Crypto Wallets are used to keep your private keys safe, i.e., the passwords for accessing Cryptocurrencies. They remain safe and accessible and allow you to receive and send Cryptocurrencies like Ethereum and Bitcoin.
Crypto wallets are not like regular wallets that hold cash. Crypto wallets do not store your crypto. Instead, the holdings are kept in the blockchain, which can only be accessed using a private key. The keys are the proof of your ownership to your digital market and give you access to carry on transactions. If a person by chance loses his or her private key, they lose success to their money. Therefore, keeping the hardware wallet safe and trusting a genuine, trustworthy crypto wallet provider is necessary.
An NFT wallet is important if one is interested in investing or collecting non-fungible tokens. The NFT wallet is also a cryptocurrency wallet that assists the blockchain policy BFTs are built. Additionally, it is required to support the currency with which you are going to buy NFTS, for example, Ether.
Importance of Crypto Wallets
Crypto and NFT wallet is crucial in the market. Without them, Cryptocurrencies like Ethereum and Bitcoin will just be a delusional idea. These wallets are necessary for keeping, receiving, and sending Cryptocurrencies. The comprehensive growth of Cryptocurrencies has accredited to the concept of decentralization. Everyone has a legal playing field here, and the central authority is not present in the network.
Open source technology is present at the core of blockchain and Cryptocurrencies networks. It has empowered the budding industry to reap the benefits of decentralization, like transparency, immutability, and security.
Ethora is a popular project on this ground that promotes a decentralized economy and technology with its easy-to-use mobile platform. It supports both Android and iOS platforms. The crypto wallet platform is based and built upon transparency, openness, and decentralization. It can support NFT tokens, QR codes and much more.
Top projects with crypto wallets and NFT functionality
Here we shall provide and discuss the Cryptocurrency wallet app list 2022.
Coinbase wallet is one of the best crypto and NFT wallet for beginners. It is an intuitive and highly secured wallet that is properly backed by a well-known exchange. For people with little or zero experience in crypto, Coinbase wallet is the appropriate choice. It can connect with maximum major bank accounts. The interface is quite welcoming and very easy to navigate. It consists of a basic three-tab layout and cleans identifiable functions.
The Coinbase wallet can store NFTs (non-fungible tokens) and other digital collectibles. It can support over 500 crypto assets, one of the largest numbers, and hot wallets. It is essential to mark a distinction between the Coinbase exchange and the Coinbase wallet.
You can use the coinbase wallet without even opening an account with one of the biggest Cryptocurrency exchanges. Besides, the Coinbase wallet is non-custodial, i.e., the private key is not stored in coinbase’s servers but in your device. Hence, you need not worry about your currencies being exposed or locked away due to any reason or cyberattack on the website.
Other points include:
- It utilizes the Secure Enclave chip present in Android, iPad, iOS, and Mac devices. This provides biometric authentication (for example, FaceID, TouchID)
- Gives access to decentralized exchanges in-app that helps in converting tokens without any intermediaries
- The Optional cloud backup helps to protect your digital keys.
- It has a user-friendly interface that is super easy to navigate
- The m.ulti-signature and 2-factor authentication support is helpful
- It can support more than 500 Cryptocurrency assets
- It is backed by a reputable exchange that is able to regain lost or stolen assets
Coinbase is only available on mobile and tablet devices (except for the Chrome extension).
Electrum was brought into the market in 2011 and is one of the oldest and most popular crypto wallets present today. It is considered the best Bitcoin wallet due to its high degree of customizability and immense security features. Besides, it is among the few remaining crypto wallets that only deal in Bitcoin, which Electrum uniquely supports.
The crypto wallet has a lot of unique features. Here, users can adjust their fees according to their needs and are willing to wait for a transaction to get completed. When you give more fees, the transaction gets completed faster.
Another significant factor of this wallet is that it always uses a lightweight client. It takes just a few minutes to set up light clients and also consumes less space than traditional wallet clients on your desktop. Furthermore, this wallet downloads parts of the blockchain by using simple payment verification (SPV). It, in turn, speeds up the transactions while maintaining tight security.
