Whether you opt for an online cryptocurrency wallet, or go xxx with a hardware wallet, here are the best wallets for Philippine users.
A cryptocurrency wallet is a chunk of software or application where you *store your bitcoin, ether, or any other virtual currencies that you have.
Think of it like the wallet where you store your money. You waterput your paper bills ter the wallet. Everyone knows you have a wallet (unless you don’t, which is very very alarming), but only you can take the money out of your wallet. (Note: Click here if you want a bitcoin wallet-centric article. Proceed reading if you want to know more about cryptocurrency wallets not just for btc but for all coins.)
Cryptocurrency Wallet Philippines
Table of Contents
Private and Public Addresses
The cryptocurrency wallet has private and public keys (or private and public addresses). When you send your friend John an altcoin, you send it to his public address. Recall that the blockchain is a public ledger. Everyone John transacts with knows his public address. Everyone even knows how much altcoin is te his wallet.
But only John can take the coin out of that wallet. That’s because he’s the only one who knows the private key (or private address) to open his his wallet.
Characteristics of Best Cryptocurrency Wallets
Wallets come te different forms. For example, there are many bitcoin wallets. Also, there are different wallets for different cryptocurrencies. Well, there are wallets where you can waterput many coins. Examples are wallets on cryptocurrency exchanges (like the one on Bittrex).
But wallets on an exchange are not secure. Furthermore, because exchanges trade millions of bitcoin vanaf day, they are a prime target for hackers. Most of the time, the best wallets are the ones that give you access to your private and public keys. But those are still nothing if the wallet’s creators do not have a strong reputation (or maybe unknown). What’s more, it depends on your risk assessment and convenience. If you trust the company with your private keys, or whether you want your altcoins offline. Wij list down the best cryptocurrency wallet for users te the Philippines.
Note: Every wallet listed here are wallets that you can loosely download. Technically, all wallets are available globally, but some, like Abra, Coins, and Bitbit also have a team on the ground ter PH. Some provide a watered-down version of their platforms, like Coinbase that only permits us to store our coins. Meaning, its wallet functions are available to us. But their other features, like quick exchange and trading are not available for users te the country.
Best Cryptocurrency Wallets for Philippine users
Simply waterput, thesis are wallets you can access online, either on a web browser and/or a mobile app. Thesis provide convenience albeit most of the time, they control your private keys. They are called “hot wallets” because of that.