If you’re interested in the Cryptocurrency industry, you surely can’t ignore the subject of Cryptocurrency wallets. It’s vital to understand how they work, and how to pick the best one for you. In this post, we’ll learn about the different kinds of wallets and examine some security issues associated with each one.
At first, though, we should really learn a bit about basic concepts: so that these ideas are more understandable – not necessarily encyclopedic definitions, though. It’s only by understanding these that we can truly make an educated decision about which wallet for waves coin is right for us.
A typical Cryptocurrency wallet will include three distinct elements: a hardware storage option, some sort of Web-based interface, and a software program or client. In the case of a hardware wallet, this will be a traditional USB stick.
The buyer then installs the necessary programs on his computer (and has to do so alone, without interference from anyone else in his household) and gets started. A typical Waves wallet app stores its private keys on its own hard drive and will allow users to access their funds from any computer that has an available internet connection.
This all sounds great, right? But what if you don’t have a Waves wallet yet, and you need to move some of your funds to other investments? In fact, many Waves investors have suffered the loss of funds because of software failures that resulted in mistakenly storing waves in incompatible clients. With an effective Waves wallet, this issue won’t be a problem at all.
There are a couple of main problems that affect Waves users who don’t yet have a Waves wallet. The first is a lack of easy access to funds. If you have an incompatible software program, it’s likely that you’ll need to download the entire wallet onto a new computer, making it impossible to use your regular internet browser. This problem is more common with apps that store their Assets on the blockchain as opposed to the actual Waves chain.
Fortunately, the solution to this problem is easy. Waves developers have released a new android wallet called the atomic wallet available for download. Atom and crypto kitty are two of the most reliable and useful open-source projects for android which combines the power and speed of a desktop computer with the security and reliability of a mobile device.
While we’ve seen a lot of success for Asset Exchange functionality, the Android platform still has a long way to go before being compared to other platforms.
However, the android atomic wallet comes with an added bonus. Users can now store onto their android wallet private keys that are not visible to anyone else. If you’re worried about someone stealing your coins or about a malicious app taking down your server, having private keys means you don’t have to put your identity at risk. While it’s not the only feature, it’s one of the most beneficial as well.