Bitcoin Forum

Hi Everyone

As per the title do you download the wallet developed specifically for the coin you want to stake or a multicoin wallet eg Jaxx or MyEtherWallet?  Which one is safest to run on my computer 24/7?  What would be the pros and cons of each?  Thanks

I think it depends on the person.

Some are paranoid and want to keep every coin in their original wallet and some prefer multi-coin wallets. The safety mainly depends on the user, a lot of wallets are hacked because the passwords are weak or because the user didn't see he went to a phishing website by mistake or didn't follow the recommendations of the wallet.

If its safety you are thinking of, then a one coin wallet and multicoin wallet are equally vulnerable.
When you run any kind of web based or pc based wallet, it is as secure as your PC is.

Even with some advanced anti malware software, it is easy for your computer to become compromised.
Also, most wallets are hacked through phishing scams rather than a straight up trojan or bug in your computer.

Its not all doom and gloom though, I used a web wallet exclusively for 6 months and never had a problem.
I am lucky I guess?
Because when you think about it, if someone is going to hack you and they are serious about it, for the average person there is little you can do to stop it.

So it is just a risk you are going to have to take.
I imagine if you have basic security measures set up and common sense, then you will never run into problems even if you stake 24/7.

By the way, on another note, make sure compare the electricity and maintenance cost of staking 24/7 to the actual profit you get.

Thank you for the valuable advice guys

Can you stake in a multicoin wallet? I could be wrong, but I doubt that. Even if you could, why would you do that? Download and install the normal wallet, and you are good to go.


Neither is safe if your computers is compromised. Make sure you have a reasonably safe environment or a dedicated computer for staking.

things like MEW are not exactly a wallet, it is just a program that you run inside your browser that has limited capabilities of a wallet such as creating a new key pair and signing transactions and broadcasting them.

for staking you need to run an actual wallet and stake your coins. you basically earn money by relaying transactions and verifying them,... and get paid based on how much coins you have while doing that. it is not exactly free money for just having the coins!
and since it is based on how much you have it doesn't matter if you do it with one wallet or multiple ones.

You have to understand how staking works. Some cryptocurrencies out there use POS aka Proof of Stake and with this consensus algorythm you can stake your coins and earn in the long run. Majority of these crypto currencies require you to have your own node. By having your node you have to run it 24/7 in order for your coins to stake. Which means that even if you use some multicoin wallet such as JAXX that has support for your particular coin you won't be able to stake it. MEW has only support for ETHEREUM blockchain which includes only tokens on ethereum, while jaxx support SOME, not all ethereum tokens as well as other crypos on other blockchains.

There are however coins such as Particl that has some system called cold staking where other nodes can stake your coins in a safe way without the need for you to keep the node running, but this is for another topic.

Based on this situation if you want that you want to be safe side then it is better to shift your all coin into your wallet because it is very much safe than others based on this you need to keep remember your private key and do not share this with anyone.

MyEtherWallet is the best purse, because he supports the ERC-20 contract. It's incredibly convenient. You can store a lot of tokens on this wallet, especially if you take part in the ICO! Good luck buddy!

If you want to be on the safe side and if you are a bit forgetful, then it will be better to have just one wallet for all the coins. But if you think that you will be able to remember the private key number, then it is alright to have multiple wallets.

It is possible to stake on a multicoin-wallet. If you take a look at the sato wallet app on IOS you can actually stake deeponions on your iphone/ipad! I tend to use the wallet from the developers, but don't see why you shouldn't use others if they have approval from the project team

For staking purposes like PoS based token or coin it is recommended to have an individual wallet in each coin for more secure transaction and speaking about MyEtherWallet i think it does not support staking at this time since ERC20 is still limited to PoW network maybe in the near future when Ethereum switch to PoS consensus.

Maybe I'm wrong but I think you have mistake. POS - proof of staking means you will be paid profit base on number of coin you hold in your wallet and time you hold. So if you don't hold coin in wallet which providing by deverloper. You can't hold all coin in wallet if they also have special wallets for staking. As my side, I use the one wallet per coin for POS.

This will depend on the person to be honest. Some would like them to be all in one wallet while others will be alright in having them stored in multiple wallets. It all boils down to hpw secure the wallets are and that you do not let the password get into the hands of any malicious person.

Having one or multiple wallet is not the main issue. It all depends if you can keep the private key number secure or not. Plus if you think it will be better to have multiple wallets, then sure go for it.

