A cryptocurrency wallet is a piece of software that generates a pair of cryptographic keys that are fully random. Individuals can use these keys to send and receive Bitcoin (and other cryptocurrencies).
However, the name “wallet” is a little deceptive. A cryptocurrency wallet, unlike a physical wallet, does not keep any funds. Only the blockchain of the cryptocurrency for which the wallet was built is communicated with by the application.
Since we’ll be discussing Electrum and Toast in this article, we’ll also go over some of their key features.
Electrum is a small, lightweight wallet that aims to be simple to use while simultaneously providing a high level of security. Electrum is a client-based wallet, which means you must download and install software on your computer to use it. The Electrum wallet is compatible with Mac OS, Windows, and Linux.
In November 2011, Thomas Voegtlin created the Electrum wallet for the first time. Electrum is also compatible with hardware wallets such as TREZOR and Ledger. This implies that your private key will be securely stored on the hardware wallet when you are not using it.
Features of Electrum wallet
- Interface: The wallet’s user interface is simple and straightforward. You can pick between “send,” “receive,” and “transaction history” using the three tabs at the top of the window.
- Support for Hardware Wallets: Hardware wallets are also supported by the Electrum wallet. The best hardware wallets to use with Electrum are the Ledger Nano S and Ledger Nano X.
- Cold Storage: Private keys can be stored offline in the Electrum wallet. For internet users, it has a watch-only mode.
- Security: Electrum is password-protected and may encrypt your private key on your hard disc as well. You may always recover your funds using the seed phrase if the password is forgotten or the computer is destroyed.
- Customer Service: Electrum includes a wealth of online documentation as well as an active BitcoinTalk area where you may obtain answers to your queries.
Fees and Limits of the Electrum Wallet
The Electrum wallet is available for download, installation, and use at no cost. Transaction fees do apply, but when it comes to using the wallet itself, you can do so for free.
It also allows you to speed up transaction times, but you will have to pay a higher fee. If a transaction that was optimized for lower fees isn’t validated on time, the transaction speed is increased with the same prices to complete it.
Is Electrum Wallet a secure wallet?
To keep Bitcoins safe, the Electrum wallet incorporates some of the best security mechanisms available. Because the server code is open-source, anyone can operate it. No script is downloaded by the wallet. This implies you will not lose your Bitcoins if a server is compromised.
A seed phrase is used as a backup measure in the Electrum wallet. This provides security if your private key is lost. The Electrum wallet is one of the most secure software wallets available because of these features.
To recap, Electrum is a wallet that is quick, safe, and stable. It is not, however, appropriate for beginners. The wallet has a lot of support from the Bitcoin community and has a lot of features. Hackers will have a harder time getting into the Electrum wallet because of password protection.
The wallet provides users with a simple way to send and receive Bitcoin payments regularly. As a result, the Electrum wallet is ideal for users who want to make regular Bitcoin payments.
Toast, a non-custodial Ripple (XRP) wallet, was introduced in 2017. It was developed by StarStone Unlimited, a firm based in Dunedin, New Zealand. Toast Wallet is a free and open-source Ripple XRP wallet that works on iOS, Android, Windows, Mac OS X, and Linux.
One of the advantages of this wallet is that it is non-hosted, which means you are the only one who has access to the wallet’s private keys. Important information is less vulnerable to hacking efforts as a result of this.
This cross-platform Ripple wallet provides a simple and intuitive UI as well as a high level of security because no information or passwords are sent to their servers.
Features of Toast wallet
- User-interface design: The user interface is straightforward. It’s user-friendly and intuitive to use. There are three tabs at the bottom of the menu: home, send, and settings, as well as the opportunity to create numerous Ripple addresses.
- Backup: You can transfer a backup of your Toast wallet to another wallet. Importing the Ripple secret and pass is how this is done. After generating addresses, make a backup of the toast wallet from the settings menu so you may use it later.
- XRP Reserve Minimum: You must keep a minimum balance of 20 XRP in your Toast wallet, just like you must keep a minimum level of 20 XRP in other Ripple wallets. You must also maintain a 5 XRP reserve for each trust line or object in your account.
- Security: Toast Wallet is protected by a combination of a PIN and a passcode. These are password-protected and saved in PouchDB on your device.
- Customer Service: In the instance of the Toast Wallet, customer service has been excellent. Customer service can be reached via phone, online ticket, or email at firstname.lastname@example.org. You can also connect with people on social media sites like Facebook and Twitter.
Is Toast Wallet a secure app?
Toast wallet does not send information to its servers and preserves your data on your smartphone. This is beneficial in terms of security. It’s also worth noting that if you lose your phrase or backup, your wallet will be lost forever. As a result, it’s a good idea to make backups and store them somewhere safe, ideally offline.
Toast Wallet is an excellent alternative for holding XRP due to its features and ease of usage. A user-friendly interface, as well as devoted and responsive support, are available to users. They must, however, keep in mind that the wallet may only be accessed from the device that was used to set it up in the first place.
The Toast Wallet is widely regarded as one of the best Ripple wallets, and it provides a secure way to store your XRP tokens. The code is open source, which allows developers to check its quality. It may be used on a variety of systems and is an excellent choice for a Ripple desktop wallet.