Wallets

Wallets, wallets, wallets, and more wallets!

CoinBase is a wallet, MyEtherWallet.com is a wallet (clue is in the name), some cryptos require you to download a specific wallet, such as DigiByte (merely an example).

But! What one to pick? Interesting question!

There are 3 types of wallets (or upwards of 10 depending on how you wish to characterise each of them) they are as follows:

Online wallet – Coinbase or GateHub as mentioned above are wallets. You can simply put your coins there and keep them there (If you wish too, I wouldn’t suggest it!).

Pros: Easy to move about.
Cons: If GateHub or CoinBase goes down and you can’t get onto their websites? You’ve had it!

If you’re not willing to take that risk, then you may want one of the following:

Paper wallet – The paper wallet is an offline representation of the information you need to access your coins on the blockchain. It can be printed off (or written down), and stored somewhere offline for safe keeping.

Hardware wallet  There are currently 2 main hardware wallets available. I have just ordered the Ledger Nano and will add my thoughts on that when I can, there are also others available.