As a rule of thumb, I never leave my cryptos at an Exchange.
I buy them and I transfer them to my wallet right away.
SOFTWARE WALLETS
I have several software wallets, and here's my reasoning for each one.
I would love a hardware wallet, but they're a bit pricey at the moment for me. I'm still trying to pay off credit card debt, etc.
In the meantime I use the Jaxx wallet and the Exodus wallet, which are my favorite multi-currency wallets.
They both allow you to exchange between cryptos, so you can convert from Bitcoin to Litecoin and to any other of the coins they support.
They both offer security and backups, albeit in a different way.
Exodus is more sophisticated, has a great dashboard that shows you an overview of your holdings. They also have more security options than Jaxx.
For me, the biggest benefit of Jaxx is that it does not install to the Windows registry and programs files structure. You download the zip file and put it anywhere you want. This means you can put it in some hard to find location, so it's harder to determine that you have a crypto wallet.
They both have fairly regular updates, and you should check periodically. Exodus even tell you when to check next.
I always have hand written copies of the 12 word backup keys for both wallets in case something happens.
I have all the security options enabled for both wallets. Can't be too sure.
CELL PHONE WALLETS
I do not use cell phone wallets -- if I wanted to make a purchase in person, I would transfer only the exact amount to spend to the phone wallet, and then transfer it out of there ASAP.
Cell phones were not built for security and it is fairly simple to plant keyloggers, and screenshot takers to capture your passwords and your private keys or backup phrases.
IF YOU NEED TO USE A CELL PHONE WALLET ALWAYS KEEP SEPARATE PASSWORDS AND KEYS FOR THAT DEVICE!
HARDWARE WALLETS
If you can afford a Trezor or a Ledger Nano S, they're worth the investment. But make sure they can hold the cryptos you are interested in.
OTHER WALLETS
Jaxx and Exodus hold a good amount of different cryptos each, and not all the same (Exodus has OmiseGO, Jaxx doesn't. Jaxx has things like Po.et and others I find a bit useless). It could be good to have both installed.
I also have the full client/wallet for Bytecoin (BCN) and Monero (XMR) because Jaxx and Exodus do not support them. Those are the 2 cryptos I mine with my laptop, tablet, phone, and any spare hardware I can find.
Whereas Jaxx and Exodus do not download the entire blockchain to your computer, the Bytecoin and Monero clients do, and they can be used as miners to give greater strength to the network, by helping to validate transactions.
PAPER WALLETS
This is generally a barcode printout of a QR code which holds your private keys (like an account no.) and it may or not state the balance on there.
Some wallets let you print these -- MyEtherWallet for instance.
It's always good to have printed copies in several safe places, in water tight baggies (especially given the ongoing hurricane fever).
However, I prefer having the other functionalities of Jaxx and Exodus, so I don't use strictly paper wallets. I do keep copies of my private keys for MyEtherWallet in a password protected Zip file. And, as I said, I hand write the 12 word backup phrase for both Exodus and Jaxx.
Anyway, I know this is a quick and dirty article, but if you have any questions, feel free to ask. I'll do my best to explain.
Good fortune, and as always, thank you for sharing your Light with me.
Sign up on Coinbase here, and we both get $10.
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Earn up to 40% passive income on your cryptos:
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Mine cryptos with your computer, tablet and/or cell phone:
MinerGate (most user friendly - download an app and start mining with your devices)
EoBot (with EOBOT you have to install your own miner, not user friendly but you can get small amount of crypto every day by visiting their faucet)
N.B.: this is not a get rich quick scheme, and you have to do the math to see if it's even worth your electrical bill. Let me know if you have any questions!
Or feel free to shower me with cryptos:
Bitcoin: 12Npj8xAAKnf7EJxZStgeecpniE1pbSvcd
Ether: 0x2636538545ebbcea63fd47af1d4fe3e27f5c3936
Dash: XjGWDB7twAHiN9jk3RUmcQRHq6FxvHvYJu
Litecoin: LN4DeZwJDgTbcaXoBXatrGq2JaXVfkMdi5
ZCash: t1fwHkzXfNGCDV19Xq9esWkCRLcCQFcDddN
And Doge, just because it's Doge: D7wuTkhicw2P2vwKx49RXJ9dhVJoXJoKTQ
