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The safest and best wallet for Ethereum: everything you need to know

Crypto KP Crypto insights, Free crypto research November 23, 2021November 23, 2021best crypto wallet, cold storage wallets, wallet for ethereum

There are over 50 different wallet for Ethereum token as we write. Now we’re pretty sure you don’t want to go through the pros and cons of that many wallets to work out which one is the best wallet is for you. So that’s the question we will answer in this post!

To find the best wallet for Ethereum, we have to make some assumptions about what you, our readers, wants to do with your ETH tokens. So, we will assume that like most crypto users, you want to hodl some Ethereum as well as use the Ethereum ecosystem to access DeFi, blockchain gaming, and NFTs.

Before we launch into our Top 4 wallet picks, let’s first start with a quick look at what the Ethereum token is.

What is Ethereum (ETH)?

Ethereum (ETH) is a cryptocurrency and the native token to the Ethereum Mainnet. Ethereum Mainnet is the dominant layer 1 smart contract blockchain in the cryptocurrency world, and has been since crypto first began.

The Ethereum ecosystem comprises all of the layers of software products and services built on the Ethereum blockchain. The native Ethereum ecosystem is the most extensive ecosystem in cryptocurrency. Hundreds of different decentralised apps, Decentralised Finance protocols, crypto exchanges, gaming applications and NFT marketplaces are built on top of the Ethereum blockchain. You can explore the dApps built on the Ethereum Mainnet here.

Whenever these applications are used, the ETH token is required to pay ‘gas fees’ to use the Ethereum blockchain. ETH token is also used as native currency for some decentralised applications and protocols built on Ethereum. For example, many popular NFTs minted on the Ethereum Mainnet are priced in ETH.

The ETH token is multifunctional – ETH is ‘gas’ for the network, it’s a native currency, and it’s also a digital asset store of value for many crypto investors. This is important to understand because how you use ETH can impact the type of ETH wallet that best suits you.

What is an Ethereum wallet?

An Ethereum wallet stores the private keys to your ETH tokens. When you want to transact your ETH tokens, you use these private keys to sign the transaction. Blockchain transactions are cryptographically secured with private keys. Your private key ensures that only you have access to the tokens you are transacting, so that nobody can take your crypto from you without having your password or authorization.

Different types of Ethereum wallets

An Ethereum wallet can take different forms. For example you can have:

A cold storage Ethereum wallet that stores your private keys completely offline and never exposes them to the internet. This is the safest type of wallet for Ethereum as cyber criminals are unable to get access to your offline wallet to steal your private keys and crypto.

A hot wallet for Ethereum which is connected to the internet. A hot wallet is typically a mobile phone app, browser extension, or website. Because it is connected to the internet, it’s not as safe a cold storage Ethereum wallet. A hot wallet secures your private keys online using password security, 2FA and other similar means. Like anything with password protection, hot wallets can be cyber hacked and your private keys (and cryptocurrencies) stolen. There are ways to make your hot wallets more secure, but they generally involve connect and protecting them with cold storage security. We’ll go into this more below.

What to look for in a wallet for Ethereum?

The top features you should look for in an Ethereum wallet include:

Functionality – we’ve chosen wallets for Ethereum that you can use across the Ethereum ecosystem for DeFI, gaming AND NFTs.
Security – the best wallet for Ethereum should integrate with a hardware wallet, so you can make sure you keep your private keys offline at all times. This is the ONLY safe way to protect your crypto assets from hackers.
Portability – a good wallet for Ethereum should have both a mobile and web versions. A web version is important if you want to create and mint your own NFTs. A mobile version is critical to almost everything else.
Smooth on-ramp – we include only those wallets that allow you to buy ETH with a bank card or VISA.
Easy importing to other clients – the wallet needs to be partnered with lots of other crypto projects so its usable across the Ethereum ecosystem.

The best wallet for Ethereum – our Top 4

We’ve left the best til last! Based on these features, here is our list of the top 4 wallets for Ethereum:

1.Ledger and Trezor cold storage wallets

Ledger and Trezor are cold storage wallets. For all you need to know about cold storage wallets, check out our recent post here.

Functionality – Both Ledger and Trezor wallets support ERC20 (ETH and Ethereum based tokens) as well as NFT files.

Security – Ledger and Trezor are listed together because they are the best hardware wallets on the market from our extensive hardware wallet reviews. These hardware wallets are the most secure way to store or hodl your ETH. They are a MUST if you want the best protection for your crypto.

Portability – Ledger has an accompany Ledger Live (mobile and desktop) App. Ledger also supports WalletConnect. Trezor comes with Trezor Suite Desktop App (no mobile wallet version).

Smooth on-ramp – You can buy ETH and other crypto directly in the Ledger Live App (which you download and use with the hardware device). You’ll pay fees to these banking service providers, which are Wyre and Coinfy. Trezor wallet also lets you buy ETH through a selection of 9 different crypto exchanges or direct SEPA transaction.

Easy importing – Since both devices connect to MetaMask, you can virtually connect to any dApp or protocol in the Ethereum ecosystem with hardware level security.

The rest of the wallets on this list are hot wallets, which means they store your private keys on your mobile phone or laptop. While your private keys are protected by wallet security when online, they are still susceptible to hack. This is why we have prioritised hot wallets that connect with either Ledger, Trezor or both. We highly recommend using this combination when hodling and using your ETH, to get the flexibility and functionality of a hot wallet with the security of cold storage.

2.MyEtherWallet

Functionality – One of the original wallets for Ethereum and also one of the most trusted, you can use MyEtherWallet for the big 3 – DeFI, gaming and NFTs.

Security – MyEtherWallet connects with Ledger Nano and Trezor hardware wallets, to provide hardware level protection for your ETH and NFTs.

Portability – MyEtherWallet is available in app form and as a web wallet.

Smooth on-ramp – You can by ETH via simplex using your VISA or MasterCard. If you’re European, you can also cash out to Fiat currency through partner Bity.

Easy importing to other clients – MyEtherWallet connects seamlessly to exchanges and DeFi protocols through WalletConnect and WalletLink.

3.MetaMask wallet

Functionality – MetaMask is the ubiquitous ETH wallet – used for DeFI, gaming and NFTs. MetaMask does not offer a lot of native functionality in the wallet itself. However, it connects to almost every Ethereum platform, dApp and protocol out there, so you don’t really need the wallet to do much.

Security – You can use Ledger or Trezor hardware wallets to secure your MetaMask with cold storage protection for your private keys. We don’t recommend leaving your crypto on MetaMask without a hardware wallet connected however. Just too many hacks of the hot wallet version…

Portability – MetaMask comes as a browser extension and mobile app. Both sync pretty seamlessly.

Smooth on-ramp – You can buy ETH directly in-wallet through either Apple Pay, bank transfer or credit card. Metamask takes a fee itself in these transactions and you will pay a fee to Apple or Transak (for bank transactions). You also pay the gas fee to use the Ethereum network. It’s not the cheapest way to get your ETH.

Easy importing to other clients – We haven’t found a platform or application it won’t connect to in the enormous Ethereum ecosystem

4.Guarda wallet

Functionality – Guarda Wallet offers NFT storage as native and integrated DeFi capabilities. You can also manage your blockchain or .ENS domains using Guarda wallet. This is functionality Metamask doesn’t offer yet. For ETH hodlers, Guarda runs it’s own staking pool for ETH. This means you can stake your ETH in the Guarda app and earn 14.5%. Guarda supports over 50 different blockchains and hundreds of coins and tokens. There’s a coin search function here if you want to make sure your coins are supported. https://guarda.com/coins/

Security – Guarda Wallet lets you connect a Ledger device to their platform, so you can securely display your balances and manage your transactions.

Portability – The Guarda Wallet comes in mobile, desktop and web versions.

Smooth on-ramp – You can buy 300+ different coins and tokens, including ETH, directly in-wallet using VISA or MasterCard.

Easy importing to other clients – You can easily connect Guarda Wallet to various DeFI protocols with the WalletConnect integration.

Conclusion – which is the best wallet for Ethereum?

All of the wallets on this list will let you navigate the Ethereum ecosystem securely and access Ethereum’s its DeFi, NFT and gaming benefits. However, the combination of Guarda wallet + Ledger is overall the best wallet for Ethereum based on our research. This combination is easy to use, you can keep your private keys securely offline and best of all, you can stake your ETH inside the app and earn rewards while you hodl! (Note, all staked ETH is locked until the release of ETH2.0).

The best NFT wallet for gaming and collectibles

Crypto KP Free crypto research November 10, 2021November 15, 2021best crypto wallet, Enjin wallet, NFT wallet, Phantom wallet

Crypto NFTs are the ‘latest thing’ in online gaming, digital art and collectibles. From CryptoKitties to Bored Ape Yacht Club, NFTs are all the rage. But with new technology comes new risks – and your NFT wallet is not immune! While Metamask wallet is one of the most popular ways to store, buy and sell NFTs, hacks of Metamask wallet are becoming more common and there is zero support if cyber criminals target you. That’s why in this post we detail 4 alternative NFT wallets, and tell you how to make Metamask safer to use for your NFTs.

What are NFTs?

Non-fungible tokens, or NFTs, are digital assets (tokens) that represent objects like art, music, in-game items, and videos. They may be bought and sold on the internet. They’re based on the same software as numerous cryptos. However, there are certain distinctions to be aware of.

Firstly, because NFT’s are one-of-a-kind digital assets, they are referred to as “non fungible.” This implies that you can’t exchange one NFT for another of the same NFT (similarly) because each is individual. Just like you can’t, for example, swap a Van Gogh with a Picasso.

Cryptocurrencies are fungible: 1 Bitcoin may be exchanged for another.

Secondly, NFT software differs from crypto in that it stores data. This distinguishes them from cryptocurrency and opens up a lot of possibilities for what you can do with them.

NFTs have inherent value as both cryptocurrencies and as a digital kind of expression and culture.

Non-fungible tokens are being utilized by artists, musicians, gamers, and some companies to monetize their creative works and products right now.

NFTs are new forms of digital assets and some can be extremely valuable.

What can you do with NFTs?

NFTs are programmed to store data so they can represent anything from digital art, music, e-books and videos, gaming items like in-game components. They have become an ingrained part of crypto culture and individual social status. So it goes without saying you can collect them, use them with your public profile, or deploy them in online game play.

NFTs can also be used as fan or membership tokens. Fan tokens give fans access to unique content, experiences and rights such as access to exclusive articles, meet and greet opportunities, or the right to vote on polls.

The use cases for NFTs are still not fully known and we expect them to grown rapidly. For now, you can create, sell and buy NFTs on NFT marketplaces like Opensea.

Why do you need an NFT wallet?

You need an NFT wallet to store, use and move your NFTs.

When you buy an NFT in an NFT marketplace you need to take custody of it. You do this connecting your NFT wallet to the marketplace website, platform or protocol. Once the purchase is complete, the NFT file (or at least your private key authorising your ownership of the NFT) is moved to your NFT wallet. You can view the NFT from your wallet and have full custody of it and access to it.

Is an NFT wallet the same as a crypto wallet?

Yes and no. Some crypto hot wallets, like Metamask, Trust Wallet and C98 can store both cryptocurrencies and NFTs. But other wallets don’t have the capability to store NFTs.

Different wallets also have different native capabilities when it comes to your NFTs – some you can only store, send and receive. Others you can use the NFTs directly in game play by connecting your wallet to blockchain games.

It can be complicated to work out just which wallet to use, which is why we have pulled together a simple list of the top NFT wallets around.

Should you use Metamask wallet to store your NFTs?

Metamask wallet is probably the most commonly used crypto wallet. As so many platforms and protocols connect with it, it’s convenient to use Metamask wallet across the crypto ecosystem and this includes NFTs. The problem with Metamask however is its security.

Firstly, it’s a hot wallet like any other, so it’s exposed to cyber hack.

