Wallets come in all different shapes and sizes. But what is the best wallet for your DOGE? Of course, that depends entirely on your preference. In any case, we discuss the most common types of wallets below. That way, you can determine which DOGE wallet suits you best. In any case, we always recommend owning your own currencies. That’s why ‘not your keys, not your wallet’ is a well-known saying in the world of cryptocurrency.
You are your own bank by being in control of your own DOGE. If a website or exchange manages your DOGE, your credits may be gone if that website goes offline. Therefore, make a thoughtful choice in advance regarding where to store your Dogecoin. As we mentioned earlier, there are different types of wallets. Hardware wallets, software wallets, paper wallets etc. Below we describe the most common types and the advantages and disadvantages of each type.
Hardware wallets
Hardware wallets are a typical example of security versus convenience. Spoiler alert: hardware wallets are basically the most secure of all types of wallets. You do need to install this physical device on your computer/laptop before you can safely put your DOGE on it. Are you a long-term HODL'er? Put the hardware wallet in the safe and don't touch it again for the next few years. It can be that simple, no one can access your DOGE except you.
Incidentally, this is not entirely true. For example, when setting up your hardware wallet, you must set a PIN. You must also write down 12 or 24 words and keep them safe. This seed phrase provides access to your balances. So never give these to anyone else either! Conversely, however, in the event that you do not have access to your hardware wallet, you can access your assets as long as you have this seed phrase.
It may not be as easy as logging into a website. But it is certainly the safest option. Should you keep large amounts and not trade directly, we always recommend the hardware wallet variant.
Online wallets
The most convenient variant of all, but probably the least secure. One example is the Dogechain wallet. At first glance, it is the most convenient variant. After all, you simply click on ‘New Wallet’ and within seconds you have an address where you can send DOGE. However, what immediately stands out when visiting the website is big red warning.
Online environments are, unfortunately, easy to mimic these days and so wallets like Dogechain are often used for phishing. Websites that look exactly the same, indistinguishable from the real thing. So when using online wallets, always make sure you have the right variant. Again, the trade-off between security and ease of use is entirely up to you.
Software wallets
Software wallets are applications that you can download onto your device. During installation, the application asks if you can write down your seed phrase. This is a list of twelve or twenty-four words that are extremely important. Should your device break down, you can always access your coins through this seed phrase. This software often requires you to connect to the Internet first to synchronize. After all, the program has to extract a lot of information from the blockchain. The beauty of this type of application? You manage your own private keys. So you are in charge of your own assets. Dogecoin has two official software wallets, Multidoge and Dogecoin Core.
In terms of security and ease of use, software wallets sit between hardware wallets and online wallets. They are not as secure as hardware wallets, but on the other hand are easier to navigate. Remember to be alert for malware. By clicking on a phishing or malware link, a little program may be trying to access your software wallet in the background.