Proper storage of your cryptocurrency assets is of the utmost importance, and choosing a viable wallet to store your crypto assets is a decision that cannot be overlooked.
While the storage of cryptocurrency is very important, many crypto users struggle with choosing one that’s right for them, and find the search for it to be a painful process. However, the storage of cryptocurrency assets has come a long way in recent years. New developments and features are being implemented in all kinds of wallets to make them simpler, safer, and more convenient.
With all these new developments in crypto wallets, the big question is: which wallet should you choose? There are many options to choose from, and each has their own advantages and disadvantages.
One wallet which has piqued the interest of many in the cryptocurrency space lately is Jaxx. It is a multi-feature software wallet available on mobile devices and desktop computers.
In the following review, we’ll take a deep dive into all aspects of this popular option and shine light on its trustworthiness, as well as examine the overall experience and quality of it.
It is known to be one of the most versatile cryptocurrency wallets available, and it’s constantly implementing innovative features and improvements.
Here’s a list of its most notable features:
Ownership & Control
It gives their users full ownership and control over their private keys. The keys are generated using an entropy algorithm that creates a unique and unpredictable private key for the cryptocurrencies on your local device. These keys are never shared with anyone, nor are they sent to any servers. The user and the user alone knows their private keys, which are stored on their respective blockchains and accessible only by using a 12-word “Masterseed.”
It has a simple and intuitively designed user interface. It does an excellent job at providing a wallet service that’s easy to comprehend, even for those new to Bitcoin and cryptocurrency. The wallet also features a new portfolio module, blockchain news section, market data, and block explorers.
It is one of the most versatile cryptocurrency wallets on the market, with support across 8 different platforms, including both iOS and Android mobile devices and desktop computers.
It supports an impressive number of cryptocurrencies, including many of the top altcoins. In total, they currently support over 85 different cryptos and are continuously adding support for more.
One of Jaxx’s most impressive features which most other crypto wallets do not have is the ability to exchange cryptocurrencies from within the wallet. This integration is a simple and easy way to diversify and manage your crypto portfolio.
Long and Reputable History
The wallet comes from a highly reputable background. The company behind it is Decentral, Canada’s leading blockchain company. Even more impressive, the founder of Jaxx is Anthony Di Iorio, who was a co-founder of Ethereum.
Who Should Use the Wallet?
The wallet is both user friendly and feature rich, making it a great wallet that everyone can use. However, it is a software wallet, and by definition not as secure as a hardware wallet. Therefore, it should not be used to store large amounts of cryptocurrency.
However, even people who use hardware wallets should also have a highly accessible and versatile crypto wallets.
The wallet is perfect for people who want to confidently store some cryptocurrency in a secure wallet they can take everywhere because the wallet can be easily accessed from any mobile phone or desktop computer.
It’s a good option for serious cryptocurrency holders because it provides them with a secure, easy, and fast method for storing and managing their coins. Users can access their coins in an instant and make a transaction from anywhere in the world using their mobile device or the web wallet extension.
This ease of access and versatility just isn’t possible with hardware wallets, and it is therefore a necessity to keep a software wallet in addition to a hardware wallet.
For beginner users, it is very easy and straightforward to use with it’s unified dashboard and different tabs for the users portfolio, blockchain news,market data, and block explorers. As well, it allows them to securely acquire new coins from the in-wallet exchange feature.
The Jaxx wallet is one of the most secure software wallets available and has an excellent reputation among the cryptocurrency community. The wallet is open source for peer review and was developed by a highly capable and reputable company and founder.
The most important security aspects is that users fully own and control their private keys as they are created on their device using an unpredictable entropy algorithm. This makes it impossible for a centralized or third party to have access and control your funds.
Plus, it is protected by a 4 digit PIN, which is needed to open the wallet and can be enabled to confirm transactions.
However, there are some things we find unsettling. For instance, it does not offer 2-factor authentication methods or multi-signature support, which are common features among other software wallets.
While the software may be very trustworthy and secure, the wallet is only as safe as your security practices. For instance, if you compromise your device by downloading malware onto your computer, malicious users may be able to access your wallet.
So be aware that you should only use it on clean computers and devices; it isn’t safe to use with a compromised computer like a hardware wallet would be.
As far as software wallets go, the Jaxx wallet is definitely one to consider. It is highly compatible among different operating systems and is available for use on mobile phones, tablets, and desktop computers.
It also supports a wide variety of cryptocurrencies and is continuously adding more. The wallet facilitates app trading as well and has an excellent user interface.
The wallet comes from a reputable background, sharing a founder with Ethereum, and is highly secure. However, the wallet is lacking some security features such as 2-factor authentication and multi-signature support.
All in all, if the user uses their due diligence and is careful about what they download, the Jaxx wallet is an excellent choice for a software wallet.
Originally published on https://www.investinblockchain.com/jaxx-wallet-review-2018