Secondly, as crypto has flourished and Metamask’s popularity grown, it’s become fertile ground for cyber criminal attack. We’ve noticed on crypto Twitter an increase in the personal stories of Metamask wallet being hacked. Unfortunately, from these first hand accounts, there is no support from Metamask if you are targeted and your NFTs are stolen.

It’s a catch 22 situation because Metamask wallet really is one of the most convenient wallets for both crypto and for NFTs but you also need to keep your assets safe.

There are some alternative NFT wallets worth exploring alongside Metamask. There are also ways to secure your Metamask wallet to make it safe from cyber crime. Let’s take a look at both of these.

4 alternatives to using Metamask as your NFT wallet

All 4 of the wallets below support ERC-721 and ERC-1155 NFTs. You can store your gaming and collectibles in the wallet and wallets like Enjin make it easy for your to use your NFT for in-game experiences.

Top gaming NFT wallet

Enjin Wallet – Enjin wallet is a mobile wallet built for both NFTs and crypto. It supports Bitcoin, Litecoin, Ethereum, Polkadot, Binance Coin and all ERC-20 (Ethereum) tokens. Importantly, Enjin NFT wallet also supports all ERC-721 & ERC-1155 NFTs. Enjin wallet is most popularly used for gaming NFTs. Because Enjin is a gaming and metaverse platform, Enjin wallet lets you trade NFTs, and provides blockchain gaming support. It also offers in-app token swap (Android only). With Enjin wallet, you can carry your digital identity across blockchain games and apps. This makes it simple to move around the gaming ecosystem. The wallet has 4.5 out of 5 starts across 650 reviews on the App Store, so Enjin must be doing something right.
Phantom wallet – Phantom wallet is an NFT and DeFi wallet created for the Solana blockchain. The wallet comes as a Chrome browser extension only at the moment. Phantom has recently announced that its mobile wallet is coming soon however. The great thing about Solana wallet is that it integrates with Ledger Hardware wallet. This gives it security above and beyond any hot wallet on this list. Phantom wallet appears to have an Ethereum Mainnet integration in the works; you can sign up for their Beta waitlist straight from their website.

Top NFT collectibles wallet

Trust Wallet – Trust wallet is another mobile wallet you can use to store both crypto and NFTs. The NFT section can be found under their ‘collectibles’ menu. Trust Wallet integrates with both Ethereum and Binance Smart Chain so you can send, receive and store NFTs from both of these networks. You can’t store Solana NFTs on Trust Wallet however.
C98 Wallet – C98 NFT wallet is an NFT and cryptocurrency wallet with multichain support. You can store, send and receive NFTs across a bunch of blockchains including the big three: Ethereum, Solana and Binance Smart Chain. The wallet takes a little getting used to because of its multi-chain functionality. But it has native links directly into NFT marketplaces where you can buy your NFTs. Also, their support team is really responsive and has helped us out with using the wallet on a few occasions. That’s rare in crypto, and more than we can say for Metamask!

How to make Metamask a safer NFT wallet

The best way to secure your Metamask wallet is to connect it to a hardware wallet. Metamask has integrations with both the Ledger or the Trezor hardware wallets. It’s pretty easy to connect them up and once you do, you have the same security with your Metamask as you would using a hardware wallet.

Ledger Nano X or Nano S

Trezor One or Trezor Model T

Connecting your hardware wallet to a new Metamask wallet

When the connection is up and running, you will have to individually validate all Metamask transactions physically by confirming them on your hardware wallet. This makes it difficult for cyber criminals to steal your NFTs (or crypto) without you knowing.

The best way to connect Metamask to Ledger or Trezor is using the Metamask Chrome or other browser. You simply open the browser, click the icon at the top right and in the menu you will see ‘Connect hardware wallet’. Follow the prompts from there.

Connecting a Trezor or Ledger to your existing Metamask wallet

It’s also possible to connect a new Trezor wallet to an existing Metamask hot wallet. The instructions are a bit more complex but you can find them (for Ledger wallet) here, and here (for Trezor wallet). This is a great option if you start using Metamask and then decide to buy a hardware wallet to secure your crypto or NFTs.

5 top security tips for using Metamask NFT wallet

Never share your private key or seed recovery phrase with anyone!
Write down you seed recovery phrase or better yet, store it in a metal wallet like BillFodl.
Always disconnect from sites you have used Metamask with. You can do this by clicking the three dots at the top right of the browser and then selected connected sites. Hit the trash can for any sites or protocols that you don’t need connected at that time.
Use a strong password for the Metamask app and make sure all of the native security and privacy functions are turned on. This includes options like Privacy mode and Face ID. You can find security options in the Settings menu.
Don’t keep all of your coins and NFTs on Metamask unless you have your hardware wallet connected.

Conclusion

You can use Metamask to send, receive and store your NFTs but we only recommending doing this if you have it connected with a Ledger or Trezor hardware wallet. If you are looking for an NFT wallet that is sleeker, with a better user interface and more gaming functions we’d go with something like Enjin or Phantom. These wallets both support growing NFT and gaming platforms and we only expect the wallet experience to get better as these platforms expand.

Metamask vs Trust Wallet: which one should you go with?

Crypto KP Free crypto research October 21, 2021October 21, 2021best crypto wallet, metamask vs trust wallet, top cryptocurrency wallet

At first, the world of crypto can be confusing and complicated. Especially because you have to learn to take custody of your own cryptocurrency. One of the first things you need to do is find a good crypto wallet and learn how to use it. Inevitably, there’s one question everyone faces starting out in crypto: “What’s the best cryptocurrency wallet for me?” The answer will depend on what you need out of your crypto wallet. In this post we’ll look at two of the heavy weights – MetaMask vs Trust Wallet – so we can help clear up confusion about which one is best!

What is Metamask?

Metamask is an open source cryptocurrency wallet created by a group of developers who aim to ‘extend the decentralized web to everyone.’

It’s a software wallet, otherwise known as a hot wallet, because it’s connected to the internet.

Metamask has browser extension and mobile version of the same hot wallet. You can synchronize both of these to make them operate in tandem.

What is Metamask used for?

Connect to DeFi products and services

The main advantage of using a Metamask crypto wallet is to transact your cryptocurrency across the cryptoverse. Why would you want to move your coins? In a nutshell, DeFi.

Aave, Curve, and Yearn Finance are some examples of decentralised finance protocols. Metamask allows you to seamlessly connect to these protocols. Once you do, you can use their services to generate passive income on your cryptocurrency – for example by lending, staking, and yield farming.

There are a few technical requirements you’ll need to know and perform in order to use Metamask with DeFI. Check out our post on how to set up Metamask for non-technical users. If you take these steps first, it will save you a lot of confusion and worry later.

Metamask has security integrations with the best hardware wallets on the market – Ledger and Trezor – which means you can interact with DeFi easily and securely. You just have to connect your Ledger or Trezor hardware wallet from the Metamask menu and then off you go!

Metamask really opens up the world of Decentralised Finance to crypto users. And this is the main reason that every crypto holder should have MetaMask crypto wallet in their crypto tool kit.

Buy Ethereum

You can pretty quickly use Metamask to buy Ethereum (ETH) via the bank services directly in the wallet. Payment is through Apple Pay, bank transfer or debit card. You’ll pay network fees to do this and fees on the Ethereum network are notoriously high.

This is not the most cost-effective way to get coins, but it’s an easy approach to begin with some cryptocurrencies and Decentralized Finance solutions if you’re a novice.

Once you have the ETH in your wallet you then use the wallet swap function (see below) to swap that ETH into a bunch of other coins or tokens.

Swap crypto

As we mentioned above you can also swap between cryptocurrencies using Metamask, for example Ethereum or the Binance Smart Chain. A service fee of 0.875% is automatically factored into each swap quote – the price you pay for convenience! Metamask supports swaps between a long list of coins and tokens, making it a useful feature if need a quick transaction

You may also swap cryptocurrencies using other dApps that Metamask connects to, such as QuickSwap on the Matic Mainnet or SushiSwap on the Ethereum Mainnet. The fees can be lower doing this so we don’t use the swap function within Metamask wallet.

Send and receive crypto

You can send and receive crypto into and out of Metamask, although for security reasons (as for any hot wallet) it’s not advised to store your coins in the wallet.

Metamask wallet – pros and cons

PROS	CONS
Ubiquitous – just about every app, bridge and protocol we have come across has a Metamask integration. Metamask is you virtual transport around the crypto ecosystem, regardless of what blockchain network you need to operate from.	Clunky and not very user friendly – you have to learn how to use it and manually add the blockchains you want to transact on. The silver lining is, once you learn Metamask you can do most other things you need to do in crypto.
Supports multiple blockchains – your DeFi options are endless. You just have to learn how to manually input each new network you want to use.	Syncing – doesn’t always go smoothly between the web browser and the mobile app and you need to have two different access passwords for each of these, which is a pain.
Integrates with most new DeFI protocols and dApps – which is where the (risky) money can be made in DeFi!	No real native capabilities – It doesn’t have the bells and whistles of other apps. No native decentralised apps, no in-wallet staking or farming. It’s a transactional wallet only.
Security integrations – with the two best hardware wallets on the market, Ledger and Trezor. Once you link your Metamask to one of these hardware wallets, Metamask has the security of a cold storage wallet with the convenience of a hot wallet.
Control over fees – It allows you to set network fees and slippage, which means you can control your transaction costs (somewhat) while using it.

What is Trust Wallet?

The Binance wallet is a mobile cryptocurrency wallet run by the Binance crypto exchange. It supports the Binance Smart Chain ecosystem since it is the official mobile cryptocurrency wallet of Binance as well as Ethereum mainnet.

This is a plus, because you can bridge Binance coin (like BNB) over to the Binance Smart Chain within the wallet. By using the Binance Smart Chain, you avoid the very high transaction fees associated with ERC-20 tokens transacted on the Ethereum mainnet.

What is Trust Wallet used for?

DeFi

Like Metamask, you can use Trust Wallet to connect to a range of DeFi protocols, mostly through the ‘Wallet Connect’ integration. We use Trust Wallet to connect into PancakeSwap where we earn double digit APY staking our CAKE. That’s just an example.

Limited native staking

Trust Wallet has a few unique features that other wallets lack, owing to its Binance connections. For example you can use it for Staking directly inside the wallet for a handful of coins including BNB, Kava and Cosmos. Native staking gives you the option to chose exactly which node validator you’re going to stake your coins with. It shows the APY for a list of different validators, which means you can chose the best one.

There are also native links to popular DeFi protocols from the “Discover” screen. SushiSwap, Curve, yearn.finance, Aave and 1inch.exchange can all be linked straight from the wallet.

Exchange

Trust wallet has an exchange function where you can trade BNB for a long list of other coins and tokens. There are no price charts, but you can see limited order books per trade.

Buy, send, swap

Trust wallet also offers the standard functions that other wallet offer. You can send and receive coins from the wallet and swap between cryptocurrencies. You can also buy a limited range of large cap cryptos. The payment provider is Moonpay, which does charge pretty heft fees.

Trust Wallet – pros and cons

PROS	CONS
Supports Binance Smart Chain as well as Ethereum Mainnet – cheaper transactions for BNB and BNB swaps / exchanges Some direct DeFi protocol links within the wallet and some native staking.	DeFI integrations – not as many newer protocols and platforms as Metamask.
Wallet Connect integration – allows you to connect to quite a few DeFi protocols and dApps.	Buggy – We’ve had loads of problems with the PancakeSwap / Trust Wallet connection in the past.
	Limited to Eth network for most DeFi transactions – meaning you’re going to pay top dollar network fees to use Trust Wallet for DeFi.

The verdict

Metamask is our choice in the Metamask vs Trust Wallet battle. You just have to look at the long list of ‘Pros’ to understand why.

You can use Trust Wallet and just stick to the Ethereum network and it’s ecosystem of DeFi products and services. If you do this, Trust Wallet is a sound option to go with. BUT…Metamask is used everywhere! And it will allow you to transact on cheaper blockchain networks (Solana, Avalache, Polygon) that are exploding with new dApps and DeFI protocols.

