What is NXT?
Nxt is a cryptocurrency and open-source platform launched in 2013. Nxt is a platform that relies entirely on a PoS consensus algorithm and enables decentralized applications to be built on it.
Additionally, Nxt was also the first cryptocurrency to launch a decentralized digital asset exchange. The platform also allows anyone to issue tokens on top of the Nxt Blockchain.
The Nxt Marketplace is also quite popular as it is a decentralized store for physical and digital goods. The Nxt platform provides customers with many other services like messaging, multi-signature accounts, balance leasing, coin shuffling and more.
Types of Wallets
Nxt is an old cryptocurrency which means that a lot of wallets support it. Let’s take a look at the best wallet options for Nxt.
All Cryptocurrencies usually have 5 types of wallets.
This type of wallet is for PC or laptop devices. The desktop wallet will only be accessible from there. These are generally safe wallets but not the safest option as your PC could easily get infected by a virus or hacked.
This is generally simpler and easier to use. It’s available on any device as long as it has internet access. This is a very convenient but risky method of using cryptocurrencies as your private keys are stored online and controlled by the third-party in question.
Similar to online wallets, these are generally easy-to-use and have to be downloaded on a smartphone. They also have fewer features as they are much lighter and don’t require as much space as the desktop model. It’s generally a safe method of handling cryptocurrencies although one could easily lose the phone and private keys.
This type of wallet stores private keys on a hardware device, usually a USB. A hardware wallet can support multiple cryptocurrencies and it’s fairly easy to use but can be costly. This is one of the safest wallets available as it helps users transact easily without much risk. Even if the user loses the hardware wallet, he will still have the ability to recover his wallet by recovering the seed.
This wallet provides the highest level of security and it’s fairly easy to use and understand. In essence, a paper wallet is a physical copy of both the public and private keys and it can be printed on a piece of paper. The only real danger or downside of this type of wallet is losing the physical copy. Other than that it’s virtually impossible for someone to ‘hack’ your paper wallet.
Whether you use your mobile to store your cryptocurrencies or you want the safest wallet, Nxt has all the options available.
The Official NXT Wallet
The official NXT wallet is available on the official website here. It is available for Windows, Linux and Mac OS. According to the official website, this wallet is recommended for mainnet use as the team of NXT provides an experimental version of the wallet for the testnet.
The installation and download of this wallet can take a lot of time since it requires to download the full NXT blockchain. The wallet is open-source and it is licensed by Jelurida Public License.
As usual, the safest possible option is a paper wallet, unfortunately, the official NXT website does not offer this. Users can, however, use the walletgenerator.net to create a paper wallet for NXT. The website supports 197 cryptocurrencies and it comes with all the instructions on how to use it.
This is always the safest option for storing cryptocurrencies although it can be a bit tricky to use and it’s not recommended if you are looking to trade your cryptocurrency.
NXT Android Wallet
The NXT Android Wallet is available for free here. The wallet offers robust security thanks to a few main security features that include:
- Fingerprint Login
- PIN Code Lock
- 2-Factor Authentication
- Email Confirmation for Each Transaction
- Daily and Weekly Transaction Limits
The NXT Wallet is one of the safest mobile wallets out there and it stores the majority of the coins in a cold storage. It offers the ability to exchange any other cryptocurrency and convert it automatically into NXT.
The APP has received a 3.9 Star rating on the Google Play platform with more than 10,000 downloads.
The NXT Freewallet
The Freewallet is an open-source wallet that supports iOS and Android devices but it’s not created by the official NXT team. The APP offers support to more than 100 cryptocurrencies and allows users to buy Bitcoin, Ethereum, Litecoin and XRP with a credit card.
The app also allows users to recharge your prepaid phone with BTC directly from your wallet. The wallet supports more than 400 mobile operators in 100 different countries.
This wallet is really easy to use and has a very beginner-friendly interface. It has a 4.5 rating on Google Play with more than 3500 reviews in total.
So Which Wallet is the Best?
The official website of NXT offers a good variety of wallets, however, it’s important to note that NXT does not have a hardware wallet support. This is pretty unfortunate as this method is one of the best when it comes to safety. Users can, however, find different ways to create a paper wallet for NXT. These are not from the official website but are still legit.
If you are looking for a more convenient wallet and beginner-friendly, the web/android wallets are the best. The desktop wallet is a bit more secure but requires you to download and install the software which can take up a lot of space. Android offers a good variety of options including an official Android version of NXT, although, according to the ratings, the Freewallet is better.
As always, no matter which wallet you choose, protecting your private keys is your number one priority.
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