Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Which are the Best Mobile Cryptocurrency Wallets?
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Cryptocurrencies were created to be used in a peer-to-peer transactions, according to the whitepaper of Satoshi Nakamoto. This led to several cryptocurrency wallets by famous companies like Multibit, Electrum, Blockchain.com, Trust, ImToken, Coinomi, etc. Together with all the rest, these wallets have played a significant role in making crypto transactions easier.
On the other hand, care must be taken when downloading a mobile wallet, as many fake ones are out there to steal users’ funds. On the other hand, cryptocurrency mobile wallets allow users to save their funds without any form of Know Your Customer verification, ensuring complete privacy. Furthermore, by adjusting transaction fees, one can increase the transaction speed using mobile wallets.
This article highlights some of the best mobile cryptocurrency wallets widely used in the crypto industry and has unique features that make them stand out.
BlockchainApp Wallet
Blockchain.com was one of the earlier adopters of cryptocurrencies and the whole blockchain technology and founded its company in 2011. They are located in over 140 countries and are looking to expand their horizons shortly. They have around 45M users across the globe and have made transactions worth over $200B. The wallet has been integrated to accept Bitcoin, Ethereum, Bitcoin Cash, Stellar & Paxos USD.
The graphic user interface comes with a wide window showing the balance proportions in circular but specific colors based on the type of cryptocurrencies in holding. In the middle of this are real-time prices of the cryptocurrencies mentioned above. In addition, several other functions and features are embedded in the wallet at the window’s footer to allow users to make transactions easily.
Among the regular use of ACTIVITY (HISTORY) SEND and REQUEST (RECEIVE) buttons are the SWAP button, allowing users to swap their cryptocurrencies in real-time prices. This has been made possible by the integration of Atomic Swap Technology.
Once downloaded from either PlayStore or IOS Store, this wallet entitles its security into users’ hands by letting them own their private keys to the wallet. Blockchain company has been operating since 2011 and has been known to provide secured wallets for users void of any bugs, which hackers can exploit to steal its users’ funds. Furthermore, an auto-lock function locks the cryptocurrency wallet out when idle. I have been using its Android app, and I can testify that I have had a great experience with it and have never had the slightest glitch in its security.
Trust Wallet
Many crypto enthusiasts admire Trust wallet because of its compatibility with all ERC-20 and ERC-721 Tokens. Besides, it’s a multi-coin cryptocurrency that allows users to receive about 11 major cryptocurrencies on coinmarketcap.
Like the blockchain wallet in terms of the graphic user interface, this also comes with a palm-sized window. You can switch between an Ethereum wallet interface and its multi-coin wallet interface. Users’ exact balances are displayed against the cryptocurrency with an average sum of the entire cryptocurrency saved in the wallet.
Some features that make this wallet stand out are allowing users to add as many Ethereum wallets as they prefer and interact with them in a different window.
Furthermore, it has a step into the feature of web 3.0 browsing, where users earn as they surf. It hosts several Ethereum, ETC, and POA decentralized applications and plans to include Dapps of Tron blockchain network. As part of its vision of being a versatile mobile wallet, it has also integrated with Binance Chain to allow users to store cryptocurrencies on the web and make it possible for users to swap within Binance Decentralized Exchange.
The ease of using Proof-of-Stake consensus has driven masternode and staking platforms in the industry for the past two years. To embrace the future of PoS, a Trust wallet has made it possible to allow users to stake their coins and earn passive income directly through their wallets. Examples of such coins are Tezos, Sesame seed, Bitguild, etc. Trust wallet also allows users to connect their social media profiles directly through the wallet.
Trust wallet is also a secured wallet that has existed for a long time and won many crypto enthusiasts’ hearts. Using a 6-pin password to unlock the wallet and an auto-lock function ensures that the wallet is secured if the owner is not around to use his/her phone. No security breach has been reported against this wallet, and its user base keeps increasing. Both android and iOS versions are available for download.
ImToken Wallet
Another multi-coin wallet that is widely used within the cryptosphere is ImToken. Compared to the Trust wallet, it has been integrated with eight major coins and accepts ERC-20 tokens on a smaller scale. Its use and services are operated in over 200 countries across the world. It has a 10M user base, contributing to transactions worth over $80B since it was developed. It is available for both Android and iOS users to download on their respective marketplaces.
A simple user interface that shows a user’s assets, just as a Trust wallet, allows users to navigate from the multi-coin wallet and the Ethereum wallet, where you can monitor your ERC-20 compatible tokens. In addition, this wallet will enable users to access their Ethereum private keys in all formats through some unique application programming interfaces, including Keystore, mnemonic phrases, or UTC file contents.
ImToken has been integrated with an exchange platform that enables users to trade among some accepted ERC-20 tokens. However, the marketplace has a slight limitation as it does not allow cross-chain trading but only among ERC-20 tokens.
ImToken serves as a hub for several Ethereum, EOS, and Tron Dapps, giving it a larger Dapp-based wallet compared to Trust Wallet, which is still in the process of integrating with Tron-based Dapps. So if you want to have all your altcoins in one wallet, then ImToken is one of the best wallets you can go for.
Coinomi Wallet
Another coin worthy of having in these lists of best mobile cryptocurrency wallets is Coinomi. Developed by George Kimionis in 2014, you can say it is also among the oldest wallets in the cryptosphere.
Currently, it accepts over 150 cryptocurrencies with tokens, mainly ERC-20 inclusive. It’s a multi-coin wallet with a desktop version and Android and iOS versions available on various marketplaces for download.
It has an excellent graphical user interface, making navigating through it easy. For security reasons, private keys are currently stored locally on the phone; hence, users fully control their finances.
In the early months of last year, there were some reports about some vulnerability in their desktop wallets, but this issue has been solved and did not lead to any loss of users’ funds.
The Coinomi wallet also integrates with Shapeshift and Changelly, allowing users to quickly swap their coins and tokens. As a personal user of this wallet, I like using it because it supports segwit transactions; hence bitcoin transactions are confirmed faster. Also, unlike the blockchain application, where you can’t send all your funds out of your wallet Coinomi allow users to send all their funds if they wish to.
Conclusion
The world’s payment system began way back with the use of the barter trade system until we got into the use of fiat currencies. Electronic payment systems also came along the line, and now digital payment seems to be the trend with a positive future. For this to be possible, people need to make digital transactions wherever they are, and mobile phones are great tools and companions. Many financial analysts predict a cashless world, and the use of mobile wallets in making payments for goods and services would be the order of the day. The cryptocurrency mentioned earlier is some of the secure and easy-to-go wallets you can always rely on to keep your funds safe.
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Don’t forget to check our handy tips for hardware or multi-signature wallets.
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