It is very important to hold your digital asset to secure cold storage where it away from the online digital world and if you are the holder of IOTA cryptocurrency and looking for an IOTA wallet then here we have collected all the best choices.
IOTA is one of the first cryptocurrency which is not based on blockchain technology but it has introduced its own technology which they call Tangel or Directed Acyclic Graph.
IOTA relates itself with the internet of things which is the future of technology and to get more advantage of IOTA Cryptocurrency holdings, the first point of concern is to have that in a secure wallet.
Hence in this guide, I will start first with the basics of IOTA and why you need to hold IOTA then we will more focus on types of wallets and then the top 5 collections of best IOTA wallet.
If you are not interested in any of the specific sections then better to escape all and move to the top 5 best IOTA wallet collections list.
Table of Contents
What is IOTA and Why it’s important?
The future of technology is heading toward the internet of things where the machine will communicate with each other and you can operate them by simply providing few instructions.
To have such infrastructure in place we need a network that should be scalable as the number of users increases on the network.
While referring to blockchain it has it’s own limitations in the number of validator nodes (miner) and block size and could not be an efficient solution in terms of scalability and transactions per second.
To overcome the problem of top 10 altcoins IOTA has been introduced back in the year 2015 with a vision to provide an infrastructure for the future internet of things.
IOTA works in a way, in which to clear your own transactions you have to do top 10 altcoins for the previous 2 transactions, which means you need to perform POW to complete own transactions.
This increases the number of validators on the network and it will scale as much as the user added with the network.
IOTA is at the initial stage where it has very few numbers of nodes and that is why they have set one central node to clear the transactions.
IOTA is among the top 10 altcoins and competing with others as the new user started using the IOTA network for the internet of things purposes.
To learn more on IOTA make sure to go through the detail exclusive guide on what is IOTA and how it works?
Why Do You need to Hold IOTA Cryptocurrency?
Well, holding any cryptocurrency could be solemnly your decision but I can highlight the need for holding IOTA cryptocurrency.
While focusing on the price movement of IOTA its initial price was around 0.63$ but by the end of 2017, it reached to new hight of 5.23$.
But currently hanging around 0.23$ which is expected as the way cryptocurrency is performing at this moment.
Probably if you have read the IOTA project it’s core focus is to have a system in place which can easily support the internet of things and they have done some tremendous achievement in the same.
Internet of things is at a very early stage, it takes time to get more adoption but sure will excel if so then the first mover IOTA will definitely get an advantage for the same.
Based on the market demand and ongoing Internet of things there are different views on future price prediction of IOTA by technical experts and analysts.
If you are expecting IOTA to grow in the coming future then better to hold it to secure wallet and here is projected price prediction of IOTA.
What are the wallet and Types of IOTA Wallet?
If your aim is to hold any cryptocurrency for a longer time then the very best solution is to hold in a private wallet where you can secure your digital asset by using the private key.
There are various wallets available and few of them are free however the others are paid wallets.
These days you can not hold your cryptocurrency with any centralized exchange due to hacking issues and your assets are not covered under any insurance policy.
So better to have a wallet where you are responsible for sole ownership of the cryptocurrency, but do you know the type of wallet?
Such wallet is the centralized wallet, where your currency will be held on a web wallet and are at higher risk. It is managed by the centralized server controlled by the wallet provider company itself.
There may be the chances of hacking and you won’t be able to prevent it as it is under the control of the web wallet provider company.
Such wallet is among the most secure wallet as it is like cold storage where your digital asset will be away from the online world and if you wish to hold cryptocurrency in the bank locker then paper wallet can fulfill that wish.
It will give you print out of public and private key which you can use to access the same to learn more check on MyEther paper wallet.
It is among the most secure wallet you have ever experienced as it is in like a Pendrive shape where your private key will be with the hardware wallet itself.
There won’t be any connection with the online internet but this needs some investment to purchase the hardware wallet.
Such wallet is available with a desktop installation app that can only be accessed from the desktop it got installed.
It is close to the offline wallet but while you connect with the internet can cause it has security issues.
To learn more about types of best cryptocurrency wallets make sure you go through the detailed guide on how each of the above wallets works and what other cryptocurrency wallets are available.
Let discuss, what types of IOTA wallet available which are most secure and worth investing to secure your cryptocurrency for longer duration and where you can control your asset.
Top 5 Best IOTA Wallet: Android, iOS, and Windows
IOTA got wide popularity due to the internet of things and because of it’s increasing popularity many more exchanges and wallet services have integrated IOTA as an available cryptocurrency to hold with.
Explained below wallets are the collection of different wallets available for android and iOS and the desktop user who really want to hold their cryptocurrency in a safe and secure place.
IOTA Wallet Trinity
Trinity wallet is officially suggested by the IOTA organization itself and it is integrated with their home page and the very best part with IOTA Trinity wallet is it is available for both mobile and desktop uses.
