Joining the IOTA (MIOTA) community is a big step, and definitely one of the best decision-makers to new crypto investor can make. IOTA's goal is to create an infrastructure that would allow transactions between different IoT devices.
IOTA is currently the 11th largest coin per-market cap, and its value is at $ 0.565739. However, if a new crypto investor decides to buy IOTA coins, they will first need a safe place to store them. This is where IOTA wallet comes in, as many of them can offer more than decent protection and an efficient way of storing funds.
Even so, not all wallets are the same, and choosing the right one is a very important step. IOTA does not have an especially wide range of wallets that can store its coins. However, there are a few of them for investors to choose from, and I try to determine which IOTA wallet among them is the best.
What to look for in IOTA wallet?
Before we proceed to the wallets, we should first mention the criteria for the best ones. These are the things that wallet needs to be considered as one of the best wallets for IOTA.
First and foremost, of course, is compatibility with IOTA. This is necessary for obvious reasons – IOTA coins can not be stored in a wallet that does not support them. Next, the wallet needs to be easy to use, so that new investors would find it practical and efficient. To prevent theft, fend off hacking attacks, and alike.
Backup options are also a very useful feature, especially when it comes to making a backup of a private key. Finally, there is customer support, as well as continuous development. Can not be managed on their own. An ongoing development is also important as technology advances all the time, and to be able to handle new threats.
With that in mind, let's take a look at three IOTA wallets that are seen as the best ones. Those include GUI Light Wallet, Nostalgia Light Wallet, and IOTA Wallet for Android.
GUI Light Wallet
GUI Light Wallet is a lightweight wallet that is incorporated into IOTA's own GUI (Graphical User Interface). The user can decide whether the wallet should run a light node or a full node. For beginners, the light node is usually the best choice.
The wallet is easy to set up, and it allows the user to connect to a public node. It is easy to understand and can be used on Windows, Linux and Mac alike. Additionally, it will leave the user's private key in their possession. The only issue with the fact that it is a bit confusing for those users that are not tech savvy. While the setup process is not simple, even the choice between full and light can be confusing.
Nostalgia Light Wallet
Nostalgia Light Wallet is an example of a pretty good IOTA wallet, and it's mostly used by those who do not want to use a full node. Nostalgia wallet's code can be modified so that it can connect to IOTA's server. This can be done through the use of Text Wrangler.
It comes to technology. However, tech novices will probably find it very difficult to do or understand. All in all, the wallet is pretty and fast but complicated for beginners.
IOTA Wallet for Android
This is Android's official IOTA wallet app. It is a light client, created for quick and easy access to stored coins. It is also open-source, and it can be used for free. Using it is reasonably easy, and there should be issues with trying to understand and do it.
The wallet has several other features, including a seed generator, QR code support, password protection, IOTA balance. Additionally, the wallet also offers a live Tangle explorer.
It is not only available to Android users and that it has iOS version of the app. Also, there have been complaints regarding bugs.
While these wallets have their positive and negative, new ones will come in two time, and will find a way to fix the issues that the current wallets are struggling with. This technology is still quite new, after all. Eventually, even the most complicated IOTA wallets will be simplified, while the bugs will be removed.
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Disclaimer: This article should not be taken as an investment advice. Global Coin Report and / or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not holdings in some of the coins or tokens they cover. Please conduct your own research before investing in any cryptocurrency and read our full disclaimer.
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