I use Trezor for storing multiple coins at once but I have seen some of my friends to use specific wallets for each coins. Though I haven't found out any cons of all the coins in same wallet but I myself would like to know if there's any pros in case I keep a particular coin in their specific wallets.

Honestly, both type of wallets that you have mentioned in your post works like the same in terms of keeping your coins safe. There's no specific pros or cons that is not available on the other. You can run both of them 24/7 on you computer only if you can ensure the security of your own computer and wallets.

The really depends on the individual. I use multiple wallets because of the purpose they serve . I do tend to favour coinoomi because of the versitility it provides me  but like I said it depends on individual..

for staking you have to run a genuine wallet and stake your coins. you fundamentally win cash by transferring exchanges and confirming them. since it depends on the amount you have it doesn't make a difference on the off chance that you do it with one wallet or different ones.

Both are kind of the same and the security depends on the user mainly. In most of the cases, hacking happens due to phishing websites. So, the user has to be careful about the website he is browsing.

No matter which wallet you are using, both can be hacked. The security of your wallet depends on the security of your computer. Bugs, trojans, malwares often tries to steal or manipulate your data. That is why you should use good anti-malware softwares and good anti viruses.

In most of the cases hacking happens due to the phishing websites. No matter which kind of wallet you are using, anyone can be compromised. So you need to be careful about the phishing websites. And you should use good anti-virus and anti-malware softwares in your computer to prevent hacking.

If it is ERC20 thsn I prefer MEW.
Too much of a hassle if yiu have different wallets although they are really safer. But I guess you are not that of risk with MEW.

Others though with staking, it is better to use their wallet since you are making more out of it.

It is totally depended on you. You should make sure about the safety of your wallets. Because both one coin wallet and multicoin wallet can be hacked if you don't keep yourself safe.

A good MEW wallet, I use it.  In it, I do not even go, but I use the Metamask extension.  There were no problems.  Correctly speak, safety and attentiveness, are important.

It's a matter of concern that how you stocking or keeping you cryptos. If you think of its security,  you will see there that all are same. some people are using one wallet and other are using multi-coin wallet.

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well,I think it depends on the user.  Some people likes to keep their coins into their own wallet and some others prefer to keep their coins in the multi-wallets.its up to the  user that where he actually feels more safe.There are a lots of wallets get hacked because of poor password."

Mew wallet is one of the best options for storing, sending and receiving, both Ether and Ethereum related token, I prefer Ledger Nano S + Mew to store your ERC-20 Tokens, the other staking coin just download their software and make sure it's don't include virus, double check your computer is clean and safe, other option is running staking coin on vps 24/7

I think it's better to use a multi coin wallet. Because for a wallet you should have to use a lot of passwords and provide securities which is not an easy task. Multi coin wallet will help you to solve this problem.

Staking actually depends on the user whether he is comfortable in using multiple wallets or using a single wallet for every coin. I prefer using multiple wallets. Before you stake, make sure you have a safe computer having good defend like Linux and make sure you don't browse anonymously.

The wallet officially designed for one coin should be much safer than a multi wallet, however, both can be compromised as your PC might get infected by attackers or malware. I recommend using VPS service by creating a clone wallet there for keeping the wallet online while all private key stay secured in your local wallet. You can find help in Github for making clone wallet for VPS.

I think using multi coin supported wallet is the best option. You can use the specific wallet for specific coins also. But using multi coin wallet will be easy. It is reliable also to keep your coins.

Your PC's security mostly depends on staking. If your PC is compromised before having lost defense in phishing, trojans and copy, paste viruses. Then you will be in a great trouble. Also, use legit wallets.

It is always a better option to keep specific coins in specific wallets. But it has some problem also. Sometimes you may forget the various security questions and passwords that you have submitted during opening wallet. So, in this case, multi coin wallet is the best option.

You may even use Dapps for staking but I prefer using desktop platform for it. I use Linux OS and fine staking easier and use MyetherWallet for staking, I also keep my passwords in my mind and do not ever use copy-paste tool as it may be vulnerable.

I think the primary objective is making the device, where the wallet will be installed, secured. Otherwise the wallets can be hacked whether it is one coin based or multicoin based.

I think it depends on your personal preference, because someone wants to keep personal wallet and some people prefer multi wallet. And security is completely dependent on its user's. Weak password or any other mistake can cause harm to you.

Both types wallets are good. Both have some certain merits and demerits. It really depends on your preference. Like i am using multicoin wallet and i am satisfied with it.