These other blockchain networks are building strong DeFi ecosystems where you can make a great return with your crypto after connecting with your Metamask.

The Metamask ecosystem integrations are so great you don’t really miss or need any native capabilities in the wallet itself beyond what is already there. You just have to work with the clunky nature of the wallet and traverse a bit of a learning curve first. Once you do, the world of DeFi is your oyster!

New Coinbase NFT marketplace bullish for crypto

Crypto KP Uncategorized October 15, 2021October 15, 2021best crypto wallet, coinbase NFT

Crypto is an exciting new digital asset class that has been growing exponentially over the past few years. One of the most popular crypto exchanges, Coinbase, just announced a new feature on their platform: a NFT Marketplace! The blog post below will explain the Coinbase NFT announcement, and why NFT digital assets might soon become a standard in many crypto portfolios

What are NFTs?

Non-fungible tokens, or NFTs, are cryptocurrencies that represent tangible things like art, music, video games, and more. You may buy and sell them on the internet. They use the same code as many other cryptos. There are some distinctions between them.

NFTs are considered digital assets or digital store of value. They are created using blockchain technology and cryptography. Just like crypto, they are secured and ownership is authenticated with a private key. They can also be transferred from one person to another without any central authority controlling them.

Because NFT’s are one-of-a-kind digital assets they are ‘non fungible’. This means you can’t exchange one NFT for another of the same NFT (like for like) because each is unique. Like you can’t swap a Monet for a Jackson Pollock for example.

NFTs have value both as cryptocurrencies and also as a digital form of expression and culture. Because of this cross over between value and culture, NFT with culture and community attached have become incredibly popular and valuable. The number of unique wallets that has either bought or sold an NFT since 2019 continues to climb as more people get excited about and involved in this new asset class.

Some famous examples include CryptoKitties, CryptoPunks and Bored Ape Yacht Club.

And it’s not just art.

Industries like fashion, gaming, and music are beginning to recognize the potential of NFTs for new kinds of creativity and ownership.

What is the Coinbase NFT announcement?

Coinbase is the biggest centralised crypto exchange in the US. On October 13, 2021 Coinbase announced that they are adding an NFT marketplace to their platform.

The marketplace will enable users to make, buy, showcase and explore NFTs.

Coinbase claim that their NFT market place will be easier to use than other NFT platforms such as Opensea. It will also have a social element enabling creators to engage directly with communities.

Undoubtedly, Coinbase sees an expontentially growing market and an opportunity to make revenue through fees. They’re yet to divulge what fees will be charged to transact in the marketplace…

Coinbase NFT market waitlist

Coinbase has created an ‘early access’ waitlist. Since the Cointbase NFT announcement, we have heard that more than 1.5 million people have signed up to the Coinbase NFT waitlist. If you’re keen it get in early here is the link.

You don’t have to wait until the Coinbase NFT marketplace is live. If you’re thinking about diving on in now you can use other popular marketplaces like OpenSea, Rarible, Exclusible.

What can you do with NFTs?

Trade them.

NFTs are a digital store of value and there is a market around them. An entire marketplace of trading NFTs has emerged since 2020. There is an initial market where you can ‘mint’ NFTs. This just means you’re creating the NFT record on the blockchain, and authorising your ownership of it. There is also a secondary market where NFTs are on-sold.

Showcase them.

Art and gaming NFTs are about community belong and social status. So people like to showcase the NFTs they buy. Twitter is the most popular place to do this. Twitter lets you showcase NFT art as your profile picture, after you have been through a process of validating that you are the owner of the NFT art-piece.

Hodl them.

NFTs are assets and act as a store of value over space and time. A lot of people try to buy early and Hodl (hold) their NFTs just like any asset, hoping the value will go up over time.

You hodl NFTs buy storing them in your crypto wallet.

Where to start with buying NFTs?

If you’re looking to get into the NFT marketplace you’re going to need these things:

The coin or token for the blockchain that the NFT is built on

Most NFTs are built on the Ethereum network, but blockchain networks like Solana and Avax also have popular NFT platforms built on top of them. You need the token or coin for that blockchain to buy the NFT and to pay the network fees for using the blockchain when you buy it. For example, if you’re buying an NFT on the Ethereum blockchain, you’ll need ETH to buy it!

A crypto wallet

You need a hot wallet or online wallet to receive your NFT when you do buy it. You use your crypto hot wallet to create an account on the NFT marketplace of your choice. Once you have purchased an NFT, it’s stored in your hot wallet. Most people use Metamask wallet to buy NFTs.

A platform to buy them from

You can either Mint and NFT or buy one on the secondary market. Minting is where the NFT is first recorded on the blockchain and authorised as belonging to you. To mint, you need early knowledge of NFT project collections and a bit of luck. You mint NFTs directly from a project website. If the NFT is already minted, you can buy it from the secondary market like Opensea or the coming Coinbase NFT marketplace.

Keeping your NFTs secure

The first thing to know is, don’t leave your NFT in your hot wallet!

Like any crypto, NFTs are susceptible to hacking and theft. Especially if they’re seen as a valuable asset!

The only way to keep your NFT safe from cyber criminals is store the private keys to it in a hardware wallet.The best and most convenient wallet to use for this is the Ledger Nano.

The safest way to buy NFTs – Ledger nano + Metamask

The Ledger Nano Hardware Wallet allows you to access trusted third-party hot wallets like MetaMask via its hardware wallet software.

If you link Ledger Nano with Metamask, the private key to your NFTs is kept in the secure element chip of your Ledger Nano while it’s linked to MetaMask.

As a result, you can buy NFTs from your smartphone or computer with any NFT marketplace, such as Rarible or Open Sea, and do it securely. The MetaMask wallet will send a request to the Ledger hardware whenever you perform an activity.

Only once you physically sign/approve the request using your hardware wallet’s private key will the transaction complete.

It works like your bank texting you a one-time password to approve transactions. And no one else can steal your NFTs as long as you keep your Ledger device and protect your recovery phrase.

Here are some instructions to link your Ledger to Metamask hot wallet, so you can safely buy and sell NFTs. Have fun!

Getting started with cold storage wallets: all you need to know

Crypto KP Crypto insights September 20, 2021December 15, 2021best crypto wallet, cold storage wallets

The safest way to store your cryptocurrency is in a cold storage wallet. Cold storage wallets come by many names and have been around since crypto began. They are a secure type of storage for your cryptocurrency private keys that is not connected to the internet. You can either create a cold storage wallet on your own or buy a device that will store your private keys for you. In this blog post, we discuss different cold storage wallets, why you need them, and the three leading choices on the market today!

What are cold storage wallets?

Cold storage wallets are just a secure place to store the private keys to your cryptocurrency offline – not connected to the internet.

Your private keys give you access to your cryptocurrency on the blockchain. You need your private key any time you want to complete a crypto transaction (sell, send, stake it etc). Your private key is used to digitally sign your transaction. This means that if someone else has access to your private keys, then they can easily steal your cryptocurrency. They would do this by using your private keys to approve a transaction that sends your cryptocurrency to a different public address.

Cold wallets keep your private keys in an offline environment. They also let you sign any transactions in that same offline environment so that your private keys are never exposed to the internet.

Keeping your cryptocurrency in cold storage – not connected to the internet – is the best way to keep it safe from being hacked and stolen. Hacking and theft of cryptocurrency is one of the biggest risks to the security of your crypto today.

Different types of cold storage wallets

You can store your crypto in cold storage via a few different means:

Paper wallets
Crypto software wallets (in offline mode)
Hardware wallets

Let’s take a look at each…

Paper wallets

This is where you print out your public address for a particular cryptocurrency (for example Bitcoin) as well as the private keys for it. You then store the print out in a safe place offline – like in a safety deposit box or other secure location.

if you want to go down this route, you can use this site – bitaddress.org – to generate your paper wallet.

Before you use this private key generator tool, make sure you are in a secure operating environment (someone could be looking at your screen). Using something like Unbuntu might be the way to go. You should also make sure that your printer is offline. It’s a good idea to test everything before you go ahead and generate your private key.

Because it’s tricky to get right, this method of cold storage is not popular. We don’t recommend paper wallets as you need to be somewhat tech savvy to generate them securely. If anything happens to the paper your private keys are printed on, it would be hard for you to recover the crypto stored on it. It’s also not user friendly and not very accessible.

Crypto software wallet (offline)

You can also store cryptocurrency in cold storage using an offline version of the crypto software wallet. A software wallet is also called a desktop wallet. You can download these wallets offline and store them securely on your computer until you need to access them again. They are user friendly but not as convenient as hardware wallets. This is because many can’t to connect with other devices like smartphones, tablets etc.

Armory is a popular desktop wallet. It’s regarded as the most stable and secure because private keys are kept in an offline computer and only the person with access to the physical location of your machine can steal your crypto. Users have total control over their secret key.

Another popular desktop wallet is Exodus. These software wallets allow you to store your crypto in ‘offline mode’ but you can’t transact with them when offline.

Crypto hardware wallet

You can also store your cryptocurrency in cold storage using a crypto hardware wallet. A hardware wallet is a small USB sized device that stores your private keys and lets you send and receive crypto. The main benefit of a hardware wallet is that it’s much easier to use than paper wallets – all you do is plug in the hardware, create a pin number, make sure you have your recovery phrase stored somewhere and go!

A crypto hardware wallet is definitely the best way to go if you are looking for cold storage. This is because hardware wallets offer the best offline security. They also offer increasing convenience to transact your crypto and interact with third parties like DeFi protocols in a secure way.

If you’re looking for a hardware wallet it can be difficult to tell the difference between top brands on the market. You’re going to need to know which has the best security features, which to use with your mobile phone or desktop computer, and which coins each device supports. That’s why we’ve done the research and ratings for you, right here!

In the meantime, let’s look at the top three cold storage wallets on the market.

Top three cold storage wallets

Ledger Nano X

Ledger Nano X is one of the most popular hardware wallet on the market and our pick for top cold storage wallet.

The Nano X is super easy to use and has many customizable features that make it user friendly for anyone. This device can store 100 different cryptocurrencies at once and supports a list of up to 1800 coins and tokens.

You also have peace of mind when you buy the device that you are receiving the real deal in the mail because Ledger offers a software device validation check when you’re setting it up. No other hardware wallet that we know offers this. Ledger also has a great native app – Ledger Live that allows you to monitor, manage and transact your crypto in tonnes of different ways. You can also connect to third party providers for more options.

Trezor Model T

Trezor Model T is the gold standard cold storage device from Trezor and another popular hardware wallet. It offers two factor authentication features that are not available with the Ledger hardware wallets. It’s also one of the best cold storage wallets for security and has a user friendly interface that makes it easy to use for anyone looking for an offline crypto solution.

Ledger vs Trezor — Trezor Model T our of the box – great cyber security and extra 2FA.

Trezor doesn’t have the full featured app that Ledger Nano X has. To try to overcome this, Trezor has teamed up with software wallet provider Exodus. If you use both together you can get the security of a hardware wallet with the simplicity and user-friendly design of a software wallet (Exodus). You can use a Trezor to overcome all software wallets’ security problems while Exodus gives you the nice user experience while managing your crypto assets.

Ledger Nano S

Ledger Nano S our third ranked hardware wallet, and best budget option. Ledger, the makers of the Nano S claim it is the most sold hardware wallet in the world! This cold storage device has a sleek user interface and is one of the best ways to keep your cryptocurrency safe from being hacked for around half the price of the Nano X.

So how does the Nano S compare to the Nano X from Ledger? For one, it’s cheaper. This is because there are some trade-offs compared to the premium Nano X wallet. Firstly, the Ledger Nano S only connects to your phone via cable. The Nano X on the other hand has both Bluetooth and cable connectivity. Secondly, Ledger Nano S supports the same diversity of coins as the Nano X, but you can only store up to 6 at once. This is why it’s the budget option. Lastly, the Nano S doesn’t have Bluetooth connectivity like the Nano X.

