Multicurrency and single currency crypto wallets

Not so long ago, the choice of crypto assets was quite modest in the entire world (Bitcoin, Litecoin, Ethereum and a bit more).  Now it feels like every day a new digital coin shows up. 

It is clear that working with each Altcoin (that’s a common name for all crypto assets, except Bitcoin) from a separate (albeit “official”) crypto wallet is not always convenient.

Demand gives rise to offers, and today you can download and use a wide range of multicurrency crypto wallets running both on a computer (as a program or browser extension) and on a mobile phone. Additionally, you can find a bunch of online services providing convenient multicurrency wallets. For instance, you can take advantage of Ether Zero wallet.

Some of the multicurrency wallets are very well protected (in fact, they are cold – you can install it on a USB flash drive and put it in a safe). The other part isn’t so good in terms of protection. There’re so-called hot wallets (online), which are very attractive due to their great convenience.

Do you know these wallets? Yes, of course, you know. Now nearly any crypto exchange is practically a multicurrency online wallet to store (and quickly exchange) many altcoins and Bitcoins. What should we choose: multicurrency or single-currency wallets?

As a rule, on the official cryptocurrency sites, single-currency (sometimes multicurrency) wallets are offered (for example, the official website of Bitcoin). In principle, these applications can be trusted because their high reliability (and the honesty of their developers) has been already verified. That’s probably the most reliable option.

Therefore, the resolution of this dilemma can be represented as follows:

  1. If you want to work only with Bitcoin and several altcoins, then you can consider installing their official wallets. As we’ve already mentioned, hardware products would be the best security option. Cold wallets would the second, less preferable options, and light wallets occupy the third place. As for online services, they’re the worst in terms of reliability.
  2. However, if you need to work with a dozen altcoins, then a multicurrency wallet would be a nice choice. By the way, hot, cold, and hardware wallets can be multicurrency. However, hardware wallets don’t support a large number of crypto assets. Therefore you will have to choose between, online and cold wallets.

Author: Jeanne Stevens