How to Store IOTA Coin – Wallets
IOTA is a relatively new technology. While it may be the 7th most traded cryptocurrency in the world, it is not mainstream enough for beginner friendly clients to be made. Due to this, there are very few wallets capable of properly storing IOTA. Hence, most people who trade or use IOTA tend to store them in exchanges. However, storing cryptocurrencies in exchanges is risky, so the challenge lies in deciding how to store IOTAs safely. There are a couple of options users can try:
- IOTA Desktop Wallet
- IOTA Paper Wallet
- IOTA Mobile Wallet
Before starting to learn more about IOTA wallets, you may be interested in these guides:
What is IOTA
How to Buy IOTA Cryptocurrency
IOTA Desktop Wallet
This wallet is IOTA’s own wallet, downloadable from their website. The IOTA GUI client, as it’s known, is a basic wallet to handle IOTA transactions. However, this wallet is not easy to operate for beginners. The benefits are well worth it though.
Once you’ve downloaded the wallet, you need to set it up. When setting it up, select the option “light node” to connect to the Tangle, and choose a host. When you do this, the wallet will generate an 81 character seed that ends in the number 9. This seed is incredibly important since it grants you access to your wallet. Keep it safe.
IOTA Paper Wallet
A paper wallet requires the aforementioned 81 character seed ending in the number 9. It can be generated via several open source programs, available freely. A paper wallet contains the seed, a QR code of the private seed, a QR code of the receiving address, and the generated address. By simply printing it out and keeping it somewhere safe, you will be able to maintain proper access to your IOTA wallet.
IOTA Mobile Wallet
The IOTA mobile wallet is still in its formative stages, so it will probably take some time to leave the beta testing stage. But once it’s functional, the iOS and Android versions of the wallets will be able to store a large number of IOTA.