What wallets are good for LEND,RLC,KNC Thanks
A ledger nano s or a trezor should be perfectly fine and safe. I always recommend hardware wallets.
How risky is a software wallet anyways?
Isn’t the probability of losing the hardware wallet higher than getting a software wallet hacked?
A software wallet exposes your private key to the internet when it needs to sign a transaction. A hardware wallet never exposes the private key to the internet.
Both wallets will generate a unique seed recovery phrase the first time you set up a wallet. A software wallet will expose the seed phrase to your computer screen, leaving it open for an attack. A hardware wallet uses its own display to ensure no one can see the recovery seed phrase.
Losing a hardware wallet does not mean you lost your funds. As long as you own the recovery phrase you should be in full control of your funds.
Same can happen with a software wallet. If your computer gets broken, you can use the recovery seed to get your funds back.
Overall, hardware wallet is the best form of security when it comes to storing cryptocurrencies.