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Software wallets

In a previous article, we talked about wallets in general. In this article we take a deeper look at a specific type of wallets, namely ‘software wallets’. The topics that are covered in this article are: What is a software wallet, what types of software wallets are there and what are popular software wallets?

Software wallets are wallets that you can install on your computer or smartphone. Then your cryptocurrency can be stored in that installed wallet. A software wallet is connected to the internet, which means you can basically access your cryptocurrencies anytime and anywhere.

You would say that this is very beneficial, but at the same time it also comes with risks. Generally speaking, software wallets are pretty secure. However, the software wallet me your cryptocurrency is located on your mobile or desktop. So remember well that your cryptocurrency are as safe as the device they are on. So if you don’t handle your mobile or desktop carefully, there is still a big chance that your coins and tokens will be stolen.

What type of software wallets are there?

There is a huge amount of choice when it comes to software wallets. For example, there are wallets developed for one specific cryptocurrency or specifically for cryptocurrencies on one particular blockchain. For example sollet.io, for launched Solana.

However, there are also many wallets that support cryptocurrencies across different blockchain networks. Examples of multi-currency software wallets are:

Which software wallets are most popular?

The most popular software wallets are Trust Wallet, Exodus and Jaxx.

  • Trust Wallet: Trust Wallet was bought by Binance back in 2018 and since then immediately became a very popular software wallet. Trust Wallet supports currencies across different networks such as the Ethereum Network & Binance Smart Chain. It’s available on both iOS and Android and is meant for mobile devices.
  • Exodus: Exodus is a very popular multi-currency wallet that supports over 100 different altcoins and is available for desktop, mobile & their hardware wallet.
  • Jaxx: Jaxx supports Bitcoin and many more tokens. Jaxx is available for both desktop and mobile and, like Exodus, has a built-in exchange option that allows you to trade cryptocurrencies against each other. Jaxx has been one of the most popular multi-currency wallets for a very long time.

Conclusion about Software wallets

Software wallets are a very good option for storing your cryptocurrencies. Just remember that it is always wisest not to put all your eggs in one basket. Spreading your digital currency across different wallets is highly recommended.

Which wallet is best to use has to do with personal preference. When it comes to ease of use, it is smart to go for a multicurrency wallet like Jax or Exodus. If you’re looking for the safest type of wallets, then definitely use a hardware wallet instead.