Crypto wallets. What’s the deal?

Do you want to get started using ChangeNow but don’t yet have a wallet address? Worry not. We offer you a broad range of options, all of which have pros and cons. So here’s a breakdown of them so that you can make a great decision and get started as soon as possible:

  1. Full-node wallets. This is the safest but most inconvenient way to store your altcoins. To use it, you need to download the entire blockchain to your computer. The computer needs to be online to update the blockchain and keep it up to date. This can be inconvenient because, just to give you an idea, Ethereum’s blockchain consists of about 300 GB and Bitcoin’s is about 150 GB. So, your computer will likely take a long time to process all of this. However, this is the safest way to store your altcoins because your personal data is not transferred to third parties.
  2. Light wallets. When you create a light wallet you get the private keys. However, every time you connect to the network, your requests must go through a third party. This being said, the use of a lightweight wallet doesn’t require you to download the entire blockchain. This is a convenient way to store your altcoins if you do not keep very large amounts of coins.
  3. Hosted. The user does not receive personal keys. All the coins are stored in the owner’s account. This is the most unsafe method, as the safety of your funds depends on the service provider’s ability to keep funds safe from outside and inside threats.
  4. Hardware wallets. Hardware wallets are similar to light wallets, but data is stored on a physical device. To use this type of wallet, you’d have to purchase the device on your own — ChangeNOW doesn’t sell them. However, if you choose to acquire one, you can use your device’s address to trade on ChangeNow.

What do we recommend?

We pay a lot of attention to the security of services and do everything possible to ensure that you get the best experience from the use of cryptocurrencies. Below, we provide our own rating of the different types of wallets:.

  • Full-node wallets: High
  • Light wallets: Medium
  • Hosted wallets: Low

Of course, you are the one who must make a decision on which type of wallet to use. If you’re unsure on which one to pick, fee free to contact our support team and ask them any questions you may have!

ChangeNOW is an instant cryptocurrency exchange service for limitless crypto conversions. We support over 200 coins and are account-free! https://changenow.io/

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store