Since the launch of Bitcoin in 2009, cryptocurrency topics are getting more and more attention. Day by day, more people are getting interested and involved in crypto. The geeky community that supported crypto through the first steps is being joined – and possibly supplanted – by ordinary people that don’t have a deep understanding about blockchain technologies and have either come to this space for speculative purposes or followed a new project whose ICO they stumbled on. This article is for the latter group, we want to take a look at the wallet options available for the storage of and interaction with cryptocurrencies.
Cryptocurrency Wallet: The What and The How
Cryptocurrency transactions have a lot in common with other forms of electronic payments. They require a minimum of two online accounts, accounts that are capable of holding, sending and receiving funds. The difference between a cryptocurrency account, most commonly called the wallet and a bank account or an e-wallet is mainly in the way transactions are performed.
Whenever you access your bank account, you are basically asking your bank to tell you how much money you have. The same goes with sending money to someone. You log in and ask your bank to send your money to someone else and you trust that they will do so timely and accurately. When it comes to cryptocurrencies, you are not asking a third party (like a bank). Your wallet gets its information directly from the blockchain, so no third party is involved. You are in control of your own money. Much like a real wallet where you would hold cash, a crypto wallet belongs to the one holding access keys to it.
There are three types of cryptocurrency wallets that are most commonly used today:
- Web/Online wallets – These wallets are not “tied” to a device, they exist on the internet and can be accessed through any device as long as you have your access credentials. Although very user-friendly, these types of wallets are considered to be the least protected because information about them is stored at a third party and is more likely to be compromised.
- Desktop/Mobile wallets – Mobile and desktop wallets are essentially applications that you download and install on your device. You can access these wallets from that device only but if the device is lost or broken you may restore your wallet from on another device. These are considered to be more secure than web wallets but the safety of your funds depends on how secure your device is.
- Hardware wallets – Hardware wallets are becoming the go-to solution for storing larger amounts of crypto. Essentially they are encrypted devices that hold your private keys. In order to access your wallet, you have to plug in the device into a desktop computer and run an application which will only be accessible when the device is plugged in.
Let’s review some examples:
This well known and highly trusted web solution allows access from any browser or device. Two stages of authentication and pin code take care of the data security, but the service is highly prone to downtimes.
Mycelium is a mobile solution. The user has complete control over their cryptocurrency transfers and access to such advanced features as cold storage, PDF backups, QR code scanner etc. We must note, nonetheless, that Mycelium has a really high entrance threshold – its user must have a solid understanding of cryptocurrency operations and blockchain technology first.
Exodus offers a desktop digital wallet that provides the opportunity to store, exchange and trade different cryptocurrencies. Thanks to its intuitive interface and high level of security, Exodus (launched in 2016) quickly gained significant momentum with cryptocurrency users. It is however NOT an open source solution, meaning malicious code could potentially be added by its developers.
The Ledger Nano S is a battery-less device which you can connect to any Windows, Mac, and Chrome OS computer (and some Linux systems) via USB. It has a sleek and attractive design. Some of its core features are the ability to backup your seed key for recovery, easy to use OLED interface, and a flash drive like feel with two buttons on the side for navigating the interface.
NAGA Wallet is a solution provided by the NAGA Group that enables the safe and simple exchange of cryptocurrencies and digital money. This payment gateway is multi-currency and allows you to operate numerous forms of digital assets simultaneously.
The advantages to using the NAGA wallet include:
- NAGA Wallet is compatible with ALL blockchain-based assets;
- Decentralization of the data storage provides the highest possible level of security;
- NAGA proposes a possibility to profit from the transactions, earn money while using its services. NAGA Wallet offers the best exchange rates and the most attractive transaction fees on the market.
A Few Words About NAGA
NAGA offers a unified platform with access to financial and virtual markets. Digital financial markets are made accessible to everyone with the NAGA Group solutions. NAGA is bringing to life a unique business idea that will revolutionize traditional banking. The company’s annual revenue reaches millions of Euros.
Created in 2015, just two years later NAGA performed the fastest German IPO since 2002 and is currently trading at 400% above issue price. More than 18,500,000 NGC tokens were sold to more than 15,000 backers and the pre-sale exceeded $15 million dollars worth of investments.
Main products:
SwipeStox – a global social network for traders. The simplicity and powerful functionality of this tool allow users to generate passive income by copying the strategies of the best traders on the platform. The trade volumes are already reaching billions of euro each month. More than 700 trading instruments provide high-quality transactions for the client’s profit and are available over the web and on mobile platforms.
Switex – a platform for trading virtual goods within a number of supported games from different resources. This is a suitable solution for game publishers as here they can easily sell, buy and manage items and get a profit. Open API and blockchain-based storage system provide even more advantages.
The NAGA Group is bridging the gap between traditional economy and the innovative blockchain-based solutions. Virtual economy is the future, it means growth and opportunity. Ease of everyday use and freedom of asset exchange between different means of electronic payments are their strongest suit and main goal. The NAGA Coin is aimed to be listed on all the biggest and most stable cryptocurrency exchanges available today.
The NAGA token sale is nearing its end, don’t miss out on the opportunity to take part in what will probably be the next big thing in the crypto-space.
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What is your preferred wallet solution? Which of NAGA wallet’s features do you find the most appealing? Let us know in the comments below.
Images courtesy of The NAGA Group, AdobeStock