It is among the most popular wallet and most user-friendly mobile and desktop wallets and if you refer the below list then it available for various operating systems.
Including Android, Mac, Windows, Linux, and keep adding the coming versions. If you concern about the feature offered by IOTA Wallet Trinity then go through the below points.
- Your seed keyword will be safe and secure with strong encryption.
- It has the facility to secure the funds using the two-factor authentications.
- Transactions will be very quick and smooth.
- It also offers you the value of IOTA across other cryptocurrencies ranges.
- Sending a fund will be very easy by providing the recipient address, rest is auto done.
The interface on the mobile and desktop will be close to similar so you can use whatever you are comfortable with.
Security of the wallet will be maintained by the seed keyword which will be the passcode to enter the wallet but Trinity does not avail the facility to buy the IOTA cryptocurrency from the exchanges.
But if you willing to buy IOTA for a 0$ Trading fee then better to check the detailed guide on how to buy IOTA?
How to configure and download Trinity wallet for IOTA then better to check their official detailed explanatory guide.
IOTA Hardware Wallet
The hardware wallet is among the most popular wallet preferred by every crypto holders and the very famous out of them are Ledger and Trezor hardware wallet.
While considering the Ledger hardware wallet it also offers to hold the cryptocurrency IOTA. The hardware wallet is cold storage where your private key will remain with the hardware wallet.
All the approval will be done through the hardware wallet only, which means no exposure of your private key with online internet connectivity which ensures the safety and security of the asset.
Ledger Nano S and Ledger Nano X both hardware wallets offer the holding of IOTA cryptocurrency. So you can choose the one you want, but to clarify that the hardware wallet is expensive and you need to invest one time to purchase them.
The Ledger wallet is available for both mobile and desktop users and for all the different Operating systems like Mac, Windows, Linux, iOS and Android, and the interface looks perfect.
You can connect Ledger Nano S wallet with a Computer using a USB cable and if you purchased the Ledger Nano X it offers wireless connection using the Bluetooth.
What security feature Ledger wallet offers.
- A master security pin will be created for each user login.
- A seed keyword will be generated for future backup of the password.
- The hardware wallet is available with both mobile and desktop applications.
- Built-in LED screen on the hardware wallet to check the balance and approval of transactions.
If you are curious about what else Ledger wallet is offering then make sure you check the detailed guide on various models and features Ledger and Trezor hardware wallet offers to secure the cryptocurrencies like IOTA.
The best part with the ledger hardware wallet is it allows you to store more than 1000+ other cryptocurrencies so you can use this for multi-purpose.
GUI IOTA Wallet
GUI IOTA wallet is perfect for the beginner as it is a light wallet that allows fast access to IOTA cryptocurrency. It is available in both lighter and heavy node and the interfaces of the IOTA wallet will be easy to interact.
While you doing the first time installation, you will have the option to chose the mode and as for the beginner, the best suggestion is to go with the lighter node of the wallet.
This light GUI IOTA wallet support for Windows, Linux and Mac operating systems and your private key will be under your control, so you would be the sole owner of the wallet.
If looking to download the free IOTA GUI wallet then check the GitHub repository and download it for free but make sure you download the latest version of the wallet.
Nostalgia IOTA Wallet
It is the desktop version of the IOTA wallet which is very secure and light. It is not recommended for the beginner as it has a complex way to operate and interface to interact with the IOTA cryptocurrency is bit technical.
Nostalgia IOTA wallet will be used for the purpose, in case you do not want to run a full node on your computer and not even interested in the GUI interface, you can connect it to a server on which IOTA node is already running.
It is a bit complex process, so unless you really need this do not opt for this option and here is more instruction on how to use Nostalgia IOTA wallet.
IOTA itself is creating its own wallet and will be very soon available in play store for the android mobile users,this wallet will be easy to access and an open-source wallet to use for free.
It has also other features like scanning the QR Code, seed password protection and also helps you to view the available balance of IOTA by comparing it with different other cryptocurrencies.
It is under beta testing and to access the wallet better to check the play store.
Well, you got all the list of top 5 best IOTA wallets which is secure and except Ledger wallet, all others are the free wallet to use and access.
Conclusion of IOTA Wallet
IOTA is a digital asset like other cryptocurrencies and it is the primary need to hold it outside the internet space and the best-suggested solution is to be in your private wallet for which private key is held with you.
If you chose to have with centralized exchanges then it could be trouble in the coming future if that got hacked or any issue with the exchange.
I highly recommend to have a primary choice of a hardware wallet, then paper wallet and later find the one which has the secure private key and fewer chances to expose publicly.
The finding of the wallet should not end until you get the best one, so keep continue and experience the learning with cryptocurrency. You will get a better idea of which one fits best for your needs.
If you bought any hardware wallet? please feel free to comment. So the other reader will get a better idea of the best IOTA wallets.