Every day, more and more different types of digital tokens appear on the market. One of the largest in terms of market capitalization and future prospects is the IOTA cryptocurrency. It appeared in 2015 and first entered cryptocurrency exchanges in 2017.
Investors have started to see IOTA’s potential judging by its rapid growth last year. The more people there are that want to invest in such a promising coin, the more demand there is for different storage options. For your convenience, in this article we will overview various IOTA cryptocurrency wallets.
Did you buy some IOTA coins and now want to know where to store them? Or are you planning to buy IOTA cryptocurrency and want to obtain suitable storage in advance? Our IOTA wallet guide will help you choose the one that fits your needs best.
What Is IOTA (MIOTA)?
IOTA is a new spin on the blockchain called “tangle”. The complex architecture of IOTA is designed to manage transactions in the fast-growing digital economy, which is entangled in the so-called Internet of Things. Here’s how it works:
If you think about all the devices connected to the Internet, such as computers, the vast majority of them do not work at full capacity most of the time.
Many people use computers for things like checking email or browsing the web, although their computers can do much more, regardless of performance.
Part of IOTA’s vision is to provide people with a safe way to make money by allowing others to access some of the unused resources.
In the real world, the potential for this new car-to-machine economy extends far beyond personal computers. IOTA plans to become the foundation of a new sharing economy designed for a wide variety of smart devices.
Bitcoin introduced two fundamental concepts to the world: decentralized digital currencies and blockchain. IOTA builds on both of these ideas to create a new infrastructure designed to expand the network of machines or smart devices connected to the Internet.
IOTA is primarily intended for transactions occurring at the machine to machine level, without focusing on peer-to-peer transactions like Bitcoin does.
Best IOTA Wallets
#1. GUI Light Wallet
GUI IOTA wallet is on the list of the best IOTA wallets. It works well with the convenient IOTA interface so that users can quickly and safely access their IOTA assets.
The wallet is great for beginners thanks to its intuitive user interface. In addition, after loading the wallet, users are able to choose between a light and a full node. Beginners are advised to choose a light host because it gives them the ability to use IOTA without the need for static IP.
The wallet runs on Linux, Windows and Mac operating systems. It is particularly noted to be one of the best IOTA wallets for Windows. The security level is top-notch, as that the user always saves the private key. To ensure maximum protection of their funds, users of a wallet with a graphical interface must implement the following:
- Never share the words of restoration with anyone: this word belongs to you, and nobody needs it for any reason.
- Never create recovery words on a third-party website: third-party websites are vulnerable, and hackers will be able to easily compromise your account.
- Write your word on paper and keep it safe: a paper-based recovery word is not available to computer hackers.
In general, the GUI wallet is safe. However, human errors can jeopardize its safety. Users are advised to abide by the rules of Internet safety so that their funds remain safe.
#2. Nostalgia Wallet
Nostalgia is a browser interface that allows users to access their assets, create addresses and carry out transactions. The setup is relatively simple, and experts recommend the Google Chrome version of Nostalgia as the best one to use. It successfully works with the node that users must install.
Nostalgia Light wallet is ideal for users who do not want to run a full node on their computer and do not want to use a wallet with a graphical interface. Users can connect their wallet to an IOTA-compatible server with PoW (Proof-of-Work) enabled. It is important to note that not all public Light Wallet servers can work like this, simply because PoW is disabled.
The Nostalgia Light IOTA wallet also works on devices running Windows, Mac, and Linux. It has excellent security features, but users need to master basic coding in order to use it efficiently. This makes it a relatively poor choice for beginners and those who do not have the proper coding knowledge. It is important to note that the wallet provides the fastest access to the IOTA network, so it is ideal for users who would like to make fast payments.
#3. Ledger Nano Wallet
Ledger Nano hardware wallet is an ideal choice for those who hodl IOTA cryptocurrency as a long-term investment. Hardware wallets represent the highest level of security due to the lack of internet connection.
Ledger Nano wallet is compatible with Trinity Wallet. The IOTA app is developed and supported by the IOTA community. This is the safest way to store cryptocurrency because even if you lose your device, you can restore access to it. However, the device itself isn’t free.
#4. IOTA Wallet
IOTA is the official wallet of the cryptocurrency. This is a wallet that is located on your computer, which allows you to get rid of third-party storage options. The security of the local wallet is much higher than that of the online wallet.
You will have no problems with downloading and installing the wallet. The procedures are standard. Among the advantages of IOTA Wallet is the presence of only four tabs that facilitate the process of using the web wallet (History, Receive, Send, Balance). In terms of complexity, this option can be called the easiest.
If you need to store your IOTA tokens somewhere simple and easy-to-access but still secure, then IOTA Wallet wallet is perfect for you.
#5. Trinity Wallet
Trinity is the official IOTA desktop wallet created by the IOTA team. Trinity is quite user-friendly and gives users the ability to send, receive and store their assets. To send MIOTA, users need to specify the correct address and the amount to be sent. On the main page, they can view transaction history, as well as a schedule for price changes. Anyone can check the value of IOTA pairs with various cryptocurrencies, such as BTC, ETH, USD and EUR.
With Trinity Wallet, users can create more than one account. However, each created account must have a unique seed of 18 characters, which serves as the main key for the account’s funds. Creating a seed is very simple, as users can personally select some characters at random. It is also advisable to back up the seed by copying or printing it. It is important that the Trinity wallet uses two-factor authentication (2FA) as it provides an additional level of security.
Another thing worth noting about the Trinity wallet is its support for multiple languages. It is also possible to customize the wallet with various themes and use it in simple or advanced mode. Supported operating systems: Windows, Mac and Linux, as well as Android and iOS using TestFlight.
To sum it all up, here is a table which will help you review the wallets we have looked at in detail above.
|GUI Wallet||Hot||Mac, Windows, Linux||Free|
|Nostalgia||Hot||Mac, Windows, Linux||Free|
|Ledger Nano||Cold||Mac, Windows, Linux, Android, iOS||$119|
|IOTA||Hot||Windows, Linux, Android||Free|
|Trinity||Hot||Windows, Mac and Linux, Android and iOS||Free|
All of the wallets mentioned in the article are reliable and safe projects that are available for you to use right now.