Polkadot is the altcoin with tremendous growth potential. Crypto experts worldwide consider this coin will become the competitors to the blockchain ecosystems such as Ethereum and EOS. In 2016, Peter Cabin, Gavin Wood, and Robert Haber Meier founded Polkadot. Similar to other cryptocurrencies, storing your Polkadot crypto coins safely in the wallet is mandatory. This is where the Polkadot Crypto Wallet comes in.
What Are Polkadot Crypto Wallets And Their Types?
Polkadot wallet is the authorized wallet of Cryptocurrency. It is extremely important for storing, sending, and receiving DOT tokens regularly. Moreover, it allows the users to choose suitable wallets according to their needs. Two types of Polkadot wallets are available: light and full node wallets. The full node Polkadot wallet keeps everything updated with the blockchain all the time.
It always connects to the internet and the Polkadot ecosystem. It makes sure that every transaction and sync is current. Even though it looks good for some users who do several transactions, it has certain downsides. Before choosing any wallet, checking its pros and cons is mandatory.
Usually, the full node Polkadot wallet accesses more resources, including RAM and processing power. Therefore, it indicates that they are highly suitable for people who have high-end and advanced devices to manage the load on the system. Check whether this wallet fulfills your requirements. If it is not, then go with the Polkadot light wallets.
This wallet is quite the opposite of the full node wallet. Therefore, it is highly suitable for people who lack essential resources. It connects to the blockchain and downloads and syncs the necessary transactions. However, it does not download the entire transactions and sync the whole blockchain network. Therefore, it consumes less time and works faster.
As a result, the users will check their balances and transfer funds within a few seconds. But, they are still required to interact with the full node wallets from time to time. It is mandatory because full node wallets have the whole network information from the blockchain needed by the light wallet. Both types of wallets work together to render vital details to the users within the given time. When speaking about the transaction times, the Polkadot network is high-speed. In addition, sending DOT has a low transaction cost based on the transaction you process. Now, you will get an idea about the Polkadot Crypto Wallet.
Similarities And Differences Between Types Of The Polka Dot Crypto Wallet
Polkadot wallets come with a massive range of features. It differs based on whether the personal Polkadot wallet or a centralized exchange wallet is selected. Usually, the personal wallet has more features and considers much safer than the exchange wallet. It has significant differences, and some of them are listed here.
Private keys are the critical difference between personal and centralized exchange wallets. The private keys are essential pieces of information that permit the holder to access the specific wallet from anywhere in the world. It also lets users send and receive the coins or check the balances. With the centralized exchange wallet, users will never get an opportunity to protect their private keys. It is entirely in the hands of the centralized exchange. However, on the other hand, the personal wallet gives you complete control of the private keys.
Another significant difference between the central exchange and personal wallet is privacy. When you use the centralized exchange wallet, all the data and information about the user stored on the centralized server belong to the exchange. Therefore, it is not safe in terms of privacy because, during a security breach or hack, the crucial user data will leak into the wrong hands. But, the personal Polkadot wallet prevents these problems from occurring as it is non-custodial. The data is stored on your device in this wallet instead of the centralized service.
If you access the decentralized Polkadot wallet, you do not need to register or verify using the account. Instead, you can quickly create a new account and safely store your mnemonic seed phrase. First, create the password and then store your DOT tokens.On the other side, the centralized exchange wallet needs the users to create accounts and verify them carefully. During the account creation process, some may have an issue with this. But, if you have privacy concerns and prefer decentralization, you can consider using the personal Polkadot wallet.
Apart from differences, decentralized and centralized Polkadot wallet has some common features. For example, both these wallets connect to the blockchain and synchronize the latest DOT transactions. In addition, these two wallets have the ability to purchase, exchange, and store a wide range of cryptocurrencies in a single place.
Features Of The Polkadot Wallet
- In-build exchanges with more than 300 different cryptocurrencies
- Excellent polkadot crypto Customer Service
- Password or fingerprint needed on every transaction
- Desktop and mobile platform availability
- Buy DOT with the credit card
- Display your DOT balance in the local supported currency
- QR code scanning to send and receive DOT
How Can you Store A Polkadot Wallet Safely?
Users concern more about security when accessing cryptocurrencies and storing DOT tokens safely. You can adopt specific strategies and principles to store your Polkadot DOT tokens in your decentralized wallet safely. It is mandatory to get familiar with the mnemonic seed phrase, public keys, passwords, and private keys because they relate to your wallet.
Whenever creating the new wallet, you will ask to write down 12secret words. It helps you to unlock your wallet from anywhere in the wallet. In addition, it is beneficial when you lose a connection to the wallet. Therefore, ensure you store the 12 words secret key securely by writing them down on paper. Avoid storing the digital phrase digitally because it increases the chance of hacks and attacks.
You should keep the seed phrase safer because if you lose the key, you will not be able to access your wallet anymore. Another important aspect of storing and securing your wallet is the private keys. It contains a set of secret numbers allowing you to view, send and receive the cryptocurrency balances. As soon as you get access to your private keys, you will utilize your wallet and perform any actions.
Due to this, treat your private keys with enough security and never reveal them anymore. Most importantly, do not store it digitally because losing the key may let you confront too many hassles. If the private keys are exposed accidentally, create a new wallet and quickly move the funds. Even though public keys follow the security aspects of private keys, it is safe to share, especially when you wish to receive funds.
Once you create the account, you should generate the password to protect your account. It helps you log in to the account safely every time you use it. Ensure the password you create is easy to remember. That’s enough! You are now ready to use your account at the Polkadot wallet. If you have any doubts or confront issues when using the wallet, you can contact the Polkadot crypto Customer Service anytime. The experts will give you enough assistance and makes you get the best out of your wallet.