Mobile Wallet vs. Extension Wallet: Which One Should You Opt For?
What are mobile wallets and extension wallets? Which one is best for you? Find out in this blog post!
In previous blog posts, we’ve covered the basics of crypto wallets, what they are, and how they work. We also introduced some of the basic types of crypto wallets, such as custodial vs. non-custodial wallets and software vs. hardware wallets. Today, we’ll go on to talk about the other two main types of software crypto wallets: mobile wallets and extension wallets. In this article, we’ll dive into the differences between the two.
What are Mobile Wallets?
Today, smartphones can do anything from making phone calls and surfing the internet to running various apps, including those that allow you to send and receive cryptocurrencies. Mobile wallets are software wallets that are installed on your smartphone. They are convenient to use and easy to access. With a mobile device and an internet connection, you can manage your crypto assets from anywhere.
What are Extension Wallets?
Extension wallets are software wallets that are installed as browser extensions. They are more secure than mobile wallets but can be more difficult to use, as you need a desktop or laptop to access them.
How Transactions Happen & Displayed in Wallets
Crypto transactions are processed through a decentralized network of computers that use cryptographic algorithms to verify and record transactions on a public ledger called a blockchain. When you initiate a transaction from your cryptocurrency wallet, it is transmitted across the network and verified by the computers (known as nodes) on the network. Once verified, the transaction is recorded on the blockchain, becomes permanent, and cannot be reversed.
The display of cryptocurrency transactions can vary depending on the wallet you are using. In general, most wallets will display the transaction in a list format, showing the date, time, amount, and type of transaction (e.g., send or receive). Some wallets may also display additional information, such as the transaction fee or the destination address.
Mobile wallets typically display transactions within the app itself, while extension wallets will display transactions within the browser extension or the cryptocurrency exchange that the wallet is connected to. Most wallets will also provide some level of transaction history, allowing you to view a record of all your past transactions.
More about Mobile Wallets
Today, there are hundreds of mobile wallets available to choose from. These wallets vary in terms of functionality, design, and supported cryptocurrency assets.
Some examples of mobile wallets include:
- MetaMask: A popular Ethereum wallet that is available for iOS and Android devices.
- ONTO Wallet: An easy-to-use decentralized multi-chain wallet with 900+ dApps that is available both on mobile devices and as browser extensions.
- Trust Wallet: A secure and decentralized wallet that supports a wide range of cryptocurrencies. It is also open-source, which means that the code is available for anyone to inspect.
Advantages of Using Mobile Wallets
- Convenience: Mobile wallets are very convenient to use. You can access your wallet from anywhere with an internet connection.
- Security: Mobile wallets can be secure if you use them properly. Make sure to keep your seed phrase safe and secure.
- Availability: Mobile wallets are available for most smartphones.
Disadvantages of Using Mobile Wallets
- Dependency on your smartphone: Mobile wallets are dependent on your smartphone. If you lose your phone or it is stolen, you could lose access to your funds.
- Limited compatibility with certain devices: Some mobile wallets are not compatible with all devices. Make sure to check the compatibility of your wallet before you download it.
- Risk of losing your phone or being hacked: Mobile wallets are more susceptible to theft and hacking than other types of wallets. Make sure to keep your seed phrase safe and secure.
More About Extension Wallets
Extension wallets are installed as browser extensions. They require you to have a desktop or laptop.
Some examples of extension wallets include:
- MetaMask: A popular Ethereum wallet that is available as a browser extension for Chrome, Firefox, Brave, and Edge.
- ONTO Wallet: An easy-to-use decentralized multi-chain wallet that is available as a browser extension for Chrome and Firefox.
- Trust Wallet: A Binance-owned wallet that is available as a browser extension for Chrome, Firefox, Brave, and Edge.
Advantages of Using Extension Wallets
- Security: Extension wallets are more secure than mobile wallets because they are not stored on your device. They are also less susceptible to theft and hacking.
- Ease of use: Extension wallets are easy to use once you have installed them. You can access your wallet from any computer with an internet connection.
- Compatibility: Extension wallets are compatible with most browsers.
Disadvantages of Using Extension Wallets
- Dependency on browser: Extension wallets are dependent on your browser. If you change browsers, you will need to reinstall your wallet.
- Limited functionality: Extension wallets may offer only some of the features of other types of wallets.
- Risk of losing your seed phrase: If you lose your seed phrase, you will lose access to your funds. Make sure to keep your seed phrase safe and secure.
Which One Should You Choose
Mobile wallets and extension wallets are both secure ways to store your cryptocurrency. The best type of wallet for you will depend on your needs and preferences. If you are looking for a convenient and easy-to-use wallet, then a mobile wallet may be a good option for you. If you are looking for a more secure wallet, then an extension wallet may be a better choice.
Whether you choose a mobile wallet or an extension wallet, it is important to consider your needs and preferences. Some factors to consider include the following:
- Security: The wallet should be secure and have a good reputation.
- Ease of use: The wallet should be easy to use and navigate.
- Features: The wallet should have the features you need, such as support for the cryptocurrencies you want to store.
- Cost: The wallet should be affordable.
Here is a comparison of the similarities and differences between mobile wallets and extension wallets:
We hope this blog post will give you a better idea of the differences between mobile wallets and extension wallets and what you should be looking for when choosing one. Thanks for reading! We’ll have more articles coming up, stay tuned!
About ONTO Wallet
ONTO is a DID-based gateway for a seamless Web3 experience. The best all-in-one option for securely managing your identities, data, and digital assets, ONTO allows you to manage your crypto assets (including NFTs), perform cross-chain swaps, readily access a variety of dApps, and learn everything important in real time via ONTO news feed.
With ONTO Wallet, users can create an ONT ID, a decentralized digital identity that enables one-click multi-chain wallet address creation and management and fully protects their private data through an encryption algorithm. Users worldwide can download ONTO Wallet now via onto.app or their mobile app store. Desktop users can also install ONTO Web Wallet for web browsers.