Best Places to Store ADA in 2020

Best Places to Store ADA in 2020

Cardano is a popular cryptocurrency that allows users to stake their holdings to earn more money. Cardano works like that of Ethereum in that there are decentralized applications that run on the Cardano (ADA) platform. The blockchain is built on two layers; the first layer helps facilitate the transactions and exchange while the second layer runs the smart contracts. The entire blockchain is built on scientifically tested theories that we haven’t seen with another cryptocurrency. The smart contracts on the platform don’t allow for much tampering, which makes it significantly different than Ethereum. When Cardano launched in October of 2017, it jumped 28X in just three months.

Introduction

Today we are going to talk about the top three wallets in the market right now that you can store your Cardano currency on. We will discuss the different advantages each wallet has. If you have any questions, feel free to ask them, and we would love to help!

Top places

Ledger Wallet

The Ledger wallet is one of the most secure wallets in the industry because it doesn’t leak the private key over the internet and instead stores it locally. The Ledger wallet has never had an exploit that resulted in user funds being stolen, which is why millions of users around the world trust it. Ledger has also recently introduced a Bluetooth capability where users will now be able to use the Ledger Live application on mobile and still be able to store coins on the Ledger Device. The Ledger device has support for hundreds of cryptocurrencies and is one of the cheapest solutions for Cardano hardware wallets.
Ease of Use: B+
Safe: Extremely Safe
Cost: $59–119
Mobile: Yes

Trezor Wallet

The Trezor Wallet is a hardware wallet trusted by millions of people since they priorities personal security and have been able to protect funds securely. The Trezor wallet gives support for hundreds of cryptocurrencies, including Cardano, so if you are willing to pay a little more, you could buy the Trezor over the Ledger wallet. The interphase is a little harder to understand and get through than the Ledger, but it offers the same security and standard of protection.
Ease of Use: B-
Safe: Extremely Safe
Cost: $55–549
Mobile: Yes

Adalite Wallet

Head to AdaLite Wallet and restore account here

The Adalite wallet is a Cardano specific wallet that aims at integrating wallets into its platform to offer better graphical interphases and UX for users. The wallet doesn’t save your private key information as you will need to have a wallet with a different provider. Adalite has created a platform that is easy to use, and simple so that anyone can start using it instantly. There is no registration process, so you can make a few clicks and be in the system ready to go.
This is a lightweight wallet that doesn’t even need to be downloaded or installed to work. A mnemonic phrase is given to you upon account creation, which does the same thing as a private key. So, you must write this down and secure the piece of paper so that you don’t lose your coins. The Adalite wallet can be integrated using your Ledger wallet and Trezor wallet, which makes it very convenient for anyone.
Ease of Use: A+
Safe: Extremely Safe
Cost: FREE
Mobile: Yes

Conclusion

That concludes the top three Cardano wallets of 2020. If you have any questions, feel free to reach out, and we would be glad to help you. If you think we left a critical wallet out, let us know.
Regardless of what wallet you choose, you must save your recovery information as your seed is the verification that the blockchain needs to prove ownership of your coins. If you lose your recovery information, it could result in you losing all your coins.
If you are going to buy a hardware wallet, make sure it’s purchased from the official website, avoid buying devices on third party sites as they could be tampered with. It is best to spend the few extra dollars and get the genuine product than risk getting a fake, or a device that already has the recovery information in it.