If you just have some Bitcoin and want somewhere safe to hold it, the Nano S is a top choice cold storage wallet. Check out our choice for best ‘Bitcoin only’ wallet here.

It’s important to find the best hardware wallet for the way you use cryptocurrency. You don’t want to pay for bells and whistles you don’t use! To find the best wallet for you, check out our full review of each of these wallets here. We review the pros, cons, pricing and features that differentiate each wallet.

The importance of diversifying your crypto storage

The thing about cryptocurrency is that you are your own bank. You need to make sure you have the best security in place for your investments. If anything does happen, such as hack or theft of your hardware wallet, it’s best to make sure you don’t lose everything. The solution is to diversify your asset storage across different cold storage wallets. Use multiple hardware wallets and store them in different locations.

Why cold storage wallets are not the only security you need

Cold storage wallets are not the only security you need for your crypto assets. You should also make sure you have a metal storage wallet for each hardware device you own. A metal storage wallet is where you store your 12 word recovery phrase for your Bitcoin or Ethereum.

We recommend the Billfodl metal storage wallet to securely store you recovery phrase. If you want to see our complete Billfodl review, check it out here. Once you have your metal storage wallet set up, make sure you keep it in a separate location to your hardware wallet.

Your metal storage wallet is your last line of defence. With a metal storage wallet, you can always recover your crypto should anything go wrong with your cold storage wallets.

metal crypto wallet — Billfodl metal wallet with alphabet tiles

billfodl — Billfodl metal seed storage wallet in the box

How to cash out your crypto – change your Bitcoin to cash in 4 easy steps

Crypto KP Crypto insights September 15, 2021September 15, 2021best crypto wallet, best cryptocurrency app, bitcoin to cash

If you are interested in converting your bitcoin to cash, there are many ways to do this. This post will cover the quickest and easiest ways to get your Bitcoin into cash using these five popular and simple to use apps: Cash App, Binance, Gemini, Coinspot, Coinbase.

There are just 4 steps you need to cash out your Bitcoin. Where you start depends on where your Bitcoin is. You need to make sure it’s on some kind of wallet. You’ll probably start with the Bitcoin in one of these locations:

in a hardware wallet like Ledger or Trezor
in a cryptocurrency wallet app like Celsius or BlockFi
On a crypto exchange like Binance, Coinspot or Coinbase
in a mobile trading app like Cash App or Robinhood.

The process is simple – you need to sell your Bitcoin into dollars and then transfer that USD into your bank account, where you can withdraw it for cash.

4 steps to get your Bitcoin to cash

Step 1 – sign up to your ‘cash out’ wallet or exchange

Open an account with a wallet or exchange that allows you to sell your Bitcoin directly to USD. The wallet or exchange also needs to either:

link with your bank account and allow you to send cash to your bank account, OR
come with a debit card that you can use at an ATM to get your cash

Here is a list of ‘cash out’ wallets and exchanges where you can change Bitcoin to cash easily:

Coinbase – US based cryptocurrency exchange platform with a mobile wallet app
Cash App – US based investment and banking app that includes Bitcoin
Binance – non-US crypto exchange platform with mobile wallet app
Coinspot – Australian crypto exchange platform (no mobile wallet app available)
Gemini – US based crypto exchange with a mobile wallet app

If you’re based in Oz we recommend either Binance or Coinspot.

Step 2 – Transfer your Bitcoin to your ‘cash out’ wallet

Send your Bitcoin from its current location into the wallet account you have opened. If you chose a wallet from the list of 5 above then the wallet will provide you with a public address to transfer you Bitcoin in. Look for either a ‘deposit’ or a receive’ button.

You will need to pay a network fee to transfer your Bitcoin over to your ‘cash out’ wallet.

Step 3 – sell your Bitcoin to cash (your fiat currency of choice)

You need to trade your Bitcoin for the fiat currency of your choice. The apps and exchanges we’ve selected above allow you to sell your BTC to either USD (for US) or AUD (for Australia) directly.

Step 4 – transfer your dollars into your bank account

Some of the Apps listed above, like Cash App, have a debit card attached which means the money is available to spend as soon as your Bitcoin is sold.

The ‘how to’ guide to carry out these four simple steps is going to be slightly different in each App. Let’s look at the most popular Apps.

3 popular Apps to change your Bitcoin to Cash – a step by step guide

Coinbase (includes US citizens)

To convert your Bitcoin into cash on Coinbase follow these steps:

Login to your Coinbase account.
On the homepage, tap “Sell”
Choose how much you want to sell and select USD Wallet as your payment method. Your bank account will be selected by default so leave that button alone if it is not already active.
Tap ‘Confirm Sell’.

The funds should show in your linked bank account 1 to 5 days after the transfer is completed.

Cash App (US only)

To cash out your Bitcoin on Cash App follow these steps:

Open the Cash App and tap ‘+’.
Tap “Cryptocurrency” then select BTC, BCH or LTC (your wallet address will already be there).
Enter how much you want to sell and hit Sell. You’ll have a choice of tax options. Enter your Cash pin if you chose to use one and hit Sell again. The cash will be in your Cash App wallet after the transfer is completed (usually within minutes).
Withdraw this cash from an ATM using the Cash App Cash Card if you have one set up in your account.

If you don’t have a Cash Card you can get the cash out of Cash App and into your regular bank account using these steps:

Tap the Balance tab on your Cash App home screen.
Press ‘Cash Out’.
Choose an amount and press ‘Cash Out’ again.
Select a deposit speed.
Confirm with your PIN or Touch ID.

Binance (non US citizens, e.g. Australians)

Go to your wallet on Binance, tap BTC and chose the trading pair you need to get the cash you want. In this case it would be BTC/AUD.
Select how much Bitcoin you want to sell and the price. The wallet will calculate your AUD payout.
Tap ‘Sell BTC’.
The transfer will show on your Balance page after it’s completed (usually within minutes).

Now you have AUD sitting in your Binance wallet.

You need to go through KYC to transfer your fiat cash out of Binance. You can check if you’ve done this by clicking your profile, then ‘identification’.

To transfer dollars out of Binance to your bank account:

Go to your wallet
Choose the currency you would like to withdraw from your wallet. In this case, choose AUD.
Select Withdrawal and enter the withdrawal amount $AUD.
Select ‘Bank’ as the destination account and press Confirm & Make Payment when ready.
After Binance sends the money out, your bank will receive it in a few days.

Bitcoin price prediction – will we see $100,000 in 2021?

Crypto KP Crypto insights September 15, 2021September 15, 2021best crypto wallet, bitcoin price prediction, top cryptocurrency wallet

No-one had a crystal ball but cryptocurrency ‘experts’ are not shy of making a bold Bitcoin price prediction or two. Lately, financial institutions have also weighed in with their views. Some based on analytics, others probably plucked out of thin air. As recently as May 2021, pundits had written off any chance of Bitcoin hitting $100k in 2021 following a 50% retrace in BTC price action. But prices have since rebounded.

In this blog post, we’ll look at the most up-to-date bitcoin price predictions from crypto industry experts and leading investment houses for the end of 2021 and beyond. Is Bitcoin on track to meet expectations this September day in 2021? Let’s dive in and see.

What is Bitcoin?

For the crypto uninitiated, Bitcoin is a cryptocurrency and digital worldwide store of value. It’s the first decentralized digital currency, as the blockchain technology it is built on works without a central bank or single administrator. The network is operated through peer-to-peer and transactions take place between users directly through a public ledger, without an intermediary. These transactions are verified by network nodes through the use of cryptography.

What is the price of Bitcoin today?

The price of Bitcoin at the time of writing is $47,251.

BTC’s 2021 YTD trading high is $64,854.

BTC 2021 YTD trading low is $28,130.

That’s quite the range in a 9 month period, meaning any Bitcoin price prediction should be taken with a grain of salt! So lets have a look at what the big names in crypto have to say…

A Bitcoin price prediction from the Bulls

Tim Draper

Tim Draper is the founder of Draper Associates, a seed stage venture capital firm. He is also a Bitcoin investor. Tim Draper predicted that BTC would hit a whopping one million dollars in 2018, which didn’t quite hit the mark.

He now believes the price of Bitcoin will be $250k in 2022/23 and see a total market cap around $100 trillion.

Cathie Wood

Cathie Wood is the CEO of Ark Invest, a popular global funds manager. She’s also an expert on investing in disruptive technologies.

Cathie Wood believes that the value of BTC could reach $100,000 by 2021 (sources: Coin Telegraph and CNBC ). She says the technology is advancing quickly – in just a few years blockchain tech has gone from an idea to real applications with working projects.

Wood’s long term Bitcoin price prediction is closer to $500,000. And that’s in just 5 years.

Mike Novogratz

Mike Novogratz founder of Galaxy Digital a investment manager specialising in cryptocurrency and block chain predicted in November 2020 that Bitcoin would hit $65,000 in the short term. It almost met those expectations. According to Financhill, Novogratz expects a price of $100,000 by the end of 2021.

Raoul Pal

Raoul Pal is a widely respected macro economic analyst formerly of Goldman Sachs, and an expert on global economics. He founded Real Vision TV, a financial media website.

Pal sees Bitcoin hitting $100k in the short term (sources: Business Insider Financhill ). Pal’s most recent prediction has Bitcoin at between $250,000 and $400,000 a coin by March 2022.

He predicts that BTC will be worth somewhere between one to ten million by 2025 – depending on how quickly the world begins to adopt crypto.

Pal believes the currency could achieve this if it becomes “the global standard for value transfer” which will require widespread adoption from governments and banks. The number might be about right but the timeframe in our view is too short. Government regulators are painfully slow to move on new tech and there is fierce resistance in some quarters of government to decentralised currency and value transfer.

What do the Bitcoin bears say?

John Paulson

John Paulson is a hedge fund manager and a billionaire. He’s famous for making $15 billion in 2007 by shorting the US housing market as it collapsed – which turned him into an overnight multi-billionaire.

Recently John Paulson predicted to Bloomberg that Bitcoin would crash to zero, calling it a limited supply of nothing.

Peter Schiff

Peter Schiff, well known gold bug and CEO of Euro Pacific Capital, asserts that bitcoin is worthless. He famously called the cryptocurrency a bubble in 2017 (sources: Business Insider ).

Schiff was calling for BTC to fall back to $0.01 but then most recently conceded that the price may actually hit $100,000 by the end of 2021.

Warren Buffet

And then of course there is the greatest stock market investor of all time Warren Buffet, who famously called Bitcoin ‘rat poison squared’. Buffet is reported as thinking Bitcoin owners are delusional.

What price do financial institutions predict for Bitcoin?

Forbes reported at the end of 2020 that a leaked Citi report predicted the price of Bitcoin to be $300,000 by the end of 2021. We’d need a 600% increase in 3 months to get there. That would be crazy, even for crypto.

Credit Suisse predicts a high-end estimate for bitcoin prices by 2025 at around $50,000.

In 2021, JPMorgan issued a target price for of $140,000 but says because of price volatility the price could be closer to $23,000. Their mid term price valuation is between $23,000 and $35,000.

UK banking behemoth Standard Chartered has reportedly issued a new price prediction for Bitcoin or $100,000 this year.

In God we trust, all others bring data – so what do the charts say?

Logarithmic charts are often used over linear charts to understand the uptake and price of assets that grow exponentially. Exponential growth is where growth compounds continuously. If you think about how compound interest provides interest on interest, that’s an example of exponential growth. Bitcoin is an exponential growth asset. If you take a look at a linear Bitcoin chart it resembles a hockey stick – exploding growth – like the chart I posted above. A logarithmic chart plots the growth of Bitcoin so that analysts can better understand its trend.

If you take a look at Bitcoin on this logarithmic chart it indicates a high in December 2021 of $145,000.

Stock to flow model charts like this one by Plan B show a price hovering around $100,000 at the end of 2021.

If you want to know more about Bitcoin price prediction charts have a read of this great article.

