Qtum is one of the more recent blockchain projects that garnered a lot of attention due to its unique take on building decentralized apps and smart contracts on the blockchain more efficiently. It was due to this popularity that the price of Qtum went up by a huge percentage during the crypto bull run. The native currency of the Qtum blockchain is called the QTUM token. This is not an ERC20 token and requires a dedicated wallet for its storage. This article will guide you in selecting the right wallet for your needs.
What to look for in a Qtum Wallet?
Whenever you start using a particular wallet, it must have a certain set of features like:
Security: A crypto wallet should be a very secure place for you to store all your funds in. There is no point in keeping all your cryptocurrency in an unsecure wallet. Hence, security offered by the wallet must be of the utmost priority while choosing a crypto wallet.
Usability: A wallet should be very easy to use and understand. The simpler the wallet, the better is the user experience.
Compatibility: A wallet that offers support to more than one cryptocurrency is usually very popular because you can access all the different cryptocurrencies in one place. Additionally, a wallet that supports Qtum, QRC20 tokens and is available across the different platforms, are the most useful ones.
Private keys: Wallets that don’t share the private keys with the users should be avoided. Qtum is a cryptocurrency just like all the others and you have the right to have full control over your funds when it comes to cryptocurrencies.
User Reviews: User reviews should also be top priority when you are choosing a Qtum wallet. This is because Qtum is a very young cryptocurrency and not many wallets are available for storing it. Hence, before you choose one, check the reviews by other users on that particular wallet in order to be sure about the problems that they faced.
Qtum wallets you can consider
Now that you have understood the things to consider before you start using a wallet, here are some of the most reputed wallets that support Qtum.
1 Ledger Nano S
Ledger nano Sis considered a safe haven for a large number of cryptocurrencies. The nano s is a hardware wallet in which the private key never leaves the device. This means that even if your computer is compromised, the hacker cannot gain access to your funds.
- One of the most secure cryptocurrency wallet.
- Nobody has access to the private keys of the wallet. The private keys never leave the device. Hence, it is impossible to steal funds even if your PC is attacked.
- The device incorporates multi-level confirmation for the outgoing funds. You will need to confirm the fund transfer on the PC as well as enter your secret pin on the device in order to initiate the transaction.
- The device comes with a small screen which displays the number of funds received or transferred.
- You can also store the QRC20 tokens on it by making use of the Qtum web wallet.
- The device is not free of cost and is unsuitable for storing a small number of funds.
- It is not a stand-alone device and needs to be paired with other software in order to function.
2 Qtum Core Wallet
This is another highly trusted wallet. This is mainly because of the fact that it is the official Qtum wallet software. This wallet is available for both PC as well as mobile phones. This means that you can send and receive funds on the go.
- This wallet has a very user-friendly design.
- Since it is available across multiple platforms, you can send and receive funds on the go.
- It is the official wallet of Qtum.
- In order to access the funds, you will need to enter the pin code.
- The app also gives you access to the latest Qtum related news.
- This wallet supports the QRC20 tokens.
- If your device is compromised, then no one can save your funds.
- It is a single currency wallet.
3 Qtum Electrum Wallet
This is a complete desktop wallet for Qtum. You can download this wallet on your windows or Mac device from the official Qtum website. Electrum wallet is a highly reputed wallet provider in the crypto world and this wallet is definitely worth considering.
- Free to use desktop wallet.
- The user interface is very fluent and advanced.
- It gives users access to their private keys.
- This might be a little intimidating for new users.
- The non-availability of the mobile version of this wallet means that on the go transactions is not possible with this wallet.
4 Qtum Web Wallet
Just like any other web wallet, Qtum also provides its own web wallet. This wallet enables users to access the wallet from a device of their choice.
- No need to download any software or maintain any hardware for this wallet.
- Very quick set-up and you can use it from any device you want.
- You will not have access to any private keys on the web wallet.
- If the server of the web wallet goes down or gets congested, then the whole wallet stops functioning.
- The number of phishing attacks is extremely high in the case of web wallets.
- These wallets do not directly support the QRC20 tokens.
5 Qbao Wallet
Qbao is multicurrency wallet with a decentralized social network integrated in it. It is based upon the Qtum tokens and features an array of functions including exchanges, social network, news portal, dapp store and payment , just to name a few. One of the major goals of the app is to propel and incentivize the adoption of cryptocurrencies by connecting users to experiences that they are already familiar, for instance, a social media network.
- Both Android and IOS app are available which means that you can manage your token anywhere on the go
- A multicurrency wallet
- More than just a Qtum wallet with plenty of other features integrated.
- User-friendly and intuitive user interface
- Not a multisignature wallet
- Absence of 2 Factor Authentication.
6 Exchange Wallets
There are several exchanges out there which support the Qtum token and various QRC20 tokens such as Binance. You can buy and store these tokens directly on the wallet provided by the exchange. However, you will not have full control over your funds and will also risk losing them all to a hack on the exchange. Therefore, these wallets are not recommended for storing a large number of funds. However, smaller amounts that are usually used for trading immediately can be stored on these wallets.
Here's some of the exchanges that support Qtum & QRC20 tokens
Ledger nano s
The device itself costs a premium and is not suitable for storing a smaller amount of fund
Qtum core wallet
Qtum Electrum wallet
Qtum web wallet
Qtum is a very promising young blockchain project with over $338 million market cap at this time of writing. There are a few options that you can consider to store your Qtum or QRC20 token as discussed above. Generally speaking, if you are a beginner and you would like to store small amounts of tokens, we would recommend you to choose either the Official Qtum core or the Qbao wallets. On the other hand, we would advise you to use the hardware wallets such as the Ledger Nano S for storing a larger quantity of funds for that extra layer of security. Hope that the article helps, should you any other options that you would like to recommend, feel free to share it with us in the comment section below. 🙂