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Wallets

Table of Contents

A cryptocurrency wallet is a kind of bank account where you can store your digital currency. We distinguish 4 different types: online wallets, desktop and mobile wallets, hardware wallets & paper wallets. Each type differs in terms of ease of use, possibilities and safety.

Online wallet #

With online wallets we mean software that you do not have to install, but that you can use immediately via an online website. Most online cryptocurrency wallets are integrated into an exchange platform. This is an online exchange where you can trade between different cryptocurrencies, binance for example. The advantage of this is that this is a multi-currency wallet. This means that you can store multiple digital crypto currencies on 1 platform. Another advantage is that you can continue trading directly from here.

There are also drawbacks. One of these is that you depend on the provider for the safety of your coins. Several of these websites have been hacked in the past. Millions of dollars in bitcoin and other coins were then stolen. But in principle, this threat is getting smaller and smaller. These types of websites are increasingly able to protect themselves against external threats/hacks. Another disadvantage is that you do not own your own private keys.

Desktop and mobile wallet #

A cryptocurrency wallet for your desktop involves downloading a piece of software and storing it on your PC/desktop. This means that your account is entirely under your own responsibility. You’ll have to set up your password to enter this wallet. Be cautious if you are downloading the correct software, because installing the wrong one could mean that you’ll lose your investment. Always make sure to only install from official websites. The same applies to mobile. These wallets are available for iOS and Android. An alternative, to shake off some vulnerability from having a mobile wallet(which often means different WiFi-networks) is to download a portfolio app in which you can enter your portfolio and view your progress without having to log in to your crypto wallet.

Because you are quite vulnerable from your mobile (you constantly commute between different WiFi networks), we personally do not recommend this. A better alternative is to download a portfolio app in which you can enter how many and which coins you have. This way you can view your progress and return without having to log in to your crypto wallet.
Example: https://www.exodus.com/

Hardware cryptocurrency wallet #

Hardware wallets are being called the safest ways to store your currency. This is because they are not constantly connected to the internet; you store your coins offline. A hardware crypto wallet is a kind of small computer that you can connect to your computer through a USB connection. Access to your hardware wallet is also done by entering your password(s). Make sure you don’t keep these with your hardware storage itself, because if someone finds these together, they could enter your wallet. Without the codes, it is not possible to enter the wallet.
Examples for hardware wallets are Trezor (https://trezor.io/) and Nano ledgers (https://www.ledger.com/).

Paper wallet #

A crypto wallet stored on paper is called a paper wallet. Just like a hardware version, the wallet is stored offline. For a paper wallet, you’ll need to create an address. For example for bitcoin you can do that via this link (https://www.bitaddress.org/bitaddress.org-v3.3.0-SHA256-dec17c07685e1870960903d8f58090475b25af946fe95a734f88408cef4aa194.html. Make sure you use the website when your internet is off and therefore completely offline. Print the data and keep it in a safe place. Although you currently have no threats online, you also need to protect them from offline threats (for example, burglars, or fire). If you want to access your investment at a later time, you can download a desktop cryptocurrency wallet and log in with the data you printed.

Web 3 wallet #

The Web3 introduces a layer of governance that runs on top of today’s Internet, allowing two people who don’t know or trust each other to make agreements over the Web, record values and assets, and settle mutual transactions. Web 3 wallets are mainly used to connect with smart contract compatible blockchains (and their layer 2 solutions) such as Ethereum, Fantom and the Binance Smart Chain.

By using web 3 wallets, investors can connect their wallets with decentralized apps (DApps) in order to start investing in decentralized finance (DeFi). Popular web 3 wallets are MetaMask and Trustwallet.

Updated on August 3, 2021
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Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.

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Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

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These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

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