Cryptocurrency Wallets FAQ
A cryptocurrency wallet is a secure account used to store, send, receive, and spend digital assets like Bitcoin.
Wallets can either be “hot” (on devices that access the internet) or “cold” (on devices that remain offline). While cold wallets are considered the most secure, hot wallets offer more accessibility and faster transactions due to their ease of connectivity. Wallets may also be software-based (such as the Jubiter wallet, accessed via the web or an app) or hardware-based (such as the Ledger Wallet). While many hot wallets are custodial (meaning the service provider stores the digital coins on behalf of the user), many wallets, both hot and cold are managed by the user.
Each wallet has one or more public addresses used to identify it on the public ledger and a private address, unique to the user, that remains a secret.
Many cryptocurrency exchanges have their own native wallet. In addition, there are numerous standalone wallets. Typically, wallets are designed for one specific cryptocurrency. In the case of the Jubiter wallet, users are able to manage BTC, LTC, and other altcoins from a single point of access either online, or via a mobile app.
No. Jubiter is a universal cryptocurrency wallet designed to allow access to multiple different cryptocurrencies from a single address. We currently support Bitcoin and Litecoin and will continue to add altcoins to meet demand and according to feasibility. Users can login using one set of private keys from any computer or smart phone and view, exchange, buy, or sell cryptos from a single dashboard. Each cryptocurrency is held in its own independent purse (and stored for the most part offline in cold storage while held by Jubiter). For the user, the access from one to the next is straightforward and effortless.
These days, getting started with Bitcoin is much easier than it used to be. Below is a step by step guide on how to create a Bitcoin wallet and to begin buying, selling, or exchanging digital assets.
First determine whether you want to keep your Bitcoin in a hardware wallet (such as a Ledger Nano or a Trezor wallet) or a software-based wallet such as Jubiter. We have plenty of information available in our knowledge base to help you make an informed decision. Availing yourself of Google will also help you make your choice. Once you have narrowed it down to a wallet type, choose a provider and follow the instructions available on their website or product. The remaining steps are going to look something like the following:
Each wallet provider will require different information (some require more personal information than others) and will have its own specific signup process. Most should take a matter of moments.
Your password will give you access to your private and public keys. The private key is the unique information that only you will have in order to access your funds. Your public key is the address you will use to send and receive funds on the blockchain. Any good wallet provider will have Login Guard and two-factor authentication to ensure the account is secure at the point of access. Most Bitcoin accounts will not allow you to reset your password or access it if you lose it. You must not lose your password.
Once you buy or receive your first funds you will have an active Bitcoin account. You can then buy, sell, or store your BTC. You can also exchange it for other digital assets such as LTC.
Finding the best crypto wallet for you depends on several factors. You first need to determine what it is you’re looking for. Most of the below comes down to the one central question at the center of any decision about cryptocurrency wallets: Are you concerned primarily with security or accessibility? In other words, is the wallet chiefly for secure storage or for easy access to buy, sell, and exchange cryptocurrencies? Security is of course, crucial. Regardless of your priorities, the wallet should adhere to the highest cryptography standards and data protection should be central to their approach. Accessibility is also very important for anyone who will use the wallet regularly.
Here are some other key considerations:
To transfer either BTC or LTC into a Jubiter multi-crypto wallet, you first need to open a Jubiter wallet (which can be done in a matter of minutes). You then simply access your existing Bitcoin or Litecoin wallet and transfer the funds therein to your new wallet address attached to your Jubiter account. Both LTC and BTC can be transferred to the same Jubiter wallet. It is up to you whether or not you close the pre-existing account. Once in your Jubiter account, you will be able to view and manage each of your cryptocurrency balances separately, from a single dashboard.
The short answer is, yes, Jubiter offers cold storage. Let’s take a look first at what cold storage is, then discuss how Jubiter’s storage works.
Cold storage refers to crypto wallets that hold cryptocurrencies offline, meaning on devices that never access the internet. This is the most effective way to keep digital assets away from potential hackers. This can be done either by the individual user—for instance, by keeping cryptocurrencies on a hardware wallet—or by a wallet provider on behalf of the user. Custodial cold storage typically means that the data attached to stored digital assets is kept on offline hardware, in secret locations—typically in vaults. The downside to cold storage is that funds are not as accessible for transactions. For this reason, many wallet providers, Jubiter included, keep a small portion of users’ funds in hot storage for easy access.
Jubiter keeps 97% of all user funds in secure offline cold storage. The remaining roughly 3% is kept online to facilitate easy access for day to day transactions. All funds stored with Jubiter—and this should be a must with any custodial wallet provider—are guaranteed against loss or theft.