Review of e-wallets – Top 3 safest e-wallets

Virtual currency has created a global fever in recent years, however, there is still much controversy surrounding the nature of this digital currency. E-wallet has become a popular term – the most popular today, which is where the digital currency is stored.

what is network wallet?

Basically, e-wallets operate on a blockchain platform. Blockchain is a distributed ledger system that stores information about transactions transfer money electricity quickly, safe and transparent.

 

When you send cryptocurrency to another person, you send their public key to their digital wallet. This public key is like your bank account number. The recipient's digital wallet will use this public key to verify the transaction and record the cryptocurrency to the blockchain ledger.

Main components of e-wallet

E-wallets have two main components:

• Publish key: This is your wallet address, used to receive cryptocurrency. You can share this public key with others so they can send you funds.
• Private key: This is the password to access your e-wallet. You need to keep this private key secret, otherwise someone else will be able to access your wallet and steal your funds.

Classification of main e-wallets on the market

Currently, there are many types of cryptocurrency wallets being developed, each type of cryptocurrency wallet has its own characteristics. Cryptocurrency wallets can be classified into the following two types:

 

Hot wallet

Hot wallet is a type of electronic currency wallet link and connect to the internet. This makes it possible for users to access and monitor wallet balances instantly, as well as make transactions most quickly. However, hot wallets also have some disadvantages such as low security and dependence on internet connection.

Advantages of hot wallets

• Access and track wallet balance easily: Hot wallets are always connected to the internet, so users can access the wallet at any time, from any device with an internet connection. This makes it easy for users to monitor wallet balances and make transactions.
• Make transactions quickly: Hot wallets can connect directly to virtual currency exchanges so users can make quick transactions. This is suitable for short-term investors who want to trade frequently.

 

Disadvantages of hot wallets

• Low security: Hot wallets are always connected to the internet, so they are vulnerable to hackers. If users click on links containing malicious code, virtual currency information may be lost.
• Depends on internet connection: Hot wallets need an internet connection to operate. If the internet connection is interrupted, users will not be able to access and use the wallet.

Cold wallet

A cold wallet, also known as a hardware wallet, is a specialized device used to store cryptocurrency. Cold wallets are shaped like a small USB, designed to protect users' private keys from online threats.

Advantages of cold wallets

• High security: Cold wallets are designed with advanced security features, helping to protect users' private keys from cyber attacks. Cold wallets are often equipped with a Secure Element chip, which helps store private keys securely.
• Not dependent on the internet: Cold wallets are always offline, so they are not affected by cyber attacks or malware.

 

Disadvantages of cold wallets

• Slow transaction speed: Cold wallets require more operations to perform transactions, so the transaction speed of cold wallets is slower than that of hot wallets.
• High price: Cold wallets usually cost more than hot wallets.
• Easily lost: Cold wallets are compact in size, so they can easily be lost or stolen if the user is not careful.

Top 3 most reputable and secure e-wallets

Metamask e-wallet

Metamask is a popular cryptocurrency wallet, highly rated for its convenience and ease of use. The wallet has a simple interface, helping users easily manage their digital assets and perform tasks transaction as payment.

Advantages of Metamask:

• Integrates directly into web browsers, allowing users to access and interact with decentralized applications (DApps) on the blockchain platform easily.
• Built with strong security layers like two-factor authentication (2FA), helping users send and receive cryptocurrency securely

Disadvantages of Metamask:

• Requires a persistent internet connection to operate.
• Security risk if users do not comply with basic security measures.
• The mobile version has limited features compared to the desktop version.

Trust Crypto Wallet

Trust e-wallet is a popular cryptocurrency wallet, highly rated for its functionality utilities secure and easy to use. The wallet is developed by Trust Wallet, a subsidiary of Binance.

Advantages of Trust wallet:

• High security: Trust Wallet uses advanced encryption technology to protect users' private keys. The private key is the key to accessing a user's crypto assets, so securing the private key is important.
• Full authority: Trust Wallet gives users full control over their crypto assets. Users can store and manage their assets without going through any third parties.
• Friendly interface: Trust Wallet has a simple and intuitive interface, making it easy for users, even beginners.
• Supports many cryptocurrencies: Trust Wallet supports more than 160,000 cryptocurrencies and digital assets, including popular cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, etc.

 

Disadvantages of Trust wallet:

• Only supported on mobile devices: Trust Wallet is currently only supported on mobile devices, there is no web browser version. This can limit access and interaction with decentralized applications on the blockchain platform.
• Risks from third-party applications: Trust Wallet allows users to connect to third-party applications. Use of these applications may pose a security risk if not carefully tested and verified.

Binance e-wallet

Binance e-wallet is a popular cryptocurrency wallet, developed by the Binance exchange. Wallets are highly appreciated for their diversity, security and ease for user use.

Advantages of Binance wallet:

• Supports a variety of cryptocurrencies: Binance Wallet supports more than 350 cryptocurrencies, including popular cryptocurrencies such as Bitcoin, Ethereum, Binance Coin,...
• High security: Binance Wallet uses advanced encryption technology to protect users' privacy and personal information. The wallet also supports two-factor authentication to ensure that only the primary user can access and make transactions.
• Friendly interface: Binance Wallet has a simple and intuitive interface, making it easy for users, even beginners.

 

Disadvantages of Binance wallet:

• Centralization: Binance wallet is still dependent on the centralized exchange Binance. This can also cause quite a few safety and security related risks.

Conclude

E-wallets are an important tool for storing and managing cryptocurrencies. When choosing an e-wallet, users need to consider factors such as security, ease of use and diversity. Cold wallets have the highest security, but cost more than hot wallets. Hot wallets have an easy-to-use interface and cost less than cold wallets, but have lower security. Users can choose an e-wallet that suits their needs and budget.

 

FAQ

what is network wallet?

An e-wallet is an application or software that stores and manages cryptocurrencies. Users can use e-wallets to send, receive, buy, sell and store cryptocurrencies.

Which e-wallet is the best and most commonly used today?

The best e-wallet depends on the user's needs and budget. Currently, there are two groups of popular e-wallets: hot wallets and cold wallets. Some of the most popular and hot wallets today are Metamask, Trust Wallet, Binance. Some popular cold wallets are Ledger Nano X, Trezor.

What to note when using e-wallets

When using e-wallets, users need to pay attention to key security, software updates, phishing sites, and public wifi networks.