As you can see, there is no real consensus about what to expect in 2021 for BTC prices. Not overly surprising given how volatile the market is. The other thing is bulls are mainly already Bitcoin investors. They don’t mind if you buy some Bitcoin because they predict the price is going up.

We like the logarithmic charts , because one thing about Bitcoin is that it’s programmed value. The logarithmic charts reflect the Bitcoin price playing out along the line’s we’d expect, based on the way the asset is programmed with supply halving every four years.

If you want to buy some Bitcoin use our link to Celsius crypto wallet and you’ll get $40 free BTC! Or just type in referral code 1910143eb7 when you set up the wallet. T&Cs apply. You can also earn 3.51% interest on your Bitcoin with Celsius wallet!

And don’t forget to keep your crypto safe from hackers with one of our recommended hardware wallets.

Top cryptocurrency wallet – best to secure and invest your crypto

Crypto KP Free crypto research, How to do crypto September 7, 2021best crypto wallet, top cryptocurrency wallet

With the number of cryptocurrency wallets already in the market, choosing the top cryptocurrency wallet is not an easy proposition. But having the right cryptocurrency wallet for the right purpose is critical to protecting your money. In crypto, you are your own bank. This means the safety of your assets is up to you! But don’t worry, we’re here to help.

Whether you’re a cryptocurrency trader, an investor, or a beginner, you will need a cryptocurrency wallet to store your coins securely, transact, and recover them. There are several options out there, and they all offer unique features which makes choosing the best crypto wallet an arduous task.

The very top cryptocurrency wallet should offer their users safety, security, a great user experience, excellent technical support, and customer service, among other things. We’ve researched the market and have rated the top cryptocurrency wallets in three categories to help you protect your assets and make money from your investments.

What Is a Cryptocurrency Wallet?

Cryptocurrency is not like fiat money. You can neither hold nor see it in its physical form. However, you can still lose it. Like the traditional wallet that holds your valuables, a cryptocurrency wallet works similarly, albeit with more advanced security features.

A cryptocurrency wallet helps you to store the information with which you can access your cryptocurrency. The crypto wallet keeps private keys that give you direct access to your cryptocurrency on the blockchain.

As a trader or an investor, you should be ready to invest significantly in getting the best crypto wallet because the safety of your coins should always be prioritized.

Types of Cryptocurrency Wallets

There are three things we consider when classifying a cryptocurrency wallet. Firstly, a cryptocurrency trader or investor needs a place to store his coins securely. There is no better place for that than a hardware wallet. Hardware wallets or ‘cold wallets’ remain the most secure options for storing cryptocurrencies.

Secondly, like with fiat money, cryptocurrency users may not want their coins to keep sitting idly in their hardware wallet. There will always arise a need to transact with the crypto. That’s where the crypto wallet app or the ‘hot wallet’ comes in.

Finally, if the user loses his hardware or software wallet, a seed phrase recovery wallet acts as the last resort. To match these three use cases for crypto wallets, there are three types of wallets you will need.

Hardware Cryptocurrency Wallet (Cold wallet)

This is the most secure type of cryptocurrency wallet. It is a storage device that you can handle physically and keeps your private keys to access your coins offline. This feature makes it unsusceptible to internet-based hackers.

Mobile Cryptocurrency Wallet (Hot Wallet or mobile crypto apps)

Every cryptocurrency trader wants to transact cryptocurrency daily without stress. While owning a hardware wallet is perfect for security, they are secure because they’re not connected to the internet. Hot wallets offer convenience in daily cryptocurrency transactions. However, they are susceptible to attacks from internet hackers so you need to know you’re using mobile crypto apps that are safe.

The top cryptocurrency wallet in the mobile category may have several security features, but its ratings are more concerned with the ease of use and speed of transactions. For this reason, we advise readers to employ a hybrid approach of storing most of their crypto (or their private keys to access it) securely in a hardware wallet and keep private keys for the coins you want to transact with in a mobile app or ‘hot wallet’.

Seed Phrase Recovery Wallet (metal crypto wallet)

Because in crypto you are your own bank, it is critical to have a last resort when dealing with the security of your cryptocurrencies. While hardware wallets are almost impervious to attack online, they are still susceptible to physical attacks, loss or technology failure. Seed phrase wallets serve as the means of recovering your coins from the blockchain if you lose access to your hot or cold wallet. For optimum security, ensure that you have a seed phrase recovery wallet for each hardware wallet you own.

Top Cryptocurrency Wallet – our pick for your crypto

All three types of wallets we explain above have different specific functions that cannot be understated. Because of the distinct roles played by each type of wallet, we have chosen the top cryptocurrency wallet in each category.

Whether you are a cryptocurrency trader or a long term investor, you should consider getting the best crypto wallet in each category. With all three, you can be sure you’re using our ‘crypto safe system’ and doing everything you can to protect your investment.

Top cryptocurrency wallet – hardware

The most important reason for having a hardware crypto wallet is the security it guarantees. The rate at which users lose their hard-earned cryptocurrency to fraudsters, hackers, fake app wallets is alarming, and cryptocurrency owners should spare no effort to secure and manage their cryptocurrencies safely.

The hardware crypto wallet offers the highest level of security among the other types of wallets. Although security is the most critical feature of a hardware wallet, several other factors also come into consideration. They include the number of cryptocurrency options available, user experience, mobile apps and third party integrations supported, connectivity, size, and cost.

After considering all these, our top cryptocurrency wallet (hardware) is the Ledger Nano X.

Ledger Nano X

Selecting Ledger Nano X as the best crypto wallet (hardware) wasn’t an easy choice. Although Nano X had a wide variety of unique features that make it stand out in its field, several worthy alternatives like Trezor T lost out narrowly. Ledger as a brand stands out among its peers in the hardware wallet sector. Its latest product, Ledger Nano X, is significantly better than Ledger Nano S in user experience, user interface, and security features.

Ledger Nano X is 7.2 x 1.175cm in size. It has top security features with a pin code, secure element chip, and seed recovery phrase generation.

Nano X also has a ledger software validation process used to verify the authenticity of the Ledger device when you buy it. This differentiates its security offering from other hardware wallets.

The Leger Nano X wallet is very versatile as it supports the most coins and integrations with third-party wallets and crypto exchanges. Ledger Nano X also allows you to connect to mobile devices via Bluetooth and cable. Nano X offers Bluetooth mobile connection for both iOS and Android.

Finally, Ledger Nano X has a mobile application called Ledger Live App. The app allows users to monitor and manage their accounts on both mobile and desktop, as well as perform a number of transactions (buy, sell, trade, stake) through its native features and third party integrations. The Ledger Live is the heart of the Nano X wallet and its greatest feature.

Purchase a Ledger Nano X to protect your cryptocurrency.

Top crypto wallet app (software wallet)

While hardware wallets are essential for enhanced security, software wallets are also necessary if you intend to transact regularly or remotely. Software wallets are apps that you can download to you rmobile phone or iPad. Since software wallets are used for transactions, the best crypto wallet in this category was selected based on the security of the wallet, native features, variety of coins and third party integrations supported, transaction fees, speed of transaction, and ease of use.

After weighing up these features across the extensive crypto wallet app market, our top cryptocurrency wallet (software) is the Binance wallet.

Binance Wallet

Mobile wallets are not usually well known for their security features, but Binance Wallet offers a wide range of these features. Apart from the standard password protection, Binance wallet also offers multiple-factor authentication on login and transactions. Binance also has a security feature that whitelists unknown crypto wallet addresses to protect the wallet against hackers. The wallet user can input and see the list of devices allowed to access his account with the device management feature under the wallet settings menu.

In terms of versatility, performance, and function, Binance stands out among its peers.

Binance wallet provides 24/7 support and is compatible with Android and iOS. Binance also caters to beginners and professionals with two types of apps: Binance Lite and Binance Pro. Binance Pro has advanced features for traders with knowledge, while the Lite version is more simplistic to allow the beginner to trade efficiently. Binances range of native features is what makes its software wallet truly stand out from its competitors.

You can trade the spot, margin or futures markets direct from your phone. You can also stake your crypto, earn interest on it, participate in Airdrops and join rewards competitions. It’s a great place to engage in multiple different ways to earn cryptocurrency, directly from the one app.

Binance also allows you to customize the language and currency of the wallet application. Finally, Binance wallet has a QR code generator that will enable you to log in to your account from any web browser.

You can set up your Binance account and download their crypto wallet app right here.

Top Seed Phrase Recovery Wallet (metal crypto wallet)

In order of importance, the seed phrase recovery wallet (or metal crypto wallet) might just be the most important. It is the last layer of protection a cryptocurrency wallet holder has to restore access to their coins on the blockchain. If you lose your hardware wallet and don’t have your seed phrase, you cannot recover your cryptocurrency and it is lost for good.

Seed phrase recovery wallets must be both enduring and secure. In choosing the best crypto wallet in this category, we considered three things: the construction, security features, and ease of use. For the best type of construction, durable materials should be used to make the wallet. The best crypto wallet must also have excellent security features to prevent the loss of data. Finally, the recovery wallet must be easy to use.

Billfodl satisfied all these conditions with ease and was therefore chosen as the top seed phrase recovery wallet.

Billfodl

Billfodl is made from a combination of 316 marine grade stainless steel, iron, and steel. The security against both destruction and unauthorised use is strong as Billfodl wallet has a very thick protective metal casing that is fireproof and waterproof.

It’s also easy to set up the Billfodl wallet. There are tiles that you slide into the casing for each word in your seed recovery phrase. This is easy to do. Once the user slides the seed recovery phrase tiles in the wallet, the wallet can then be closed and locked with a padlock. Our advice is always to store your metal crypto wallet in a secure location separate from your hardware wallet. Remember, if someone has your seed phrase, they can steal your coins.

The best place to buy the Billfodl wallet is directly from the makers – here.

Conclusion

The three types of wallets have very distinct features, but they are all necessary to ensure the safety of your cryptocurrency. The three wallets together form our recommendation for your ‘crypto safe system’ – they give you the maximum protection available as custodian of your own crypto assets. Remember, in crypto you are your own bank. As a cryptocurrency trader or investor therefore, safeguarding your digital assets should be your top priority.

Backed by extensive research, we have selected the top cryptocurrency wallet in each category. Top cryptocurrency wallet Ledger Nano X, Binance wallet and Billfodl are the best of their kind in each category that the market has to offer. For your peace of mind, choose wisely!

Ledger vs Trezor – find out who wins the battle of the best crypto wallet

Crypto KP Crypto insights September 6, 2021December 5, 2021best crypto wallet, Ledger vs Trezor, top cryptocurrency wallet

The Ledger vs Trezor hardware wallet comparison is THE battle of the crypto wallet kings and one of the most sought after research articles among cryptocurrency newcomers.

Both of these cryptocurrency hardware wallets have many similarities and specific peculiarities that might appeal to different users. Our research and review looks only at the facts and features of Trezor and Ledger and weighs their pros and cons before making a final verdict.

Ledger and Trezor are premium manufacturers of secure hardware wallets, the most secure type of crypto wallet due to their security against hackers. With over 1500 coins supported by these brands and the option to swap between endless different cryptocurrencies, it is easy to see why the two wallets have staunch supporters.

But.. after extensive research on the features of both, we pick the Ledger Nano X in this battle of the hardware wallets. Here’s why:

Content

What is Ledger?
- How does Ledger work?
What is Trezor?
- How does Trezor work?
Ledger vs Trezor – which is better?
- safety and security
- supported currencies and third party integrations
- Android and iOS mobile support
- Price
- Mobile and web integrations
- User experience
- Connectivity
Final verdict – battle of the hardware wallets

What is Ledger?

Launched by cryptocurrency experts in 2014, Ledger was created to provide solutions for safe blockchain transactions. Ledger, a company with headquarters in Paris, offers two cryptocurrency hardware wallets: the Nano X and Nano S. With either of these wallets, you can store the private keys for your cryptocurrencies offline and protect your coins permanently from hackers.