Using multi wallets does not guarantee your security. You can use only one and be cautious.
Update your firewall regularly, avoid the use of unnecessary extensions in your browser. Keep yourself secured by practicing certain things.

I use both and it makes me feel comfortable doing that and you can do that 24/7 but I hope you reset and make sure that your computer is safe because it is very important

I think it's depending on you. I think you should need more security, you can use your own wallet, but many of the traders use multi-coin wallet. And I think two are the same. There has strong security.

It's a good question. I think it totally depends on the user. The people those have fear of coin, generally, they use and want to use every coin to their original wallet and some use multi-coin wallet. The things of security that depend on user.

I use MyEtherWallet, I think it depends entirely on the user and manager of the wallet itself. Because people who are scared of coins, generally, they use and want to use each coin into their original wallet and some use multi-coin purses. All security things that depend on the wallet users themselves.

Hi Sir,
I wanna introduce Ruby-X.
If official service launches you can select the rate of using cold wallet 70% to 100%!
It's for safety!
You can check details on the link below in various languages!

https://wiki.ruby-x.io/ruby-document

You have to take a little bit of risk in such a market as computers do not have their own intelligence, so you can be in trouble at any time. You should be sure about electricity and the maintenance cost, compare with multi wallet and personal wallet.

If security is considered then the one coin wallet and multi coin wallet are equally risky. if you run the computer based on web or PC wallet, it will keep you as safe the computer is.

Actually security does not depend on whether you use multi coin wallet or single coin wallet. Security depends on the computer with which you have been using the wallet and the strong password of wallet.

If you cannot able to make your computer safe then neither of the wallet will be secure. You need to use a secure environment and careful about how and where to your wallet.

well as far I understand I think it is completely depends on the investors, but you need to understand one thing that if you will able to deal with multiple wallets or not cause wallet security is important then using multiple wallets

i think it's depend on user. because someone keep their coin in original wallet and few people interest to use multiple wallet. everybody should be careful about their wallet and its password. it is most important for users. because hacker can be easily hack by weak password.

this is a very tricky question to answer cause I am not if useing multiple wallets will help you or not but yes you have that chance to use multiple wallets so if you like and if you think you will able to handle them then it is already but yes you have to sure about their security

you have the full rights and chance to use more than one wallets but I think it is better to use one wallet cause it will help you to have the best security,  you will able to concertent more

I think it is better to use a single wallet for a single coin. it will reduce the chance of hacking all of your investments. But if you can ensure adequate security, multi coin wallet would reduce the burden of managing various wallets.

I think it depends on the user. Some people use the original wallet for keep currency and some prefer multiple wallet. We must avoid weak passwords and phishing websites. hacker can easily hacked on your wallet if you use weak password. you should be careful about your wallet and its password.

For me, i prefer to use single wallet for each coin that i had.
Just in case that my wallet got hacked, then i've still had another wallet that are safe with my coin intact.

I think it depends on the user. Some people use the original wallet and some prefer multiple wallet. However, the password is very important. We must avoid weak passwords and phishing websites.

Honestly because i'm forgetful, i choose to put several coins in a single wallet.
That way i don't have to remember so many different wallet that holds my coins in it.

I just do not need to use a multicoin wallet. Most of the my funds are tokens erc-20. Also some coins that I have are not added to the multicoin wallets.

I think it is a question for different people, there are people who share their pcs with many other people and therefore need a stricter security in their wallets, and there are others who simply do not trust their income on third parties and prefer to use the wallet specific for the currency, in the end, is a matter of personal opinion and if you care so much about security

I really do not think that it makes too much of a difference, however if you are really worried about the security of your coins then only use the wallet designed by the developers of that coin, but one thing that you are going to realize very fast is that if you are in this market you will end up having tens of different wallets, so a wallet that can accept multiple cryptocurrencies becomes really practical at that point.

I am staking one coin in one wallet. But is it possible to stake multiple coins in a wallet? I haven’t heard of this.

Thank you and the others who have raised this valid point

If I personally still believe in the MyEtherWallet Wallet. Because MyEtherWallet is a wallet that is very safe and peaceful for me to keep my coins calmly without the thought of my coin being hacked by hackers. I'm not the only one who uses the MyEtherWallet wallet. Many people have believed him.

I use myethwallet to store all my tokens and also metamask due to it's safe,so I don't need to worry about hacker who can steal tokens from my wallet.