Best Storage Options For Your Cryptocurrency in 2020
Keeping your cryptocurrency safe is extremely important and can take as little as five minutes. If you’re looking for safe options to store your cryptocurrency, you have come to the right place. We will go over the largest storage wallet in the United States.
Different wallets
Before we jump into our 2020 list, we first need to go over the different storage types you can use to keep your cryptocurrency safe.
Desktop wallet- Keeping your cryptocurrency stored on a desktop wallet is a popular method because you own your private keys, and your wallet is stored on your PC. Hackers can’t directly exploit a website to get your cryptocurrency. They would need to target your specific computer to gain access. This is an excellent method for anyone who may be using their cryptocurrency frequently and wants easy access to it.
Mobile wallet- These wallets are similar to the desktop wallet as they save your private key information to your phone. If your phone is stolen or hacked, you run the risk of losing your cryptocurrency, so it’s essential to keep your private key information backed up on paper. Mobile wallets are great for making daily transactions and want to send cryptocurrency via QR code.
Online wallets- Online wallets are insecure methods of storing cryptocurrency as there may be a central point of attack for hackers. Online wallets are convenient and allow you to access your cryptocurrency wherever you are in the world but may open yourself to additional security risks.
Paper wallets- This form of cryptocurrency wallet doesn’t store your private keys via software but instead on a piece of paper. This means that hackers won’t be able to find your private keys since they are held offline. Paper wallets are not convenient as you can’t send cryptocurrency without using your private key information online, so if you plan on sending cryptocurrency frequently, this is not the option for you.
Cold storage- Cold storage wallets are the most prominent wallet in the cryptocurrency industry because they offer heightened security while maintaining a reasonable level of convenience. A cold storage wallet holds your private key locally on the hardware device and doesn’t release your key information online. The hardware wallets can solve cryptographic hashing functions to prove ownership to other wallet software without giving them your private key.
Three of the Largest Storage Wallets in the United States
1. ATS Wallet
The ATS wallet is one of the five largest storage wallets in the United States. Currently the wallet supports Bitcoin(BTC), Ethereum(ETH), Bitcoin Cash(BCH), Litecoin(LTC), Dash(DASH) and Zcash(ZEC).
Ease
This cryptocurrency wallet is straightforward to use and can be accessed by anyone in the world. Regardless of your cryptocurrency level, you can hit the ground running with ATS’s outstanding user interphase.
Security
ATS is a hardware device that doesn’t release your private key over the internet. That means if your PC/phone/tablet is exploited, your cryptocurrency is safe since the hardware device holds your private information offline.
Your device is unlocked via a pin that will prevent crypto theft if your device is stolen. (A backup of your private key information should be stored to avoid the loss of your cryptocurrency)
Rating
A+
ATS wallet is one of the largest cryptocurrency storage options of 2020 due to its outstanding customer service and transparent security. No cryptocurrency has ever been stolen on the hardware device, making it a popular choice among crypto investors.
2. Coinomi
Coinomi has been in business for six years and has not had any exploits that have caused users to lose funds based on a software exploit. When users lose funds, it’s typically due to low-security measures on their end.
Ease
Coinomi has amazing UX and graphical interphases to help guide you along the wallet. This has allowed cryptocurrency users to interact with cryptocurrency for years.
Security
Private Keys
Your private keys never leave your device and are stored locally to prevent hackers from being able to exploit your computer or mobile device to steal funds. When you are setting up your account for the first time, you will get a security popup that will let you know if your device has been rooted and a potential exploit could occur.
Passwords
Coinomi allows you to set up application passwords that would prevent most hackers from being able to access your wallet. Your password should be written down and safely stored in case you forget it. Your password will not help restore your wallet, so you need to make sure that you have your recovery phrase written down.
Stolen device
If your device is stolen, you can lock your account and then restore it when you get another device. You can use your recovery phrase to gain access to your funds again.
Malware on my device
If your device gets exploited with malware, you may want to reset and restore your device to be on the safe side; however, your private keys will be safe and secured.
Coinomi servers
If the Coinomi servers get hacked, your funds will still be safe because funds are not held on the server but the blockchain. Since your private keys are not released over the internet, your funds will be secure even if a hacker gets access to the server.
Rating
A-
Although Coinomi is a great wallet, it lacks development. When you’re using a wallet, you want the best team behind it.
3. Coinbase
Coinbase is a cryptocurrency exchange company that has been constantly earning $1B in exchange revenue for the last few years. Coinbase is said to be adding over 50,000 new customers every day.
Ease
Coinbase is one of the easiest wallets which has allowed it to grow to be one of the biggest cryptocurrency businesses. When downloading Coinbase or using your browser to access it, you may need to complete extensive KYC to register for an account and start trading.
Security
Coinbase has a large development team that works long hours maintain the software. Coinbase is also FDIC insured so that if they were to get hacked and lose customers money, they have insurance to pay back.
Rating
B+
Coinbase is an amazing wallet, however there is not a lot of support for coins. Depending on the area you are in, Coinbase may only have support for the main coins which brings it to the bottom of our list.
ATS Shares
ATS Wallet will become a public company. During February 2020 install shares of the company were sold at $0.01 per share while it’s currently trading at $0.02. There are plans to release shares to the public in 2022 for $1.00. That’s a 50X increase from it’s current trading price.
