Re: Which multi crypto wallet is safe for long term holding? Please read description
Which multi cryptocurrency wallet is safe for long term holding that either stores private keys locally or gives users exclusive access to their private keys?
I am currently holding around 80 different cryptocurrencies in small amounts. I want to hold these coins for long term. Need a safe wallet where I will be able to store all my coins. As I have heard that servers where users' private keys are kept by wallets can be hacked, I want to hold my coins in a wallet which stores private keys locally or gives exclusive access of private key to the user (the one which doesn't store private key anywhere). I am not willing to spend money on hardware wallets. I am planning to store these coins on a desktop or a mobile wallet (or a wallet like metamask & myetherwallet). Planning to buy a new desktop or mobile which I will use only for the purpose of storing cryptos & will keep the device disconnected from internet until I want to sell my coins.
Here's my choices. I am currently holding around 80 different cryptocurrencies in small amounts. I want to hold these coins for long term. Need a safe wallet where I will be able to store all my coins. As I have heard that servers where users' private keys are kept by wallets can be hacked, I want to hold my coins in a wallet which stores private keys locally or gives exclusive access of private key to the user (the one which doesn't store private key anywhere). I am not willing to spend money on hardware wallets. I am planning to store these coins on a desktop or a mobile wallet (or a wallet like metamask & myetherwallet). Planning to buy a new desktop or mobile which I will use only for the purpose of storing cryptos & will keep the device disconnected from internet until I want to sell my coins.
Digital wallet
- Coinomi
- Exodus
Hardware wallet
-Trezor
I guess those digital wallet just give you an ability to take your private key through eksport feature. i suggest you to get the more review about both of them. I hope that becomes the best choice for you.
Hi Teraboy! Thanks for answering my question
I visited official websites of Coinomi & Exodus. Coinomi's website states, "Your private keys never leave your device". I guess this means that your private keys are stored locally & nowhere else (Servers & all). Exodus' website states, "Exodus encrypts private keys and transaction data locally for your eyes only. Your data remains private". Also in the demo video, a co-founder mentions that Exodus holds your private keys and there are no hosts & servers thus this approach gives you total control. I think this also means the same.
I didn't have a look at what Trezor is offering as I don't want to spend on hardware wallets.
I am not a techie person so I don't know much about the private key export feature. Is it possible to have a copy of my private key by exporting it? How do I save it (soft copy or hard copy)? If Coinomi & Exodus store private keys locally & suppose that my device gets lost, stolen or damaged then is it possible to access my account using some other device? Kindly guide me on this.
Thanks in advance.