Maybe I'm going out on a ledge here, but my gut tells me I'm not the only one.
Before Steemit, I was a crypto noob. Once I got comfortable on this platform and I played around on Polo a little bit, I was ready to dive head first into the crypto ocean. So many coins to choose from! I did some pretty extensive research and decided on a few to try out. The only thing that really bugged me though, each one (at least that I was interested in) required it's own wallet. Maybe I am just being particular.
I decided to get into DGB and went with the IOS wallet. There are currently over 5.5 million blocks on their chain and the wallet had to start from 2 and half years ago, it took over a day and a half (my internet isn't slow but it's also not blazing fast).
I am sure there are technological reasons why ONE wallet couldn't house ALL coins, but I have no clue. If someone wants to chime in on the back end aspect of maybe why this isn't feasible yet, please do. I intend to invest in more tokens in the future and as of now I guess that means downloading a new wallet per coin.
Source Google images
Jaxx is pretty close to that. It works on just about all smartphones and desktop computers. it has wallets for many coins, and you can shapeshift in it which means that you can exchange currency right inside your wallet without going through an exchange website.
I had heard of Jaxx recently but haven't invested much time into its features. Might have to now, thanks for the input!
It's great. You will love it. It is very convenient and has something like 20 coins it supports. And the shapeshift feature is really, really nice and convenient.
You can check out Exodus wallet.
It hold +/- 6 cryptocurrency.
Hadn't heard of Exodus. Is it comparable to the Jaxx wallet?
Yup it is
Both the Jaxx wallet and the Exodus wallet serve this purpose. Both of these wallets are expanding there currencies soon. I'm most excited about storj.
I briefly looked into the 2 wallets you listed, and even though they do service a few tokens, particularly the most popular ones, if you're like me, investing in LTH tokens, it doesn't really foot the bill. From the little bit I saw from storj, it looked really good! I felt like it was Golem'esque', but in its own way. Thanks for the suggestion, I'm going to keep my eye on it.
I think you are absolutely correct! I'm a recent noob as well and I would really appreciate having things in one spot! I also don't know of any good reasons it cannot, I'm supposing it comes down to cost? But I'm sure technology platforms could be pretty challenging. So, the persons who figure this one out will no doubt be able to demand their own cost LOL... Good for them, I'll be in line to get a brand new wallet as well...
In the meantime, anyone want to help a noob figure out how to get crypto back into USD so I can take profits and purchase hard assets? Think shiny metals lol. Thanks Wild... I'm sure someone has an answer out there!
Its driving me mad. I'm not organized enough to have this many wallets.
Exchanges serve this purpose, as well as the benefit of having your currency quickly trade and liquidate-able. Decentralized exchanges (such as Bitshares) are the most secure.
But I agree, whoever puts all the work into handing all those different types of Cryptos into a single wallet would lead the industry. I think the amount of labor is cost prohibitive.
Exchanges are a great means to trade from one crypto to another. But even in my short time, I know that exchanges are NOT a good place to store your cryptos. Too prone to failing, one way or another. But yes, I agree, first wins similar to BTC :)
Whats your risk on the decentralized exchange stem from? vs a wallet?
With a wallet, YOU own the keys and have full control. On an exchange, lots of things can happen. Mt. Gox is the most prevalent example...
https://www.google.com/amp/s/www.wired.com/2014/03/bitcoin-exchange/amp
Wasn't decentralized. Your currencies are in your hands (just like a LOCAL wallet) like on Bitshares. Unless I am somehow mistaken.
Welcome to Steemit :)
I follow u, follow me back if u want lot of fun and amazing picture every day.
I can totally relate. That's why I chose to store all my coins in keepass :-)
Good idea!