Trust Wallet and Metamask wallets. Where is the best place to store cryptocurrency?

Every crypto-investor wondered: which wallet to choose for storing cryptocurrency, in order to have convenience and most importantly security. Today we will talk and decide once and for all, which wallet will be suitable for a beginner, is it worth to buy a hardware device or you can just store it on the exchange? I will try to answer these questions.

Cryptocurrencies, how they work and what is the difference between them

Let’s first understand what a cryptocurrency wallet is and why we can trust it with our cryptocurrency?

A cryptocurrency wallet is usually an application where we send our cryptocurrency for storage. But essentially, a wallet is just a way to store a secret key to access your cryptocurrency. The cryptocurrency itself is stored in a blockchain network.

There are various keys that provide cryptocurrency transfers, to confirm transactions, etc.

A public key is essentially the address to which you receive or transfer cryptocurrency. Each wallet has a personal one. Everyone can see it and it is not classified information.

A private key is a key that is secret information, essentially a password for transactions.

Secret phrase – if you have already registered a wallet you know that there is a secret phrase that consists of 12-24 words. These words must be written down on a piece of paper and put in a secluded place, which only you know about.

Above we have listed the main components of a cryptocurrency wallet. And now let’s break down what kind of wallet to choose and not to lose.

There are two types of wallets: warm and cold. Warm wallets are the most common and free, they are an application. These wallets include Trust Wallet, Metamask, Phantom, etc. Cold wallets – they are also called hardware wallets, the most reliable type of cryptocurrency storage – does not have access to the Internet and has no possibility of being hacked.

Cold wallets have similarities to a USB flash drive, connected to the PC through a wire. So you can also consider a fingerprint sensor on it, this is created for complete privacy. And there may also be a window for entering a passphrase.

A beginner doesn’t need such a wallet right away. An ordinary hot wallet is enough to start with. But when you have large investments in cryptocurrency, you should think about buying a hardware wallet.

Which hot wallet is better

Trust Wallet is one of the popular hot cryptocurrency wallets. It has excellent protection, works on the basis of a mobile application. You can download it to your smartphone and the wallet will always be at your fingertips.

Download Trust Wallet for IOS and Android: https://trustwallet.com/download/

The keys are in the memory of the device, other people can not gain access to it. Wallet is protected by a threshold, which you can set yourself, there is an opportunity to use a fingerprint scanner In case of breakage or loss of your smartphone when creating a wallet Seed-phrase is generated. It allows you to restore access to the storage from another device.

The wallet supports many blockchain networks (bitcoin, etherium, tron, solana, and many others). But unlike Metomask does not have a browser extension, so you can only use the trust from your phone or tablet. But that may change soon!

Wallet can store both cryptocurrency and NFT. It is easy to transfer from exchange to biju, as well as between wallets.

Metemask is also a mobile cryptocurrency storage. It has similar functionality as Trust. However, Metemask is an etherium wallet. It has fewer blockchain networks than the trust wallet, and therefore fewer types of coins can be stored.

Download MetaMask Wallet: https://metamask.io/download/

However, Metamask has an extension in the browser, this can be of great benefit to PC-users.

Hot wallets are a good option for storing small amounts of money. For example, to pay for fuel, groceries at the store, etc.

Strengths and weaknesses of wallets

The strengths of MetaMask: an easy-to-use interface; availability of plug-ins for popular browsers.

Weaknesses of MetaMask: supports few blockchain networks, mostly etherium; but weak additional functionality.

Strengths of Trust Wallet: huge list of supported cryptocurrencies; extensive additional features.

Weaknesses of Trust Wallet: There is no browser extension, which becomes a bold disadvantage for people who work exclusively at a PC.

Conclusion

What is the best choice for a beginner, definitely a hot wallet. As the level of knowledge and investment increases, so should the wallet.

If you look at what is better Trust wallet or Metamask. Most likely trust wallet. Of course for some people the PC extension is very important. But almost everyone has access to a phone, it’s a matter of principle here. If Metomask had a more functional interface and more kinds of coins – another thing. But for now our vote is for Trust Wallet. And what’s better for you is up to you to decide!

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