July 2022 Community Update
As we continue our journey through crypto winter, the market has continued to see its share of headlines discussing the demise of the industry or of various companies. The team pulled together some headlines earlier this month in our post The Good News Edit. Despite the perceived drama, the quiet periods of a bear market has granted many teams opportunities that go beyond the surface-level negativity.
Meanwhile, the team has also been going back to basics, reflecting on the fundamentals of crypto and digital asset usage. One of the basic steps of keeping your crypto assets safe are through spreading your assets amongst different wallets, and definitely ensuring that your digital assets aren’t consolidated in one location. For a quick recap, here are the few major crypto wallet types:
We hosted a poll within our community last week to see how many wallets on average a user holds– how do you compare to the others who responded?
In addition to the different wallets required to keep your assets safe, there’s also the issue of different wallets for different chains! And it can be a confusing world out there, with so many wallet options, many offering multi-chain support. Some may require special configurations and others may be in the process of development that will eventually span to more. We did a quick overview below, but of course this is by no means an exhaustive list that includes all the various wallets and chains that they support. We hope it will help kick start your search as to which wallet is for you!
Always DYOR and double check the specific model you’re using, chain support may vary depending on which version you’re using, allow for limited actions or require add ons.
We would urge our community members to take advantage of the quiet period in the market at the moment to sort out their wallets. Remember that relying on exchange hot wallets should never be your only option. But as with many things in this digital asset world, unfortunately security and convenience often contradict each other. The more wallets you hold, the harder it is to truly have an overall picture of what assets you have, and for many of us, lost passwords, misplaced private keys, and simply forgetting which wallet holds the digital assets you’re looking for is a serious concern.
So what options are available in the market that you use and what features remain at the top of your list? Which wallets do you prefer and what do you do to keep track of the various wallets that you hold? Decentralization; clear aggregation of your assets in various wallets, getting consolidated alerts for all your assets in one place or a place where you can keep your notes together with your assets. There’s so many attributes that might be important when keeping track of our wallets– what is important to you?