee. I guess it's all part of the learning curve when you are starting out in crypto because there are so many things you need to know. I have been picking bits of information up here but sometimes I find I don't understand the jargon that experienced people use. @Yugoceon speaks of the 12 word recovery method. I have that with Trustwallet.
 

Yugocean

Valued Contributor
I wouldn't know if any wallet that you know already have them
There is such a feature in the Monero wallet that when you make it, you can make a private of 12 words of your choice, it is even simpler that we only have to remember our sentences, and we have to write only one or two write the words so that we remember them, but others do not know. Thus, in case of forgetting, he can open his wallet. But this facility is not available in any multi-currency wallet, otherwise it would have been better.
 

Ahmedo24

Verified member
We all have our own things we like in a wallet which we use, even a hardware wallet must have them because it is crypto wallet. 5 points I like in my wallet are -
1) Swap / Exchange feature with other crypto and fiat (just like your 1st and 3rd)
2) support Multiple crypto. (just like your 2 option)
3) Features of Staking / Liquidity etc for making extra earning by holding.
4 ) Proper Security (just like your 4th option
5) Feature to create your own private key - it will make easy to remember.
6) Feature to create your own cryptocurrency (I think I am going a bit too far).
Anyway a wallet must have all basic and important features.
Thanks for you contribution but the last two Features you made mentioned of are very important though I wouldn't know if any wallet that you know already have them .
The Crypto currency world keeps improving on daily basis so in case non of the wallet has them yet it is likely that soonest we start seeing them.
Don't you think that creating your own Crypto currency might be a more complex process to be integrated into Crypto currency wallet?. I am open to learning. Thanks.
 

Yugocean

Valued Contributor
We all have our own things we like in a wallet which we use, even a hardware wallet must have them because it is crypto wallet. 5 points I like in my wallet are -
1) Swap / Exchange feature with other crypto and fiat (just like your 1st and 3rd)
2) support Multiple crypto. (just like your 2 option)
3) Features of Staking / Liquidity etc for making extra earning by holding.
4 ) Proper Security (just like your 4th option
5) Feature to create your own private key - it will make easy to remember.
6) Feature to create your own cryptocurrency (I think I am going a bit too far).
Anyway a wallet must have all basic and important features.
 
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