Top Wallets to Store EOS in 2022
Just when the world thought wallets had become obsolete since the rise of digital money, they proved the opposite. Fiat money required various types of wallets that offered good fashion with little to no security. On the other hand, digital currencies require the opposite, wallets with excellent security above all. Wallets for crypto require sound assessment, and in this article, we’ll be reviewing the most fitting wallets to store EOS tokens.
About EOS Cryptocurrency
The blockchain system has given way to a host of innovative solutions, and EOS is one of them. Founded in 2018 by Dan Larrimer and Brendan Blumer, the network employs the blockchain method of ledger distribution on a larger scale.
It functions as an operating system specially designed to host decentralized apps (dApps). These dApps on its network act in unison with each other. Since they share a common host, data is stored and shared at a faster rate with a higher level of trust and security. This makes it a preferred choice for both businesses and individuals seeking a cost-efficient means of creating and managing their applications.
With EOS employing a free-to-use model, stating that developers can gain access to its platform just by acquiring EOS tokens, we expect to see a lot of exciting projects soon. As an infrastructure project, it functions as a foundation on which other projects can be built, and this gives it huge prospects, hence making it a solid investment. With the recent accent on anonymity in the industry, EOS can become an excellent platform for the next top privacy crypto in 2022.
What You Should Consider Before Choosing an EOS Wallet
The growth of cryptos hasn’t gone unnoticed by cybercriminals, and with both showing a correlating growth rate it could mean hackers are improving just as the technology is. Recent incidents of theft have increased the demand for a highly secure wallet, which never comes cheap as some cold wallets cost over $2,000.
It is also important to note the essence of private keys as they are your digital ID. Unauthorized access to your private keys could grant the holder access to your funds and other personal data. A wallet with solid security should reduce the chances of such occurrence. Good wallets can be identified by their upgrade rate — the rate at which they are checked for vulnerabilities and patched.
Lastly, good customer support is an indicator of a secure service. Platforms that have faster response times show good potential. Platforms like Reddit and Quora, amongst others, contain varying reviews of several coins, reading through could help your decision-making.
Types of EOS Wallets
There are a few types of crypto wallets with each having its own unique characteristics, pros, and cons. Your wallet choice could depend on your reason for investing in crypto in the first place. Are you an active trader or are you looking for long-term benefits? Look at the types of wallets available so you can find the best for your EOS coin.
Cold and Hot Wallets
Cold crypto wallets store your assets offline in a secure way. They cost considerably more than hot wallets but are less prone to hacks and theft. Since they are physical items, theft can only occur if they’re misplaced or stolen. Hence, they are better for long-term storage.
Hot wallets, on the other hand, work online. Most platforms offer them for free although with transactional costs. Hot wallets are preferred for their convenience. They can be easily accessed via a web browser. This ease comes with less control as private keys are held by the platform. Several platforms have been victims of hacks with customers losing their hard-earned coins. Hot wallets are best for active trading and day-to-day usage.
Hardware and Software Wallets
Hardware wallets can be described as a type of cold wallet. They come in the form of physical appliances that hold your crypto. They provide access to coins only when plugged into a computer. With hardware wallets, only you have access to private keys on your device. This is a rather expensive option, but that is a fair price for high-level protection.
Software wallets can be classified as crypto storage mediums on computers and smartphones. They can be accessed on these devices via an application. Private keys are usually obtained on these wallet applications, hence some level of security is also offered. Flexibility and ease of access scores software wallets extra points as crypto exchanges can be made easily via QR codes.
Paper wallets are crypto wallets accessible as written information on a piece of paper. Although full control and mobility are given to the holder, a piece of paper always has the risk of being lost. Losing it would mean losing access to all your funds unless copies were made. A little plus to this is that a piece of paper is obviously free.
Our List of the Best EOS Wallets
EOS offers a huge promise as a long-term investment hence its unsuitability for day-to-day active trading. The best EOS wallet would be a cold wallet as accessing it would be done seldomly.
|Wallet||Min Deposit||Wallet Type||Platforms Supported||Price|
|Atomic Wallet||$50||Software||Windows, macOS, Ubuntu, Debian, Fedora, Android, iOS||$0|
|Wombat||$0||Software||Windows, Android, iOS||$0|
|Ledger Nano S||$0||Hardware||Windows, Linux, macOS, Android||$80|
|Guarda Wallet||$50||Software||Windows, macOS, Ubuntu, Debian, Linux, Android||$0|
|Infinito Wallet||$0||Software||Android, iOS, PC (APK format)||$0|
To Sum Up
Just like their fiat counterparts, digital wallets are valued for their content. Their need for security can’t be over-emphasized. EOS as a crypto token has shown great long-term potential. The Ledger Nano S would be the smartest option for it.