With cryptocurrency conquering the industry, IOTA is certainly one of the most interesting topics that you have heard about. It is one of the hottest cryptos so far, and crypto investors are seen to be crazy about it, particularly because of the genius concept behind it. This technology is expected to be seen being used in almost all sorts of connected devices, right IOTA is one of the most interesting cryptos out there, with a genius concept behind it. The technology working behind it is making baby steps, and developments are being carried out to eliminate its flaws. The major reason behind its success is for the big collaborations that it ones with the big and reputed companies like Fujitsu, Deutsche, Samsung, Telekom, Microsoft and more.
When you have already made some investment in the crypto industry, it is quite obvious for you to search for a storage option so that you can keep your money safely. Consequently, if you have invested in purchasing IOTA, you would be looking for the best IOTA wallets that support the IOTA cryptocurrency. Here I am about to list the best 3 IOTA wallets of 2018.
IOTA GUI wallet is available in full node (GUI) which is an IRI (IOTA Reference Implementation) accessed locally via GUI, it must be connected via a static IP so as to function. Also, there is a headless node (running in local console) that could be accessed via a simple UI known as Nostalgia in your corresponding browser. This node has got a major upside, that is, a user can open multiple seeds at a time. Lastly, the light node accesses a full node (IOTA node) in a separate environment.
Guide to setup your IOTA wallet:
As you are done picking up an IOTA wallet, it is quite obvious for you to think about setting it up on your device so that you are able to start using it and deal with your funds.
- Download and install IOTA wallet at the very first.
- Choose “Light node” or any other option from the list as available out there.
- Now, you need to create the seed. Make a string and make sure that you keep it safe. It is essential to secure it since anyone who is aware of the seed would be able to take your money. The seed is precious, so do not disclose it to everyone. (A seed is 81 characters long with one number “9” and the remaining 80 characters are A to Z.) You can make on your own from random characters or can use other sophisticated methods, avoid using any online generator if you have a big amount of IOTA coins.
- Every time, you need to log in, it is the seed that will help you do the job. To receive the address, press “Receive,” attach to the Tangle and then give your address to the person who is looking forward to sending you the money.
- Make the seed. It means to make a string that will serve as your seed. Keep it safe. Everyone who knows the seed can come and take your money.
With the growing rise of malware, it is absolutely important for an investor to take care that there is no risk around. For that matter, you ought to avail a safe environment to store your cryptos.
Here are the safety tips you need to follow:
- Install Tails: You need to have Tails installed on your device in order to fetch the state-of-the-art encryption. This is a “live” operating system that you can boot with the help of a USB stick. It secures your data and preserves one’s anonymity on the internet.
- Secure your seed: This is the primary thing you need to take care of. Generate the seed and make sure you remember it or preserve it safely. Also, ensure that it is known only to you and no one else.
Back to more IOTA Wallets,
- Bitfinex (Storing IOTA coins in Bitfinex exchange)
It is a full-fledged exchange that investors would prefer to buy their IOTA cryptocurrency. I won’t see that this is the most user-friendly storage option, but you can still consider using it. Just as you purchase your IOTA cryptocurrency, it gets automatically stored in your Bitfinex, and you can use it to send or sell it as your requirement right from the wallet. It has been in the industry for quite a long time, and the security that Bitfinex usually features isn’t that bad. The recent DDOS attack could not do much harm to the Bitfinex. It comes with a two-factor authentication and is certainly one of the secured options available so far. The minimum sign up for Bitfinex is $10,000 which means that Bitfinex has successfully managed to gain the trust of such big clients. This doesn’t mean I am asking you to keep your money in an exchange, but if you are not able to find any better option, you may go for it!
Read below to know more about two other alternatives to Bitfinex so as to store your IOTA cryptocurrency:
CarrIOTA is developed by Roman Semko and his team of developers who have earlier contributed towards providing software to this industry like Nelson and Bolero. If you are looking for a wallet that is capable of managing your entire business or domestic space at a whole, CarrIOTA is surely the one for you. It has got thousands of users and IoT entities. You can either run it on your home server as a web app or consider running it as a stand alone app on your PC or laptop. You may even access it from anywhere on cloud service through VPN or Virtual Private Network. Just you need to have Linux installed on your computer, and this app is for you. Currently, it has got no option for mobile devices.
Setting up a wallet or generating a seed, none of it is that hard. Just a few steps and you will be done!
Hope this piece was helpful to you. In case you have any query, feel free to drop us a message below and we would love to get a chance to interact with you!