What Wallet for Solana (SOL)?
It's now easier than ever to buy, sell and trade Solana (SOL). Once you own SOL, the next step is to make sure they are stored in a safe place. You may be wondering how to store Solana?
The SOL is a digital currency stored in an electronic wallet that can be accessed using a private key. However, you don't need to do this directly. A wallet application automatically employs a private key to sign outgoing transactions and also generates wallet addresses for you using that key.
A Solana wallet is a digital wallet that allows you to send and receive Solana. It's like having a physical wallet. So what's the point of a Solana wallet? Rather than holding physical money, the wallet saves the cryptographic information needed to access Solana addresses and send transactions. Other cryptocurrencies may be stored in some Solana wallets.
The device containing your wallet Solana stores the private key, not the coins themselves. Your coins are stored on the Solana blockchain, and your private key is needed to authorize transfers of those coins to another person's wallet.
All about Solana wallets
To send and receive Solana, cryptographic key pairs are used. A key pair consists of a private key and a corresponding public key. Sending Solana requires the use of private keys that must remain secret. Receiving Solana requires public keys that can be shared with anyone. Public keys are created by deriving a private key.
A seed is generated when you create your wallet Solana. Mnemonic phrases are used to display the seed as a succession of words. This seed will be used to generate each Solana key that you will need to transmit and receive Solana.
This design is called a deterministic hierarchical (HD) framework, an industry-standard for creating and administering Solana keys. When you want to accept Solana, most wallets automatically generate new public keys.
The issue of reusing public keys or addresses is no longer an issue.
Anyone could easily track your entire payment history if you use the same public key every time you receive Solana. Treating keys as one-time-use tokens greatly increases a user's privacy. A user can always restore their wallet as long as they know their recovery seed, which is often a list of 12 or 24 words initialized with their wallet.
So how much does a Solana} wallet cost? If you are just storing Solana in the wallet, using a Solana wallet costs nothing. However, if you try to make a transaction, the owner of the exchange or device that hosts your wallet will charge you different fees depending on what you are trying to do.
What wallet to use for the token Solana (SOL)?
Online wallet (Binance)
Binance is a 100% free digital wallet for storing cryptocurrencies, and thus your Solana (SOL), available for both iOS and Android devices, and on the internet.
Online wallets (like Binance) store your private keys on a server, which is constantly online and controlled by a third party. Different services offer different features, some of which can be linked to mobile and desktop wallets and replicate your addresses on all the devices you own.
Like mobile wallets, e-wallets (Binance) allow their users to access their Solana balances, and the rest of their funds on the go from any device connected to the internet.
With respect to sending and receiving cryptocurrencies, Binance does its job very well; it has an elegant user interface, and the ability to send and receive cryptocurrencies with a simple username makes the process very streamlined.
Hardware wallet (Ledger Nano)
Launched in 2014, Ledger is a global company specializing in secure blockchain applications and devices. The company boasts of having sold 1.5 million wallets in 165 countries to date.
Ledger has demonstrated a high degree of commitment to the community at large by providing abundant support and addressing specific issues and risks.
Among the three major hardware wallet companies (Trezor, Ledger, and Keepkey), Ledger offers the most popular and cheapest hardware wallet on the market, at less than 70 Euros (€).
This price also includes free shipping to most countries.
It supports over 1'100 cryptocurrencies and features a clean design and simple user interface. For most people, especially those with a small portfolio of crypto assets, the Nano S is a reliable workhorse, and the wallet you will need.
Differences between a Cold Wallet and a Hot Wallet
A hot wallet is a wallet connected to the Internet. This makes it very easy to use it to make regular transactions on an exchange, or to temporarily store your Solana or other cryptocurrencies after they are bought or before they are sold. This also makes them vulnerable to hacking, theft, or, in the case of direct storage on an exchange, total loss of access to the cryptocurrencies in the event of a temporary exchange failure or outbound fraud..
The cold wallets are not as convenient, but they are much more secure. They store your wallet's private keys offline, making it virtually impossible for hackers or malware to steal your cryptocurrency. They can continue to receive payments, making them a useful storage platform in the longer term, however, transfers from these wallets require your manual approval.