How Does Ledger wallet work?

There are several reasons that users prefer the security of hardware wallet to other types of wallets. The most significant reason is the fact that they are not susceptible to hackers. When you conduct transactions using cryptocurrencies, you need cryptographic private keys. Usually, these keys are stored online, which makes them a target for hackers.

Ledger’s hardware wallets use a USB-type secure device to store the private keys to your cryptocurrency offline, preventing anyone with online access from hacking them. With Ledger wallets, you can send and receive cryptocurrencies and also run other applications from the wallet.

If your hardware wallet is stolen or lost, there is also a 24-word recovery phrase that you can use to recover your private keys and your stolen cryptocurrencies. Ledger Nano S and Nano X are similar in functionality, but the more expensive one, Nano X, offers more features. Ledger’s Nano X hardware wallet is commonly considered the best crypto wallet on the market by many users.

What is Trezor?

Founded by SatoshiLabs in 2013, Trezor has gained a significant boost in its reputation after creating several user-friendly products. Trezor makes two hardware wallets for securely storing your cryptocurrencies: Trezor One and Trezor T.

While Trezor T uses a touch screen, Trezor One comes with two control buttons. If you’re a beginner, you will not have trouble using Trezor hardware wallets due to the excellent tech support and the detailed how-to guide on their website. Trezor’s recent cryptocurrency wallet, Trezor T is widely regarded as the top competitor to Ledger Nano X for the title of best crypto wallet.

How Does the Trezor wallet work?

Trezor wallet works similarly to the Ledger wallet. It is offline cryptocurrency storage that guarantees the safety and security of your private keys from hackers. All transactions on Trezor are confirmed in the device so that the wallet keeps all private keys away from the internet. Before sending your cryptocurrency, Trezor allows you to check the screen to confirm the address and the transaction fees.

Trezor T is a significant upgrade on the older Trezor One. Trezor T has a card slot that allows you to insert MicroSD cards and encrypt a security pin code for enhanced protection. Its screen touch feature also makes it easier for beginners to use than the Trezor One, which has control buttons.

Ledger Vs. Trezor: Which Is Better?

While researching the best cryptocurrency wallet, it is hard to look further than these two brands.

As a beginner, you can’t go wrong with either of these devices for outstanding user experience. Both offer excellent tech support and step by step guides on their respective websites. If you’re finding it hard to decide between the two, here’s a comparison to help you.

We compared Ledger and Trezor over a wide range of important uses, and arrived at a verdict based on the user features of both. In the Ledger Vs. Trezor battle, we considered several features in particular – the safety and security, user experience, interface, cost, complexity, customer support – in order to rank the two.

Safety and Security

Winner: Ledger Nano X

Whether you’re a beginner or a professional cryptocurrency investor, your first priority is always the safety of your cryptocurrency. Both Ledger and Trezor have outstanding safety features that put them above their peers in the cryptocurrency market. Trezor improved its security significantly by adding new features to Trezor T compared to the older version Trezor One.

With Trezor T, users can input their pins, passwords, and seed phrase using the touchscreen rather than on the keyboard used on Trevor One, making the privacy keys secure from attacks on the web. Ledger also requires its users to input passwords and pins on the hardware directly. Because both device’s firmware is open source, users can view the code and report weaknesses.

Trezor is favoured by many diehard crypto enthusiasts because it’s built on open source code, making it’s security more transparent to users. While this is philosophically in tune with the crypto community it doesn’t mean Trezor hardware wallets are more secure than Ledger ones.

Indeed, while Ledger requires the user to generate a seed phrase while setting up his wallet, Trezor is more flexible with this. The strict approach of Ledger is better for security, while Trezor’s flexible approach makes it more user-friendly.

Anti counterfeit protection

Ledger’s device authenticity validation makes it stand out against Trezor in the security stakes. In crypto, device counterfeiting is one tactic used to steal your coins. Device counterfeiting is when you unknowingly buy or receive a fake device instead of the genuine article. Once you load your private keys on the fake device, they are stolen and your crypto is gone. Ledger is the only device to protect against this with software. They offer an online device look-up and validation, which you should do when you’re setting up your Ledger (before you send your private keys to the device).

Overall, we like knowing that the hardware wallet we buy online is the real deal and because Ledger provides this peace of mind, we rate it’s security over the Trezor T.

Price

Winner: Ledger Nano X

At the time of writing, the Trezor One was around $59 while Trezor T was around $190 although it’s always best to check the price when you buy.

On the other hand, Ledger Nano S costs $60 while Ledger Nano X costs $119.

You can check the Ledger price here.

Trezor One is the cheapest. But Nano S is also affordable and supports more coins than Trezor One. So if you’re on a budget and want to hold coins like Monero or Cardano, choose the budget Ledger Nano S over the Trezor One.

Check out the price of Trezor from authorized reseller PrivacyPros here.

The Ledger Nano X generally comes out cheaper than its competitor Trezor T and so wins in this category.

Supported Currencies

Winner: Ledger Nano X

Ledger (both Nano S and Nano X) supports over 1800 coins and tokens in its hardware wallets compared to Trezor T, which supports 1,649 coins and tokens. Trezor One supports fewer tokens than Trezor T. Because of the higher number of supported coins and tokens, Ledger Nano X wins this stage in the Ledger vs Trezor battle.

Android and iOS Mobile Support

Winner: Ledger

All Ledger and Trezor wallets support Linux, Macbook, and Windows computers. However, while Ledger supports both Android and iOS mobile devices, Trezor only works on Android.

If you’re an iPhone user, you would be more inclined to choose Ledger, knowing that Trezor does not support your phone.

Mobile and web integrations

Winner: Ledger

Although Ledger wallet is a cold hardware wallet storage, its technical team has created a Ledger Live application that allows users to monitor and manage their accounts and buy, sell and swap coins on both mobile and desktop. Trezor does not have an app. Instead, Tresor has the Trezor suite feature which uses Chrome extensions on your desktop to manage your crypto in your wallet, but has no mobile support.

Both Ledger and Trezor support third-party integrations such as with MetaMask wallet or crypto exchanges, but Ledger supports more integrations than Trezor.

User Experience

Winner: Trezor Model T

Although Ledger and Trezor are easy for beginners to navigate, some unique features make Trezor more favorable to users. Trezor T has a small color touchscreen that allows easier navigation and control. Ledger’s Nano X is bigger than the Nano S wallet, but it can still be harder to read than the Trezor T due to its smaller size.

Connectivity

Winner: Ledger Nano X

Ledger’s Nano X is best for users that value mobile convenience as it has an optional Bluetooth capability that allows the wallet to connect to mobile phones. Trezor does not support Bluetooth connection and depends on USB cable support to connect to the mobile phone.

Final Verdict – battle of the crypto wallets

From this review, there is very little that separates Ledger and Trezor wallets. While Trezor trumps Ledger in its user experience and open source code, Ledger tops Trezor in its anti counterfeit security protections, number of supported currencies, iOS support, Bluetooth connectivity, price, and supported mobile applications.

In the Ledger vs Trezor comparison, Ledger Nano X comes out on top as the best crypto wallet.

Buy Ledger Nano X here.

The Trezor Model T is available through authorised Reseller Privacy Pros.

What makes cryptocurrency prices rise and fall?

Crypto KP How to do crypto August 11, 2021August 24, 2021best crypto wallet, crypto wallet app, mobile crypto wallets

what causes cryptocurrency prices to rise and fall

If you’re crypto curious and looking to better understand how cryptocurrency works before you put your hard earned money in, then this post is for you. Crypto is the wild wild west of investing. While cryptocurrencies are traded like stocks in the stock market, the crypto market is nothing like the Dow Jones, Nasdaq or S&P 500. Crypto is unique, with prices driven by factors that don’t exist in other money markets. If you want to make money with crypto it’s critical you know what makes cryptocurrency prices rise and fall.

Cryptocurrency markets

Cryptocurrency is traded between parties in markets. The demand and supply of a particular cryptocurrency in a specific market will set a baseline for its price action, whether that be upwards or downwards. But did you know that unlike stocks, there are both centralised (CEX) and decentralised (DEX) crypto trading markets? It’s important to know this because the price is determined differently in each type of exchange.

How is the price of crypto set on centralised exchanges?

On centralised crypto exchanges, the price of a crypto asset is determined between two parties using the traditional order book model that conventional exchanges like the S&P 500 or ASX use. Order books are just a record of all open buy and sell orders for a particular crypto. The spread between buy and sell prices determines the depth of the order book and the current market price.

In this model, the CEX acts as an intermediary to clear trading transactions and provides custody services for your crypto assets.Trades occur on the CEXs server rather than directly on the blockchain.

The leading centralised exchange by volume is Binance. It’s also the one we recommend you get started on as covers more small cap coins than its rival Coinbase. Binance has a hot mobile wallet with all the bells and whistles you could wish for – check it out here.

If you’re in the US and you want to set up on Binance you’ll need to use BolsaDX which is a Binance brand that operates in Latin America and can be used by folks in the US. Binance is not available in the US.

How is the price of crypto set on decentralised exchanges?

Peer-to-peer trading occurs on DEXs through automated smart contracts (programs) that execute trades without an intermediary. DEXs use liquidity pool protocols to determine crypto pricing. These exchanges execute trades or ‘swaps’ between users directly and instantly from wallet to wallet. There is no intermediary like in a CEX.

Swaps are made in one of two ways: through an order book that interacts with the blockchain, or through an automated market maker (AMM) approach. Since we already know what order books are, lets talk about AMMs. AMMs remove the need for counter-parties to set the price. Instead, AMMs us algorithms to set the price, which means that you can trade a particular coin or token regardless of whether there’s someone on the other end of the trade. To facilitate this, “liquidity pools,” are needed. These pools pay users to keep some of their funds in a smart contract that can then be drawn on for trades to occur.

With AMMs there are no prior orders in an order book. There are only takers (buyers) looking to exchange a specific cryptocurrency pair.

DEXs are non-custodial, which means you are responsible for managing the safety of your crypto. You keep your crypto secure whilst trading on DEXs by using a hardware wallet and seed phrase recovery wallet. You can find the best hardware wallets to keep your crypto safe right here and the best metal seed phrase storage wallet for your private keys here.

UniSwap and SushiSwap are the two biggest DEXs in crypto at present.

Both CEX and DEX rely on the demand of buyers and the supply from sellers (or liquidity providers) to set the price of a trade or swap. So if crypto prices are determined by demand and supply in these markets, let’s look at the factors that influence the commitment of those buyers (demand) and of sellers or liquidity providers (supply) themselves.

11 market movers that cause cryptocurrency prices to rise and fall

What drives people to buy and sell their assets in different markets is a complex discussion. People can be influenced by the market sentiment, news, their own personal circumstances, market analytics, trading signals, etc etc. So lets look with more granularity at 11 factors that can move the crypto market and cause cryptocurrency prices to rise and fall.

Bitcoin
Whale manipulation
Trading patterns
Trading bots
The news that moves the market
Airdrops
Coin burns
Pump and dump groups
Major exchange coin listings
Rebranding
Project partnership announcements

1.Bitcoin

Bitcoin is the king of crypto and its price action in both directions moves the rest of the market. If you want to know more about when Bitcoin moves the price of other coins up or down, have a read of this great article on the crypto market fundamentals you need to know before investing.

2. Whale manipulation

Whales are crypto holders with very large bags of a particular coin. You can get Bitcoin whales, Ethereum whales etc. Whales can use their coin share to move the market with large buy or sell orders. Whales can do this in conjunction with options trades, to make profits. It is particularly easy in small cap coins as it doesn’t take much trading volume to spike or drop the price. One example of price manipulation might be if there is a lot of trading volume on a particular coin but the price is going sideways or downhill. It may be that whales are waiting in the water as the price sinks and weak hands hit the sell button.

