Where you keep your money is probably not as much of a concern as it once was.
After all, you can keep your cash in a wallet, your savings and checking in online accounts, and you can even put your money into a range of different investment vehicles.
Of course, we prefer to keep a lot of our cash in crypto and you probably do, too, if you’re reading this article.
But what makes “where” you keep it so important with cryptocurrency that is different from other places?
After all, most countries have regulations in place to protect banks from theft and fraud. Ditto for stocks and securities.
But when it comes to cryptocurrency, there are often few if any protections for buyers and sellers.
So where you keep your crypto coins stored is actually really important. You hear a lot about how blockchain technology’s vaunted security features. But, when held on an exchange, are crypto coin really vulnerable? Where does the security feature come into play?
Thankfully, because it is so vulnerable , cryptocurrency is also extremely robust in its security measures when held offline. How do you do this? Through a cryptocurrency wallet.
You don’t have to be a savvy tech user to understand how to use a wallet and store your cryptocurrency offline but many users are scared of this method nonetheless.
It is, however, the only sure-fire way to make sure that your cryptocurrency isn’t stolen from your exchange of choice and you’re left with nothing. Although it is not virtually impossible, hacking a crypto wallet is extremely difficult and it is the most secure choice among all the other storage options.
Because, let’s face it, if you and everyone else that has an account at the crypto exchange is robbed, how are you going to be reimbursed? You won’t be and everyone will lose what they held with the exchange. It happens more often than you would think.
That makes learning the ins and outs of a crypto wallet really important. This puts the burden of security on you but also offers you the most robust way to secure your investment. And, really, it makes sense: As an unregulated medium of exchange, users cannot have unlimited potential for value increase and simultaneous unlimited security in case it is a fraud or stolen. There has to be some risk involved. Luckily, cryptocurrency holders can vastly limit their chances of having their investment stolen through an exchange hack.
In this article we’re going to give you an overview of one of the most popular ripple wallets out there – Toast Wallet.
Toast Wallet Review: What is Toast Wallet?
We’ll go over its features as well as how easy it is to use.
On top of all of this we’ll discuss the security features as well.
Maybe after reading this article you will have a better understanding of how cryptocurrency wallets work and why you should use one to store your coin.
The first thing you should know about many cryptocurrency wallets is that they are crypto coin specific. That means that a Bitcoin wallet can store Bitcoin while a Litecoin wallet can store Litecoin in it. This is the most robust system for security that can be devised but can be a hassle for users that are afraid of using a wallet or worry about their organizational abilities.
Toast Wallet is designed specifically for people who buy and hold Ripple cryptocurrency. If you’re a Ripple holder then you are probably familiar with that platform’s unique features and why it would require a different holding place than say Bitcoin.
Coming from StarStone Limited, Toast Wallet is an open-source Ripple wallet that is available on a variety of different platforms and is geared towards novice and veteran users alike. This means that it offers customer support as well as a multitude of access points for seeing your wallet’s information.
Supported platforms include Linux, Mac OS, Windows, iOS, Android, and web browsers such as Google’s Chrome. Interestingly, Toast Wallet has integration with the popular chat app Discord. This allows users to interact with other Toast Wallet users and discuss things related to trading. This is a truly unique integration and, while it could be phased out at any time, is worth noting.
You’re probably wondering just how the Toast Wallet is so secure but it’s security is both easy to understand and use. Toast Wallet uses a PIN and passphrase for users to access its features. Data is stored locally so no personally identifying information is ever exchanged. Users will need to write down a lengthy recovery phrase. The recovery phrase is used just in case the primary password for Toast Wallet is forgotten. This will help unlock the account. But it is really, really important that it not be lost. While a common feature on many wallets, this is often the one that scares most people away. It is very important that you remember your password and, if not, your recovery password. This should be stored in a secure place no matter what wallet you use.
Toast Wallet Review: What is the fees for using Toast Wallet
One thing that makes Toast Wallet a standout for Ripple users is that it doesn’t have any associated fees. It is completely free to use though users will have to maintain a minimum balance of 20XRP in the account. This is pretty standard for many wallets, Ripple wallets included. Why do you have to maintain a minimum balance in your Toast Wallet, you might ask?
This is to prevent spam on the Ripple network. By requiring every wallet account opened to hold at least 20XRP in it, the system self limits the number “spam” accounts that can be generated by bots or other means. This benefits buyers and sellers as well as keeping the Ripple system robust and functioning well.
Toast Wallet Review: Is Toast Wallet Safe?
Perhaps the biggest question that users will have regarding Toast Wallet is whether or not it is safe to use. This is a completely natural and understandable question.
As a piece of open-source software, Toast Wallet is not only safe to use but it is recommended, especially if you hold large amounts of Ripple currency.
Because it is completely safe and secure. It is not an online service therefore it is really, really difficult to hack. Your information is not stored online nor is your cryptocurrency stored online. It is stored locally through software. There is basically nothing to hack if someone wants to try. A huge benefit of Toast Wallet is its anywhere, anytime access but an even larger benefit is that it offers vault-like security for your Ripple currency.
Users can put their trust in Toast Wallet, and that’s saying a lot in the unregulated world of cryptocurrency. If something goes wrong, Toast Wallet offers really great customer support through the Discord app integration; however, it is key to stress the importance of keeping your password and recovery password safe and secure. Toast Wallet staff cannot help you unlock your wallet so if you lock yourself out, that’s that.
The biggest stress users face with using a wallet is this burden of personal responsibility.
The fear of losing your cryptocurrency due to your own irresponsibility or negligence is a real thing.
But the same thing will occur if the exchange you hold your currency with is hacked and robbed.
That’s what makes reviewing Toast Wallet so difficult. Sophisticated traders will find its features comparable and even superior to many other services they have familiarity with when it comes to other cryptocurrencies. Newbies will be just as scared as they are with anything unfamiliar.