Guarda wallet offers great staking options but generally i use Trust wallet to store and stake my crypto and for its built-in exchange. But now i don’t know how sure i’m anymore. By using Trust wallet I can buy and sell my crypto in a decentralized way for a higher price than if I do this via the swap function.
Of course, the swap functions have their advantages, such as being able to sell crypto right away. So it ensures fast processing but is very expensive if you compare it with the built-in exchange rates of Trust wallet.
Now I wanted to see if there are other better wallets. Now I haven't really been able to find anything that came close. But to give a certain wallet a chance, I will take a closer look at Guarda wallet.
What exactly is a multi cryptocurrency wallet?
You have to imagine that a multi-cryptocurrency wallet is a kind of bank account. You can receive, send and store different types of coins and tokens. Now it is important to know that the use of a crypto wallet will never be registered with the tax authorities or the government of a country. You have to report this to the tax authorities yourself.
It is also extremely important that you choose the right wallet and not some random wallet that is offered by someone. So investigate which wallets are most reliable. I myself started with the Ledger Nano S. This gave me the most confidence in the beginning and it still does. I use it to keep my crypto for a longer time.
I would definitely choose a multi cryptocurrency wallet because you do not have to create a different wallet for every coin and token. This eventually becomes very unclear. What can lead to you losing your crypto or doing something wrong so that you no longer have an overview. And then we are not even talking about using a wallat address and storing your private keys. These are my favorite wallets at the time of writing.
This is my top 5 of multi-cryptocurrency wallets:
- Ledger Nano S
- Atomic Wallet
- Trust Wallet
Now we are going to see what Guarda wallet has to offer
Guarda is a muti cryptocurrency wallet that allows you to store many different coins and tokens. Some of these coins and tokens are Bitcoin BTC, Ethereum ETH, Chainlink Augur and litecoin. Here is a full list of all the coins supported by Guarda wallet: https://guarda.com/coins and here you can find a full list of tokens suported by Guarda wallet: https://guarda.co/app/supported-currencies/tokens
The Following coins and tokens are supported by Guarda wallet:
Also the following stable coins are supported by Guarda wallet:
On which devices can you use Guarda wallet?
On the website of Guarda wallet I found out that they offer different wallets that you can use on different devices. These are the Desktop wallet, mobile wallet, web wallet and a shielded wallet. Now most of you are familiar with the first two wallets. But I found the webwallet and the shielded wallet interesting to take a closer look at.
The webwallet is an online wallet based on a browser and the cloud. This type of wallet is easy to use but has a major disadvantage when it comes to safely storing your private keys. These are then stored in the cloud as standard and this entails a great risk. You have to be able to trust the manager of this cloud that he is his. It is also sometimes said that if you use a web wallet you must do this in combination with a hardware wallet.
Now I have to say that I am not a fan of just using a web wallet. This is because the security risk is higher than when using a desktop or mobile wallet.
Now you also have the shielded wallet created by the ZCash Foundation and Guarda Wallet team. This wallet is specially made for Zcash and is therefore not intended for other coins and tokens. This wallet is easy to use and uses t and z addresses.
Zcash uses two different types of addresses. Z address and t address. The z-address uses the Zero-knowledge proof procedure and protects your privacy and t-address can be used as a public address.
How to use your shielded wallet is explained in more detail in this video:
What can you do with Guarda wallet?
The following major services are offered by Guarda wallet. Buying and exchanging crypto without sending it to an exchange are both possible. But there was a nice feature that stood out for me and that was the Human-Readable Addresses function. For more information you can look here:https://guarda.com/blockchain-domains
The Guarda website says the following:
Human-Readable Addresses on Guarda Wallet
Human-Readable Addresses are easier to remember and easier to convey, more like an Instagram or Twitter handle, or your email address.
Guarda Wallet is able to seamlessly interact with Human-Readable Addresses like Unstoppable Domains, FIO Protocol, and ENS. You only need to purchase a blockchain domain on one of the above services and bind your new HRA to Guarda Wallet.
Another of the features that Guarda wallet offers are staking coins, and the possibility of securely managing your own passwords and private keys.
Staking in Guarda wallet
Another of the most interesting features in the crypto world is staking of your own coins. You can do this safely and quickly in the Guarda wallet. The following coins can be staked at the time of writing.
- Cosmos Atom
- Tron TRX
- Harmony one
- Ethereum 2.0
Store your own passwords and private keys
Now we discuss the most important function that keeps your crypto safe. It is important that you keep your passwords and private keys in a place that no one can access. You should keep them offline so that no one can retrieve these codes after, for example, you lost your phone or were hacked.
I keep repeating that you should never give your passwords to anyone. If you do that you will almost certainly lose your crypto that you keep under these passwords. Get to your crypto with your private keys. If it should happen that Guarda wallet disappears. Then you can open your crypto on another wallet with these private keys. Or you can use these private keys to restore your wallet.
It is also important to do your own research on how to keep your own crypto as safe as possible. I do not give advice on this, only information about the options that you can find in the Guarda wallet.
Guarda wallet basically has everything that many other wallets have. But there are small differences that you can find for example the kinda coins that you can stake om Guarda wallet. Guarda wallet also has no internal exchange such as Trust wallet and I think that is a pity. Every wallet should build in such an exchange. This just makes it more secure, so you don't have to send your crypto to another wallet less often. You can buy crypto and exchange it for another crypto.
You can also use a shielded wallet made by Guarda and the Zcash foundaition. And what was also an interesting feature is the function "Human-Readable Addresses". Overall, this research left me with a good feeling. But there are several things that I miss that are very important to me that a wallet offers them. These are a built-in exchange, a large number of coins to strike and a sublime security. The security is in order, but the other two functions Guarda wallet has unfortunately not.
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A few easy steps to keep your crypto safe:
- Never give someone your 12 / 24 passphrase!
- Never give someone your private keys!
- Not your keys not your coins!
- Just don't send any coins to strangers that ask for coins to double your investment!
- Don't use a centralized exchange as a wallet!
- Don't use centralized exchanges if this is not required!
- If you send your coins or tokens think twice before doing so!