3. Trading patterns

Crypto traders trade assets according to the same trading rules and patterns. They all use the same indicators. This makes the patterns they use to signal buy and sell trades self fulfilling. Everyone sees the signal and makes the trade. Trading patterns constantly influence whether the price will move up or down, depending on the volume of trades and traders.

4. Trading bots

This one is linked to trading patterns. Programs are now available so that traders can execute trades using bots (or automation) and based on conventional trading patterns and rules. For example, it’s common for trading bots to be set up to buy up a certain cryptocurrency when the price retraces to .618 of its previous high. This is based on the Fibonacci retracement rule and its application to market trading. Sometimes its possible to actually see trading bots provide price support at this level in trading charts and order books on centralised exchanges.

5. The news that moves the market

Crypto markets are very news sensitive. Project news and development milestones can and routinely do cause particular coins to pump or dump. Hardfork, testnet and mainnet release announcements will generally move the price significantly. In many cases the price of a coin will run up before the project testnet or mainnet date, and sell off just before the testnet or mainnet release.

Similarly, the price of a coin will tumble if a published milestone is missed or the project is hacked, experiences a development failure or is exploited in any way.

Coin Market Calendar is a great site to see if there is any upcoming project news for a particular coin or token.

6. Airdrops

Airdrops are a promotional event in crypto to raise awareness of a particular project or coin. They usually involve the project group sending free coins to the wallets of existing coin holders. So it’s basically a free money giveaway to reward project faithfuls. When it happens, the price of a particular coin can go thermal nuclear.

7. Coin burns

A coin burn is a process of intentionally destroying or ‘burning’ coins to make them unusable and reduce the total market supply of that particular coin and increase the value. It’s the crypto market version of a stock buyback in conventional markets. Coin burns are used to stabilise the value of a coin and they are often scheduled ahead as an incentive for buyers to hold the particular coin (and benefit from price rises when coin burn occurs).

8. Pump and dump groups

Pump and dump schemes are not specific to crypto but they are pretty common price manipulation attempts. Pump and dumps are a scam so beware. They go something like this. A group of investors (organisers) – usually on Telegram or other social platforms like Discord, WhatsApp, Twitter, and Facebook – collude to buy a low cap coin slowly over time so as not to raise its price. The same group then pays an inner circle to promote the bejeezus out of the coin, convincing other investors it’s going to the moon. When those investors (the outer rim) jump in, the organisers sell causing the price to dump immediately. It’s the quick or the dead, the organises versus the bagholders.

9. Major exchange coin listings

This is a well know strategy for some traders – to buy smaller coins and tokens on DEXs or unknown, low volume exchanges and wait and hope that the coins are listed on large exchanges like Binance, Coinbase or Kucoin where most of the trading volume is. Because of the larger volume on these exchanges, newly listed coins can pump hard at the time of listing. This is when existing holders will sell, often causing the coins to dump again straight after. It’s a risky strategy but can be high reward if you know what you’re doing.

10. Rebranding

Rebranding can cause the price of a cryptocurrency to rise if there is significant social media to raise awareness of the event. Rebranding is seen as a move to popularise a particular project and cryptocurrency, driving demand for its coins and tokens and pushing the price up.

10. Project partnership announcements

When small crypto projects announce partnerships with established mainstream brands, the price will often pump. For example when Steller Lumens announced a partnership with IBM, boom the price when through the roof. The fastest way to find out about these announcements is by following the project on Twitter or on a site called cryptopanic. If you find out early enough you may be able to pick up some coins before the price pump and make a decent profit.

BlockFI told to cease and desist – three US Regulators now targeting popular crypto wallet app

Crypto KP Crypto wallet news July 26, 2021July 26, 2021best crypto wallet, crypto wallet app, mobile crypto wallets

If you are holding any of your crypto assets in a lending and borrowing crypto wallet app like Celsius, Nexo, or BlockFi, you may have heard the news in recent days. Three US state securities regulators have filed ‘cease and desist’ or ‘show cause’ notices against a popular crypto wallet app.

If you’re using or thinking about using these types of apps, should you be worried?

Let’s take a look at what has happened with state securities regulators and what it means for your crypto.

Who are US State regulators targeting now?

In one word – BlockFi.

Three US states – New Jersey, Texas and Alabama – have filed cease and desist orders, or at least provided notice of their filing, in the last week. All filings have been against BlockFi.

You can take a look at the latest action by the Texas State Securities Bureau here.

The main gripe of regulators is their concern that BlockFi’s Interest Account (BIA) product is a security under state rules but is not registered as such.

If the filings are successful BlockFi will be banned from offering interest bearing crypto accounts in each of those states until their interest account is properly registered. That in turn raises the question of how likely it is that BlockFi would meet the requirements of securities registration. Would they be approved?

The allegations will need to be heard by a judge in coming weeks.

BlockFi’s official response to the fillings has been to asset the legality of their interest accounts in those states:

BlockFi’s response to recent US state regulator allegations

What is BlockFi?

BlockFi is a lending and borrowing platform for cryptocurrency assets. It offers one of the most popular interest accounts for cryptocurrency assets. BlockFi pools the assets that customers lend to it and pays interest on those assets. It generates interest by lending those assets on to trusted institutional and corporate borrowers.

BlockFi’s interest account (the product under scrutiny) is their flagship offering. They also provide customers with a trading account product and crypto-backed loans.

How does this impact BlockFi crypto wallet app customers?

State regulators have expressed that these regulatory actions are meant to protect retail investors, although in reality they are likely to be causing some concern. The Texas regulator has said BlockFi has at 25,000 clients in Texas with $691 million in total assets. That’s no small deal and it’s just one of the states in question.

If they are successful, the filings will only directly impact new BlockFi customers who are residents of Alabama, Texas and New Jersey. In fact, BlockFi has already been required to stop taking new customers for this product in these states until the matter is resolved.

That said, if the filings are successful they may set precedents for other states. At a minimum we can expect other state securities regulators to take a closer look at BlockFi.

What is the impact on other crypto wallets like Celsius and Nexo?

We’re sure the Celsius and Nexo teams will be watching with keen interest what is going on. But there’s no need to panic. These platforms should have their lawyers advising on any implications and will have a head start on BlockFi in terms of formulating a response and getting a head start on preparing for registration applications. That’s assuming registration is required. In short, there’s still a long way to go before state regulators move on to other platforms.

Should you be withdrawing your crypto from BlockFi?

If you’re a resident of one of these three states it might be safest to withdraw your assets and wait it out until the judge has ruled. If you’re worried out losing out on interest earnings then take a look at our review of Celsius Wallet here. Celsius is a competitor to BlockFi and offers the same sorts of products and interest rates.

If you’re not a resident of Texas, Alabama or New Jersey you should keep an eye on how these cases play out. Pay attention to whether other state regulators make similar moves in a domino effect. If this begins to happen, perhaps consider getting your crypto out.

If you’re not a resident of the US, then you’re not impacted so there’s no need to worry.

What can you do to manage regulatory risk to your crypto assets?

Regulatory risk is material in crypto because its such a new asset class and operates differently to any other financial products in the market. Law makers are still trying to classify different crypto product offerings. Until they do, we can’t really expect crypto platforms to comply with laws that may or may not apply to their products.

So how should you protect yourself?

Diversify your assets across crypto wallet apps. If you want to earn interest on your crypto don’t put all your eggs in one basket (or one crypto wallet app!). There are three or four large providers in this space all offering similar interest rates on Stablecoins and major cryptocurrency. We’ve listed these below. Our recommendation if you are worried about regulatory risk would be to split your assets across them. This can also help protect your coins from cyber attack and hackers attacking your wallet.

Celsius (get $40BTC free if you sign up with our link or referral code 1910143eb7)
Nexo
Orion

Hopefully, as regulators take an interest in this space and laws begin to be applied, existing customers will be grandfathered and providers will remain committed to their customer’s assets.

But in crypto its always best to protect your assets yourself.

Why digital wallets now make it easier than ever to invest in cryptocurrency

Crypto KP Crypto wallet news July 19, 2021July 19, 2021best crypto wallet, exodus wallet, MetaMask crypto wallet

If I were to ask you whether you use any digital wallets in your day to day life, would you know the answer? What if I were to ask you what you use digital wallets for?

The fact is digital wallets have stealthily crept in to most peoples daily lives without them really know it.

If you have used Apple Pay, Alipay, Samsung Pay, PayPal app or Venmo, then the answer to that question is ‘yes’. But did you know that digital wallets are also becoming ubiquitous in the cryptocurrency space and making it super easy to invest in, access and transact cryptocurrency? Digital wallets for both fiat and crypto are the future of money, making it easier, faster and cheaper to move money and value around the globe. This also means it’s becoming easier to make money from your money!

If you want to know how all of this has come about and will impact you and your money, read on!

What is a digital wallet?

If you search Google for ‘digital wallet’ a whole bunch of sites will come up with definitions that say digital wallets are software payment systems. They store your credit card and debit card information….. They’re a convenient way to pay by phone… Blah, blah, blah. But…we think this is just a small part of the story about digital wallets and how they will impact our money future.

Digital wallets are much bigger than just payment systems. They are financial ecosystems on your phone that allow you to access different financial services and to transfer value via the internet – without the friction of current banking services. Cathie Wood of Ark invest cleverly calls digital wallets ‘money over IP’. The reference is a nod back to when Voice over IP technology revolutionised once expensive phone communications.

Digital wallets are expected to do the same for banking and financial services – which is exactly why you need to know about them!

What can you do with digital wallets?

Payments with digital wallets

Today, you can use digital wallets to directly purchase and pay for items – like with Apple Pay or Samsung Pay. You can also use them to send money seamlessly and instantly to friends and peers, like with Venmo. In fact, recent research from the US found that 42% of millennials have a Venmo account. Millennials seem to prefer mobile payments and will drive a lot of the upcoming growth in digital wallets. China’s mobile payments jumped from $1 trillion in 2014 to $26 trillion in 2018 – driven largely by the coming of age of millennials. Here’s some recent data from Australia’s biggest bank about mobile payments with digital wallets:

Peer to peer transactions & other financial services

While people are mostly using digital wallets for payment services, digital wallets are more than just transferring fiat currency around.

You can use them to split payments over dinner, earn rewards on purchases, order ahead at your favourite coffee shop or buy and send gift cards.

They are also used widely now in the cryptocurrency space to access, transact, store and invest cryptocurrency. You can access, store, buy, sell, transfer and invest your cryptocurrency right now, with a few taps of your mobile phone screen, using a range of digital wallets.They’re also used to integrate with cryptocurrency exchanges and trade crypto, as well as to enter into smart contracts to lend and borrow cryptocurrency and earn interest.

We expect digital wallets to expand rapidly in coming years to these additional areas:

storing value
earning interest – Goldman Sachs is already offering higher interest on digital wallet accounts because their cost to serve the customer is lower with these products
integrating with and accessing personal financial planning and money management providers
accessing tailored insurance
accessing stock exchanges and trading platforms
tax planning.

Who are the main digital wallet providers in cryptocurrency?

We’ve already talked about Apple Pay, Samsung Pay, PayPal, Venmo. Along with these providers is Google Pay and V.me by Visa. If you’re dealing in fiat currency, these are the most popular digital wallets that you’re likely to come across.

But the cryptocurrency space is where digital apps are exploding because the entire ecosystem is already online – crypto doesn’t suffer from the legacy infrastructure issues of traditional finance when it comes to going digital.

Cryptocurrency digital wallets

Some of the most popular digital wallets for cryptocurrency include

You can read about each of these apps – what they do, how secure they are and what you can use them for – here.

How digital wallets are making it easier than ever to invest in crypto

The intersection between fiat and crypto digital wallets is where it gets really interesting if you’re looking at investing in cryptocurrency and making your money make money. Who doesn’t want more money!

There are already some cutting edge digital wallet providers that provide fiat currency on-ramps to invest easily and directly in cryptocurrency.

You can now buy, sell and store large cap cryptocurrencies in the PayPal app.

