One of the use cases of cryptocurrencies is when they serve as digital currencies as an alternative to fiat money.
The Sats Cafe is the first known university on-campus cafe that only accepts satoshi, the smallest unit of bitcoin. This means that bitcoin and other crypto can be divided into smaller units, the Philippine peso’s centavo.
When we store our fiat money, we put it in our wallets, or maybe in our coin purses. When we go cashless, we still have e-wallets, like GCash and Maya. But where do we store our cryptocurrencies?
Hot Wallet: An Accessible Storage
In this modern era, there are two things that are now more considered “needs” than “wants”—the internet and gadgets.
A hot wallet is a crypto wallet that should be connected to the internet to be accessed through a gadget, like a computer or phone. This wallet allows its users to store, send, receive, and monitor the digital currencies that they own.
This is in contrast to a cold wallet, which can keep users’ assets offline and does not need the internet. It usually comes in the form of a hardware device and is considered the more secure one.
Advantages and Risks of Using Hot Wallet
Usually, hot wallets are used by crypto enthusiasts who trade more frequently and use crypto for spending. It is because it offers cheaper and faster transactions.
These wallets are also easier to use in decentralized applications (dApps) because they can interact with smart contracts.
However, because they need the internet to be accessible, hot wallets are usually vulnerable to theft and exposed to potential cyberattacks.
Thus, to increase the security of these wallets, hot wallets have built-in security measures like recovery seed phrases, two-factor authenticators, and mobile PINs.
List of 5 Crypto Hot Wallet to Try
MetaMask claims to allow its users to store and manage their digital tokens and NFTs, as well as access dApps on the Ethereum Network. It can also be used to send and receive ERC-20 tokens and is compatible with other blockchains, such as the Binance Smart Chain, Polygon, and Arbitrum. (Read more: How to Use MetaMask: A Guide for Filipinos)
MetaMask also emphasized that users can create custom tokens, join DAOS, play games, and collect art on its platform. As of this writing, this non-custodial wallet is reported to have 30 million users around the globe.
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It is available as a browser extension and a mobile app. After downloading it, the system will show the 12-word seed phrase.
On its sixth anniversary celebration last year, MetaMask reported that the Philippines is the third country with the most MetaMask users. Back in 2021, about 20% of its users were from the Philippines.
The Binance wallet allows its users to manage their assets on the BNB Smart Chain, BNB Beacon Chain, and Ethereum.
On its website, the exchange declared the wallet as the official Binance cryptocurrency wallet that supports multiple wallet addresses, QR code scanning, and biometric authentication. Staking or delegating $BNB is also allowed on this wallet.
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As of this writing, the wallet is available as a browser extension. Users can create their own wallet address, link their Binance account, or import their wallet address from other chain, according to Binance.
To set up, download the extension at this link. When the download is successful, a sign-up page will pop up. Interested users can register through a Gmail account.
After that, click the “Create Wallet” button and choose the “Continue” button. Fill out the needed information.
Once the information has been supplied, create a password that will act as a second layer of protection. The seed phrase can also be seen, so the user can take note of it.
From February to April this year, BitPinas found that Binance is the most exchange used by Filipinos.
Coins.ph Crypto Wallet
Though Coins.ph is known as a crypto-focused app, it also functions as an e-wallet, as users can buy load and pay bills on the app.
This is why Coins.ph offers a separate crypto wallet where users can store, buy, sell, and manage their digital assets.
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“Coins.ph is a hosted wallet service which allow multi-signature and cold storage solutions as added layers of security. This system infrastructure integrates seamlessly with other Coins.ph services in protecting your funds,” the BSP-licensed VASP explained.
Coins.ph’s crypto wallet is available for users who have verified their accounts by submitting a valid ID and selfie.
The features of this wallet, according to the exchange, include:
- Converting PHP to crypto and vice versa.
- Sending and receiving crypto to and from other Coins.ph accounts.
- Sending and receiving crypto to and from an external wallet address.
- View incoming and outgoing external transactions through blockchain explorers.
Another pioneer VASP-licensed exchange, PDAX, also offers a crypto wallet. Because it is licensed under the central bank, it claims to provide its users with “dedicated” local support.
Also, as a Philippine-born exchange, it allows its users to buy and sell crypto directly with the Philippine peso. Users can also link their PDAX wallet to dApps.
Unverified accounts can buy and trade crypto, but cannot sell or withdraw from the exchange. Thus, to verify, just choose the “Verify Account” button shown on the home page of either the website or app. Just fill up the information needed and provide a valid ID.
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“Verifying your account entitles you to benefits and exclusive offers on the PDAX mobile app and web exchange. This also helps us to know you and your financial goals so we can streamline the customer experience and align our services with your financial needs,” PDAX stressed.
PDAX also powers GCrypto, the in-app crypto feature of e-wallet giant GCash. To buy and sell crypto on GCrypto, the user’s account must be fully verified in GCash with an active verified email address.
(Read more: GCrypto Guide | How to Buy & Sell Crypto on GCash)
Maya Crypto Wallet
Like Coins.ph and GCash, Maya (formerly PayMaya) also functions as an e-wallet, with various financial services being offered on its app.
According to Maya, the crypto wallet is separated from the Maya wallet as they are “different kinds of assets.” The Maya Wallet is the main feature on the app, while the crypto wallet can be accessed on the “Maya Invest” feature.
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The e-wallet also requires users to provide a valid ID for account verification.
“No need for multiple apps for your different crypto transactions. From cashing in, buying and selling, to cashing out earnings—you can do it all in Maya,” Maya said.
As of this writing, users can buy crypto for as low as ₱1 and can receive crypto from other trading platforms by just a QR code, the website reads.
“Overwhelmed by all the content on crypto online? Look no further than the Maya app to learn what you need to know to get you started on crypto today,
This article is published on BitPinas: List of Hot Wallet Software to Store Cryptocurrency
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.