What Is A Multi-coin Wallet?
A multi-coin wallet is a cryptocurrency wallet that allows you to receive, store, and transact a broader range of cryptocurrencies. Cryptocurrency is here to stay, with its so much-admired decentralization and high prospects. Recent years have seen the creation of thousands of digital coins and tokens. In fact, in recent months, there has been a new sort of addition – Non-Fungible Tokens. All of these can be stored in multi-coin wallets.
Whether you want to transact in crypto coins, tokens, and non-fungible tokens, you need a wallet. A cryptocurrency wallet is a wallet – the type you put your dollar notes, but for cryptocurrencies. Multicoin wallet allows you to keep all the different types of cryptocurrencies. So, if you want to be able to support and manage all your cryptocurrencies in one place, you need a multi-coin wallet to do that.
Let’s take it a step deeper; most digital wallets allow you to access more than one cryptocurrency; this does not exactly mean they are multi-coin wallets. A multi-coin wallet gives access to different cryptocurrencies on different blockchains. A blockchain is a digital database of electronic information sharing among the nodes of a computer network. A blockchain maintains a decentralized record that makes the system almost impossible to beat. Different cryptocurrencies make use of other blockchains or ecosystems. Now, multi-coin wallets give you access to various coins and tokens across different blockchain networks. These are examples of the most popular blockchains in cryptocurrency: Bitcoin, Ethereum, XRP, Stellar, Cardano, Uniswap, and Solana. Each of these networks hosts many cryptocurrencies, and multi-coin wallets give you access to them.
A multi-coin wallet gives you a lot of flexibility, allowing you to access different networks and digital assets in just one place while also saving you the stress of managing/ transacting your investments on many platforms.
The development of many blockchains and tens of thousands of digital assets has made the use of multi-coin wallets almost a necessity. Multi-coin wallets support as many as fifty blockchains and over one million crypto assets.
Multi-Coin Wallet Example
Some popular examples of used multi-coin wallets are Trust wallet, Freewallet, Coinomi, YouHodler, etc. You should thoroughly research the features, especially the security of a multi-coin wallet, before using it.
John wants to store 100 different cryptocurrencies, that he has acquired as investments, in the same cryptocurrency wallet. He, therefore, uses the multi-coin wallet Trust Wallet to do this.« Back to Glossary Index