Whether you have been a long-term DRT holder or have just recently decided to buy DRT, you may be wondering what the best solution to store your tokens is. While we do not pretend to know which wallet is the best, here’s a selection of trustworthy options for you to choose from. Let’s go!
Hot and Cold Wallets
Basically, the main difference between a hot wallet versus a cold wallet is that hot wallets are connected to the Internet, while cold wallets are not. This difference is an important one, especially for security and vulnerability matters.
As you may know, when it comes to cryptocurrencies it is always more careful to avoid storing your funds on an exchange wallet. While you need to keep funds on an exchange wallet (hot wallet) such as HitBTC for when you need quick liquidity to trade, it is best to transfer your funds to an offline wallet (cold wallet) once you are done trading and only intend to store your tokens. This is because hot wallets on exchanges are much more vulnerable to hacking, it has been seen in the past, when millions of NEM were stolen because of low security on hot wallet. It does not mean exchanges will inevitably get hacked but the possibility is more likely than if you store your private key offline, that’s all. In that case hardware wallets are the safest option as the only way to hack them is if someone were to get their hands on your password or your recovery words. In the end, the advantages of hot wallets is that they are free to use, easy to set up and allow flexibility when trading while cold wallets are safer for long-term storing.
Before choosing your storage solution — and the choice is not definitive as you can always transfer your tokens back — , you should first consider some requirements that wallets should meet: compatibility with OS, control of your wallet private key, UI/UX…
Cold wallets are plebisicited by the crypto-community as they represent the safest way to store cryptocurrencies and tokens. However, they have a cost to acquire (starting price at $50) and sometimes require technical manipulations and a bit of experience with cryptocurrencies.
Ledger Nano S
Compatible with Mac OSX, Windows and Linux, this wallet is a true bunker. It can store most cryptocurrencies and ERC-20 tokens, including DRT. You will have to use myetherwallet.com to transfer your DRT onto it. The only way to unlock it is to enter the correct PIN in less than 4 tries, after that, the only way to recover your funds is to enter the recovery words given to you when you first set up the ledger.
This hardware wallet was the first to implement a small screen for more safety. It is compatible with Mac OSX, Android, Windows and Linux and will allow you to store the most popular cryptocurrencies as well as ERC-20 such as the DRT of course. To unlock it you have to enter your PIN. For each wrong PIN entered the waiting time between two tries is doubled indefinitely. To recover your funds you will need to enter the 24 words randomly generated by the wallet on first set up.
The pros of using a hot wallet is that they are free, quite easy to use and grant you easy access to your cryptocurrencies and tokens. The main criticism against online wallets is that, by definition, they are connected to the Internet, which means they are less secure and have potential vulnerabilities that can be exploited by hackers.
My Ether Wallet
Technically not a wallet per se, MEW (MyEtherWallet) allows you to interact with the Ethereum blockchain and is compatible with most browsers. It is rather a tool than a standalone wallet but it is perfectly compatible with DRT. It should be used in combination with another wallet to make it a simple option for storing funds. Open-source and web-based, MEW is the 1st choice for people who wants to easily save their crypto and tokens on the short to middle term. As it is an online service, it cannot be considered as a 100% safe solution. However, its safety can be improved by coupling it with a hardware wallet like Ledger or Trezor.
The wallet with the fox logo is compatible with Google Chrome, Mozilla Firefox and Opera, this wallet is an unobstrusive extension added to your browser. It is not compatible with Bitcoin but is perfectly compatible with ERC-20 tokens, including the DRT. To unlock it you need to enter your password, if you ever lose it you will need to enter the 12 randomly generated words given to you on first set up.
Mist is compatible with Mac, Windows and Linux, it synchronizes directly with the Ethereum node upon launch. This wallet is the official Ethereum wallet and allows you to interact with the Ethereum blockchain. This wallet is not particularly complicated to use but novice users will probably prefer the more user-friendly interface of Metamask.
There are some other online solutions, such as Jaxx which has the advantage of being a decentralized wallet.
Indeed, this list is not exhaustive and is only made of suggestions for those of you who are undecided on a which solution to use. If you have other preferences and they are compatible with DRT, then be our guest 😉 and feel free to share by letting us know in the comments below.
Before ending this article, just follow these simple recommendations:
- Use hardware wallets to store your crypto,
- Never ever give your private key to anyone,
- Always use unique and strong passwords
- Use virtual machines for custom wallets!
- Activate 2-factor-authentication whenever possible.
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