For those of you that are new to Dagcoin or perhaps cryptocurrencies in general. Deciding which Dagcoin wallet to choose might seem a bit confusing. Thankfully, in this week’s post, we will talk about the two different Dagcoin wallets, their advantages and disadvantages, as well as (most importantly) help you to decide which is best for you.
But let’s start by learning a little about crypto wallets in general…
What is a Crypto Wallet?
We all have wallets and purses, where we keep our cash and cards. Crypto wallets serve exactly the same purpose, providing a safe place to store and access our money. Allowing us to buy goods and services, as well as transfer money to family and friends quickly and easily.
Where they differ from a regular wallet, however, is that no money is actually stored in a crypto wallet. What they do store are unique keys that are used to communicate with the blockchain (or similar technologies such as Dagchain). It is from these that you can make transactions or check your balance.
Broadly speaking, there are three main types of cryptocurrency wallets:
- Online Wallets – These are wallets that store your unique keys in the cloud.
- Mobile or Desktop Application – These apps store the keys solely on your PC or mobile device.
- Hardware Wallet – These store the unique keys completely offline in devices similar to USB sticks.
Below we will discuss the two types of crypto wallets provided by Dagcoin. The DagWallet, which is a mobile/desktop application, and the Webwallet, which is an online wallet.
The main aim of Dagcoin is to provide a digital currency that is as useable as possible and accessible to everyone – especially those on the lower end of the economic ladder. That is why the free DagWallet application can be downloaded on both Android and Apple mobile devices (via the Google Play and App Store, respectively), as well as on Windows, Apple, and Linux PCs.
The Android app works on devices from version 5.1 up, meaning that almost all smartphones developed after around 2014 or so, should support the app. As for Apple, any device from the iPhone 5 up will run the app. This means that it is possible to use DagWallet on cheap and old second-hand devices that can be bought for as little as $10.
It is great to say that DagWallet is available and accessible to so many people, but what does it actually do? As described above, it is an app that enables you to check your balance, transfer money, and even buy products from a shop or café in person (if they accept Dags), all from your mobile device. This makes DagWallet a digital wallet that you can carry in your pocket.
However, unlike a regular wallet, where if your cash is stolen, it is gone forever, if thieves steal your phone, they will not be able to access your DagWallet or use your money. This is because only you hold the passwords to access and use your Dags. This makes DagWallet even safer than credit and debit cards, which can often be used to buy things online or make small purchases in person without a pin code or other protections.
You also don’t have to wait many days or weeks to get access to your DagWallet again if your device is stolen, all you have to do is download the app to a new device, log in, and you are good to go.
Because your unique keys are stored on your device, this makes it very safe. However, there is one small downside — you can only access your Dags from one device.
But what if you want access to your money from multiple devices or you don’t have your own smartphone, tablet or PC, or your device is shared by everyone in the household? We have a better option for you…
Where the WebWallet differs from the DagWallet is that you can access your Dags from any internet-enabled device, at any time. This is because the WebWallet stores your unique keys in the cloud.
This is the perfect choice if you have multiple devices you want to use to access your money. For example, your smartphone, laptop, and work PC. Likewise, if you do not own a compatible device yourself, this can be shared by your entire family, or even by your whole community.
Because the WebWallet can be accessed from any internet-enabled device, this gives people in the poorest and most remote regions an alternative to cash for the very first time. And this is more people than you may think. In 2019, more than 2 billion people around the world still didn’t have access to a bank account, equating to a mindblowing 1 in 4 people.
The WebWallet doesn’t just provide an alternative to cash, it is also a safe place to save money and earn interest. But best of all, both the DagWallet and WebWallet can be used to help people build a credit history.
The only small downside to the WebWallet is that because your unique keys are stored in the cloud, they are slightly less secure than if they were stored on an individual device, which is what the DagWallet provides.
Which Dagcoin wallet is best for you?
To make this choice easier, let’s break it down into a few categories:
- Security – if you want your money to have an extra layer of security, choose the DagWallet.
- Use on Multiple Devices – If you would like to have access to your Dags using multiple internet-enabled devices, choose WebWallet.
- You do not have your own smartphone, tablet or PC – choose WebWallet
- You want to make in-store purchases – choose DagWallet
Best of all, whichever Dagcoin wallet you choose, it is free to download and use. In turn, with each transaction taking just 10 seconds (wherever it is sent in the world) and costing just 0.0005 Dags, you have access to a much faster and cheaper alternative to the regular banking system.
To download your Dagcoin wallet, click here.
Alternatively, if you would like to learn more about getting starting with Dagcoin, read our how-to guide.
Join a growing community of nearly 600,000 people using Dagcoin.