For staking: Do you use one wallet per coin or a multicoin wallet eg MyEtherWall

[SuperCrypto3000]

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

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[vlad230]

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.

[chocopapaya]

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.

[SuperCrypto3000]

Thank you for the valuable advice guys

[butka]

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?  

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.

Which one is safest to run on my computer 24/7?

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

[talkbitcoin]

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.

[lizardbtc]

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

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.

[goldencrypto7100]

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.

[Radzivill]

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!

[CryptoBry714]

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.

[Crypdon]

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

[yugyug]

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.

[seopro1001]

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.

[BitCoinGuy10]

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.

[bitcoindigger71]

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.

[EveningRock]

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.

[BigSheep]

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.

[aebere40@gmail.com]

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..

[MarbleAlligator]

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.

[GlassBullet]

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.