19 Dec Web3 Wallets: The Key Takeaways
When the world is finally ready for it, the internet will enter a new phase called Web3. This will open the door to applications with never-before-seen capacities tightly linked with the power of blockchain and the cryptocurrencies that depend on it. Naturally, you will need a Web3 wallet to interact with them, which is a topic we will be covering today.
An introduction to the world of crypto
According to the glossary you can find on learncrypto.com, cryptocurrencies are digital currencies that can be used as a means of payment or even as a storage of wealth. To store them, you will need a crypto wallet that can be of either online or offline variety, the latter of which is also known as a hardware wallet.
The evolution from Web 2.0 to Web 3.0
The internet experience most people are used to is technically referred to as Web 2.0. This covers anything from social media to video streaming platforms. With Web 3.0, the internet will become even more advanced, giving its users unlimited access due to decentralization of data that flows through it.
This could shake up the world as we know it, theoretically altering the dynamics of politics, the economy, and our society at large, with business being done between interested parties without the need to get a middleman involved.
How to choose a Web3 wallet
As is the case with traditional crypto wallets, there are many types of Web3 wallets to choose from. Mainly, these fall into the following two categories:
– Software Web3 wallets
– Hardware Web3 wallets
Generally speaking, the former tends to be more user-friendly but arguably less secure (with the latter, the opposite applies). In essence, software wallets are applications you install on your desktop PC or a smart device. Hardware wallets resemble a USB key, but with added functionality.
Most popular Web3 wallets
Below, you will find our recommendations that are based on what’s the most popular at the moment.
1. MetaMask
Due to its user-friendly design, MetaMask is by far the most popular Web3 compatible crypto wallet. It can hold cryptocurrencies as well as NFTs. Not only can you make payments with it online, it also makes it incredibly easy to collect your earnings from P2E games that reward you for playing. Its philosophy is to help you get things done with as little clicks as possible. It also makes it simple to interact with blockchain-based apps.
2. Trust Wallet
Binance has its own official crypto wallet and it’s none other than Trust Wallet. Its strengths lie in allowing you to seamlessly connect to different dApps, along with making it easy to both send and receive cryptocurrencies. If you’re looking for a way to convert your fiat currencies into crypto, you can do so right through the app. Moreover, it lets you connect to a plethora of blockchains, including Bep20 and Binance Smart Chain.
3. Fortmagic
If you’re not a fan of having to install browser plugins like you would be required to with MetaMask, Fortmagic is another user-friendly alternative. As long as you’re willing to give out your email address or phone number, you’ll be good to go (no other verification is required). This crypto wallet is SOC 2 Type 1 compliant and known to be very secure, supporting cyber security features such as 2FA, email recovery, OTP codes, and other.
4. Argent
Argent is a Web3-compatible crypto wallet that should cover your DeFi and NFT needs. Along with buying and selling Ethereum, it also allows you to stake it while incurring minimal costs. As long as you have a credit card on hand (or alternatively opting for a wire transfer), it’s possible to convert your fiat currencies into crypto straight from this wallet. It also helps you keep your transfer fees to a minimum.
When Web3 comes around in full swing, having a crypto wallet will be a must.
Conclusion
When Web3 becomes mainstream, having a Web3 wallet on hand will be of crucial importance for your day to day functioning. It’s a good idea to get used to it now to avoid the hassle later.
