Joining the IOTA (MIOTA) community is a big step, and definitely one of the best decision that a new crypto investor can make. IOTA’s goal is to create an infrastructure that would allow transactions between different IoT devices.
IOTA is currently the 11th largest coin per-market cap, and its value is at $0.565739. However, if a new crypto investor decides to buy IOTA coins, they will first need a safe place to store them. This is where IOTA wallet comes in, as many of them can offer more than decent protection and an efficient way of storing funds.
Even so, not all wallets are the same, and choosing the right one is a very important step. IOTA doesn’t have an especially wide range of wallets that can store its coins. However, there are a few of them for investors to choose from, which is why we will now check them out, and try to determine which IOTA wallet among them is the best.
What to look for in an IOTA wallet?
Before we proceed to compare the wallets, we should first mention the criteria used for picking the best ones. These are the things that each wallet needs to have in order to be considered as one of the best wallets for IOTA.
First and foremost, of course, is compatibility with IOTA. This is necessary for obvious reasons — IOTA coins cannot be stored in a wallet that doesn’t support them. Next, the wallet needs to be easy to use, so that new investors would find it practical and efficient. It also needs to have as many security features as possible, to prevent theft, fend off hacking attacks, and alike.
Backup options are also a very useful feature, especially when it comes to making a backup of a private key so that the funds can be recovered in a situation where an investor cannot access the wallet manually. Finally, there is customer support, as well as continuous development. Good customer support is important for situations where there is an issue that the user cannot handle on their own. An ongoing development is also important since technology advances all the time, and the wallet needs to be able to handle new threats, as well as to make using it more and more practical and efficient.
With that in mind, let’s take a look at three IOTA wallets that are seen as the best ones. Those include GUI Light Wallet, Nostalgia Light Wallet, and IOTA Wallet for Android.
GUI Light Wallet
GUI Light Wallet is, as the name suggests, a lightweight wallet that is incorporated into IOTA’s own GUI (Graphical User Interface). It allows quick and easy access to stored coins, and upon downloading it, the user can decide whether the wallet should run a light node or a full node. For beginners, the light node is usually the best choice.
The wallet is easy to set up, and it allows the user to connect to a public node. Its interface is easy to understand, and wallet can be used on Windows, Linux, and Mac alike. Additionally, it will leave the user’s private key in their possession. The only issue with it is the fact that it may be a bit confusing for those users that are not tech savvy. While the setup process is not is relatively simple, even the choice between full and light node can be confusing.
Nostalgia Light Wallet
Nostalgia Light Wallet is another example of a pretty good IOTA wallet, and it is mostly used by those who do not want to use GUI or take advantage of their computer for running a full node. Nostalgia wallet’s code can be modified so that it can connect to IOTA’s server. This can be done through the use of Text Wrangler.
Doing all of this can be quite simple for those with experience when it comes to technology. However, tech novices will likely find it very difficult to do or understand. All in all, the wallet is pretty good and fast but complicated for beginners, which is why it is mostly only interesting to only the most experienced users.
IOTA Wallet for Android
This is Android’s official IOTA wallet app. It is a light client, created for quick and easy access to stored coins. It is also open-source, and it can be downloaded and used for free. Using it is reasonably easy, and there should be no issues with trying to understand what to do, and how to do it.
The wallet has several other features, including a seed generator, QR code support, seed password protection, as well as the ability to quickly see IOTA balance. Additionally, the wallet also offers a live Tangle explorer.
The downside is that it is only available to Android users and that it has no iOS version of the app. Also, there have been complaints regarding bugs.
While these wallets have their positive and negative, new ones will come in due time, and will likely find a way to fix the issues that the current wallets are struggling with. This technology is still quite new, after all, which is why difficulties are expected at first. Eventually, even the most complicated IOTA wallets will be simplified, while the bugs will be removed.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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