Why are multiwallet apps useful?
The world of cryptocurrencies and blockchain technology is evolving at an astonishing rate and there are many terms that come with this rise in popularity. One of them is multiwallet applications, since they have numerous advantages. This article delves into their uses and their obvious advantages. Of course, we will also show a potential drawback so our readers can see the full picture of this phenomenon.
A cryptocurrency multiwallet is an application that allows cryptocurrency users to store and retrieve their digital assets, just like any digital wallet. However, it has a special function: it allows you to store different cryptocurrencies with the same application. Multiple addresses can then be created to house as many coins.
To expand the information, we resort to the definition of the MUG website: “Multi Wallet is a multiplatform mobile wallet App that allows you to transact with cryptocurrencies on various devices, whether Android or iOS. The Multi Wallet project , like any real application, will require the use of different technologies”.
This brings us directly to the first of its advantages, since that means that it is much easier to manage your digital currency portfolio: a single application is enough. They also allow interaction with Empow ‘s DeFi products , such as mining trading , yield farming or staking , among other popular functions.
Some of the multiwallets The most used are Exodus , Coinomi , SafePay , or Zelcore , although the list of the most recommended may be the subject of another article, since there are many aspects to analyze.
There are also hardware multiwallets, devices not very different from a USB but with several buttons. These products have the additional advantage that you don’t need a PC, laptop or mobile phone, so they are much more portable. They naturally have encryption options.
Of course, not all are advantages and the first drawback is logical. If you store many cryptocurrencies in one digital wallet, you are more likely to attract hackers. In case of theft, everything can be lost. That is why there are users who still opt for a wallet for each cryptocurrency.