The post Best Cryptocurrency Wallets for Algorand (ALGO) by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.
Algorand is a secure, decentralized and scalable blockchain. The network is a Layer 1 protocol that holds a number of similar properties to that of Ethereum – in fact, Algorand holds some advantages over Ethereum, including speed of transaction and lower fees.
The Algorand network was developed by MIT professor Silvio Micali in 2017. Micali is recognized with a number of awards for his work including the Turing Award (computer science), the Gödel Prize (theoretical computer science) and the RSA prize (cryptography), via Algorand.
Today, the Marshall Islands use the Algorand network to power its digital currency. This selection was largely based on the quality of network Algorand provides, with smart contract capabilities and esteemed inflationary tokenomics. If you are looking to get your hands on ALGO, you first need a cryptocurrency wallet. Read more about the best wallets to hold your Algorand tokens.
Contents
- Best Cryptocurrency Wallets for Algorand
- Best Software Wallets for Algorand
- MetaMask Wallet
- Coinbase Wallet
- Best Hardware Wallet for ALGO: Ledger Nano S
- Do You Need to Use a Crypto Wallet?
- Where to Earn Interest on Algorand
- Cryptocurrency Wallet Best Practices
- Are Cryptocurrency Wallets Worth It?
Best Cryptocurrency Wallets for Algorand
Cryptocurrency wallet selection is essential to users. Ease of use and safety should be at the forefront of your wallet decision-making. Any crypto wallet that can be added as a Google Chrome extension is a great start, granting you immediate access to Algorand trading and staking.
Selecting a secure wallet is just as important, especially if you are looking to invest a large sum of money. If this is the case for you, look into hardware wallets. These wallets are not connected to the internet and serve as an extra security valve to your crypto assets by preventing phishing scams.
Best Software Wallets for Algorand
One of the easiest-to-use software wallets for Algorand is MetaMask because in a couple minutes you can have the MetaMask extension ready to trade.
MetaMask Wallet
MetaMask is added as a browser extension on your laptop, providing easy entry into Web3. Once MetaMask is installed, you can access SushiSwap, a decentralized crypto exchange. MetaMask is also great for engaging in DAOs, DeFi, dApps and NFTs.
Coinbase Wallet
earn free crypto
securely through Coinbase’s
website
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
Another great option is the Coinbase wallet. This wallet is easily connected to the Coinbase exchange, making it quick and simple for users to swap tokens. The relationship between the exchange and wallet has been a great marketing tool, making Coinbase wallet one of the most used wallets today.
Best Hardware Wallet for ALGO: Ledger Nano S
buy now
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
To safely hold your ALGO, a hardware wallet is critical. The disconnect from any phishing sites acts as an extra layer of security and prevents scams. With a set of keys unexposed to the internet, you can sleep easier knowing your ALGO is safe.
A great hardware wallet on the market is the Ledger Nano S. This hardware wallet gives many in the crypto space an extra layer of security that software wallets do not. If you are holding more money than you are willing to lose, it is highly recommended to store those assets in a hardware wallet of some type.
Do You Need to Use a Crypto Wallet?
Algorand does not require the use of a crypto wallet to buy the token. The use of an exchange such as Coinbase or Gemini is a popular solution to buy ALGO. However, by using exchanges, your keys rest in the hands of that exchange. Thus, the crypto is held by a central authority, largely defeating the purpose of crypto and decentralization.
Where to Earn Interest on Algorand
get started
securely through crypto.com’s
website
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
Best For
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
If you are looking to put your ALGO to work, you can do so by staking for interest. Crypto.com provides a competitive APR for staking. Another important note about ALGO is you can earn interest without freezing your funds like most other staking protocols require. You hold your funds for a period of time, and your supply of ALGO will increase. This capability is most easily accessed when you have your own crypto wallet and set of keys.
Cryptocurrency Wallet Best Practices
The first rule to follow is to never share your seed phrase because the seed phrase acts as the only lock on your assets. Also, there is no resetting a seed phrase if it is forgotten, leaving open the risk that your assets could be locked and unrecoverable. A couple devastating cases have left crypto holders without access to their fortunes. Thus, it is incredibly important to store your seed phrase in a safe location off the internet.
Another important rule to follow is to read contracts before signing them. Hackers have users sign unfinished contracts and then complete them after a user signs, often using this technique to steal assets. The NFT marketplace, OpenSea, underwent a hack of this nature where millions of dollars in NFTs were lost. Many users are unable to read and comprehend contracts, but everyone should understand when a website is suspicious or a contract signature would be out of the ordinary.
Are Cryptocurrency Wallets Worth It?
To explore DeFi, smart contracts, dApps and DAOs, a cryptocurrency wallet is essential. Cryptocurrency wallets connect users to the features of Web3 that exchanges do not. Downloading a wallet is a great way to start learning more about this developing ecosystem and get a better idea of the actual networks that these tokens represent. While there is risk in holding your own keys, safe practices can prevent damage.
The post Best Cryptocurrency Wallets for Algorand (ALGO) by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.