If you’re in the US, Coinbase wallet now has a direct integration with PayPal to buy crypto directly from your PayPal account.

eToro combines both crypto trading and fiat trading, along with on ramps between the two, in their eToro app. (On-ramps are just a way to exchange fiat into crypto – the more convenient this is, the more crypto is expected to become a mainstream part of the global money system).

Here are some other fiat on-ramps to crypto that you can use to buy crypto directly in to your digital wallet (some in mobile and some in web browser form):

The thing to know about these digital wallet on-ramps between fiat and crypto is that their service fees are different. You need to do your own research to find the best fees for your transaction. If you want to see a comparison of some of these services to transfer fiat into crypto in your digital wallet, check out this page.

How does this all impact your finances?

Digital wallets will become a big part of your financial future so its probably time we all get used to interacting with them!

If you invest your money, send money to family and friends, use your mobile to make purchases at the store, do mobile banking, like to earn rewards with your purchases, want to manage your budget, or even your entire personal financial portfolio – chances are in the next few years you’ll be doing it all through digital wallets kept right on your phone.

You’ll also have multiple wallets on your phone that allow you to cheaply and seamlessly exchange fiat currency for crypto in seconds, and then add that crypto into a smart contract allowing you to earn money on your money by lending it out to others.

Your money won’t all be stored in the one bank app in the future. It’ll be moved about to where the best value is. Using digital wallets! And that’s why digital wallets – if you get your head around them now – can help you make money on your money in the future.

Many of these things you can do today if you know your way around the cryptocurrency and decentralised finance space. If you don’t, perhaps look into it. You might be surprised about the financial benefits that digital wallets for cryptocurrency can bring.

If you want to read more about which digital wallets to use with your crypto it’s all laid out for you here.

DeFi rug pulls – how to protect your crypto

Crypto KP Common crypto scams June 21, 2021July 22, 2021best crypto wallet, crypto wallet app, protect your crypto

Crypto is hyped as the investment opportunity of a lifetime, but it’s also a veritable minefield of hacks, scams and fraud. As they say, ‘no risk, no reward’. With over $100B invested in Decentralised Finance in 2021, its fruitful ground for hackers and scammers. So how do you protect yourself AND further your investing at the same time? In this post we’re going to look at the phenomenon ‘DeFi rug pulls’ – how to spot them and how to protect your crypto.

The anatomy of a DeFi rug pull

A DeFi rug pull is when a team of developers disappear with all of the liquidity added by users to a particular DeFi Protocol. But what does this even look like? Here’s a step by step of the MO of scam token creators:

Scam token creator / developer launches a protocol on a particular network – like Polygon, Binance Smart Chain or Ethereum – with webpage and their own scam token.
The project and the token are hyped on online crypto hangouts like Telegram and Twitter using fake groups and bot group members.
The developer then creates a pair between the scam token and a valuable token on a DeFi platform that is perceived as legitimate, such as Uniswap or SushiSwap, and adds liquidity for the newly hyped token.
Users swap their valuable tokens for the scam token on the promise of mind blowing returns – like 5000% APY and above. This drives the scam token price up.
As the price of the token rises, more users participate in the swap due to FOMO (fear of missing out).
The scam token creator removes the valuable token from the platform and dumps the scam token. The liquidity pool is drained and other holders no longer able to trade or swap.
Users are left holding worthless scam tokens with no place to withdraw or cash out.
And so on, and so on it goes…

The rise of DeFI rug pulls and exit scams

According to Ciphertrace over half of 2020 crypto hacks were from DeFi protocols. Rug pulls and other types of DeFi exit scams are on the rise as more capital flows into the DeFi space with a reported $240M lost in just the first 5 months of 2021.

2021 DeFi theft ($ stolen) are almost double the 2020 figure in the first 5 months of this year alone

Recent DeFi rug pulls

There is a litany of rug pulls online that you can delve into if you’re interested in understanding more about how they work so you can protect yourself and your coins. You can read all about the more recent alleged DeFi rug pools here:

HoneySwap, CrossaintSwap, Turtle DeX

Thodex, Compounder Finance, Meerkat Finance

Titan, Iron

Dodo Finance, PAID network

More rug pulls..

How to protect your crypto

The thing to understand about decentralised blockchain networks is that practically anyone can build decentralised apps on them. If you’re going to add your coins to these protocols, then all of the due diligence is up to you. If you’re not into doing the leg work, they you may have to accept that your coins are at risk.

Avoid early stage DeFi projects – some folks will say this is where the money is made, but it’s also where authenticity and legitimacy are at their most unclear. At a minimum avoid low initial liquidity projects if you are keen to invest in the early stages. Scammers will find it hard to raise large amounts of initial capital.
Make sure there is a project whitepaper and read it. Compare it to other legitimate protocol white papers to help decide whether it appear legitimate.
Is there are huge social media blitz on the token with unreasonable claims of benefits? Watch out for fake hype on Telegram and Twitter. Stay away from these projects.
Research the project – is the developer team transparent and known in the crypto community? If the developer team is anonymous do you really want to trust them with your coins?
Get on to Reddit and research the token and the project and any red flags raised by other developers.
Check that an audit of the protocol has been done by an independent know auditor. Audits are expensive and having one legitimises the project.
Check whether or not the liquidity is locked on Unicrypt.com. Check the smart contract history on Etherscan or Polygonscan.
Watch the token price and pay attention to the Protocol. If the token price starts to tank, get your investment out immediately. This means offloading the scam token and sending your valuable tokens back to your hardware wallet! Don’t leave coins in your crypto wallet app unless you’ve been on to Etherscan or Polygonscan and revoked all of the token approvals you’ve previously confirmed in association with the scammers Protocol.

Never invest in DeFi projects that are very new, with anonymous teams, made as memes, and have a lack of real utility

What does a crypto wallet do and what do you need one for?

Crypto KP How to do crypto June 15, 2021July 22, 2021best crypto wallet, crypto wallet app, what does a crypto wallet do

If you’re new to crypto you’ll be scratching your head trying to understand how the cryptocurrency ecosystem works, so you can navigate around it. One of the first questions you’ll ask yourself is – what does a crypto wallet do? In this article we’ll run through exactly what a crypto wallet does and what you’ll use it for, in non-tech head terms.

What is a crypto wallet for?

A crypto wallet is a way to store the private keys that you need to ‘unlock’, access and transact with your crypto assets.

The crypto ecosystem is very different to fiat currency coins and dollar bills that you physically keep in your wallet or purse and in the bank. Crypto is non-custodial and decentralised. What this means for you is that the security of your coins is up to you. No-one is going to look after them for you. There are no government guarantees like there are for fiat currency stored in the bank. On the flip side, you have complete control and autonomy over your finances.

The way you secure your coins is through your crypto wallet.

Another concept to understand with crypto is that your coins remain on the blockchain ledger and don’t actually exist in your wallet. Instead you wallet holds the private keys to any coins you own, and through those keys you can access the blockchain ledger and see – in your wallet – how many coins you have. Your wallet, which holds your private keys, allows you to securely validate and confirm the transactions you make with your crypto assets – like sending them to someone else’s public address on the blockchain. Anyone who has access to your private keys can easily access and steal your coins, so security is super important when it comes to a crypto wallet.

The last thing to understand about crypto is that there are different types of crypto wallets that you use for different things depending on the levels of cyber and physical security you’re after and what you want to do with your coins.

The different types of crypto wallets

If you think about fiat currency, there are a bunch things we do with our dollars and coins. We store some in the bank, we invest some, we use them to buy things, we carry them around with us. These same sorts of transactions are available with crypto and all require some kind or interaction with a crypto wallet. Lets run through a few of these under the two main categories of crypto wallets – offline (cold wallets) and online (hot wallets):

Offline wallets (cold storage)

These are the safest type of cryptocurrency wallets because your private keys are kept separate from the internet and not exposed to cyber attack. The biggest vulnerability with these wallets is physical security – either from theft or loss.

Crypto hardware wallet

This is the bank vault for your crypto private keys. It’s a physical device that you use to store your private keys offline and separate from the internet. This is the most secure and safest form of crypto storage because a lot of the cyber attack vectors for crypto come from connection to the internet.

Crypto hardware wallets are where you store your coins long term for the highest level of protection. You usually keep the device at home – somewhere hidden and safe.

If you’re looking for a great hardware wallet to store your crypto, then check out our review of the top cryptocurrency wallets for 2021.

Crypto seed storage metal wallet

This is a physical wallet too but usually some form of indestructible and engraved metal plate construction. You use it to store you seed recovery phrase for your hardware wallet. Your seed recovery phrase is like your spare house keys. If anything happens to your hardware wallet, you’re going to need your seed recovery phrase to recover access to your coins on the blockchain.

You should always keep your seed phrase storage wallet in a separate location to your hardware wallet.

We’ve also researched and reviewed the best seed storage wallets for you.

Online wallets (hot wallets)

These are less safe forms of storage, but they are necessary to interact with if you want to traverse the crypto ecosystem. They’re not for long term storage of large amounts of coins. They’re like the wallet in your pocket that you use daily.

Crypto wallet app

If you transact with your crypto on the go and use your mobile phone, then you’ll end up downloading a crypto wallet app. This is an online wallet – in app form – that you can use to check your crypto balances and receive crypto (through a public address that the wallet provides). As crypto becomes more mainstream, the features and functions offered by these wallets are expanding. Some crypto wallet apps allow you to buy, swap, stake and trade your crypto – all from within the one wallet.

You might also use a crypto wallet app to interact with Decentralised Finance protocols like Aave, Compound or with decentralised exchanges (dEX) like UniSwap or PancakeSway if you want to yield farm or participate in swap pools.

There are also apps that act like crypto wallets but are primarily a place to lend and borrow crypto – like the Celsius Wallet or BlockFI. If you want to earn interest on your crypto while you hodl it without the complications of using a dEX or DeFi protocol, you might use these wallets and their services.

It’s likely you’ll have several of these crypto wallet apps on your phone, depending on how active you are in the crypto ecosystem. One thing to remember is that because they are online, they’re not safe to store large amounts of crypto.

Crypto wallet browser extensions

These are crypto wallets that you download and take the form of browser extensions for popular web browsers like Chrome, Brave or Firefox. You’ll use these if you’re on your desktop a lot. They are a convenient way to interact with DeFI platforms and protocols (websites). The browser apps seamlessly connect with these websites directly in your Chrome browser and allow you to move your coins in and out of smart contracts that govern DeFi transactions like lending and borrowing.

Like crypto wallet apps, they’re online and have a larger attack surface than a hardware wallet.

Crypto exchange wallets

If you sign up to an exchange to trade crypto, then for any crypto you buy you’ll keep your private keys on the exchange. Centralized crypto exchanges like Binance and Coinspot provide their own coin wallets where your crypto assets will appear when you are using the exchange. These wallets are only as safe as the exchange itself and exchanges do get hacked from time to time, so you be aware of this.

More and more exchanges are offering DeFI products from within the exchange as a reward for keeping your crypto there. On Binance for example you can earn interest, stake, and pool your coins all from within the exchange. Exchanges often have a supporting app – for example the Binance Wallet – that you can use to transact your crypto on the go.

Hardware wallet and crypto wallet app integrations making it safer to transact your crypto

A new development in the crypto world is making transacting your coins safer. Wallet developers from the hardware and software worlds are getting together and partnering up their services so that you can transact with the convenience and flexibility of an online crypto wallet app, but utilising the safety and security of a hardware wallet.

MetaMask – the crypto wallet app and browser – now provides support for both Trezor and Ledger hardware wallets. Exodus wallet has an integration with Trezor. Your can move your crypto to Exodus easily from your Trezor Model T hardware device and use Exodus to manage the crypto in your Trezor.

For you, this means interacting with DeFi and making passive income on you crypto with peace of mind that your coins and tokens are as safe as they can be. So if you’re looking for the safest crypto wallet to use, check out our reviews of Ledger and Trezor, as well as the MetaMask and Exodus reviews here.

If you want to delve further into how crypto wallets work, have a read of our FAQs page here.