Other points include:
- It is an Open-source wallet, which means its code is available for scrutiny. Thus it helps in building trust and safety.
- The wallet also has the option of custom transaction fees. This means that users can adjust their fees according to the time they can wait for a transaction to be processed and various types of user accounts.
- For cold storage, integration with hardware wallets (Ledger, KeepKey, Trezor) is available.
- There are options for multi-signature support and two-factor authentication.
- It is quite easy to set up and works very fast
- It provides greater security than other hot wallets
- It has customizable transaction fees
- The server configurations do not let the wallets do not suffer downtime.
- It can only support Bitcoin trading
- Its setup and interface are not appropriate for beginners
- There is no customer support available via email, chat, or phone
One of the best crypto wallets for your mobile device is Mycelium. It has got a lot of advanced transaction history data and a strong focus on security.
Brought into the market in 2008, Mycelium is also a well-established crypto wallet that gives a huge focus on Bitcoin. The software is built for mobile-only wallets and continues to be the best one for iOS and Android users. Its security and transactions are its most highlighted factors.
Moreover, it is a reproducible app. One can duplicate its code and compare it to the original to find any significant security issues and multiple levels of pin protection. The crypto wallet also features custom transaction fees consisting of 4 different levels- regular, low priority, economical, and priority- and multiple types of users’ accounts.
Other points include:
- Mycelium has got an advanced transaction history. It consists of information like the miner fees, which have to be paid to the miners present in the blockchain network; block height, that is, a particular location in the blockchain; and inputs or outputs that indicate addresses in a transaction.
- Through the FIO network, it has inter-wallet operability. Thus, it comprises leading crypto.
- There are features of exchanges, wallets, and payment processors present.
- Users can use the mode which is called watch-only. One can disable the outgoing transactions even after keeping a check on their trades and stocks using it.
- There is the availability of Single Address and HD spending accounts saving accounts in this crypto wallet.
- It is compatible with popular cold storage solutions like Trezor, Ledger, and KeepKey
- It is an in-app crypto exchange and educational material
- Mycelium also offers offline transactions
- It is not considered as secure as hardware wallets
- It can only support Ether, Bitcoin, and ERC-20 tokens
- First-time users may find Mycelium a bit complicated
Exodus is the most preferred choice for crypto and NFT wallets for desktops. It is because of the high-speed transactions, multiple functionalities for its client, and user-friendly, easy to use wallet. Moreover, it is one of the most visually attractive and perceptive wallets available in the market to date. Initially, it was built as a desktop-only wallet.
At present, it has apps both for Android and iOS platforms. In fact, it is also compatible with Trezor wallets, which is a trendy hardware wallet brand. Nevertheless, the desktop wallet application is updated every two weeks and is the primary wallet of this application.
The central winning point of Exodus is that it supports multiple currencies. The wallet can keep more than 145 Cryptocurrency assets. It is more than maximum hot wallets. The assets include established altcoins like Litecoin, Tether, Ether, and Dash. It even has Dogecoin and Shiba Inu.
Other points include:
- The crypto wallet has an increasing number of apps released to modify the wallet’s functionality. That also includes apps for crypto-staking live charts and crypto deposits.
- Exodus has customizable fees option. But it is only for Bitcoin transactions as of September 2021
- The crypto wallet runs on a light client, i.e., meaning it uses SPV. It will not download the complete blockchains in order to increase transactions’ speed.
- Exodus supports over 145 crypto assets
- It is compatible with Trezor T and Trezor One hardware wallets
- It allows its users to purchase Bitcoin using Apple Pay
- It provides 24/7 customer support
- The transaction fees are high on the in-wallet crypto exchange
- There is a lack of native 2-factor authentication, which may bother many users
- There is No presence of multi-signature support
Crypto wallets along with NFT functionality is in high demand in the market. The Cryptocurrency wallet app list above includes some of the top servicing projects in the current market. They have contributed immensely to the business world.