![]() ![]() This means that at the moment, they don’t actually have a wallet to suit every type. Different Types of Walletsīefore I discuss the various types of wallets available, it is important to remember that IOTA is still a very new project. So now that you know why it is important to never leave coins in an exchange, the next part of my IOTA wallet guide is going to talk about the different types of wallets available. ![]() This is why it is really important to move your coins into your own IOTA wallet, away from any centralized exchange. So, what happens if an exchange gets hacked and they steal your money? Unfortunately for you, there is no guarantee that the exchange will give it back to you. Again, the centralized servers were hacked, allowing hackers to steal other people’s funds. In the following year, an exchange called CoinDash had more than $7 million worth of Ethereum stolen. In 2016, the major cryptocurrency exchange Bitfinex had its servers hacked, which allowed the criminals to steal more than 120,000 BTC. Unfortunately, since Bitcoin was created in 2009, there have been lots and lots of hacks. The biggest risk of trusting a company that uses centralized servers is that if they get hacked, then the entire database is at risk. This means that when you deposit funds, you are trusting that the exchange will protect them. Binance, Bittrex, etc.), you are putting your trust in someone else - the centralized exchange. When you purchase cryptocurrencies from a centralized exchange (i.e. So, what are you waiting for? Let me begin by explaining why you NEED an IOTA wallet! In my IOTA wallet guide, I am going to start by talking about why it is important to store your coins in a private wallet, rather than leaving them in a third-party exchange.Īfter that, I am then going to discuss some of the different wallet types and how the one you choose will depend on certain factors like extra security or extra convenience.įinally, I am going to tell you about some of the best IOTA wallets on the market, as well as some new and exciting ones that are soon going to be released! Well, whichever it is, you’ve definitely come to the right place! That’s right! Instead, IOTA uses its own form of Distributed Ledger Technology called The Tangle!Īnyway, let’s get to it - I’m assuming you’ve bought yourself some IOTA coins and now you want to know the best place to store them? Either that or you’re looking into it before purchasing IOTA. ![]() IOTA - the cryptocurrency that doesn’t use a blockchain. ![]()
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