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How to store my ADA ?
How to store my ADA ? - Imagine you have $100 in your wallet and $100 in your bank account.
If the bank freezes your account you couldn't access your money but there is very little chance that you lose access to your wallet. It’s the same for cryptocurrencies, it’s not safe to keep your cryptos on exchanges or other platforms that keep them for you (Binance, Coinbase, Crypto.com, Kraken)
If these platforms shut down or are hacked you are at risk of losing all your funds. Exchanges have few protections compared to banks in case of theft or hack.
So the question now is how to get a crypto wallet ?
👉 There are 4 main types of wallets
You'll find below the main cardano wallet providers with a few words of explanation, to store your ADA and your CLAP
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No matter which wallet you choose, you will have to backup a “secret” (generally a list of 12 or 24 words) called a seed phrase. Never share this with anyone as it is the key to access to your funds.
1 // Hardware wallet
It is like a USB stick you can plug to your computer. As it is not always connected to the internet and is composed of dedicated secured pieces of hardware it is considered as the most secure way to store your cryptocurrencies.
The downside is that it is not easy to apprehend for beginners and it cost around $100. Most popular hardware wallets are Ledger and Trezor.
2 // Desktop wallet
It is a software wallet available on your computer. On a “clean” computer not connected to the internet, it is considered as the second safest way to store crypto.
3 // Mobile wallet
Just like a desktop wallet but for a smartphone. Easy to use with QR codes to make a transaction. Smartphones are generally connected to the internet so considered as less secure than a “cold” (offline) desktop wallet.
4 // Browser wallet
This type of wallet is either a web interface or a plugin. It is the easiest way to interact with Dapps and online platforms as they all run on your browser. It is the least secure way to store crypto though. You should keep small amounts just to interact with your favourite Dapps.
5 // How to choose a wallet ?
So you have several solutions to really own your cryptos. - Hardware wallet (physical) : The most secure way to store your cryptocurrencies. - Desktop wallet (on your computer) : The second safest way to store crypto. - Mobile wallet (on your phone) : Easy to use with QR codes to make a transaction. - Browser wallet (Google, Firefox, Brave...) : The easiest way to interact with Dapps and online platforms. Choose the one that is more adapted to your needs.
And remember the famous saying in the crypto community “not your keys, not your coins” !
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